Global High Performance Wheels Market Report 2023: Size, Drivers, And Top Segments
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The global high-performance wheels market is revving up, with expectations to accelerate from $19.23 billion in 2022 to $20.59 billion in 2023, boasting a compound annual growth rate (CAGR) of 7.1%. By 2027, the market is anticipated to reach $25.93 billion, with a CAGR of 5.9%. This surge is fueled by the rising sales of luxury cars, a trend underscored by the increased demand for high-performance wheels. Let’s delve into the driving forces and key trends shaping this dynamic market.
- Luxury Rides Fueling Growth: Rising Sale of Luxury Cars:
- The high-performance wheel market is significantly bolstered by the increasing sales of luxury cars.
- Luxury vehicles, known for enhanced performance, status, comfort, and quality, are equipped with high-performance wheels to provide superior grip, cornering ability, and efficient heat dissipation.
- Rolls Royce, a prominent luxury vehicle manufacturer, reported an increase in sales from 5,586 in 2021 to 6,021 in 2022, emphasizing the growing demand for luxury cars.
- This trend is set to drive the high-performance wheels market as luxury car enthusiasts seek superior performance and aesthetics.
- Industry Leaders Steering the Market: Major Players in the High-Performance Wheels Market:
- Key players in the high-performance wheels market include Topy Industries Ltd., Maxion Wheels GmbH, Accuride Corporation, and many others.
- These major players play a pivotal role in shaping the competitive landscape, driving innovation, and meeting the evolving demands of consumers.
- Trend Watch: Product Innovation in High-Performance Wheels:
- Product innovation takes center stage as a key trend in the high-performance wheels market, with companies focusing on enhancing the metallurgical properties of their offerings.
- Maxion Wheels, a Germany-based vehicle parts manufacturer, unveiled a weight-optimized assortment of 22.5×11.75 steel wheels for trucks and trailers in September 2022.
- These innovative high-performance wheels save up to four kilograms of weight per wheel compared to previous types, contributing to fuel savings without compromising performance or service life.
- Stress-optimized rim contours, the use of high-strength low-alloy steels, and a reworked wheel design all contribute to significant weight savings.
- Market Segmentation: Unveiling the Dimensions of High-Performance Wheels:
- a) By Product Type:
- Carbon Fiber
- b) By Coating:
- c) By Manufacturing Process:
- Gravity Casting
- Low-Pressure Casting
- High-Pressure Die Casting
- d) By Sales Channel:
- OEM (Original Equipment Manufacturer)
- e) By Application:
- Passenger Cars
- Lightweight Commercial Vehicles
- Heavy Trucks
- Buses And Coaches
- Regional Dynamics:
- Europe emerges as the largest region in the high-performance wheels market in 2022, indicating the regional variations in market dynamics.
View More On The High Performance Wheels Market Report 2023 – https://www.thebusinessresearchcompany.com/report/high-performance-wheels-global-market-report
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The High Performance Wheels Global Market Report 2023 provides comprehensive insights on the high performance wheels market size, trends and drivers, opportunities, strategies, and competitor analysis. The countries covered in the high performance wheels market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
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