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Rockville, MD, Aug. 30, 2018 (GLOBE NEWSWIRE) -- Increasing demand for vehicles equipped with heavy wheels in cold countries has led to an upsurge in demand for metal wheels in the automotive sector. However, metal wheels are subject to rust and corrosion due to changing weather and need to be replaced before deterioration. Such factors are likely to impact growth of the global market of automotive metal wheel negatively. According to a recently published report by Fact.MR, the global automotive metal wheel market is projected to reflect a sluggish CAGR over the projected period, 2017 – 2022.
Factors Fuelling Global Market Growth
Increasing demand for high-speed and light weight vehicles has pulled down demand for metal wheels among automotive manufacturers. Attributed to heavy weight, the vehicles that are equipped with metal wheel have relatively low grip on brakes. Moreover, the vehicles with metal wheels cannot support tires that are tubeless. As metal wheels are subject to rust and corrosion attributed to fluctuating weather, manufacturers prefer using materials such as alloy wheels that are lighter in weight.
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Manufacturers based in countries with cold weather witness considerable demand for metal wheels in the automotive sector. Attributed to features such as heavy weight, dampened acceleration and speed, it is easier to drive vehicles equipped with wheels with heavy metal materials as there is lower possibility of skidding. Vehicles equipped with alloy wheels provides relatively fast acceleration and speed, which has more possibility of skidding in snow or hail. Such factors are projected to fuel demand for metal wheels in the automotive industry during the projected period.
Moreover, several automotive companies particularly use metal wheels that are heavy in weight. Due to such factors, the OEM are projected to witness considerable demand. This is projected to contribute towards global market growth of automotive metal wheel during the projected period.
Aftermarket to Register Significant Growth
Aftermarket is projected to witness a relatively high growth in revenue terms in the global market of automotive metal wheel by the end of 2017. This segment is projected to reflect a relatively high CAGR in the market globally throughout 2022. The aftermarket segment is projected to represent a value of over US$ 18,000 Mn by 2017. OEM among other sales channel is projected to witness significant revenue growth followed by the aftermarket segment in the global market of automotive metal wheel in 2017.
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Steel wheel among other materials is projected to represent a value of around US$ 11,000 Mn in the global market of automotive metal wheel. This segment is projected to reflect a relatively high growth in revenue terms in the global market by the end of 2022. Steel wheel is projected to reflect a relatively high CAGR in the market globally, followed by aluminum alloy wheel throughout 2022.
Mid-sized passenger cars and light-weight commercial vehicles is projected to reflect a CAGR growth at parallel pace in the global market. Luxury car is projected to reflect a relatively high CAGR growth throughout 2022. In revenue terms, the commercial passenger car segment is projected to represent more than US$ 85,000 Mn by 2022–end.
Casting among other technologies is projected to reflect a relatively high revenue growth by 2017 – end. This segment is projected to represent a value of more than US$ 19,000 Mn by 2017. Casting technology among others is projected to reflect a relatively high CAGR growth through 2022. Forging is projected to reflect a significant revenue growth after casting technology segment by 2017.
Market Players Operating in the Global Market
Key players in the global market of automotive metal wheel are CITIC Limited, Iochpe-Maxion S.A., Superior Industries International, Inc., BORBET GmbH, Accuride Corporation, Topy Industries Ltd., Zhejiang Jingu Company Limited, Lizhong Wheel Group Ltd., ENKEI Corporation, and Alcar Holding GMBH.
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Fact.MR is a fast-growing market research firm that offers the most comprehensive suite of syndicated and customized market research reports. We believe transformative intelligence can educate and inspire businesses to make smarter decisions. We know the limitations of the one-size-fits-all approach; that's why we publish multi-industry global, regional, and country-specific research reports.