Automotive Wheel Market Impact Analysis With Business Overview, leading Key Players and Forecast 2029
Automotive Wheel Market Overview:
The Automotive Wheel market study provides a comprehensive picture of the competition, including market share and company profiles of the global industry's key competitors. The research scope includes a thorough examination of the Automotive Wheel Market, as well as the reasons for variations in the industry's growth in various locations.
The digital era, also referred to as the 4.0 industry, is present in all areas of the economy and has a big impact on its expansion. The automotive industry is changing, which has an impact on all of its related industries, including the market for automotive tyres. Huge corporations are transitioning away from making straightforward products like tyres or cars and toward selling complex services that are tailored to individual customers' needs using new technology. This process is being observed in the industry. Three major pillars that have emerged in the development of such solutions integrated into the current market are connectivity, mobility, and autonomy.
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COVID-19 Impact Analysis on Automotive Wheel Market:
End-user sectors where Automotive Wheel are used experienced a decline in growth from January to May in several countries, including China, Italy, Germany, the United Kingdom, the United States, Spain, France, and India, due to a pause in operations. This resulted in a significant decrease in the revenues of firms operating in these industries and, as a result, in demand for Automotive Wheel manufacturers, influencing the development of the Automotive Wheel market in 2020. End-user business demand for Automotive Wheel has dropped significantly because of lockdowns and an increase in COVID-19 incidents worldwide.
Market Scope:
Market segments for Automotive Wheels include Rim Size, Material, Vehicle, End-User, and Region. The development of various strategies to help identify key application areas and the gap in the target market is facilitated by the growth of various segments, which provides report users with knowledge of the numerous growth factors anticipated to be prevalent throughout the market. The report offers a thorough analysis of the market and includes insightful information, actual details, historical data, and market statistics that have been statistically supported and approved by the relevant industries. Additionally, it contains projections based on the proper methodology and set of assumptions.
Segmentation:
Alloy growth is anticipated to increase at a CAGR of 4.8% over the course of the forecast period. Even though the less expensive alloys used are typically not corrosion-resistant, alloy wheels are frequently purchased for aesthetic reasons (visible repairs). With the use of alloys, appealing bare-metal finishes can be adopted, but they must be protected with paint or wheel covers. The wheels in use will rust after three to five years, even if they are well covered; however, refurbishment is now widely accessible at a cost. If proper precautions are not taken, alloy wheels' propensity for galvanic corrosion, which can result in tyre air leaks, can be a problem. While their higher cost generally makes repairs less expensive than replacement, bent alloy wheels are more difficult to fix than steel wheels.
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Key Players:
Primary and secondary research are used to identify market leaders, while primary and secondary research are used to establish market revenue. Primary research comprised thorough interviews with key thought leaders and industry professionals such as experienced front-line personnel, CEOs, and marketing executives, while secondary research included a review of the leading manufacturers' annual and financial reports. Secondary sources are utilized to calculate percentage splits, market shares, growth rates, and worldwide market breakdowns, which are then cross-checked with primary sources. The biggest players in the Automotive Wheel market are as follows:
- BBS Kraftfahrzeugtechnik AG. (Germany)
- Thyssenkrupp AG (Germany)
- CITIC Dicastal Co., Ltd. (China)
- Zhejiang Wanfeng Auto Wheel (China)
- LIZHONG WHEEL GROUP (China)
- Superior Industries International (US)
- Accuride Corporation (US)
- MHT Luxury Wheels (US)
- Status Wheels, Inc. (US)
- Wheel Pros, LLC (US)
- Fuel Off-Road Wheels (US)
- SOTA Offroad (US)
- Forgiato Wheels (US)
- KONIG AMERICAN (US)
- LKQ Corporation (US)
- HRE Performance Wheels (US)
- Vossen Wheels (US)
Regional Analysis:
Individual market influencing components and changes in market regulations that effect present and future market trends are also mentioned in the regional overview of the Automotive Wheel market analysis. Current and future trends are examined in order to assess overall market potential and uncover profitable trends in order to achieve a more stable footing. The geographical market assessment is based on the present environment and expected trends.
Key Questions Answered in the Automotive Wheel Market Report are:
- In 2021, which segment held the largest share of the Automotive Wheel market?
- What is the Automotive Wheel market's competitive landscape?
- What are the key drivers assisting Automotive Wheel market growth?
- Which region controls most of the Automotive Wheel market?
- What will be the Automotive Wheel market's CAGR during the forecast period (2021-2029)?
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