USD 881.64 million
High-Performance Wheels Market Size, Share, Growth Analysis, By Vehicle(Passenger Cars, And Commercial Vehicles), By Aftermarket(New Wheel Replacement, And Refurbished Wheel Fitment), By Material(Alloy, Steel, Aluminium And Others), By Rim Size(13”–15” Inch, 16”–18” Inch, 19”–21” Inch, And Above 21” Inch), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG25A2146 |
Region:
Global |
Published Date: March, 2024
Pages:
223
|Tables:
116
|Figures:
77
High-Performance Wheels Market Insights
Global High-Performance Wheels Market size was valued at USD 881.64 million in 2022 and is poised to grow from USD 932.51 billion in 2023 to USD 1460.68 million by 2031, growing at a CAGR of 5.77% in the forecast period (2024-2031).
The global high-performance wheels market exhibits a promising landscape driven by a confluence of factors. With an increasing emphasis on vehicle aesthetics and performance, the demand for high-performance wheels has surged. These wheels not only enhance the visual appeal of vehicles but also contribute to improved handling and efficiency. A growing automotive aftermarket, particularly in regions with a strong automotive culture, has further fueled market growth.
Additionally, the rising popularity of premium and sports cars has driven the adoption of high-performance wheels. Manufacturers in this industry are continually innovating, introducing advanced materials and designs to meet evolving consumer preferences. Sustainability concerns are also influencing the market, leading to the development of eco-friendly wheel options.
Overall, the global high-performance wheels market is poised for sustained growth as automotive enthusiasts seek to customize and optimize their vehicles.
US High-Performance Wheels Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Alloy
Fastest Growth
Aluminium
Growth Rate
5.77% CAGR
Global High performance wheels market ($ Bn)
Country Share for NORTH AMERICA Region (%)
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High-Performance Wheels Market Segmental Analysis
The global high performance wheels market is segmented into vehicle, aftermarket, material, product and region. Based on vehicle the market is segmented as, passenger cars, and commercial vehicles. Based on aftermarket, the market is bifurcated as, new wheel replacement, and refurbished wheel fitment. On the basis of material the market is segmented as, alloy, steel, aluminum and others. On the basis of product the market is segmented into 13”–15” inch, 16”–18” inch, 19”–21” inch, and above 21” inch. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
High-Performance Wheels Market Analysis by Material
Alloy wheels stand out as the dominant material type in the global high-performance wheels market. This dominance can be attributed to their unique combination of lightweight properties, durability, and aesthetic appeal. Alloy wheels are favored by consumers seeking improved vehicle performance and a sleek appearance. They offer advantages over traditional steel wheels, such as reduced unsprung weight, which enhances handling and fuel efficiency. Additionally, alloy wheels are available in a wide range of designs and finishes, making them highly customizable and appealing to a diverse consumer base.
However, aluminum alloys are emerging as the fastest-growing segment. This growth can be attributed to their unique combination of lightweight properties, excellent strength, and corrosion resistance. Aluminum alloy wheels provide a significant advantage in terms of reducing a vehicle's unsprung weight, which, in turn, enhances performance and fuel efficiency. Moreover, their aesthetic appeal and ability to dissipate heat effectively make them a preferred choice, especially for high-performance and sports cars.
High-Performance Wheels Market Analysis by Rim size
Among the different rim size types in the global high-performance wheels market, the range of 13 to 19 inches stands out as the largest and dominating segment. This popularity can be attributed to its versatility, as it caters to a wide variety of vehicles, including compact cars, sedans, and some sportier models. These sizes strike a balance between style and practicality, making them a popular choice for consumers looking to enhance both the aesthetics and performance of their vehicles.
However, 21 inches and above stands out as the fastest-growing category in the global market. This surge in demand can be attributed to several factors. Firstly, there's a growing trend towards larger rim sizes as consumers seek to make a bold statement with their vehicles, emphasizing aesthetics and exclusivity. High-performance vehicles, including SUVs and sports cars, often favor these larger rims for improved handling and performance.
Global High performance wheels market by Material type
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High-Performance Wheels Market Regional Insights
North America was considered one of the largest and dominating regions in the global high-performance wheels market. The region's strong presence was attributed to a robust automotive culture, a high demand for premium and performance vehicles, and a flourishing aftermarket industry. North American consumers have a penchant for customizing their vehicles, which drove the popularity of high-performance wheels. However, market dynamics can change over time, so it's essential to verify the current state of the market for the most accurate information.
However, the Asia-Pacific region appeared to be one of the fastest-growing markets for high-performance wheels. This growth can be attributed to several factors, including the increasing affluence of the middle class, a growing automotive enthusiast culture, and a rising demand for luxury and sports vehicles across countries in the Asia-Pacific region. Additionally, the expanding automotive manufacturing sector and the presence of major automakers in countries like China, Japan, and South Korea have contributed to the growth of the high-performance wheels market.
Global High performance wheels market by Region
- Largest
- Fastest
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High-Performance Wheels Market Dynamics
High-Performance Wheels Market Drivers
Improved Vehicle Dynamics and Increased Demand for Lightweight Materials
- The automotive industry has been consistently innovating in lightweight materials, with a gradual increase in the utilization of carbon fiber reinforced composites and aluminum in vehicles. This shift towards lighter materials is driven by the pursuit of faster, more efficient, and high-performing vehicles, coupled with the escalating fuel costs. Light-weighting technologies are a focal point for aftermarket players as they seek to enhance vehicle efficiency. While the aviation sector currently leads in the adoption of lightweight materials at 80%, the automotive industry is rapidly catching up, moving from 30% to 70% usage. Among these materials, carbon fiber stands out as the most promising for weight reduction, being 50% lighter than steel.
High-Performance Wheels Market Restraints
Engineering barriers in use of lightweight materials
- Technological constraints, such as the difficulty of forging magnesium and its alloys to meet a specific need, have also hampered the growth of the market for these materials. In fact, magnesium reduces weight better than aluminum or high-strength steel. It weighs 33 percent less than aluminum and 75 percent less than steel. Magnesium alloys, on the other hand, are currently used in very small quantities in vehicles and are limited to die castings such as housings.
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High-Performance Wheels Market Competitive Landscape
A competitive analysis of the global high-performance wheels market reveals a dynamic landscape characterized by intense rivalry and strategic maneuvers among key players.
Established companies in this sector continually strive to maintain and expand their market presence. These manufacturers invest heavily in research and development to introduce innovative wheel designs, materials, and technologies that cater to the evolving preferences of automotive enthusiasts. Customization options and brand reputation play a significant role in differentiating competitors.
Furthermore, strategic collaborations with automakers, distributors, and retailers are common strategies to gain a broader market reach. Regional variations in consumer tastes and regulatory environments also influence competition, with some companies focusing on specific markets where high-performance vehicles are particularly popular.
Overall, the global high-performance wheels market showcases a competitive arena where innovation, branding, and market expansion strategies are pivotal for success.
High-Performance Wheels Market Top Player’s Company Profiles
- Lochpe-Maxion (Brazil)
- Citic Dicastal Wheel Manufacturing (China)
- Hitachi Metals (Japan)
- Steel Strips Wheels (India)
- American Eagle Wheels (US)
- Superior Industries (US)
- Cln Group (Italy)
- Borbet (Germany)
- Topy Industries (Japan)
- Accuride Corporation (US)
- Enkei Corporation (Japan)
- Ronal Group (Switzerland)
- BBS Kraftfahrzeugtechnik AG (Germany)
- OZ S.p.A. (Italy)
- Konig Wheels (US)
- HRE Performance Wheels (US)
- Watanabe Wheels (Japan)
- Vossen Wheels (US)
- RAYS Engineering (Japan)
- TSW Alloy Wheels (US)
High-Performance Wheels Market Recent Developments
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In February 2024, Dymag, a world leader in lightweight wheels for the automotive industry, and its strategic partner, composites material specialist Hankuk Carbon, together with Hyundai, revealed an advanced all-new carbon hybrid wheel on the new Hyundai IONIQ 5 N NXP1 concept.
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In November 2023, Acura revealed an extensive refresh of the 2024 TLX lineup that raises its sports sedan game, including styling enhancements front and rear, improved in-car technology, more standard features and a quieter cabin. The 2024 Acura TLX Type S, already the quickest, best-handling all-wheel drive sedan in the brand's 35-year history, advances with improved throttle response and additional tech features.
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In June 2023, Orbea’s Oquo brand unveiled its first road wheels which are aimed at both high-performance and gravel/endurance riding and use a ‘mini hook’ system that’s intended to increase tyre security while maximising aerodynamic efficiency.
High-Performance Wheels Key Market Trends
- Customization Driving Market Growth: Consumers are seeking unique and personalized wheel designs to enhance the aesthetics and performance of their vehicles. This trend is particularly strong among automotive enthusiasts and luxury car owners who want to differentiate their vehicles. Customization options range from various finishes and materials to intricate spoke designs, allowing consumers to tailor their wheels to their specific preferences. Manufacturers are responding to this trend by offering a wide range of customization choices, catering to a diverse and discerning customer base.
High-Performance Wheels Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to global high performance wheels market analysis, the market is characterized by several notable trends and factors contributing to its growth and evolution. One significant aspect is the continuous pursuit of innovation in materials and design. Manufacturers are exploring advanced materials such as carbon fiber and lightweight alloys to improve wheel performance, reduce weight, and enhance vehicle handling. Design innovation is also a key driver, with intricate and visually appealing wheel designs gaining popularity among consumers. Sustainability is emerging as a crucial concern in the industry. Manufacturers are exploring eco-friendly materials and production processes to reduce the environmental impact of wheel manufacturing. This aligns with broader industry trends towards sustainability and reduced carbon emissions. Furthermore, the aftermarket segment of the high-performance wheels market is thriving, with consumers looking to upgrade their existing vehicles for enhanced performance and visual appeal. This aftermarket demand is driving manufacturers to offer a variety of customization option
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 881.64 million |
| Market size value in 2031 | USD 1460.68 million |
| Growth Rate | 5.77% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Million |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
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| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on High-Performance Wheels Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on High-Performance Wheels Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the High-Performance Wheels Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the High-Performance Wheels Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the High-Performance Wheels Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the High-Performance Wheels Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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