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

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.