Automotive Wheels Market: Global Size, Trends, Competitive, Historical & Forecast Analysis, 2019-2025- Increasing production of vehicles across the world is major driving factor of the growth of Automotive Wheels Market.
Automotive Wheels Market is Valued at USD 37.09 Billion in 2018 and Expected to Reach USD 55.14 Billion by 2025 With a CAGR of 5.83% Over the Forecast Period.
Automotive wheel is a circular block of a hard and durable material at whose center has been bored a circular hole through which is placed an axle bearing about which the wheel. Wheels should be strong enough to support the vehicle and resist the forces caused by common operation. Generally, wheels can be made from cast aluminum alloy or magnesium alloy and they should be as light as possible. Wheels are used in all road vehicles.
Automotive wheels market is segmented on the basis of application, type and region & country level. On the basis of application, market is divided into commercial vehicle and passenger vehicle. On the basis of type, the market is divided in to aluminum wheels, steel wheels and other.
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The regions covered in this automotive wheels market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, market of Automotive Wheels Market is sub divided into U.S., Mexico, Canada, UK, France, Germany, Italy, China, Japan, India, South East Asia, GCC, Africa, etc.
Key Players for Global Automotive Wheels Market Reports–
Global Automotive Wheels Market report covers prominent players like Accuride, Alcoa, AMW Auto, Borbet, Central Motor Wheel, CiTiCDi castal Wheel Manufacturing, Magnetto, Maxion Wheels, Mefro ,Otto Fuchs, Ronal, Steel Strips Wheels, Superior Industries International, Topy Industries, United wheel, Enkei Wheels India Ltd., and others.
Increasing Production of Vehicles Across the World is Driving the Growth of Automotive Wheels Market
All vehicles like car, commercial vehicles and passenger vehicles have wheels, so high production of vehicles is one of the major driving factors for the automotive wheels markets. Increasing income and changing life style of customers create the demand of the vehicles and this will propelled the growth of automotive wheel market. However, fluctuating price of raw material and high competition among the key players may restrain the growth of automotive wheels market within the forecast period. Design optimization of wheels for lightweight, sustainability and durability will be some opportunities for automotive wheels market during forecast period.
Asia pacific is Expected to Show a Lucrative Growth in the Global Automotive Wheels Market
Asia is anticipated to witness a lucrative growth in global automotive wheels market owing to the increasing demand of vehicles in this region. For reducing the manufacturing cost many global key players are outsourcing manufacturing activities to low-cost destinations in the Asia pacific region. Now a days, many automotive manufacturers have started product development operations in developing countries due to the talented and low-cost labor available in this region.
Key Benefits for Global Automotive Wheels Market Reports –
- Global market report covers in depth historical and forecast analysis.
- Global market research report provides detail information about Market Introduction, Market Summary, Global market Revenue (Revenue USD), Market Drivers, Market Restraints, Market opportunities, Competitive Analysis, Regional and Country Level.
- Global market report helps to identify opportunities in market place.
- Global market report covers extensive analysis of emerging trends and competitive landscape.
Automotive Wheels Market Segmentation –
- Aluminum Wheels
- Steel Wheels
- Commercial Vehicle
- Passenger Vehicle
- North America
- Asia Pacific
- Southeast Asia
- Latin America
- Middle East and Africa
- Rest of Middle East and Africa
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