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Automotive Wheel Market

Rising demand for corrosion resistant and lightweight wheels is likely to boost the global automotive wheel market outlook over the forecast spell. Manufacturers are increasingly focusing on innovations to reduce downtime, improve performance, and produce cost-effective vehicles. On the other hand, the demand for premium and luxury vehicles is also witnessing a major upsurge, which will contribute to the rising popularity of the product.

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Automotive Wheel Market

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  1. Automotive Wheel Market Share, Trend & Growth Forecast to 2026

  2. KeyInsights Automotive Wheel Market : • the global automotive wheel market size is expected to exceed $120 billion by 2026. Manufacturers are increasingly focusing on innovations to reduce downtime, improve performance, and produce cost-effective vehicles. On the other hand, the demand for premium and luxury vehicles is also witnessing a major upsurge, which will contribute to the rising popularity of the product. • The production of distinct alloy forms, including magnesium, steel, and aluminum, is on the rise, encouraging the delivery of enhanced heat conduction and aesthetic appeal over conventional steel wheels. These advancements will positively influence the automotive wheel market trends in the coming years.

  3. Continued… • For instance, Toyota revealed its new mid-size pickup truck in 2020, dubbed the Toyota Tacoma. The new truck features lightweight tires with a sheet-molded composite (SMC) deck inner bed, as well as more resilient walls that weight nearly 10% less than steel, making the new truck considerably lighter than its 2019 predecessor. This weight reduction, alongside other tweaks added by TRD engineers, has resulted in enhanced off-road capability and handling, allowing for superior performance on various terrains. • With regards to the material spectrum, the carbon fiber segment is poised to register a CAGR of nearly 6% through 2026, owing to high stiffness, tensile strength, and reduced weight. As compared to aluminum wheels, automotive wheels from the carbon fiber segment offer consistent performance, enhanced braking, & acceleration.

  4. Latest Research Automotive Wheel Market @ https://bit.ly/3dIweu9 Request for a Sample Copy of This Research Report @ https://bit.ly/2BANeo3

  5. Major Companies Automotive Wheel Market : • Euromax Wheel • American Eagle Wheels Corporation • Steel Strips Wheels Limited • TSW Alloy Wheels • Automotive Wheels Ltd • Wheel Pros • Borbet

  6. Regional Automotive Wheel Market : • In July 2019, American aviation company- Lycoming unveiled an electronic ignition system with an aim to replace the traditional magnetos. The new electronic ignition system had no moving parts and has dimensions similar to the conventional magnetos. Global aircraft ignition system marlet is fairly consolidated with prominent market players like Electroair, Meggitt, Transdigm, Woodward, and Sky Dynamics, among various others. • In terms of segmentation by vehicle, the global automotive wheel market from the heavy trucks segment is likely to observe a burgeoning demand stemming from rapid urbanization and industrialization over the predicted timeframe. Changing consumer preferences, alongside material development that provides high load-bearing capacities are anticipated to bolster the automotive wheels’ demand for heavy commercial vehicles. • On the regional front, North America automotive wheel market is anticipated to record a CAGR of 6% through 2026. This can be attributed to the presence of numerous wheel manufacturers such as Wheel Pros and U.S. Wheel Corporation, among others. These market players are entering acquisition deals to strengthen the regional presence. For example, Superior Industries acquired Uniwheels AG in March 2017, with 61% shares under its ownership.

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