The Global Automotive Carbon Wheels Market Anticipated to Generate a Revenue of $1,481.5 million, Growing at a CAGR of 9.9% from 2022 to 2030Download Sample Reports Overview
The global automotive carbon wheels market size is anticipated to be valued at $1,481.5 million by 2030, surging from $626.0 million in 2021, at a noteworthy CAGR of 9.9%.
Analysis of Covid-19 Impact on Automotive Carbon Wheels Market
The Covid-19 impact on automotive carbon wheels market demand has been negative. The imposed lockdown measures across the world affected the automobile industry for the sales of new vehicles as well as reduced in mobility of passengers driving time were witnessed globally. The COVID-19 pandemic has halted vehicle production and caused supply disruptions, effectively halting the automotive industry. Lower vehicle sales will be a major source of concern for automotive OEMs in the coming quarters. The automotive carbon wheels market, on the other hand, is expected to grow significantly in the coming years due to the gradual resumption of manufacturing and rising automation. Prior to that, lower vehicle sales and a sudden halt in demand will result in the automotive carbon wheels market growing slowly in 2021. The reduced demand for vehicles led to reduction in automobile production, affecting the automotive carbon wheels market.
Global Automotive Carbon Wheels Market Analysis
The increasing demand in the commercial vehicles sector for the reduction of the weight of the vehicle and improving operational performance is expected to aid the growth of automotive carbon wheels market. According to the International Organization of Motor Vehicle Manufacturers, an international trade association, headquartered in Paris, France, the global sales of commercial vehicles were 26,693,300 in 2019 and 24,372,388 in 2021. Sales of commercial vehicles fell only 8.69% in 2021, while passenger vehicles fell drastically from 15.89% in the passenger car segment, indicating strong global demand for commercial vehicles. Furthermore, growing spending power and credit expansion have influenced the demand for luxury vehicles. Automotive OEMs are equipping vehicles with cutting-edge elements to improve product effectiveness. Lightweight carbon wheels improve vehicle effectiveness by lowering fuel usage by 2% to 6% especially in comparison to aluminum wheels, reducing CO2 emissions from cars. Additionally, emerging emission regulations all around world will drive substantial growth in the industry landscape. These factors are expected to aid the growth of this market in the forecast period.
The unorganized market structure in developing countries has also become a major obstacle to market growth. Independent and unorganized dealers sell automotive components without any warranty or product standardization. These factors can hamper the growth of the market.
The rise in the utilization of electric passenger cars for mobility all over the world is expected to open new scope of opportunities for the automotive carbon wheels market. According to “Global EV Outlook” report by "International Energy Agency”, in 2021, sales of electric mobility cars reached 2.1 million units globally in 2019. The adoption of carbon wheels in electric vehicles is expected to reduce the wight of the electric vehicles and aid in improving the vehicles’ efficiency, making them more environment friendly. Moreover, electric passenger cars are one of the most visible technologies that helps to reduce air pollution. As a result, governments around the world are providing subsidies for the purchase of electric vehicles in order to encourage their adoption. For example, the Japanese government provides up to USD 3,700 in subsidization for electric vehicle and up to USD 1,800 for connector hybrid electric vehicles. Because of rising oil prices, the adoption of EVs has gained traction in a number of countries. Electric vehicles serve as a substitute for gasoline & diesel vehicles and are fueled by automotive carbon wheels. These factors are expected to positively impact the automotive carbon wheels market and open new scope of opportunities in the forecast period.
Global Automotive Carbon Wheels Market, Segmentation
The global automotive carbon wheels market is segmented based on vehicle type, distribution channel, and region.
The vehicle type segment is further classified into passenger cars, commercial vehicles, and two wheelers. Among these, passenger cars sub-segment is anticipated to have the dominating market share in the forecast period and surpass $691.5 million by 2030, with an increase from $299.9 million in 2021.
The growing demand for passenger vehicles in the emerging economies such as China and India due to rise in per capita income from economic development has aided the growth of the passenger cars sub-segment. The growing demand for premium cars due to the rapid pace of urbanization and economic development has led to the utilization of automotive composites, since automotive composites such as carbon fiber are mostly utilized in luxury vehicles, hence supplementing the demand for automotive carbon wheels. These factors are expected to aid the growth of this sub-segment.
The distribution channel segment is further divided into OEM and aftermarket. The OEM sub-segment is projected to be most dominating in the global market and register a revenue of $828.5 million during the forecast timeframe of 2022-2030.
The increasing emphasis on improving the engine power in electric vehicles with respect to the weight of the vehicle in passenger & commercial electric vehicles are contributing to the growth of this sub-segment. The utilization of carbon wheels is expected to reduce the weight of the vehicle and hence aid in increasing the power output of the vehicle. The focus on research and development in developed vehicle markets such as North America and Europe by the original equipment manufacturers in different categories of passenger cars such as hatchback, IC engine vehicles, SUV, and others is aiding the growth of OEM sub-segment in the forecast period.
The automotive carbon wheels market in the North America region was $179.1 million in 2021 and is further projected to reach up to $440.9 million by 2030. The North America region is expected to be the most lucrative region for the automotive carbon wheels market in the forecast period. North America accounted for approximately 25% of total market volume in 2019 and is expected to grow at a significant rate during the forecast period. This is due to the presence of several automotive behemoths in the region, including Ford, General Motors, and Tesla Inc. Massive investment in the regional automotive industry will drive market demand. The North America carbon wheels market is expected to grow significantly from 2021, driven by rising demand for SUVs as well as light commercial vehicles. The growing presence of automotive manufacturers in the region will boost market demand throughout the region. Nissan, for example, introduced a new business entity in Latin America in October 2018. The greater access of high-end luxury vehicles will aid industry growth. This shows the high utilization of vehicles in the region supplementing the consumption of automotive goods and aiding the growth of automotive carbon wheels market share in the North America region.
Key Players in the Global Automotive Carbon Wheels Market
Some of the leading global automotive carbon wheels market players are
- ESE Carbon
- Carbon Revolution
- Dymag Group Limited
- ROTOBOX d.o.o.
- Litespeed Racing LLC
- HITACHI METALS, LTD.
- Phoenix Wheel Company, Inc.
- Rolko Kohlgrüber GmbH
- Thyssenkrupp AG
- Ronal Group.