The Car Wheel Cap Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Car Wheel Cap Global Market Report 2024, The car wheel cap market size is expected to see strong growth in the next few years. It will grow to $2.51 billion in 2028 at a compound annual growth rate (CAGR) of 5.8%. The growth in the forecast period can be attributed to advancements in design, the rise of electric vehicles, increasing focus on sustainability, growing urbanization, and premiumization, and growth in online retail platforms and e-commerce. Major trends in the forecast period include increasing consumer demand for customized vehicles, growing trend towards lightweight and aerodynamically optimized wheel caps, integration of smart technologies, increasing consumer awareness, and emphasis on branding and corporate identity.
Rising vehicle production is expected to propel the growth of the car wheel cap market going forward. The rising production of vehicles is primarily driven by increasing global demand for transportation and economic growth. Car wheel caps enhance the aesthetic appeal of vehicles while protecting the wheel hub from dust and damage. For instance, in May 2023, according to the European Automobile Manufacturers Association, a Belgium-based automobile manufacturers association, in 2022, the global production of motor vehicles reached 85.4 million units, reflecting a notable increase of 5.7% compared to 2021. Therefore, rising vehicle production is driving the growth of the car wheel cap market.
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The car wheel cap market covered in this report is segmented –
1) By Vehicle Type: Low Range, Mid-Range, High Range
2) By Material: Plastics, Stainless Steel, Aluminum Alloy
3) By Size: 12 To 15 Inches, 16 To 17 Inches, Above 17 Inches
4) By Fuel Type: Conventional Cars, Electric Cars
5) By Sales Channel: Original Equipment Manufacturer (OEM), Aftermarket
Major companies operating in the car wheel cap market are focused on developing novel products, such as base wheel caps, to gain a competitive edge in the market. Base wheel caps are the simplest type of wheel cover, designed primarily for protection rather than aesthetic enhancement. For instance, in February 2024, Tesla, Inc., a US-based automotive company, launched the new wheel cap for the Cybertruck. The new wheel cap for the Tesla Cybertruck features a sleek, angular design that complements the truck’s futuristic aesthetic. The new base wheel caps feature a unique inset heptagonal shape around the lugs and hub, which was first seen on the newer wheelset of the GFTX release candidates. These caps will come paired with Pirelli Scorpion ATR all-season tires instead of the previously used Goodyear ATs.
The car wheel cap market report table of contents includes:
1. Executive Summary
2. Car Wheel Cap Market Characteristics
3. Car Wheel Cap Market Trends And Strategies
4. Car Wheel Cap Market – Macro Economic Scenario
5. Global Car Wheel Cap Market Size and Growth
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32. Global Car Wheel Cap Market Competitive Benchmarking
33. Global Car Wheel Cap Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Car Wheel Cap Market
35. Car Wheel Cap Market Future Outlook and Potential Analysis
36. Appendix
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