The High Performance Wheels Global Market Report 2023, provides comprehensive information on the high performance wheels market across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten year historic period – 2010-2021, and a ten year forecast period – 2023-2032.
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As per The Business Research Company’s High Performance Wheels Global Market Report 2023, the global high-performance wheels market is expected to grow from $19.23 billion in 2022 to $20.59 billion in 2023 at a compound annual growth rate (CAGR) of 7.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The high-performance wheels market is expected to reach $25.93 billion in 2027 at a CAGR of 5.9%.
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Product innovation is the key trend gaining popularity in the high-performance wheels market. Major companies operating in the high-performance wheels market are focusing on increasing the metallurgical properties of their high-performance wheel’s offerings. For instance, in September 2022, Maxion Wheels, a Germany-based vehicle parts manufacturer, launched a new assortment of 22.5×11.75 steel wheels for trucks and trailers that are weight-optimized. The new innovative high-performance wheels save up to four kilograms of weight per wheel compared to prior wheel types. The weight of a typical tractor-trailer combination is lowered by up to 32 kg. The lightweight wheels provide fuel savings without sacrificing performance or service life. Various stress-optimized rim contours, the exclusive use of high-strength low-alloy steels, and a reworked wheel design allow for weight savings.
The high performance wheels market is segmented:
1) By Product Type: Aluminum, Steel, Magnesium, Carbon Fiber
2) By Coating: Painted, Polished, Chromed, Machined
3) By Manufacturing Process: Gravity Casting, Low-Pressure Casting, High-Pressure Die Casting
4) By Sales Channel: OEM (Original Equipment Manufacturer), Aftermarket
5) By Application: Passenger Cars, Lightweight Commercial Vehicles, Heavy Trucks, Buses And Coaches, Trailers, Motorcycles, Motorsports
Europe was the largest region in the high performance wheels market in 2022.
The table of contents in TBRC’s high performance wheels market report includes:
- Executive Summary
- High Performance Wheels Market Characteristics
- High Performance Wheels Market Trends And Strategies
- High Performance Wheels Market – Macro Economic Scenario
- Global High Performance Wheels Market Size and Growth
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- Global High Performance Wheels Market Competitive Benchmarking
- Global High Performance Wheels Market Competitive Dashboard
- Key Mergers And Acquisitions In The High Performance Wheels Market
- High Performance Wheels Market Future Outlook and Potential Analysis
- Appendix
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