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High Performance Wheels Market Size By Material (Aluminum, Steel, Magnesium, Carbon Fiber), By End-use (OEM, Aftermarket), By Vehicle Class (Premium Compact Segment, Entry-level Luxury Segment, Mid-size Luxury Segment), COVID-19 Impact Analysis, Regional Outlook, Price Trends, Competitive Landscape, End-use Industry Growth Potential & Forecast, 2021 – 2027

  • Report ID: GMI246
  • Published Date: Oct 2021
  • Report Format: PDF

Industry Trends

High Performance Wheels Market size exceeded USD 8.42 billion in 2020 and is anticipated to exhibit 5.4% CAGR from 2021 to 2027. The rising automobile industry expansion globally is a major driver in the high performance wheels demand. Increasing consumer consciousness regarding improvements in vehicle performance is fueling the business expansion.
 

High Performance Wheels Market

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Shifting automotive trends including weight reduction & modified and aesthetically appealing cars will support product penetration by 2027. Reduced weight in high performance wheels improves the acceleration and enhances the braking system of the vehicle.
 

Growing demand for luxury vehicles, sports. and premium compact vehicles is expected to propel the market growth. For instance, in 2019, Rolls-Royce units sales witness an increase of around 25% as compared to 2019. A shift in automotive trends toward weight reduction, fuel efficiency, and vehicle customization is further support the high performance wheels market revenue.
 

The production procedures of high performance wheels are much more intricate compared to other wheels due to the advanced techniques involved such as forging, skilled manpower, and casting. High performance wheels are high priced compared to their other counterparts such as steel, i.e., up to 80%. In the case of damage, superior performance wheels are also expensive similar to other wheel types. High initial and maintenance costs are anticipated to act as a challenge to the market expansion by 2027.
 

Magnesium to augment the market development

Magnesium material is predicted to record above 40% of the high performance wheels market share by 2027. Increasing demand for lightweight materials in automotive wheels has led to the evolution of non-ferrous alloys such as magnesium. Production of magnesium remarkably for racing is prominent owing to its thrilling lightness, high resistance to vibration, and nor can it be dented by rapid friction.
 

High performance wheels for OEM usage will emerge as the dominant segment

High Performance Wheels Market Size, By End-use

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Original Equipment Manufacturers (OEMs) dominate the end-use segment and is poised to generate around USD 10 billion by 2027. The wheels are installed during the manufacturing of new vehicles and are also supplied to garages for replacements. Rising purchasing power parity led by increasing disposable incomes is enhancing the demand for luxury & sports cars.
 

Product usage in the premium compact segment to propel high performance wheels market demand

The premium compact vehicle segment is estimated to account for more than 12 billion units shipments by 2027. Growing disposable income is a key factor improving the buying power of the customers, in terms of premium cars, resulting in an upsurge in demand for high performance wheels. Moreover, the increasing trend toward reducing vehicle weight is further driving the industry growth.
 

Stringent regulations on reducing carbon emissions are among the factors boosting product penetration. A vehicle with high performance requires high-end products, which include high performance wheels manufactured from aluminum & magnesium alloys that increase the weight of convention wheels, delivering greater power to high-end premium vehicles.
 

Europe to dictate the regional consumption

High Performance Wheels Market Size, By Region

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The European high performance wheels market size is forecast to register growth rate of nearly 4% through 2027. Increase in demand for premium vehicles and government initiatives & policies to promote lightweight vehicles, fueling the regional market value. Recovery in the European market from the 2010 economic recession is estimated to enhance stability in the automotive sector. An increase in the number of lightweight automotive mechanism acts as a standpoint in automotive die casting market in the region.
 

Key industry participants include Alcoa Wheels, Iochpe-Maxion, Carbon Revolution, OZ S.p.A, RAYS Co., Ltd., Konig Wheels, HRE Performance Wheels, ALCAR Holding, Konig Wheels, Euromax Wheels, and Weds Co., Ltd., among others. Players are also focusing on strategic ventures to gain a competitive edge.
 

This market research report on high performance wheels includes in-depth coverage of the industry with estimates & forecasts in terms of volume in thousand units and in terms of revenue in USD Million from 2017 to 2027 for the following segments:

Market, By Material

  • Aluminum
  • Steel
  • Carbon fiber
  • Magnesium

Market, By End-use

  • OEM
  • Aftermarket

Market, By Vehicle

  • Premium compact segment
  • Entry-level luxury segment
  • Mid-size luxury segment
  • Others (High-end luxury, Ultra-luxury cars, Luxury SUV/Crossover, Motorcycles)

The above information is provided on a regional and country basis for the following:

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Spain
    • Poland
    • Russia
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Thailand
  • Latin America
    • Brazil
    • Mexico
    • Argentina
  • Middle East & Africa
    • GCC
    • Turkey
    • South Africa

 

Authors: Kiran Pulidindi, Akshay Prakash

Frequently Asked Questions (FAQ) :

The market size of high performance wheels reached USD 8.42 billion in 2020 and could expand at more than 5.4% CAGR through 2027, says this GMI report.

Magnesium segment could hold over 40% of the revenue share by 2027 owing benefits such as light weight, vibration resistance, and friction resistance.

High performance wheels demand from the OEM end-use segment could be worth USD 10 billion by 2027 led by increasing disposable incomes and the demand for luxury sports vehicles.

European market size will expand substantially owing to continuous vehicle light-weighting efforts by automakers.

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Premium Report Details

  • Base Year: 2020
  • Companies covered: 11
  • Tables & Figures: 228
  • Countries covered: 20
  • Pages: 250

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