COVID-19 Pandemic to Decline Growth Backed by Reduced Sales of Passenger CarsThe emergence of the COVID-19 pandemic has resulted in the shutdown of automobile manufacturing facilities by major companies across the globe. Besides, it has halted the cross-border trade temporarily. The lockdown measure has also declined the sales of passenger cars. Nowadays, people are inclining rapidly towards private vehicles from public transportation to prevent the transmission of coronavirus. Though the pandemic may hamper growth, the high demand for passenger cars is expected to surge sales of high performance wheels.
List of the Top Companies Profiled in the Global High Performance Wheels Market are:MAXION Wheels (Michigan, United States)Steel Strips Wheels Ltd (Punjab, India)ESE Carbon (Florida, United States)Accuride Corporation (Indiana, United States)Superior Industries International, Inc. (Michigan, United States)Iochpe-Maxion (São Paulo, Brazil)Trelleborg AB (Trelleborg, Sweden)Carbon Revolution (Geelong, Australia)Alcoa Wheels (Pennsylvania, United States)
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How Did We Develop This Report?Out research methodology is robust and includes data triangulation based on bottom-up and top-down approaches. We validated the approximate market number with the help of primary research. Secondary research was conducted to find out detailed information about mergers & acquisitions, collaborations, joint ventures, and agreements. At the same time, we have derived significant information about the market dynamics associated with growth drivers, trends, and obstacles.
Drivers & RestraintsIncreasing Development of Environment-friendly Components to Aid GrowthIncreasing air pollution is mainly caused by the automotive sector worldwide. Vehicles often release toxic greenhouse gases that result in severe damages to the human race and the environment. Governments of various countries are imposing strict rules and regulations to compel automotive manufacturers to develop environment-friendly components and vehicles. These also contain high performance wheels and lightweight products. Hence, prominent companies are trying to keep up with the norms and are developing vehicles that are less likely to cause damage to the environment. However, increasing fluctuation in the prices of raw materials may hinder the high performance wheels market growth in the coming years.
SegmentAluminium Segment to Lead Fueled by Its Cost-effectivenessBased on material type, the carbon fiber segment generated 11.1% in terms of the high performance wheels market share in 2019. The aluminium segment is set to dominate the market in the near future because of the lightweight nature and decent appearance of these wheels. At the same time, they have less complicated designs and are more cost-effective, as compared to the carbon fiber and magnesium wheels.
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Regional AnalysisEurope to Remain at the Forefront Stoked by Early Adoption of Novel TechnologiesRegionally, Europe held USD 15.26 billion in terms of revenue in 2019. It is expected to lead throughout the forthcoming years backed by the rapid shift of consumers towards luxury vehicles, as well as the early adoption of advanced technologies.Asia Pacific, on the other hand, is expected to retain its second position in the market for high performance wheels attributable to the rising disposable incomes of consumers and the surging production & sales of vehicles in this region.
Competitive LandscapeKey Players Focus on Acquisition Strategy to Gain a Competitive EdgeThe market for high-performance wheels houses several companies that are currently aiming to compete against their rivals by adopting the merger and acquisition strategy.
Below is one of the latest industry developments:September 2019: Maxion Wheels acquired ZF OPENMATICS to create the world’s first fully-integrated wheel connectivity solution. The multiservice sensor is targeted at the commercial vehicle market. It will broadcast, analyze, and capture key data, such as fleet managers, tire pressure and temperature, infrastructure authorities, and wheel load.
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Detailed Table of Content:IntroductionResearch ScopeMarket SegmentationResearch MethodologyDefinitions and AssumptionsExecutive SummaryMarket DynamicsMarket DriversMarket RestraintsMarket OpportunitiesKey InsightsMerger, Acquisitions, and PartnershipsDistributor Analysis – For Major PlayersGrowth and Penetration AnalysisPorter’s Five Forces AnalysisPEST AnalysisCOVID-19 ImpactGlobal High Performance Wheels Market Analysis, Insights and Forecast, 2016-2027Key Findings / SummaryMarket Analysis, Insights and Forecast – By Vehicle TypeTop End LuxuryMid-Level LuxuryOthersMarket Analysis, Insights and Forecast – By Sales Channel TypeOEMAftermarketMarket Analysis, Insights and Forecast – By Material TypeAluminumSteelCarbon FiberMagnesiumMarket Analysis, Insights and Forecast – By RegionNorth AmericaEuropeAsia pacificRest of the World TOC Continued…!
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Have a Look at Related Research Insights:Automotive Wheel Rims Market Size, Share & COVID-19 Impact Analysis, By Material Type (Alloy, Steel, Carbon Fiber), By Sales Channel Type (Original Equipment Manufacturer (OEM) and Aftermarket), By Vehicle Type (Passenger Cars and Commercial Vehicles), and Regional Forecast, 2020-2027Automotive Aftermarket Industry Share, Market Size & Analysis, By Replacement Part Type (Battery, Brake Pads, Filters, Gaskets & Seals, Lighting Components, Body Parts, Wheels, Others), By Vehicle Type (Passenger Cars, Commercial Vehicles), and Regional Forecast, 2019-2026Aircraft Landing Gear Market Size, Share and Industry Analysis, by Type (Nose Landing Gear and Main Landing Gear), By Platform (Fixed-Wing and Rotary-Wing), By Arrangement Type (Tail Wheel, Tandem, and Tri-cycle), By Component (Retraction system, Breaks and Wheels, Steering, and Others), By End User (OEM and Aftermarket), and Regional Forecast, 2019-2026
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The Link Lonk
December 10, 2020 at 09:30PM
https://www.globenewswire.com/news-release/2020/12/10/2143191/0/en/High-Performance-Wheels-Market-to-Hit-USD-32-92-Billion-by-2027-Rising-Air-Pollution-Worldwide-to-Spur-Demand-states-Fortune-Business-Insights.html
High Performance Wheels Market to Hit USD 32.92 Billion by 2027; Rising Air Pollution Worldwide to Spur Demand, states Fortune Business Insights™ - GlobeNewswire
https://news.google.com/search?q=Wheel&hl=en-US&gl=US&ceid=US:en
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