Wheel is an essential part of a motor vehicle, whose demand is directly connected to the automotive industry. Wheels should be strong enough to bear the weight of a vehicle and withstand forces caused by operation. The automotive wheel is a component that rotates and transmits the drive from the axle to the road. It also provides a means to affix the tires. The automotive wheel comprises a rim, spoke, and hub.
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Increase in vehicle production and ongoing trend of weight reduction in vehicles drive the growth of the automotive wheel market. Necessity for lightweight wheels to reduce the vehicle weight and enhance fuel efficiency propel the automotive wheel market. Technological advancement and product innovations in material, design, and aerodynamics have further enhanced the industry growth. In addition, increase in consumer spending on vehicle along with growth in population further enhances the market growth.
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Increase in vehicle production
The automotive market is on to the reach the 100 million units milestone in 2019. Original equipment manufacturers in the developing regions such as China, India, and Japan adapt to the changes in regional and segment patterns of supply and demand, with respect to their production and supply base footprints, supply chains, and product portfolio. Factors such as rise in urbanization along with increase in population boost the demand for vehicles among consumers. For Instance, North America is the home for largest vehicle producers in the world, including General Motors and Ford, which account for 25% of the global vehicle production.
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Increased adoption of carbon fiber in the automotive industry
Weight of automotive increases the fuel consumption capacity of the vehicle. It also hinders its speed capacity. These factors in turn hamper the growth of the automotive industry. Steel was first substituted by aluminum, but OEM are now adopting carbon fiber-reinforced plastics (CFRP) technologies for automotive equipment manufacturing, since these materials offer further weight reduction with higher specific stiffness. Many leading automotive manufacturers, such as BMW and Mercedes, are planning or have already started to scale-up their production of fuel-efficient cars through weight reduction by using carbon fibers. For instance, Mitsubishi Chemical Holdings, through its subsidiary Mitsubishi Rayon’s US unit, said it would acquire a carbon fiber plant SGL Carbon Fibers LLC (SCF) in the U.S. The acquisition of SCF, currently run by Germany’s SGL Group, will add 1,000 tons of annual output capacity and will help the company address the rise in demand for the material.
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Key Benefits for Automotive Wheel Market:
- tytical depiction of the global automotive wheel market along with the current trends and future estimations to depict the imminent investment pockets.This study comprises an anal
- The overall market potential is determined to understand the lucrative trends to gain a stronger foothold in the automotive wheel industry.
- The report includes information related to key drivers, restraints, and opportunities with a detailed impact analysis.
- The current market is quantitatively analyzed from 2017 to 2025 to highlight the financial competency of the global automotive wheel market.
- Porter’s Five Forces analysis illustrates the potency of the buyers and suppliers in this global market.
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