The global high performance wheels market size is expected to increase significantly over the next seven years on account of growing demand for performance automobiles and increasing consumer surplus. Weight reduction for quick acceleration and superior braking coupled with the requirement for improved aesthetics is expected to boost the growth of the market.
The growing automobile industry is anticipated to be a key growth driver for the high performance wheels industry. The increase in performance cars coupled with fuel efficiency requirements is expected to drive the industry size over the upcoming years. Development of carbon composite wheels as an alternative to conventional aluminium wheels will help in overall weight reduction, improve fuel efficiency, handling and ride performance, is expected to drive market growth over the forecast period. Key industry participants are investing in R&D in order to improve their technology and products will spur the industry growth over the upcoming years.
High performance wheels offer superior braking, acceleration and fuel efficiency, particularly to the sports car industry. In addition, it facilitates in unnecessary weight reduction which aids in improving wheel life and performance, is anticipated to drive market growth over the next seven years. For higher strength and increased operating life, high performance wheels are heat treated as compared to other conventional aluminium wheels. In addition, this process improves the structural rigidity of the wheel. However, high initial setup cost is expected to act as a restraint to the industry growth in the future.
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Need for better ride and handling capabilities will spur the demand. Moreover, enhanced brake performance with augmented air ventilation through wheel spokes will boost the industry demand over the upcoming years. Wheels are frequently favoured for modifications by owners, as it significantly changes the vehicle’s appearance and character. Decreasing raw material costs, developing economy and consumer inclination to maintain vehicles have been critical industry driving factors.
Asia Pacific high performance industry is expected to witness significant growth owing to the presence of the key automobile manufacturers and growing demand for automobiles in developing countries including China, India and South Korea. Japan is the home to some of the largest automobile manufacturing companies in the world such as Toyota and Honda. Increasing production capacities, investment in R&D and requirement for performance and sports cars in the automobile sector is expected to drive the high performance wheel industry growth in the future. Moreover, favourable government policies including 100% foreign direct investment and presence of high performance automobile companies such as Infiniti, Honda, Toyota and Nissan are expected to augment industry growth over the upcoming years.
Europe is the home to performance automobile manufacturing companies including Ferrari, Lamborghini, Porsche, Koenigsegg, Pagani, McLaren, Mercedes Benz, Audi, Bentley, Jaguar, BMW and Rolls Royce, who have been employing high performance wheels extensively in their vehicles will further augment market growth on account of growing demand for sports cars in the future.
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North America high performance wheels market is expected to witness substantial growth on account of increasing sports car production, facility expansion and developing the economic condition. Moreover, increasing disposable income in the U.S. is expected to boost automotive growth in the future. The market demand will be driven by rising demand for sports cars and presence of performance car companies including Acura, Cadillac, Buick, Dodge, Chevrolet, Ford, Chrysler, SRT and Shelby.
Key industry participants in high performance wheels market include HRE Performance Wheels, Weds Wheels, Fikse Wheels, Guelph Hyundai, Vossen Wheels, American Eagle Wheels Corporation, Gram Lights, Work Wheels USA, Konig Wheels, RAYS Co. Ltd, Wheelpros, Inc., OZ S.p.A, Automotive Wheels Ltd. Enkei Wheels, Carbon Revolution and BBS Kraftfahrzeugtechnik AG.
In June 2016, Carbon Revolution launched a one piece performance wheel named CR9, which is made up of 100% carbon fibre.
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