What is Refurbished Wheel?
Refurbished Wheels is concerned with removing physical damage from alloy wheels or hub caps. Traditionally, wheel refurbishment does not affect the tires, instead concentrating on the repair of the alloy part of the wheel itself. Refurbished Wheels can repair any type of wheel damage, including scratches, dents, and dings. It can be used to remove any type of blemish, thereby improving both the aesthetics and the value of the vehicle. If a person allows their alloy wheels to become so corroded that the alloy becomes fragmented, the alloy cannot be safely repaired. Some alloy wheels, such as splitrim wheels, can become quite thin. Minor corrosion is repairable, but severe corrosion causes small leaks in the wheel, allowing air to leak.
Attributes | Details |
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Study Period | 2017-2027 |
Base Year | 2021 |
Unit | Value (USD Million) |
Key Companies Profiled | Iochpe-Maxion (Brazil), Superior Industries International (United States), Accuride Corporation (United States), Steel Strips Wheels (India), Hitachi Metals (Japan), Enkei (Japan), Citic Dicastal (China), Zhejiang Wanfeng Auto Wheel (China), Borbet (Germany) and Mangels Industrial (Brazil) |
The study covers a detailed analysis segmented by key business segments i.e. by type (ALLOY, Steel and Carbon Fiber) and major geographies. Research Analyst at AMA predicts that Indians Vendors will contribute to the maximum growth of Global Refurbished Wheel market throughout the predicted period.
The competition is expected to become even more intense in the years to come due to the entry of several new players in the market. To help clients improve their revenue shares in the market, this research study provides an in-depth analysis of the markets competitive landscape and offers information on the products offered by various leading companies. Additionally, this Refurbished Wheel market report suggests strategies that Vendors can follow and highlights key areas they should focus on, in order to take maximum benefits of growth opportunities.
The report offers several leading Vendors, some of them are Iochpe-Maxion (Brazil), Superior Industries International (United States), Accuride Corporation (United States), Steel Strips Wheels (India), Hitachi Metals (Japan), Enkei (Japan), Citic Dicastal (China), Zhejiang Wanfeng Auto Wheel (China), Borbet (Germany) and Mangels Industrial (Brazil).
Market Overview:
On 22 December 2020, Wheel Pros, the leading designer, manufacturer, and distributor of branded automotive aftermarket wheels, performance tires, suspension products, and accessories, announced the acquisition of TSW, a leading designer and distributor of proprietary aftermarket custom wheels focused on the luxury and off-road markets. The transaction's financial terms were not disclosed.
The government has developed quality control standards for automobile wheel rims sold in the country in order to reduce substandard imports and boost domestic manufacturing. The World Trade Organization member countries' comments on the matter have been sought within the next few days. While the proposed action is necessary to improve road safety, it is also consistent with the Centre's stated policy of developing technical regulations such as safety and quality standards for over 350 products in order to reduce imports of non-essential items.
The Refurbished Wheels market is fragmented, with several players accounting for significant market shares. ThyssenKrupp, Superior Industries, Enkei Wheels, and HRE Wheels are some of the most prominent companies in the Refurbished wheels market. Companies are heavily investing in R&D in order to innovate new and advanced products and technologies. Material and manufacturing technology advancements are assisting manufacturers in bringing the latest features to wheels. To innovate wheels, the refurbished wheel market is utilizing new design tools and materials such as high-strength steel. To develop high-performance Refurbished wheels, many wheel manufacturers use structural analysis techniques and simulation software.
Market Trend
Rapid Adoption of New Technologies and High Growth in Digitization of Channels Such As E-Commerce, Raising the Price Transparency for the Customers
Restraints
- Lack of Strategic Focus and Skills and Insufficient Digitization Resources
- High Cost of Maintenance
- Low Degree of Diversification
Opportunities
High Growth in Gas and Hybrid Cars among Electrical Vehicles
Key highlights of the Global Refurbished Wheel market Study:
CAGR of the market during the forecast period 2021-2027
In-depth information on growth factors that will accelerate the Refurbished Wheel market in next few years.
Detailed Insights on futuristic trends and changing consumer behaviour
Forecast of the Global Refurbished Wheel market size and its contribution to the parent market by type, application and by country.
A broad view of customer demand
Uncover markets competitive landscape and in-depth information on various Vendors
Comprehensive information about factors that will challenge the growth of Refurbished Wheel Vendors
Transformation and Important Triggers:
Business transformation has taken hold across the broad corporate landscape due to the confluence of several important triggers, including:
A tipping point in globalization
A major slowdown in Western economies
Significant shifts in technology and cost structure
The challenges of regulatory compliance
New forms of competition developing
Research Methodology:
The top-down and bottom-up approaches are used to estimate and validate the size of the Global Refurbished Wheel market.
In order to reach an exhaustive list of functional and relevant players, various industry classification standards are closely followed such as NAICS, ICB, and SIC to penetrate deep into important geographies by players, and a thorough validation test is conducted to reach the most relevant players for survey in Refurbished Wheel market.
In order to make a priority list sorting is done based on revenue generated based on the latest reporting, using paid databases such as Factiva, Bloomberg, etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment> by targeting key target audience that includes New Entrants/Investors, Refurbished Wheel Manufacturer, Refurbished Wheel Distributor & Suppliers, Government Bodies, End Users and Others.
This helps us to gather the data for the players revenue, operating cycle and expense, profit along with product or service growth, etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that include Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, Annual reports, press releases, etc.