Passenger Vehicle Wheels Market Scope
Passenger vehicle wheels are used for the transport of passengers from one place to another. In addition, it is an important part of a motor vehicle, whose demand is directly related to the automotive industry. Rising disposable income and perception of achieving higher social status, availability of car finance at competitive rates, increasing demand for vehicles in emerging countries are anticipated further drive the growth in the near future.
According to AMA, the Global Passenger Vehicle Wheels market is expected to see growth rate of 5.4%
Research Analyst at AMA estimates that United States and Germany Vendors will contribute to the maximum growth of Global Passenger Vehicle Wheels market throughout the predicted period.
Borbet GmbH (Germany), CLN Group (United States), Iochpe-Maxion S.A (Brazil), Ronal AG (Switzerland), Uniwheels Group (United States), Superior Industries International (United States), Accuride Corporation (United States), Steel Strips Wheels (India), Hitachi Metals (Japan) and Enkei (Japan) are some of the key players that are part of study coverage. Additionally, the Vendors which are also part of the research are Citic Dicastal (China), Zhejiang Wanfeng Auto Wheel (China), Borbet (Germany) and Mefro Wheels (Germany).
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a
preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from total available market.
Segmentation Overview
The study have segmented the market of Global Passenger Vehicle Wheels market and Region with country level break-up.
On the basis of geography, the market of Passenger Vehicle Wheels has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
In January 2018, the Maxion wheels company has opened new passenger car aluminum wheel plant in Pune. This strategy would help the company to expand its business in Pune. and In July 2018, the Mercedes Company had launched Service on Wheels. Moreover, the initiative comprises a service truck equipped with all tools. Hence, this new service will help in strengthening the position of the company in the future.
Market Trend
- Technology Advancement of Passenger Vehicle Wheels
- Adoption of Advanced Technologies to Manufacture Steel Wheels
- Rise in Sales of Wheels through Online Portals
Market Drivers
- Improved Vehicle Dynamics as well as Increased Demand for Lightweight Materials
- Growing Vehicle Production
Opportunities
- Advanced Materials and New Compositions in Wheels
- Increasing Demand for Vehicles in Emerging Countries
Restraints
- Issue related to Volatility in Raw Material Prices
Challenges
- Large Unorganized Aftermarket for Wheel
- High Inflammability of Magnesium Alloy Wheels
- Maintaining a Balance between Performance, Cost, and Weight
- High Cost of Manufacturing Carbon Wheels
Key Target Audience
Manufacturers of Passenger Vehicle Wheels, Suppliers of Passenger Vehicle Wheels, Wholesalers, Distributors, and Retailers of Passenger Vehicle Wheels, Research and Development (R&D) Companies, Research Organization, Federal Agencies and Others