Global High Performance Wheels Market Report and Forecast 2024-2032

Global High Performance Wheels Market Outlook

The global high performance wheels market is expected to grow at a CAGR of 8% in the forecast period of 2024-2032, to attain a value of nearly USD 48.41 billion by 2032.

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Rising Demand for Lightweight Vehicles with Superior Acceleration and High Braking Boosting the Market Growth

High performance wheels offer reduced weight, high braking and superior acceleration. They are extensively used in premium automotive applications to improve not only the aesthetic appearance but also the performance of the vehicle. As the automotive sector is the major contributor of air pollution, governments of various countries are imposing strict rules and regulations to compel automotive manufacturers to develop environment-friendly components and vehicles.  This, in turn, is increasing the production of environmental-friendly vehicles, such as 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, further catalysing the growth of high performance wheels industry. Moreover, the growing demand for lightweight vehicles with aesthetic appearance and superior performance is aiding the growth of the high performance wheel industry.

High Performance Wheels: Market Segmentation

In the automotive industry, high performance wheels are wheels that are made from an alloy of aluminium or magnesium. Alloys are mixtures of a metal and other elements. They generally provide greater strength over pure metals, which are usually much softer and more ductile.

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Based on material, the market is segmented into:

• Aluminium
• Steel
• Magnesium
• Carbon Fibre
• Others

The market can be broadly categorised on the basis of its vehicle type into: 

• Premium Compact
• Entry-Level Luxury
• Mid-Size Luxury
• Others

The major sales channels of high performance wheels are:

• Original Equipment Manufacturers (OEM)
• Aftermarket

The EMR report looks into the regional markets of high performance wheels like North America, Europe, the Asia Pacific, Latin America, the Middle East and Africa.

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Increasing Demand for High Performance Cars to Bolster the Market Growth of High Performance Wheels

High performance wheels can enhance the appearance of any car, including sedans, SUVs or hatchback models. Moreover, high performance wheels are lighter, visually appealing, provide better heat conduction and conserve better fuel economy. Vehicle manufacturers are introducing vehicle models pre-equipped with high performance wheels to improve the wear and tear of tyres, which is bolstering the market growth. The rising demand for performance cars with aesthetic appearance and technological advancement is augmenting the industry growth. The rising demand for premium vehicles owing to the evolving consumer preference for safe and sustainable vehicles is expected to boost the market growth over the forecast period. Additionally, the development of technologically advanced materials that can provide heat dissipation and corrosion resistive properties to the wheels is further expected to fuel the market growth.

Key Industries Players in the Global High Performance Wheels Market

The report presents a detailed analysis of the following key players in the global high performance wheels market, looking into their capacity, market shares, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:

• Vossen Wheels 
• Automotive Wheels Ltd
• CITIC Dicastal Wheel Manufacturing Co., Ltd.
• Tuff Industries (S) Ltd.
• Others

The comprehensive report looks into macro and micro aspects of the industry. The EMR report gives an in-depth insight into the market by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.

Key Highlights of the Report