High performance wheels are those which are lighter, compact and less prone to galvanic corrosion. High performance wheels provide reduced unsprung weight that reduces unpleasant vibrations of the vehicle. Designing of super structural wheels tends to show significant gain in the market as they absorb impacts and soak up the off-road impacts and bumps. Ideal wheel rim dimensions guarantees improved air flow which provides smooth braking systems. High performance wheels are generally used in aerodynamics, motorsports and in vehicles used for logistics. There is increase in adoption of technologically advanced and luxurious vehicles among consumers. This is contributing to rising demand of high performance wheels.
Moreover, there is increasing demand of advanced vehicles possessing high performance wheels which reduces unsprung mass, permitting suspension to follow the terrain more closely and thus improving grip. Increased usage of high performance wheels in passenger cars is observed due to its properties which includes proper replacement, optimum dimension, correct fitment and massive load carrying capacity. Moreover, light weight, superior strength and enhanced visual appeal are the factors stimulating the demand of high performance wheels. Advent of advance materials such as carbon fiber and other alloys with improved handling, fuel efficiency and reduced weight is influencing the product demand.
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Market Growth Drivers
There is rise in consumer demands for luxury sport vehicles, and premium compact vehicles which is driving factor of the industry growth. In 2016, the premium luxury cars of Rolls-Royce have observed increase in sales and registered for more than 4,000 unit sales. Furthermore, increasing manufacturing facilities and capacity expansions mainly in the emerging economies such as India, Japan and others is expected to positively influence the demand. Easy availability and low replacement cost of the components is one of the key factors increasing the product penetration.
Manufacturing processes of high performance wheels is complex. Moreover, initial set up cost i for manufacturing is high which is the key factor affecting the price trend. Thus, high prices of product due to costly raw material and production process coupled with lack of awareness is expected to hinder the market growth during the forecast period.
Global high performance wheels market can be segmented on the basis of material, vehicle, end use and geography.
Based on the material, the market is segmented into steel, aluminum, magnesium and carbon fiber. On the basis of vehicle, the market is segmented into entry-level luxury, premium compact and mid-size luxury. In terms of various end-user the global high performance wheels market is segmented into OEM and aftermarket. Increasing demand for the tailored and appealing vehicles is expected to drive the high performance wheels market from aftermarket.
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Geographical segmentation for high performance vehicles market includes North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America.
Key Players and their Strategy
Some of the key players operating in high performance wheels market include ALCAR Group, OZ S.p.A,, Euromax, Topy Industries Ltd., BBS Kraftfahrzeugtechnik, Mandrus Company, Nutek Forged, United Group, Steel Strips Limited and Carbon Revolution. Some of the other notable players are Alcoa, AG, SuperAlloy Industrial Company Ltd., Konig, Fikse, RAYS Co. Ltd., Enkei, Ronal AG, CiTiC Dicastal Wheel Manufacturing Co. and Accuride Corporation among others.