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Automotive Wheel Rims Market to Reach USD 33.33 Billion by 2027; Surging Sales of Passenger Cars to Augment Growth, states Fortune Business Insights™

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Pune, India, Dec. 07, 2020 (GLOBE NEWSWIRE) — The global automotive wheel rims market size is expected to reach USD 33.33 billion by 2027, exhibiting a CAGR of 8.2% during the forecast period. The increasing sales of passenger cars will contribute positively to the growth of the market, states Fortune Business Insights, in a report, titled “Automotive Wheel Rims Market Size, Share & COVID-19 Impact Analysis, By Material Type (Alloy, Steel, Carbon Fiber), By Sales Channel Type (Original Equipment Manufacturer (OEM) and Aftermarket), By Vehicle Type (Passenger Cars and Commercial Vehicles), and Regional Forecast, 2020-2027.” The market size stood at USD 19.18 billion in 2019.The coronavirus incident has caused massive loss and disruption to various industries across the globe. We understand that this health disaster has negatively impacted various sectors across the globe. Rising support from governments and several companies can help in the fight against this highly infectious virus. There are some industries that are struggling and some are thriving. More or less, nearly every sector is estimated to be impacted by this pandemic.We are making endless efforts to uplift businesses in this crucial need of the hour. Our expertise and experience can offer enormous benefits to help regain during this global pandemic.
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The report on the automotive wheel rims market incorporates:Greater insights into the marketIn-depth analysis of the marketMarket drivers and restraintsComprehensive information about key playersLeading regions in the marketCOVID-19 impact
Market Driver:Heavy Demand for Automobiles to Boost MarketThe booming automotive industry is expected to enable speedy expansion of the market. According to Organisation Internationale des Constructeurs d’Automobiles (OICA), the automotive sector is expected to reach 100 million units in 2019. The growing focus of manufacturers towards technologically advanced components will have an excellent impact on the market. Similarly, the OEMs are also producing components to meet emission standards set by government bodies. The ongoing R&D investments by key players for the development of inexpensive cars for low-income nations will further incite the development of the market. The rising disposable income and population are expected to contribute impetus to market growth. The introduction of technologically advanced vehicles by prominent companies will further boost the growth of the market in the forthcoming years. For instance, Ford and General Motors hold 25% of global vehicle production which in turn makes North America one of the largest vehicle manufacturers.
Diminished Automotive Demand to Thwart Growth Amid CoronavirusCOVID-19 outbreak has disrupted the production of cars in the automotive industry. Moreover, the lockdown imposed in various countries has led to the temporary closure of automotive production plants. Furthermore, the declined sale of passenger cars and commercial vehicles has negatively impacted the growth of the market for automotive wheel rims. However, the high utilization of personal vehicles during coronavirus will consequently uplift the market. This factor will further boost the sales of passenger cars and commercial vehicles, which, in turn, will aid the expansion of the market.
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Regional Analysis:Surging Automotive Production to Promote Market in Asia PacificThe market for automotive wheel rims in Asia pacific is expected to dominate the global market during the forecast period. The growth in the region is attributed to the increasing production of automobiles in countries such as China and India. The expanding automobile industry will have a tremendous impact on the market in Asia Pacific. Europe is expected to hold a significant share during the forecast period. The growth in the region is attributed to the well-established automotive companies in countries such as Germany, France, the UK, Sweden, and others. North America is expected to account for a considerable share owing to the increasing disposable income in the U.S and Canada. The increasing demand for luxury cars to boost the growth of the market in North America.
Key Development:September 2019: Maxion wheels collaborated with ZF OPENMATICS for wheel connectivity solutions. The multi-service sensors will analyze and capture vital data such as wheel load, tire pressure, and temperature, and other performance factors of tires.
The Report Lists Top Companies in the Automotive Wheel Rims Market:MAXION Wheels (Michigan, United States)Steel Strips Wheels Ltd (Punjab, India)ESE Carbon (Florida, United States)Accuride Corporation (Indiana, United States)Superior Industries International, Inc. (Michigan, United States)Ronal Group (Härkingen, Switzerland)Trelleborg AB (Trelleborg, Sweden)
Browse Detailed Summary of Research Report with TOC:https://www.fortunebusinessinsights.com/automotive-wheel-rims-market-102032
Detailed Table of Content:IntroductionResearch ScopeMarket SegmentationResearch MethodologyDefinitions and AssumptionsExecutive SummaryMarket DynamicsMarket DriversMarket RestraintsMarket OpportunitiesKey InsightsMerger, Acquisitions, and PartnershipsDistributor Analysis – For Major PlayersGrowth and Penetration AnalysisPorter’s Five Forces AnalysisPEST AnalysisCOVID-19 ImpactGlobal Automotive Wheel Rims Market Analysis, Insights and Forecast, 2016-2027Key Findings / SummaryMarket Analysis, Insights and Forecast – By Vehicle TypePassenger CarsCommercial VehiclesMarket Analysis, Insights and Forecast – By Sales Channel TypeOEMAftermarketMarket Analysis, Insights and Forecast – By Material TypeAlloySteelCarbon FiberMarket Analysis, Insights and Forecast – By RegionNorth AmericaEuropeAsia pacificRest of the WorldTOC Continued…!

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About Us:Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them to address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.Our reports contain a unique mix of tangible insights and qualitative analysis to help companies achieve sustainable growth. Our team of experienced analysts and consultants use industry-leading research tools and techniques to compile comprehensive market studies, interspersed with relevant data.At Fortune Business Insights™, we aim at highlighting the most lucrative growth opportunities for our clients. We, therefore, offer recommendations, making it easier for them to navigate through technological and market-related changes. Our consulting services are designed to help organizations identify hidden opportunities and understand prevailing competitive challenges.
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