Automotive Carbon Wheel Market: Introduction

  • Steel and aluminum alloys are being used to manufacture automotive wheels for the last few decades; however, these materials have limitations such as such as susceptibility to corrosion and considerable weight. Consequently, automobile manufacturing companies are inclined toward composite materials for manufacturing wheels. After successful application in structural parts of aircrafts and automobiles, carbon fiber is currently being used to manufacture automotive wheels.
  • Automotive carbon wheels are made by various manufacturing processes such as flow forging method and dry fiber method. During these processes, a synthetic matrix embedded with carbon fibers and resin is formed, which is subsequently hardened by the application of heat and pressure. These wheels offer various benefits such as weight savings, enhanced ride comfort, and improved vehicle dynamics.

Key Drivers of Automotive Carbon Wheel Market

  • A major concern of automotive players is weight reduction of the vehicle, which results in enhanced efficiency and performance. Reducing the weight of the vehicle wheels provides better maneuverability, a quieter and smoother ride experience, faster acceleration, quicker deceleration, enhanced suspension, and improved fuel efficiency. These benefits have prompted the utilization of composite materials in different parts of an automobile. Carbon fiber reinforced polymers offer an array of functional benefits and are also esthetically appealing. Consequently, several OEMs and Tier 1 suppliers are using carbon fiber to manufacture wheels. These wheels weigh around 50% less than conventional aluminum or steel alloy wheels. For instance, in May 2016, Ford Motor Company and its partner Carbon Revolution developed carbon wheels, which are offered with Shelby GT350R, Ford GT, and Mustang Shelby GT500 models. Other OEMs such as Ferrari N.V., McLaren Group, Automobili Lamborghini S.p.A., Porsche AG, and Koenigsegg Automotive AB are also using carbon wheels in their vehicles. Thus, a reduction in weight and other related benefits are driving the automotive carbon wheel market across the globe.
  • Automotive carbon wheels are intended for use in performance vehicles such as sports cars and SUVs where strength, weight, and vibration dampening capabilities of wheels are vital requirements. Rise in disposable income of people has increased their purchasing power, thus boosting their preference toward luxury items including performance vehicles. For instance, Automobili Lamborghini S.p.A., a Germany-based performance car manufacturer, witnessed 43% rise in sales for the year 2019 with a total of 8,205 units sold globally as compared to 5,750 units sold in the previous year. Thus, a rise in sale of performance vehicles is propelling the global automotive carbon wheel market.

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Automotive Carbon Wheel Market: Restraint

  • Limited availability of carbon wheel sizes and their high cost are restricting the application of carbon wheels to specific vehicle segments. This, in turn, is hampering the global automotive carbon wheel market.

Europe holds Significant Share of Global Automotive Carbon Wheel Market

  • Significant presence of OEMs in Europe and their inclination toward carbon fiber wheels owing to the functional benefits offered by these wheels is propelling the share held by Europe in the global automotive carbon wheel market. For instance, in 2016, the BMW AG developed carbon compound wheels and offered them with their M4 GTS model. The company also developed hybrid carbon wheels, which have metal alloys along with carbon fiber composite materials. Furthermore, automotive wheel manufacturers in the region are entering into partnership with OEMs to jointly develop new carbon wheel products. For instance, thyssenkrupp AG and Hyundai Motor Europe Technical Center jointly developed carbon fiber and aluminum hybrid wheels in September 2020. On-going developments and partnerships between industry players are driving the share held by Europe in the global automotive carbon wheel market.

Key Players Operating in Automotive Carbon Wheel Market

The global automotive carbon wheel market is highly concentrated due to the presence of top manufacturers. A few key players operating in the automotive carbon wheel market are:

  • Carbon Revolution
  • Dymag Group Limited
  • ESE Carbon
  • Geric
  • HRE Wheels
  • LITESPEED RACING
  • Rolko Kohlgrüber GmbH
  • thyssenkrupp AG

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Global Automotive Carbon Wheel Market: Research Scope

Global Automotive Carbon Wheel Market, by Size (in Inches)

  • 19
  • 20
  • 21
  • Others

Global Automotive Carbon Wheel Market, by Vehicle

  • Passenger Vehicle
  • Luxury/ Premium Vehicles
  • Mid-segment Vehicles
  • Entry-class Vehicles
  • Commercial Vehicle

Global Automotive Carbon Wheel Market, by Sales Channel

  • OEM
  • Aftermarket

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

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The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

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The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

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