Global Passenger Vehicle Wheels Market – Trends, Drivers, and Challenges | Technavio

LONDON–(BUSINESS WIRE)–#Research–The global
passenger vehicle wheels market is expected to grow at a CAGR of
close to 4% during the period 2018-2022, according to a new
market research study by Technavio.

The report presents a comprehensive research of the global
passenger vehicle wheels market by material type, including
alloy, steel, and carbon. The report also determines the geographic
breakdown of the market in terms of detailed analysis and impact, which
includes key geographies such as APAC, the Americas, and EMEA.

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Market driver: increasing demand for vehicles in emerging countries

In emerging countries such as China and India, there has been constant
growth in the automotive industry. Increase in the sale of passenger
cars is directly proportional to the increase in demand for passenger
vehicle wheels. They also have less penetration of passenger cars when
compared with the developed economies like the US and Europe. Thus,
passenger vehicle wheel manufacturers are concentrating on meeting the
demand for these components mainly from automotive markets in China and
India.

According to a senior analyst at Technavio for wheels
and tires research, “The rise in disposable incomes in
emerging nations will drive the demand in the automotive industry and
will lead to an increase in the number of first-time buyers. Such
factors are expected to contribute towards the rapid growth of the
passenger vehicle wheels market during the forecast period.”

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Market trend: adoption of advanced technologies to manufacture steel
wheels

OEMs are focusing on reducing the weight of the steel wheels
to enhance fuel economy and reduce costs. To achieve this weight and
cost reduction, advances in technology have played a key role in the
manufacturing process of steel wheels. Such technologies will help the
automobile manufacturers to reduce the weight of the car thus,
increasing fuel economy and at the same time reducing emissions. Also,
the new manufacturing processes will allow the adoption of upgraded
wheel trims that enhances the aesthetic appeal.

OEMs are implementing simulation tools that can measure wheel stiffness
accurately to develop upgraded steel wheels. Laser welding technology
and laser welded semi-products technology plays an important role in
manufacturing lighter, high strength steel wheels. Moreover, the
material used for manufacturing steel wheels has evolved from mild steel
to high-strength low-alloy (HSLA) steel to multi-phase steel, over the
last three decades. Factors such as advances in technology and
improvised materials have led to the development of high-strength steel
wheels with lesser weight.

Market challenge: high cost of manufacturing carbon wheels

The production of carbon fiber products entails large lead time,
expensive raw materials as input, labor-intensive manufacturing process,
and availability of carbon fiber experts and this leads to higher cost
being incurred. Carbon Revolution reduced the carbon wheel manufacturing
time by a specific proprietary process. The prime objective of this
technology was cost optimization. It focused on innovating low-cost
carbon fiber raw material, reducing product development lead time, and
reducing manual workforce requirement to reduce costs.

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