Automotive Wheel Market is anticipated to reach approximately US$ 68.6 Bn

Posted by Pradnya on July 31st, 2019

The report covers all the major trends and ongoing developments in the automotive wheel market, which have been studied thoroughly and validated with industry experts in order to make a relevant forecast. The automotive wheel market has been tracked by evaluating the sales of automotive vehicles of major geophysical companies. The automotive wheel market report covers a detailed analysis of major manufacturers. The market dynamics have also been covered in detail wherein the factors expected to drive growth in demand are studied and the major challenges faced by manufacturers and geophysical companies have also been covered.

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The automotive wheel market report has been segmented on the basis of five criteria, namely material type, vehicle type, sales channel, finish type, wheel size and region. Among the segments by vehicle type, the passenger car segment is expected to register healthy growth during the forecast period with companies focusing on developing integrated solutions for the automotive wheel market as per demand from various countries.

Factors Driving the Automotive Wheel Market

According to estimates, the global automotive aftermarket industry is anticipated to reach approximately US$ 68.6 Bn by 2020. Nowadays, consumers are keeping their vehicles for longer durations and are aware of the need to replace components to maximize the life value of a vehicle. The rising demand from aftermarket components will spur new growth opportunities for businesses operating in the aftermarket industry.

As the volume of the cars sold in emerging markets rises, the demand for automotive wheels will eventually increase. Various economic factors such as rapid urbanization, rising income and government investment support the growth of the automotive wheel market. At the same time, more and more people are expected to join the workforce as more women and youth enter the job market, which is in turn surging the demand for mobility. In the coming future, demographic and macroeconomic trends could shift to the purchase of news cars such as compact SUVs, sedans, and luxury vehicles, which will in turn drive the demand for automotive wheels.