Global Automotive Circular Wheel Hub Market(End User Application-Original Equipment Manufacturer(OEM), Aftermarket, Product Type-Steel Wheel Hub, Alloy Wheel Hub) Industry Analysis, Volume, Share, Growth, Challenges, Trends, and Forecast 2016–2022.
15-Oct-2017 | Number of pages: 119 | Report Code:PSMR-00052| Report Format : PDF | Status : Published
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Global Automotive Circular Wheel Hub Market: Summary
Global Automotive Circular Wheel Hub Market is expected to reach USD 93.07 billion by 2022 at a CAGR of 6.2 %.Global automobile industry is one of the fastest growing industry globally with CAGR of 5.2% from 2015-2020.
Heavy demand of vehicle is prime driving factor for Automotive Circular Wheel Hub Market growth.Global sales of passenger cars are expected to reach 88.7 million by 2019. Increase in disposable income and population across the world are also important factors contributing for growth of Automotive Circular Wheel Hub Market
USA and China are the largest market for Automobiles.China has produced 26 million units in 2016.USA is emerged as automotive wheels market market leader with market worth of USD 8.87 billion in 2016.India and Japan Automotive Circular Wheel Hub Market is expected to grow at rate of 4.4 % up to 2019. Flexible government policies in USA, India and Japan has given tremendous support for establishing Automotive Circular Wheel manufacturing plants.
Global Automotive Circular Wheel Hub Market consists of two end user Original Equipment Manufacturer(OEM) & Aftermarket.Increase in budget of R & D by Automobile manufactures helping Automotive Circular Wheel Hub Market to grow at faster rate.Light wieght wheels reduces vehicle weight and increse the fuel efficiency of vehicle. Technology advancement lead to increase in use of lightweight materials like carbon fiber and magnesium in Automotive Circular Wheel Hub Market.
Automotive Circular Wheel Hub product type are:
• Steel Wheel Hub
• Alloy Wheel Hub
Benefits of using Alloy wheels in Vehicle are:
• Provides greater strength to vehicle
• Lightweight
• Durable
• Attractive
• Lessens the rotating mass of suspension parts
• Ensures perfect steering feel
• Effective braking response
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