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The global high-performance wheels market is valued at USD 12759.03 million in 2019 and is expected to reach USD 19478.81 million by the end of 2027, growing at a CAGR of 5.4% between 2019 and 2027.
High-performance tires have a lower profile, stiff sidewall and wide foot print for improved cornering response, lower rolling resistance and increased tread stability. High performance wheels offer reduced unsprung weight that minimizes unpleasant vibrations of the vehicle. High performance wheels offer significant properties including withstanding impact forces, improving wheel performance, and extended durability. High-performance tires possesses properties like visual appearance, superior strength, can carry huge loads, accurate fitting, proper replacement, and optimum dimension.
Increasing consumer preference for vehicle customization, weight reduction and improved fuel efficiency will support the industry growth. Also new advancements in technology, new specifications, innovative concepts, and new applications are constantly evolving in order to support new needs in high performance wheels which are boosting this market globally. Expensive initial set up and increased costs associated with alloyed materials are the restraining factors of price trend. Moreover, low consumer consciousness regarding product benefits may hinder industry growth.
Europe is the largest high performance wheels market followed by North America. Europe and North America together accounting for more than 50% of the global market share in the high performance wheels market. Asia Pacific will remain as the fastest growing market in forecast period. China and India will drive Asia Pacific high performance wheels growth, due to easy availability of manufacturing facilities. Improvement in the technological advancement, modern mass production of vehicles and increasing demand for luxury features, are the key factors that drive the high performance wheels market.
Global High Performance Wheels Market: Competitive Analysis
Report includes accurate analysis of key players with Market Value, Company profile, SWOT analysis. The Study constitutes of following key players in Global High Performance Wheels Market:
High Performance Wheels Market : Product Type
High Performance Wheels Market : Application
High Performance Wheels Market delivers comprehensive analysis of :
| Parameters | Details |
|---|---|
Base Year | 2022 |
Historical Data | 2017-2022 |
Forecast Data | 2023-2029 |
Regional Scope | North America, Europe, Asian Pacific, Latin America, Middle East and Africa, and ROW |
High Performance Wheels Market report considers 2021 as the base year.
High Performance Wheels Market report considers data for period 2016 to 2021 as the historical data to predict market forecast between 2022 to 2029.
Yes, report is inclusive in-detailed analysis of key players in High Performance Wheels Market
High Performance Wheels Market Study is broadly divided into North America, Europe, Asian Pacific, Latin America, Middle East and Africa, and ROW. Also these regions are further analysed as per various countries
High Performance Wheels Market Report includes Market Segmentation, Regional outlook, Application Analysis, Competitive analysis, Supply-Demand Analysis, Pricing insight.
Yes, the report includes COVID 19 impact on the market.
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