As stated in our extensive report; the Global Automotive Carbon Wheels Market accounted forUSD 615.1 Millionin the year 2021.
To manufacture automotive wheels, steel and aluminum alloys have been used for the last few decades; however, these resources have limitations such as susceptibility to corrosion and considerable weight. Similarly, automobile manufacturing companies are more inclined toward composite materials for manufacturing wheels. After successful application in structural parts of aircraft and cars, carbon fiber is currently being used to manufacture automotive wheels with excellent maintenance quality.
In addition, automotive carbon wheels are made by various manufacturing processes, such as the flow forging method and dry fiber method. While these processes are being carried out, a synthetic matrix embedded with carbon fibers & resin is formed, which is subsequently hardened by applying heat and pressure. These wheels offer various benefits, such as enhanced ride comfort, weight savings, and improved vehicle dynamics and performance. The increasing necessity for improved fuel efficiency of vehicles is boosting the growth of the global automotive carbon wheels market.
The COVID-19 outbreak has affected various industries worldwide. The Automotive Carbon Wheels market is no exception. Governments worldwide took severe actions like border seals, lockdown, and implementation of strict social distancing measures, to stop the swift spread of COVID-19. Manufacturing facilities worldwide were shut down during the initial stages of the pandemic. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020.
Europeobserved the largest growth of the Automotive Carbon Wheels market in 2021. The rising urbanization and the growing need of the customers for mobility in emerging markets like India & China are expected to boost the expansion of the Automotive Carbon Wheels market over the projected period in this region.
Some of the key players in the Global Automotive Carbon Wheels Market include- Carbon Revolution, Dymag Group Limited, ESE Carbon, HRE Wheels, LiteSpeed Racing, Rolko Kohlgrüber GmbH, Thyssenkrupp AG, and others.