The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including Carbon Wheels Market. 

It was estimated prior to this unanticipated outbreak Carbon Wheels Market will reach CAGR of 32% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.

Carbon Wheels Market Insights

Carbon Wheels Market is likely to witness an impressive CAGR of 32.0% during the forecast period. Increasing range of hybrid and electric vehicles, shifting focus of consumers toward lightweight components to minimize emissions, and growing sales of premium vehicles are some of the major factors driving the growth of the carbon wheels market during the forecast period.

 

Market Share Analysis

Carbon Wheels Market Share: By Vehicle Type

Based on the vehicle type, the market is segmented as passenger cars, premium vehicles, commercial vehicles, and two-wheelers. The premium vehicles market accounted for the largest share of the market in 2020 and is estimated to maintain its growth rate owing to increasing disposable income and easy credit facilities during the forecast period. Also, emerging regulations to reduce the emission of CO2 globally is further expected to fuel the product demand in the market during the forecast period.

Carbon Wheels Market Share: By End-Use Type

Based on the end-use type, the market is segmented as OEM and aftermarket. The OEM segment is estimated to hold the major share of the market during the forecast period on account of growing availability of high-end vehicles. In addition, growing inclination towards product quality, reliability and after sales services is further expected to accelerate the segment’s growth during the forecast period.  

Carbon Wheels Market Share: By Region

In terms of regions, North America is estimated to account for the major share of the market during the forecast period. The growth of the region’s market is owing to the presence of some of the key players of the automotive industry and huge investment flow in the regional market. Further, Latin America is estimated to witness significant growth rate in the market on account of the growing demand for SUVs and LCVs, and increasing presence of automotive manufacturers in the region over the forecast period. Europe and Asia-Pacific are also expected to offer substantial growth opportunities during the forecast period.