The Asia Pacific Automotive Carbon Wheels Market would witness market growth of 9.7% CAGR during the forecast period (2022-2028).
Up to 2010, car weight climbed steadily due to advancements in comfort, driver assistance technologies, and the more demanding homologation passive safety criteria. As a result of rising restrictions on pollution emissions reduction, every OEM (Original Equipment Manufacturers) have paid increasing attention to weight reduction in all automotive classes. Indeed, following the emergence of more fuel-efficient engines, increased fuel consumption and, as a result, higher CO2 emissions owing to weight have necessitated government action to chart a course for emission reduction over time.
As a result, research into composite parts, materials, and processes has become one of the automobile industry's key concerns, leading to the replacement of ordinary steel with alternative materials in numerous components and systems. Steel was traditionally replaced by aluminium, but OEMs are now considering carbon fiber-reinforced polymers (CFRP) technologies for their luxury models, as they offer even more weight savings and higher specific stiffness. For next-generation hybrid or electric vehicles, this tendency would be very essential. CFRP can be modified to increase functional, structural, or cosmetic features, in addition to being lightweight and high-strength.
In FY21, India manufactured 22.65 million vehicles, with 13 million vehicles produced during April and October of that year. Due to a rising middle class and a large part of India's population being young, the two-wheeler category would witness an expansion. Furthermore, the increased interest of businesses in investigating rural markets boosted the sector's expansion. India is a major vehicle exporter, with excellent export growth prospects in the near future. Moreover, many initiatives by the Indian government and major vehicle manufacturers are anticipated to accelerate India to the forefront.
In 2018, China's specialist car components industry was valued at $3.5 million, representing a 30 percent annual growth rate. Regardless of the fact that China's "Road Safety Law" virtually outlaws’ modifications, the car modification business continues popular in several major cities. Despite this, overseas specialty equipment manufacturers have recognized the market's potential. The International Trade Administration (ITA) keeps working with Chinese business and government representatives on aftermarket concerns, particularly specialty equipment, and has supplied information on how the US controls its aftermarket. The Specialty Equipment Market Association (SEMA) has received a Market Development Cooperator Program (MDCP) award from the International Trade Administration (ITA) to assist U.S. specialty components manufacturers in expanding their exports to China.
The China market dominated the Asia Pacific Automotive Carbon Wheels Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $90.1 million by 2028. The Japan market is estimated to grow at a CAGR of 9.1% during (2022 - 2028). Additionally, The India market would witness a CAGR of 10.4% during (2022 - 2028).
Based on Distribution Channel, the market is segmented into OEM and Aftermarket. Based on Vehicle Type, the market is segmented into Passenger Cars, Commercial Vehicles, and Two Wheelers. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Automotive Carbon Wheels Market is Projected to reach USD 1 Billion by 2028, at a CAGR of 9.2%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Carbon Revolution Ltd., Thyssenkrupp AG, Hitachi Metals, Ltd. (Hitachi, Ltd.), Dymag Group Limited, HRE Performance Wheels, Litespeed Racing Inc., Rolko Kohlgrüber GmbH, Ronal Group, Rotobox d.o.o., and ESE Carbon Company.
By Distribution Channel
By Vehicle Type
By Country
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