In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Automotive carbon wheels are advanced automotive wheels manufactured using carbon fiber and resin. Automotive carbon wheels are lightweight and provide long wheel life and high strength. They offer various other advantages over the conventional wheels such as high fatigue failure strength and durability, self-vibration damping, better road grip and high heat resistance. Besides, carbon wheels also increase the fuel efficiency and reduce the carbon emission.
Automotive carbon wheels market is anticipated to flourish at a robust CAGR of 28.3% over the forecast period. This can be attributed to various factors such as rise in number of automobiles on road, burgeoning middle class population and rising concerns about environment. Further, increasing inclination of people towards advanced automotive products is likely to foster the growth of the automotive carbon wheels market.
In the terms of regional platform, Asia Pacific holds the largest market share in automotive carbon wheels market. This significant growth can be attributed to the expansion of the automotive industry in the Asia Pacific region. Additionally, presence of major carbon wheels manufacturer i.e. Carbon Revolution Pty. Ltd. is likely to strengthen the market of automotive carbon wheels market. Further, growing economies such as China and India are foreseen to witness the augmented demand for the automotive carbon wheels in the next few years. Moreover, major automotive companies are likely to enter in automotive carbon wheels market which further, is anticipated to increase the market size of automotive carbon wheels market during the forecast period. Europe region is anticipated to account for second largest market in overall automotive carbon wheel market during the forecast period. Unprecedented growth and sale of sports car is fuelling the demand for the automotive carbon wheels. Furthermore, strict government regulations to curb the pollution are expected to strengthen the market of the automotive carbon wheels. Germany accounted for the major contributor to the growth of carbon wheels market due to the presence of major motorsports car manufacturing companies.CLICK TO DOWNLOAD FREE SAMPLE
Furthermore, North America is projected to grow at significant pace during the forecast period. Additionally, government regulations to increase the fuel efficiency are expected to supplement the growth of the automotive carbon wheels market in the region. U.S. is anticipated to contribute significantly to the growth of the automotive carbon wheels market. Furthermore, Latin America and Middle East & Africa region are anticipated to grow at significant pace due to the increasing sales of carbon wheels in aftermarket.
On the basis of distribution channel, global automotive carbon wheels market is segmented into OEM and aftermarket. OEM accounted for the major market share in 2016.
Our in-depth analysis has segmented global automotive carbon wheels market into the following segments:
Global automotive carbon wheels market is further classified on the basis of region as follows:
Increasing demand and sale of the motorsports car is anticipated to be the key factor behind the growth of the automotive carbon wheels market. Further, rising disposable income coupled with increasing purchasing power of the population is resulting in more demand of the automotive. This factor is likely to boost the growth of the automotive carbon wheels market over the forecast period.
Stringent government regulation to curb the pollution is expected to positively impact the growth of the automotive carbon wheels market. In many developed countries, government has legislated various rules and regulations to reduce the carbon emission which further, is likely to spur the growth of the global automotive carbon wheels market.
In contrast, high cost of the automotive carbon wheels is anticipated to hinder the growth of the global automotive carbon wheels market.
The major key players for automotive carbon wheels market are listed below:
Key potential companies that may enter into manufacturing of automotive carbon wheels are mentioned below: