The high performance wheels market size has grown strongly in recent years. It will grow from $20.59 billion in 2023 to $21.98 billion in 2024 at a compound annual growth rate (CAGR) of 6.8%. The growth witnessed in the historical period can be linked to a heightened demand for high-performance vehicles, a rising desire for personalized wheels, an expanding interest in motorsports, the automotive industry's expansion, and an increase in disposable income.
The high performance wheels market size is expected to see strong growth in the next few years. It will grow to $27.61 billion in 2028 at a compound annual growth rate (CAGR) of 5.9%. The anticipated growth in the forecast period can be linked to the increasing sales of luxury cars, the electrification of vehicles, a growing inclination towards customization, a rising demand for fuel efficiency, and an increasing interest in racing and performance events. Major trends expected in the forecast period include the development of innovative high-performance wheel solutions, advancements in vehicle technology, the introduction of off-road-capable wheels, and a growing interest in sustainability.
The growth of the high-performance wheel market is expected to be significantly fueled by the increasing sales of luxury cars in the foreseeable future. Luxury cars, characterized by enhanced performance, status, comfort, and quality, command a higher price compared to regular vehicles. High-performance wheels play a crucial role in luxury vehicles, offering improved grip, cornering ability, and faster heat dissipation than standard rubber. As an illustration, a report from Rolls Royce, a UK-based luxury vehicle manufacturer, revealed that sales of Rolls Royce luxury cars rose from 5,586 in 2021 to 6,021 in 2022. Consequently, the increasing sales of luxury cars are poised to propel the high-performance wheels market.
The anticipated growth in the high-performance wheels market is expected to be propelled by the increasing focus on fuel efficiency in the coming years. Fuel efficiency, also known as fuel economy, refers to the effective utilization of fuel by a vehicle or system to generate mechanical energy or motion. High-performance wheels can contribute to fuel efficiency by enhancing a vehicle's overall performance and aerodynamics. While the primary objective of high-performance wheels is to improve acceleration and aesthetics, certain design elements and materials can indirectly impact fuel efficiency. For example, a report from LendingTree in August 2023 highlighted a consistent increase in fuel efficiency. The average fuel economy for all cars has surged by 101.5% in the past three decades, going from 13.1 to 26.4 mpg. During the same period, car fuel efficiency increased by 146.7%, rising from 13.5 to 33.3 mpg. Consequently, the growing emphasis on fuel efficiency is steering the high-performance wheel market.
A key trend gaining traction in the high-performance wheels market is product innovation. Leading companies in the high-performance wheels market are concentrating on enhancing the metallurgical properties of their high-performance wheel offerings. For instance, in September 2022, Maxion Wheels, a Germany-based vehicle parts manufacturer, introduced a new range of 22.5x11.75 steel wheels for trucks and trailers that are weight-optimized. These innovative high-performance wheels can save up to four kilograms of weight per wheel compared to previous wheel types. This weight reduction translates to a decrease of up to 32 kg in the weight of a typical tractor-trailer combination. The lightweight wheels provide fuel savings without compromising performance or service life, achieved through various stress-optimized rim contours, the exclusive use of high-strength low-alloy steels, and a redesigned wheel design.
Leading companies in the high-performance wheels market are embracing a strategic partnership approach for the development of carbon hybrid wheels. This strategic collaboration involves companies leveraging each other's strengths and resources to achieve shared benefits and success. For instance, in July 2023, the UK-based wheels manufacturing company Dymag Group Limited, in collaboration with South Korea's composite materials manufacturing company Hankuk Carbon and the South Korea-based automobile manufacturer Hyundai Motor Company, successfully created the N Performance carbon hybrid wheel. A functional model of this innovative wheel was unveiled at the recent Goodwood Festival of Speed, showcased on Hyundai's display alongside the launch of its IONIQ 5 N hot crossover. This collaborative effort marks the initial result of Dymag's partnership with Hankuk Carbon, positioning Dymag as a premier OEM partner for the global automotive sector and marking the commencement of a strategic relationship with Hyundai. This partnership is expected to facilitate the widespread adoption of Dymag's groundbreaking innovation, significantly enhancing the dynamic qualities of high-performance vehicles.
In December 2022, Wheel Pros LLC, a US-based manufacturer specializing in branded aftermarket wheels, successfully acquired Just Wheels & Tires Co. (TSW Alloy Wheels) for an undisclosed sum. This acquisition expands Wheel Pros' portfolio to encompass high-performance and customizable wheels, further solidifying its presence in the market. Just Wheels & Tires Co. (TSW Alloy Wheels) is a US-based manufacturer renowned for its production of high-performance wheels.
Major companies operating in the high performance wheels market report are Topy Industries Ltd., Maxion Wheels GmbH, Accuride Corporation, Steel Strips Wheels Ltd., Wheel Pros LLC, Alcoa Wheels, Weds Co. Ltd., ALCAR Holding GmbH, SuperAlloy Industrial Co. Ltd., Enkei Wheels Limited, Carbon Revolution Ltd., OZ S.p.A, American Eagle Wheels, Forgeline Motorsports, HRE Performance Wheels, Vossen Wheels , TSW Alloy Wheels, Raceline Wheels, Nutek Forged Wheels, RAYS Co. Ltd., Ultra Wheels Inc., CITIC Dicastal Co. Ltd., Konig Wheels, Automotive Wheels Ltd., Schott Wheels, Mubea Performance Wheels Gmbh, Euromax Wheels, Fikse Wheels, Green Manufacturing Inc., Work Wheels USA.
Europe was the largest region in the high-performance wheels market in 2023. The regions covered in the high performance wheels market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the high performance wheels market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
The primary materials used for manufacturing high-performance wheels include aluminum, steel, magnesium, and carbon fiber. These wheels undergo various coating processes, such as painting, polishing, chroming, and machining, and are manufactured through methods such as gravity casting, low-pressure casting, and high-pressure die casting. High-performance wheels are available through both OEM (original equipment manufacturer) and aftermarket channels, catering to a wide range of applications, including passenger cars, lightweight commercial vehicles, heavy trucks, buses and coaches, trailers, motorcycles, and motorsports.
The high-performance wheels research report is one of a series of new reports that provides high-performance wheels market statistics, including the high-performance wheels industry's global market size, regional shares, competitors with high-performance wheels market share, detailed high-performance wheels market segments, market trends and opportunities, and any further data you may need to thrive in the high-performance wheels industry. This high-performance wheels market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The high-performance wheels market consists of sales of rims, faces, barrels, and rear lips. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
This product will be delivered within 3-5 business days.
The high performance wheels market size is expected to see strong growth in the next few years. It will grow to $27.61 billion in 2028 at a compound annual growth rate (CAGR) of 5.9%. The anticipated growth in the forecast period can be linked to the increasing sales of luxury cars, the electrification of vehicles, a growing inclination towards customization, a rising demand for fuel efficiency, and an increasing interest in racing and performance events. Major trends expected in the forecast period include the development of innovative high-performance wheel solutions, advancements in vehicle technology, the introduction of off-road-capable wheels, and a growing interest in sustainability.
The growth of the high-performance wheel market is expected to be significantly fueled by the increasing sales of luxury cars in the foreseeable future. Luxury cars, characterized by enhanced performance, status, comfort, and quality, command a higher price compared to regular vehicles. High-performance wheels play a crucial role in luxury vehicles, offering improved grip, cornering ability, and faster heat dissipation than standard rubber. As an illustration, a report from Rolls Royce, a UK-based luxury vehicle manufacturer, revealed that sales of Rolls Royce luxury cars rose from 5,586 in 2021 to 6,021 in 2022. Consequently, the increasing sales of luxury cars are poised to propel the high-performance wheels market.
The anticipated growth in the high-performance wheels market is expected to be propelled by the increasing focus on fuel efficiency in the coming years. Fuel efficiency, also known as fuel economy, refers to the effective utilization of fuel by a vehicle or system to generate mechanical energy or motion. High-performance wheels can contribute to fuel efficiency by enhancing a vehicle's overall performance and aerodynamics. While the primary objective of high-performance wheels is to improve acceleration and aesthetics, certain design elements and materials can indirectly impact fuel efficiency. For example, a report from LendingTree in August 2023 highlighted a consistent increase in fuel efficiency. The average fuel economy for all cars has surged by 101.5% in the past three decades, going from 13.1 to 26.4 mpg. During the same period, car fuel efficiency increased by 146.7%, rising from 13.5 to 33.3 mpg. Consequently, the growing emphasis on fuel efficiency is steering the high-performance wheel market.
A key trend gaining traction in the high-performance wheels market is product innovation. Leading companies in the high-performance wheels market are concentrating on enhancing the metallurgical properties of their high-performance wheel offerings. For instance, in September 2022, Maxion Wheels, a Germany-based vehicle parts manufacturer, introduced a new range of 22.5x11.75 steel wheels for trucks and trailers that are weight-optimized. These innovative high-performance wheels can save up to four kilograms of weight per wheel compared to previous wheel types. This weight reduction translates to a decrease of up to 32 kg in the weight of a typical tractor-trailer combination. The lightweight wheels provide fuel savings without compromising performance or service life, achieved through various stress-optimized rim contours, the exclusive use of high-strength low-alloy steels, and a redesigned wheel design.
Leading companies in the high-performance wheels market are embracing a strategic partnership approach for the development of carbon hybrid wheels. This strategic collaboration involves companies leveraging each other's strengths and resources to achieve shared benefits and success. For instance, in July 2023, the UK-based wheels manufacturing company Dymag Group Limited, in collaboration with South Korea's composite materials manufacturing company Hankuk Carbon and the South Korea-based automobile manufacturer Hyundai Motor Company, successfully created the N Performance carbon hybrid wheel. A functional model of this innovative wheel was unveiled at the recent Goodwood Festival of Speed, showcased on Hyundai's display alongside the launch of its IONIQ 5 N hot crossover. This collaborative effort marks the initial result of Dymag's partnership with Hankuk Carbon, positioning Dymag as a premier OEM partner for the global automotive sector and marking the commencement of a strategic relationship with Hyundai. This partnership is expected to facilitate the widespread adoption of Dymag's groundbreaking innovation, significantly enhancing the dynamic qualities of high-performance vehicles.
In December 2022, Wheel Pros LLC, a US-based manufacturer specializing in branded aftermarket wheels, successfully acquired Just Wheels & Tires Co. (TSW Alloy Wheels) for an undisclosed sum. This acquisition expands Wheel Pros' portfolio to encompass high-performance and customizable wheels, further solidifying its presence in the market. Just Wheels & Tires Co. (TSW Alloy Wheels) is a US-based manufacturer renowned for its production of high-performance wheels.
Major companies operating in the high performance wheels market report are Topy Industries Ltd., Maxion Wheels GmbH, Accuride Corporation, Steel Strips Wheels Ltd., Wheel Pros LLC, Alcoa Wheels, Weds Co. Ltd., ALCAR Holding GmbH, SuperAlloy Industrial Co. Ltd., Enkei Wheels Limited, Carbon Revolution Ltd., OZ S.p.A, American Eagle Wheels, Forgeline Motorsports, HRE Performance Wheels, Vossen Wheels , TSW Alloy Wheels, Raceline Wheels, Nutek Forged Wheels, RAYS Co. Ltd., Ultra Wheels Inc., CITIC Dicastal Co. Ltd., Konig Wheels, Automotive Wheels Ltd., Schott Wheels, Mubea Performance Wheels Gmbh, Euromax Wheels, Fikse Wheels, Green Manufacturing Inc., Work Wheels USA.
Europe was the largest region in the high-performance wheels market in 2023. The regions covered in the high performance wheels market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the high performance wheels market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
The primary materials used for manufacturing high-performance wheels include aluminum, steel, magnesium, and carbon fiber. These wheels undergo various coating processes, such as painting, polishing, chroming, and machining, and are manufactured through methods such as gravity casting, low-pressure casting, and high-pressure die casting. High-performance wheels are available through both OEM (original equipment manufacturer) and aftermarket channels, catering to a wide range of applications, including passenger cars, lightweight commercial vehicles, heavy trucks, buses and coaches, trailers, motorcycles, and motorsports.
The high-performance wheels research report is one of a series of new reports that provides high-performance wheels market statistics, including the high-performance wheels industry's global market size, regional shares, competitors with high-performance wheels market share, detailed high-performance wheels market segments, market trends and opportunities, and any further data you may need to thrive in the high-performance wheels industry. This high-performance wheels market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The high-performance wheels market consists of sales of rims, faces, barrels, and rear lips. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
This product will be delivered within 3-5 business days.
Table of Contents
1. Executive Summary2. High Performance Wheels Market Characteristics3. High Performance Wheels Market Trends and Strategies32. Global High Performance Wheels Market Competitive Benchmarking33. Global High Performance Wheels Market Competitive Dashboard34. Key Mergers and Acquisitions in the High Performance Wheels Market
4. High Performance Wheels Market - Macro Economic Scenario
5. Global High Performance Wheels Market Size and Growth
6. High Performance Wheels Market Segmentation
7. High Performance Wheels Market Regional and Country Analysis
8. Asia-Pacific High Performance Wheels Market
9. China High Performance Wheels Market
10. India High Performance Wheels Market
11. Japan High Performance Wheels Market
12. Australia High Performance Wheels Market
13. Indonesia High Performance Wheels Market
14. South Korea High Performance Wheels Market
15. Western Europe High Performance Wheels Market
16. UK High Performance Wheels Market
17. Germany High Performance Wheels Market
18. France High Performance Wheels Market
19. Italy High Performance Wheels Market
20. Spain High Performance Wheels Market
21. Eastern Europe High Performance Wheels Market
22. Russia High Performance Wheels Market
23. North America High Performance Wheels Market
24. USA High Performance Wheels Market
25. Canada High Performance Wheels Market
26. South America High Performance Wheels Market
27. Brazil High Performance Wheels Market
28. Middle East High Performance Wheels Market
29. Africa High Performance Wheels Market
30. High Performance Wheels Market Competitive Landscape and Company Profiles
31. High Performance Wheels Market Other Major and Innovative Companies
35. High Performance Wheels Market Future Outlook and Potential Analysis
36. Appendix
Executive Summary
High Performance Wheels Global Market Report 2024 provides strategists, marketers and senior management with the critical information they need to assess the market.This report focuses on high performance wheels market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Reasons to Purchase
- Gain a truly global perspective with the most comprehensive report available on this market covering 50+ geographies.
- Understand how the market has been affected by the coronavirus and how it is responding as the impact of the virus abates.
- Assess the Russia-Ukraine war’s impact on agriculture, energy and mineral commodity supply and its direct and indirect impact on the market.
- Measure the impact of high global inflation on market growth.
- Create regional and country strategies on the basis of local data and analysis.
- Identify growth segments for investment.
- Outperform competitors using forecast data and the drivers and trends shaping the market.
- Understand customers based on the latest market shares.
- Benchmark performance against key competitors.
- Suitable for supporting your internal and external presentations with reliable high quality data and analysis.
- Report will be updated with the latest data and delivered to you along with an Excel data sheet for easy data extraction and analysis.
- All data from the report will also be delivered in an excel dashboard format.
Where is the largest and fastest growing market for high performance wheels? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? This report answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.
- The market characteristics section of the report defines and explains the market.
- The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
- The forecasts are made after considering the major factors currently impacting the market. These include:
- The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
- The impact of higher inflation in many countries and the resulting spike in interest rates.
- The continued but declining impact of COVID-19 on supply chains and consumption patterns.
- Market segmentations break down the market into sub markets.
- The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
- The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
- The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.
Report Scope
Markets Covered:1) By Product Type: Aluminum; Steel; Magnesium; Carbon Fiber
2) By Coating: Painted; Polished; Chromed; Machined
3) By Manufacturing Process: Gravity Casting; Low-Pressure Casting; High-Pressure Die Casting
4) By Sales Channel: OEM (Original Equipment Manufacturer); Aftermarket
5) By Application: Passenger Cars; Lightweight Commercial Vehicles; Heavy Trucks; Buses and Coaches; Trailers; Motorcycles; Motorsports
Key Companies Mentioned: Topy Industries Ltd.; Maxion Wheels GmbH; Accuride Corporation; Steel Strips Wheels Ltd.; Wheel Pros LLC
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes
Delivery Format: PDF, Word and Excel Data Dashboard
Companies Mentioned
- Topy Industries Ltd.
- Maxion Wheels GmbH
- Accuride Corporation
- Steel Strips Wheels Ltd.
- Wheel Pros LLC
- Alcoa Wheels
- Weds Co. Ltd.
- ALCAR Holding GmbH
- SuperAlloy Industrial Co. Ltd.
- Enkei Wheels Limited
- Carbon Revolution Ltd.
- OZ S.p.A
- American Eagle Wheels
- Forgeline Motorsports
- HRE Performance Wheels
- Vossen Wheels
- TSW Alloy Wheels
- Raceline Wheels
- Nutek Forged Wheels
- RAYS Co. Ltd.
- Ultra Wheels Inc.
- CITIC Dicastal Co. Ltd.
- Konig Wheels
- Automotive Wheels Ltd.
- Schott Wheels
- Mubea Performance Wheels Gmbh
- Euromax Wheels
- Fikse Wheels
- Green Manufacturing Inc.
- Work Wheels USA.
Methodology
LOADING...
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 175 |
| Published | February 2024 |
| Forecast Period | 2024 - 2028 |
| Estimated Market Value ( USD | $ 21.98 Billion |
| Forecasted Market Value ( USD | $ 27.61 Billion |
| Compound Annual Growth Rate | 5.9% |
| Regions Covered | Global |
| No. of Companies Mentioned | 30 |
