The new report by Expert Market Research titled, ‘United States High Performance Wheels Market Trends, Report and Forecast 2023-2028’, gives an in-depth analysis of the United States high performance wheels market, assessing the market based on its segments like materials, vehicle types, and sales channels.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
- Forecast CAGR (2023-2028): 90%
The high performance wheels industry in the United States is being driven by the rapid expansion of the automotive industry in the region. This can be attributed to the increasing demand for commercial and passenger vehicles, thriving transportation sector, rising disposable incomes, and the presence of advanced automotive infrastructure in the country.
In addition to this, the growing demand for electric vehicles owing to the benefits of low noise and reduced pollution is likely to generate a significant demand for high performance wheels in the forecast period. Moreover, the growing awareness about high acceleration, fuel efficiency, and lightweight advantages provided by high performance wheels is anticipated to bolster the market growth in the region.
Furthermore, the growing popularity of sports cars among the young population is likely to provide impetus for the market growth in the forecast period. Further, the market is expected to be aided by the growing efforts by the major automotive manufacturers to develop more visually appealing vehicles in the forecast period.
Industry Definition and Major Segments
High performance wheels refer to wheels that have superior mechanical properties and are generally made up of alloys of aluminium, magnesium, carbon fibre, or steel. Improved strength and lightweight are the defining properties of the product, along with excellent braking, and low galvanic corrosion. Furthermore, these wheels exhibit improved resistance to heat and rust.
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The high performance wheels industry, based on materials, can be segmented into:
- Carbon Fibre
Based on vehicle types, the market can be segmented into:
- Premium Compact
- Entry-Level Luxury
- Mid-Size Luxury
On the basis of sales channels, the market can be bifurcated into:
- Original Equipment Manufacturers (OEM)
The rising investments by the major automotive manufacturers in the region for the development of lightweight, attractive, high strength, and fuel efficient cars are likely to be a major factor supporting the market growth. This can be attributed to the heightened demand for aesthetically appealing and high performance vehicles.
The increasing number of car-related sport events in the country, such as car racing, motorsports, and others, owing to the growing interests of the population in the same is expected to bode well for the market. Further, the growing collaborations among the leading automotive manufacturers to meet the rising demand for luxury cars is likely to be another major factor contributing to the market growth in the forecast period.
Key Market Players
The major players in the market are Enkei International, Inc., Vossen Wheels, HRE Wheels, BBS of America, Inc., Forgeline Motorsports, and Wheel Pros, LLC, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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