Passenger Vehicle Wheels Market to grow at a CAGR of 7.53% 2018

Market Insights Reports recognizes the following companies as the key players in the global passenger vehicle wheels market: Borbet, CLN Group, IOCHPE, RONAL GROUP, and UNIWHEELS Group.

Commenting on the report, an analyst from Market Insights Reports’s team said: “One trend affecting this market is the adoption of advanced technologies to manufacture steel wheels. OEMs are using advanced simulation tools that can measure wheel stiffness accurately to develop upgraded steel wheels. Laser welding technology and laser welded semi-products technology play a crucial role in manufacturing lighter, high strength steel wheels”.

According to the report, one driver influencing this market is the increasing demand for vehicles in emerging countries. China and India have invariably improved the growth of the automotive industry. Increase in the sales of passenger cars would lead to an increased demand for passenger vehicle wheels. Emerging countries, namely China and India, have less penetration of passenger cars as compared with the developed economies like the US and Europe. Therefore, passenger vehicle wheel manufacturers are focusing on meeting the rising requirement for these components mainly from automotive markets in China and India.

Further, the report states that one challenge affecting this market is the high inflammability of magnesium alloy wheels. Magnesium alloy wheels are often referred to as mag wheels. They are lighter in weight than the aluminum alloy wheels. However, they have high inflammability. Therefore, they are banned in some areas of motorsports in the UK due to occurrences of catching fire. When a tire gets punctured, wheel scrapes the road surface for a long period of time and catches fire. This is because magnesium alloy wheels have low resistance to corrosion.

The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors. For further information on this report, please visit- https://www.Market Insights Reports.com/report/global-passenger-vehicle-wheels-market-analysis-share-2018.

Market Insights Reports, the market research platform of Infiniti Research Ltd., publishes periodic market research reports on niche and emerging technologies.