Automotive Carbon Fiber Rims Market Size, Share, and COVID-19 Impact Analysis, By Vehicle Type (Two Wheeler, Passenger Vehicles, and Commercial Vehicles), By Sales Channel (OEM and Aftermarket), and Regional Forecast, 2024-2032

The global market is expected to experience high growth over the coming years. This growth is driven by several factors, such as increasing vehicle production, growing demand for electric vehicles, increasing need for advanced rims to comply with safety regulations, and stringent vehicle regulations. The overall size and growth of the global automotive industry play a significant role in the demand for vehicle carbon fiber rims. As the vehicle fleet increases worldwide, the demand for replacement parts, including tire rims, also grows. The growth of the global vehicle fleet and the need for maintenance and repair contribute to the demand for rims.

Changing consumer preferences, especially among younger generations, have led to a shift away from traditional aluminum or steel rims ownership. Many people are now more interested in flexible high-performance carbon fiber rims that offer convenience and are aligned with performance goals. Increasing demand for these rims is expected to boost the market's growth.

Impact of COVID-19 on the Automotive Carbon Fiber Rims Market

Covid-19 severely affected the global tire industry, directly affecting the production and sales of the tire rims market. The pandemic caused a sharp decline in demand for automobiles and tires as uncertainty in lockdown caused less buyer spending. As a result, many rim manufacturers lowered their production levels and had to shut down their facilities, reducing further demand. High disruption in the supply chain, logistics, and inventory turnover affected the production and distribution of these rims.

Following the pandemic, there has been a surge in automobile demand, leading to a steady growth of the carbon fiber market. The market is expected to continue expanding in the coming years, primarily propelled by the increasing demand for high-performance vehicle rims in sports and luxury segments. The continuous advancements in rim technology, coupled with the growth of the automotive industry, will serve as favorable factors for the carbon fiber rims market.

Key Insights

The report will cover the following key insights:

• Key Industry Developments – Mergers, Acquisitions, and Partnerships.


• Porter's Five Forces Analysis.


• Technological Developments.


• Impact of COVID-19 on the Automotive Carbon Fiber Rims Market.

Analysis by Vehicle Type

Carbon fiber rims offer several advantages over traditional rims, such as reduced weight and improved stiffness. These features enhance vehicle performance, including better acceleration, braking, and handling. As car enthusiasts and performance-oriented consumers seek to optimize their driving experience, the demand for carbon fiber rims in passenger cars has grown.

Analysis by Sales Channel

The sales channel segment includes OEM and Aftermarket. The Aftermarket channel is expected to grow as installing these rims is relatively cheaper in the aftermarket. As the number of vehicles on the road increases and older vehicles remain in use, there is a continual demand for replacement rims. The aftermarket for rims benefits from the need to replace worn-out or damaged rims, especially in competitive motorsports or normal sports vehicles. Aftermarket rims manufacturers' in-house production and standardization help in added revenue for producing these and its compatibility with job shops and manufacturing plants. The aftermarket is expected to continue growth during the forecast period.

Analysis by Region

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The Asia Pacific region has experienced rapid automotive production and sales growth, driven by increasing population, rising disposable incomes, and urbanization. This growth in the automotive sector contributes to the demand for various automotive components, including carbon fiber rims. The highest growth rate is expected in the Asia Pacific market, especially India and China, owing to the presence of key auto manufacturers here and after-sales support. These after-sales support require repair and overhaul shops with spare rims and new ones. This will have a rising impact on sales of car rims in Asia. Rapid and safe installation and affordability are expected to boost regional growth.

Key Players Covered

BBS Kraftfahrzeugtechnik AG (Germany), HRE Performance (U.S), Enkei Corporation (Japan), Vossen Wheels (Netherlands), ADV.1Wheels (U.S), Forgeline Motorsports (U.S), Carbon Revolution(Australia), ESE Carbon Company (U.S.), CARBON REVOLUTION (Australia), DYMAG GROUP LIMITED (U.K).

Segmentation

Key Industry Developments

• March 2023: Lacks Enterprises Inc. announced that it supplies exclusive high-performance carbon fiber wheels for the new 2023 Dodge Challenger SRT Demon 170.


• September 2023: Ford announced The 19-inch first five-spoke, single-piece carbon-fiber rims. They're also the first wheels from Carbon Revolution that feature the lug nuts between the spokes, like the Mustang's classic five-spoke design.


• October 2022: Alpine has recently revealed the A110 R, which is built upon the updated S model introduced in 2022. However, the A110 R boasts several enhancements primarily concentrated on elements other than the powertrain. One notable improvement is the generous use of carbon fiber throughout the vehicle, resulting in a weight reduction of 34 kilograms. As a result, the A110 R achieves an impressively low weight of 1,082 kg.