Carbon Wheels Market Size, Share, and COVID-19 Impact Analysis, By Vehicle Type (Two-Wheelers, Passenger Cars, and Commercial Vehicles), By Distribution Channel (Original Equipment Manufacturer (OEM) and Aftermarket), and by Regional Forecast, 2024-2032

Carbon wheels, also known as carbon fiber wheels, are a type of high-performance wheels used in various industries, such as the automotive, cycling, and motorsports sectors. These wheels are made from carbon fiber composite materials, which provide exceptional strength, rigidity, and lightweight. The carbon fiber material is layered and bonded to create a robust and rigid structure, which offers several advantages over conventional metal wheels.

One of the growth drivers for the carbon wheels market is the increasing demand for lightweight and high-performance components in industries such as automotive and cycling. Carbon wheels are significantly lighter than conventional wheels, resulting in enhanced acceleration, handling, and fuel economy in automobiles and improved maneuverability and speed in vehicles. In addition, carbon wheels have superior aerodynamic properties, reducing drag and enhancing overall performance.

However, there are also constraints to consider. In price-sensitive markets, the high cost of carbon wheels relative to conventional wheels can be a barrier to widespread adoption. In addition, the complex manufacturing processes and specialized apparatus required for carbon fiber production can make it difficult to meet market demand.

Impact of COVID-19 on the Carbon Wheels Market

The carbon wheels market was significantly impacted by COVID-19. The outbreak and subsequent global lockdowns reduced consumer spending and disrupted supply chains, which impacted the production and distribution of carbon wheels.

One of the primary impacts of Covid-19 was the decline in consumer purchasing power and pervasive economic insecurity. As a result of financial difficulties and a reduction in disposable income, consumers became more frugal with their spending, especially on non-essential items such as carbon wheels. As a result, the demand for carbon wheels decreased, resulting in decreased sales and revenue for market manufacturers and suppliers.

Additionally, the restrictions on events and competitions, such as professional cycling races and motorsports events, hurt the market for carbon wheels. Also, the disruption in global supply chains caused by the pandemic led to shortages of carbon fiber, a crucial component in the production of carbon wheels.

However, as the restrictions were gradually lifted and the situation improved, the market exhibited signs of improvement. The increased emphasis on outdoor activities and the growing popularity of cycling as a socially distanced form of exercise presented opportunities for the carbon wheels market to rebound.

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 Carbon Wheels Market.

Regional Analysis

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The carbon wheels market experiences regional variations influenced by the factors such as cycling culture, infrastructure, economic conditions, and consumer preferences.

North America is a key market, owing to the rising traction in cycling as a sport and recreational activity, as well as well-developed bicycle infrastructure and major cycling events. Rising demand for lightweight components with improved functionality in vehicles will drive future market growth in North America and Europe.

The Asia Pacific region, notably China and Japan, demonstrates substantial growth potential due to a rising middle-class population, urbanization, and high disposable income.

Key Players Covered

The report includes the profiles of players such as Carbon Revolution, Dymag Group Ltd., ESE Carbon, ROTOBOX D.O.O., Litespeed Racing LLC, HITACHI METALS Ltd., Phoenix Wheel Company Inc., Rolko Kohlgruber GmbH, Thyssenkrupp AG, Ronal Group, BST-Blackstone TEK, Geric B.V., and others.

Segmentation

Key Industry Developments

• May 2022: Hankuk Carbon Co. Ltd., which makes advanced composite materials, has formed a joint partnership with Dymag, which is known for its carbon fiber composite wheels, to make it possible to mass-produce high-performance, state-of-the-art carbon fiber wheels for automobiles OEMs.


• November 2022: Carbon Revolution and Twin Ridge recently announced a definitive agreement for a business combination agreement and related scheme implementation feed, resulting in Carbon Revolution becoming publicly listed in the United States.The acquisition is set to happen in the first half of 2023.