The global automotive wheel
hub market is driven by the growing population base and increasing
single families which is giving rise to a higher demand for cars. The
improving economy and increasing disposable income of the people are
also fueling the sales of automobiles, which will aid the growth of
this market. The report on automotive
wheel hub market is detailed and covers all important aspects of
this industry. It comprises a detailed explanation of the key factors
aiding the growth of the market worldwide. It also discusses the
various challenges or issues faced by market players and the steps
needed to be taken to overcome these challenges. The key segments and
sub-segments of the global automotive wheel hub market have not only
been studied but also the leading, declining, fastest growing, and
most sluggish growing segments are pointed out by experts.
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The automotive wheel hub
market is studied both on a regional scale as well as from the global
point of view. The most lucrative regional segment is hinted in the
report, helping readers, investors, established players, and new
entrants to get a clear idea where to invest so as to reap maximum
profits. The report also analyses the bargaining power of buyers and
suppliers, the degree of competition, threat of new entrants, and
threat of substitutes. In addition to this, the competitive landscape
has been discussed in detail. The key players in the market have been
profiled and their business and financial status are studied.
Wheels are the most important
part of a vehicle for smooth and safe transportation. The hub is
located in the center of a wheel that connects the axle to the wheel
itself. The automobile is able to execute its function depending on
the quality of its wheels.
Rising demand of automobiles
are estimated to increase the demand for automotive wheel hub in the
market. The expansion of the automotive industry is further
anticipated to increase the demand for automotive wheel hubs in the
market. Rising average age of vehicles, globally, is likely to
increase the demand for automotive wheels in the automotive
aftermarkets. Currently, vehicle penetration per 1,000 population is
very low in emerging countries such as China and India. Vehicle
penetration per 1,000 population in both China and India are in
double digits. Rising vehicle penetration in emerging economies
including China, India, Russia and South Africa is estimated to
increase the demand for automotive wheel hubs in the market. A major
restraint faced by the automotive wheel hub market is the high price
of wheels in aftermarkets. A major opportunity in the automotive
wheel hub market is the increasing focus of automotive firms such as
Volvo, Tesla, BMW AG to produce electric vehicles and hybrid electric
vehicles. This is anticipated to create a considerable demand for
automotive wheel hubs in the market. Both Volvo and BMW plan to sell
1 million electric vehicles by 2025 and 2017 respectively.
Furthermore the advent of advanced driver assistance system (ADAS)
and autonomous driving (AD) is likely to generate requirement of high
quality wheels and hubs.
In terms of materials the
global automotive wheel hub market can be segmented into aluminium
wheels, steel wheels and alloy wheels. The market when segmented on
the basis
of wheel type are tube wheels
and tubeless wheels. In terms of application, the market can be
segmented into original equipment manufacturers (OEMs) and
aftermarkets. In terms of end-users the market can be segmented into
light commercial vehicles, heavy commercial vehicles, passenger
vehicles, off-road vehicles and two wheelers. Steel wheel hub segment
has a major share in the automotive wheel hub market. Moreover tube
wheels segment commands a major share as compared to tubeless wheel
segment in the market, however the share of tubeless wheels is
rising. Passenger vehicles are a prominent segment in the end-user
category.
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