Product Launches and Strategic Partnerships by Market Players, such as Litespeed Racing, Dymag, and Others to Foster the Growth of the Global Automotive Carbon Wheels Market

Carbon fiber is a highly in-demand material in high-end, durable consumer products from backpacks to bikes. However, it is the automobile industry that is entering into carbon fiber applications for transforming automobiles on a major level for higher speeds and enhanced energy efficacy.

Aerospace as well as production companies have already been taking the advantage of carbon fiber components, but the automobile sector is making use of carbon fiber in wheels. Carbon fiber can be moulded into almost any shape, including shapes that can’t be made with traditional materials. The automobile sector has started making use of carbon fiber for durable, lightweight components that boost speed as well as increase aerodynamics and fuel efficacy.

At present, most of the carbon fiber automobile components are used in advanced sports cars and European supercars; while, some carbon fiber composite components are available aftermarket. Automobile components, such as wheels and rims, other body parts, and interior finishes all use carbon fiber owing to its exclusive properties and sleek look. Nowadays, carbon fiber wheels and rims have turned out to be one of the most popular use of the carbon fiber material in the automobile sector, which is available as add-ons or aftermarket components.

Forecast Analysis of the Automotive Carbon Wheels Market

The design and structure of carbon fiber-based wheels decreases noise and vibrations and also offer benefits, such as lightweight and strength, when used in the chassis of a vehicle. This material is comparatively effective than aluminum and steel in reducing high-frequency noise, vibrations, and harshness from roads, thus resulting in noiseless vehicle cabins. The growing requirement for improvements in fuel efficiency and reduction of the weight of vehicles is greatly fueling the demand for automotive carbon wheels. As per a report by Research Dive, the global automotive carbon wheels market is expected to record a CAGR of 9.9% in the 2022-2030 timeframe.

The global automotive carbon wheels market is projected to witness an exponential growth over the forecast period, owing to the increasing sales of luxury vehicles and the rising availability of hybrid and electric vehicles around the world. Conversely, the reduction in the production of vehicles due to the COVID-19 pandemic and the lack of market standardization & regulatory measures in developing as well as undeveloped countries are the factors expected to hamper the market growth in the projected timeframe.

Geographically, the Europe automotive carbon wheels market is expected to generate maximum revenue owing to the presence of major auto manufacturers, such as Porsche, Audi, Mercedes Benz, BMW, Lamborghini, and Ferrari that use the carbon fiber composite material in their vehicles.

Automotive Carbon Wheels Market Trends and Developments

With time, there have been several developments in the automotive carbon wheels sector. Market players are greatly investing in novel product launches and research for boosting the efficiency of automotive carbon wheels.

Some of the leading players of the automotive carbon wheels market are Carbon Revolution, ESE Carbon, Dymag Group Limited, ROTOBOX d.o.o., HITACHI METALS, LTD, Litespeed Racing LLC, Rolko Kohlgrüber GmbH, Phoenix Wheel Company, Inc., Ronal Group, and Thyssenkrupp AG. Market players are focused on developing strategies such as partnerships, product development, mergers and acquisitions, and collaborations to achieve a foremost position in the global market. For instance:

• In November 2021, Litespeed Racing, a company offering one-stop web-acceleration solutions, launched its new fully carbon fiber wheel, called the “Carbon One” at the Los Angeles International Auto Show. The novel Carbon One wheel is feature light with weight of about 14.2 pounds for 20X9.5 inch, thus making it the lightest 20 inch wheel across the globe.
   
• In March 2021, Bucci Composites, a fabricator of composite components and structures for aerospace, automotive, marine, as well as industrial applications, announced that it has completed the development of a 22-inch fully carbon fiber automotive wheel rim.
   
• In July 2021, Bentley, the British luxury car brand, launched a 22-inch carbon-fibre wheel for its SUV that enables nearly 6 kg of weight per wheel, thus saving unsprung mass as compared to aluminium.
   
• In May 2022, Hankuk Carbon Co Ltd, the advanced composite materials’ manufacturer, entered into a strategic joint-partnership with Dymag, a leading manufacturer of carbon composite wheels, in order to enable the mass production of high-performance carbon composite wheels for the leading automotive OEMs across the globe.

Impact of the COVID-19 Pandemic on the Global Automotive Carbon Wheels Market

The sudden outburst of the coronavirus pandemic has negatively impacted the global automotive carbon wheels market. During the pandemic, the automotive sector has been badly impacted owing to sudden fall in the sales and production of automobiles. This has significantly dropped the demand for automotive carbon wheels, which is hindering the market growth. However, as the pandemic is now slowly relaxing, the automotive industry is resuming its operations. This is expected to upsurge the demand for automotive carbon wheels in the coming years.