Carbon Fiber Wheels Market Size (2023 - 2030):

The global Carbon Fiber Wheels Market is estimated to be worth USD 687.97 Million in 2022 and is projected to reach a value of USD 1464.03 Million by 2030, growing at a CAGR of 9.9% during the outlook period 2023-2030.

Automotive industries are focusing on enhancing fuel efficiency and reducing overall vehicle weight in response to elevated fuel prices, striving to make vehicles more affordable. In their pursuit of energy conservation, automotive industries are actively exploring various materials, and carbon fiber has emerged as a particularly outstanding option. Carbon fiber finds versatile applications across multiple industries, including the automotive sector. Extensive research demonstrates that carbon fiber wheels transcend conventional steel or aluminum wheels concerning durability, strength, and weight reduction. Carbon fiber was initially developed for aerospace, then utilized in bicycle frames owing to its lightweight and rigid properties. Formula 1 racing cars have also acknowledged the benefits of carbon fiber wheels, particularly in enhancing safety standards. Carbon fiber wheels are lightweight and offer extraordinary performance for both automobiles and two-wheelers. They enormously decrease the overall weight of the vehicle, resulting in amplified speed and performance while maintaining consistent speeds. Their aerodynamic design further heightens performance, reducing effort and friction. Carbon fiber wheels offer benefits such as improved efficiency and enhanced driving performance. They exhibit impact-absorbing capabilities, ensuring a remarkably comfortable driving experience. Furthermore, their aesthetic appeal makes them visually captivating and attention-grabbing.

Global Carbon Fiber Wheels Market Drivers:

The increasing demand for fuel efficiency and vehicle weight reduction is fueling the growth of the Global Carbon Fiber Wheels Market.

The demand for carbon wheels is projected to augment owing to the rising emphasis on improving fuel efficiency and lowering overall vehicle weight. This emphasis on weight reduction is a chief concern for automotive manufacturers, as it results in amplified efficiency and performance. By decreasing the weight of wheels, vehicles become more maneuverable, offer a quieter and smoother ride, achieve quicker acceleration and deceleration, refine suspension, and continue to amplify fuel efficiency. Therefore, this factor propels the demand for carbon fiber wheels.

The growing popularity of carbon fiber vehicles in high-performance vehicles is another factor contributing to the growth of the Global Carbon Fiber Wheels Market.

Automotive carbon fiber wheels are becoming growingly popular in high-performance vehicles owing to their exceptional strength, amplified efficiency, stunning strength-to-weight ratio, and impact-absorbing capabilities. The demand for carbon fiber wheels is further fueled by the escalation in disposable income worldwide, propelling the market for luxury and high-end passenger vehicles. SUV manufacturers are also recognizing the benefits of carbon fiber wheels, including improved handling, steering, and lowered unsprung weight, which boosts overall vehicle performance. Therefore, this factor also propels the demand for carbon fiber wheels.

Global Carbon Fiber Wheels Market Challenges:

The Global Carbon Fiber Wheels Market is encountering challenges, primarily in terms of high cost and less durability. The price of carbon fiber wheels is nearly 6x higher in contrast to conventional magnesium alloy and aluminum wheels primarily due to the exorbitant raw materials and labor costs, which constitute 85% of the total product cost. Moreover, carbon rims are less durable as they tend to be brittle. They are susceptible to cracking when subjected to a rim strike. Thus, these challenges inhibit the growth of the Global Carbon Fiber Wheels Market.

Global Carbon Fiber Wheels Market Opportunities:

Market expansion strategies present a lucrative opportunity in the Global Carbon Fiber Wheels Market. The demand for carbon fiber wheels is augmenting owing to their advantages, including lightweight, strong and durable, amplified performance, and heightened efficiency. Businesses specializing in the manufacturing of carbon fiber wheels can attain considerable benefits from this opportunity by broadening their product offerings to emerging markets, encompassing China, India, Brazil, and Mexico. By pursuing this expansion, companies can broaden their customer base and drive a notable increase in their overall revenue.

COVID-19 Impact on the Global Carbon Fiber Wheels Market:

The Global Carbon Fiber Wheels Market has been considerably influenced by the COVID-19 outbreak. As a result of rigorous lockdowns, travel restrictions, and social distancing measures, the demand for carbon fiber decreased. Delays in the timely manufacturing and distribution of goods and services have also been caused by the pandemic's influence on the market's supply chain. Moreover, the demand for carbon fiber waned due to reduced operations of businesses in several manufacturing industries, including the automotive sector. Despite these challenges, the market is likely to rebound alongside the global recovery from the pandemic. 

Global Carbon Fiber Wheels Market Recent Developments:

• In June 2023, Carbon Revolution Limited, a prominent global manufacturer and Tier 1 OEM supplier of lightweight carbon fiber wheels, unveiled its partnership with Jaguar Land Rover Automotive Plc (JLR). The firm will supply the avant-garde carbon fiber wheels that will be showcased on the hugely anticipated 2024 Range Rover Sport SV.

• In March 2023, Lacks Enterprises Inc., a US-based automobile parts manufacturer, unveiled its selection as the exclusive supplier of highly performant carbon fiber wheels for the 2023 Dodge Challenger SRT Demon 170 muscle car.

• In February 2023, Ford unveiled the introduction of the 2024 Mustang Dark Horse model, featuring the option of Carbon Revolution carbon fiber wheels. These wheels, measuring 19 inches and sporting a five-spoke design, provide a notable reduction in unsprung, rotational mass. They offer a 37% decline in weight contrasted to the aluminum wheels available for the vehicle.

CARBON FIBER WHEELS MARKET REPORT COVERAGE:

Global Carbon Fiber Wheels Market Segmentation: By Vehicle Type

• Two Wheelers

• Passenger Cars

• Commercial Vehicles

In 2022, the passenger cars segment held the highest market share. The growth can be ascribed to the augmenting demand for fuel-efficient passenger cars and the utilization of composite materials like carbon fiber to lower vehicle weight. Furthermore, the rising popularity of luxury vehicles further contributes to the market's expansion. Carbon fiber wheels are becoming standard in premium and mid-sized luxury automobiles, aggrandizing the visual appeal and comfort for car owners. The increasing purchasing power in developing economies such as China and India is propelling the demand for premium and luxury vehicles.

Global Carbon Fiber Wheels Market Segmentation: By Distribution Channel

• Aftermarket

• Original Equipment Manufacturer (OEM)

In 2022, the Original Equipment Manufacturer (OEM) segment held the highest market share. The growth can be ascribed to the rising emphasis on amplifying engine power in electric vehicles while lowering vehicle weight, both in passenger and commercial electric vehicles. The utilization of carbon fiber wheels is anticipated to contribute to weight diminution, thereby intensifying the power output of vehicles. Manufacturers of carbon fiber wheels for OEM end-users produce these wheels to the manufacturing capabilities and quality standards of the OEMs. This ensures that these wheels align with the brand value of the OEMs, thereby fostering their adoption and utilization by OEMs.

Global Carbon Fiber Wheels Market Segmentation: By Region

• North America

• Europe

• Asia-Pacific

• South America

• Middle East & Africa

The region of Europe dominated the Global Carbon Fiber Wheels Market in the year 2022. The existence of noted European auto manufacturers, such as Bayerische Motoren Werke AG (BMW), The Mercedes-Benz Group AG, and Ferrari S.p.A., embracing the utilization of carbon fiber wheels in their upcoming automobiles, is one of the pivotal factors propelling the region's growth. The region places significant emphasis on material science, resulting in the development of lightweight automotive composite materials like carbon fiber rims and wheels. Furthermore, Europe is home to several prominent market players, including Briggs Automotive Company, ThyssenKrupp AG, BikeBeat & Sports GmbH, Rotobox Wheels, and HUNT Wheels. The region of North America is anticipated to expand at the quickest rate over the forecast period owing to the augmenting sales of high-end luxury vehicles, the region's dominant spot in the SUV market worldwide, and the strong presence of noted market players, including Strasse Wheels, ESE Carbon Company, and HRE Performance Wheels.

Global Carbon Fiber Wheels Market Key Players:

1. Strasse Wheels (United States)

2. ESE Carbon Company (United States)

3. Carbon Revolution (Australia)

4. HRE Performance Wheels (United States)

5. Brixton Forged Wheel Company (United States)

6. Fly1 Motorsports (United States)

7. Blackstone TEK (South Africa)

8. Briggs Automotive Company (United Kingdom)

9. ThyssenKrupp AG (Germany)

10. Forgeline Motorsports, LLC (United States)