The Automotive Wheel market in India is to grow at a CAGR of 10.56 percent over the period 2012-2016. One of the key factors contributing to this market growth is the upsurge in the Passenger Vehicle market in India. The Automotive Wheel market in India has also been witnessing a steady emerging focus on the Replacement market. However, automobile manufacturers entering the Wheels market in India could pose a challenge to the growth of this market.
Automobiles are being developed to provide increased durability and fuel efficiency. One of the ways in which to achieve these benefits is through the development of lightweight wheels. Thus, automotive wheel vendors are increasingly attempting to develop highly efficient, lightweight wheels with increased strength. In order to achieve this aim, several companies in the Automotive Wheel market in India are entering into strategic alliances with research universities, toward the development of high strength, light weight automotive wheels.
One of the main drivers is the increasing investment being made across the various segments of the Automotive industry. This investment is increasing the competition among the vendors in the Automotive Wheel market in India to develop high-quality wheels at a reduced price and thereby tap the market potential.
The key vendors dominating this market space are Iochpe-Maxion SA, Steel Strip Wheels Ltd., and Wheels India Ltd. The other vendors mentioned in the report are Asia Motor Works Ltd., ENKIE Wheels India Ltd., and Superior Industries International Inc.
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For more information on the Automotive and Parts market, please click here: Automotive and Parts Reports
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