Automotive Wheel Hub Cap Market: Introduction
- Wheel hub cap, also known as wheel trim or wheel cover, is an additional accessory used to improve the esthetic appearance of the vehicle. A wheel hub cap is fitted on the wheel and is generally made of plastic. It is light weight and less expensive. Rise in demand for personal vehicles owing to rising disposable income of people and increase in purchasing power is estimated to further boost the automotive wheel hub cap market during the forecast period.
Key Drivers of Automotive Wheel Hub Cap Market
- Wheel hub caps are less expensive as compared to alloy wheels, and lend a luxurious appearance to the vehicles, similar to that provided by alloy wheels. Rise in young population driving vehicles is anticipated to fuel the demand for vehicle accessories, thereby boosting the demand for wheel hub cap.
- Furthermore, it helps maintain the resale value of the vehicle, as it protects the wheel from dirt, moisture and rust and keeps the vehicle in good condition.
- Rise in preference for e-commerce is expected to propel the global automotive wheel hub cap market. The costs to customers for shopping in a traditional retail store can be substantial owing to transportation costs, including fuel for the car or public transportation costs and often higher costs paid due to an inability to compare shops. However, in case of online shopping, the costs of shopping are virtually negligible. It takes very little time to purchase a product from a vendor online, and it can be done from the convenience of a mobile phone, without requiring a consumer to be present at the shop physically. Therefore, leading manufacturers of armrests are listing products online in order to gain market share across the globe.
- However, disruptions in supply chain catering to the automobile industry, owing to shutdown of production and manufacturing facilities caused by the coronavirus pandemic across the world is estimated to contract the market in 2020. The market is anticipated to recover economic losses by increasing production volume of vehicle components as well as vehicle production in 2024. This, in turn, is projected to offer lucrative opportunity to players operating in the supply chain of the automotive wheel hub cap market during the forecast period.
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Automotive Wheel Hub Cap Market: Restraint
- Alloy wheels can be manufactured in different shape and colors. Additionally, alloy wheels are lightweight, corrosion resistant, and are make vehicles esthetically more appealing.
- Wheel hub caps are usually fitted on vehicles with conventional rims, and they cannot be fitted on alloy wheels. Therefore, a rise in use of alloy wheels in vehicles is expected to hamper the automotive wheel hub cap market.
Asia Pacific to dominate Automotive Wheel Hub Cap Market
- In terms of region, the global automotive wheel hub cap market can be segmented into North America, Europe, Latin America, Asia Pacific, and Middle East & Africa
- Asia Pacific is estimated to hold a major share of the global automotive wheel hub cap market owing to an increase in production and sale of passenger vehicles across China, South Korea, and India. Asia Pacific has presence of strong economies including China, Japan, India, and South Korea. Expansion of the e-commerce industry coupled with presence of well-established supply chain network catering to automobile aftermarket and the factors mentioned above are expected to expand the automotive wheel hub cap market
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Key Players Operating in Automotive Wheel Hub Cap Market
The global automotive wheel hub cap market is highly concentrated due to the presence of top manufacturers. A few key players operating in the global automotive wheel hub cap market are:
- C.B. Paint Ltd., Part.
- Cangzhou Xinyou Auto Parts Co., Ltd.
- CIE Automotive, S.A.
- Dongfeng Motor Parts And Components Group Co., Ltd.
- FALTEC Co., Ltd.
- Farplas Otomotiv A.?. (Farplas Automotive Inc.)
- Faurecia (Chongqing) Auto Parts Co., Ltd. (Formerly Chongqing Faurecia Changpeng Auto Parts Co., Ltd.)
- Flex-N-Gate Corporation
- Guardian Industries Corporation
- KUAN HSINGS
- Marui Industrial (Japan)
- Marui Sum (Thailand) Co., Ltd.
- Molten Corp.
- Suburban Wheel Cover
- Swell Marui Automobile (China)
- Wuhan Hesheng Automotive Parts Co., Ltd.
- ZANINI AUTO GRUP
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Global Automotive Wheel Hub Cap Market: Research Scope
Global Automotive Wheel Hub Cap Market, by Vehicle Type
- Passenger Vehicles
- Compact
- Luxury
- Mid-Size
- SUV
- Commercial Vehicle
Global Automotive Wheel Hub Cap Market, by Wheel Hub Cap Type
- Wheel Shrouds
- Static Wheel Fairing
- Metal Alloy Wheel Cover
- Plastic Wheel Cover
Global Automotive Wheel Hub Cap Market, by Size
- 12 to 15 inches
- 16 to 17 inches
- Greater than 17 inches
Global Automotive Wheel Hub Cap Market, by Sales Channel
- OEM (Original Equipment Manufacturer)
- OES (Original Equipment Supplier)
- Aftermarket
Global Automotive Wheel Hub Cap Market, by Distribution Channel
- Online
- Offline
Global Automotive Wheel Hub Cap Market, by Region
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- ASEAN
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers’ or customers’ journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
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The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Europe
- Latin America
- The Middle East and Africa
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis
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