Automotive Hubcaps Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2019 - 2029
COVID-19 Pandemic to Dampen Prospects for Automotive Hubcaps Market
With the passage of time, the automotive industry has increasingly observed and exploited the various benefits and importance of use of ‘hubcaps’, which are used to cover the wheel hub in an automobile. The benefits of use of hubcaps in commercial and non- commercial vehicles include: protection against accumulation of dirt and moisture on the hub along with the better vehicle aesthetics. The increasing significance of the use of its various complex variants in motorsport to display superior performances have been visible for past three decades, which further reinforces the demand for automotive hubcaps.
The pace at which new technological integration advancements are affecting the automotive industry, it has become important for automakers to build more reliable, appealing and at the same time low priced hubcaps to compete in the market. The price of raw materials like: metals, alloys and compound of plastic used for manufacturing varies from one region to another due to uneven distribution of natural resources, metal industries, extraction costs, and environmental laws. Hence, the costs of manufacturing hubcap varies according to the type and composition of hubcap product being produced. Recently, government of USA has started levying taxes on import of aluminium and its compounds. This has forced many automotive companies to shift their manufacturing units in APAC countries.
Passenger Cars Segment to Observe higher Aftersales market
The hubcap market can be segmented according to vehicle type, material type of hubcap product, sales channel type and application type of hubcap. The vehicle type segment of automotive hubcap market incorporates passenger cars, light commercial vehicle, heavy commercial vehicle and motorsport vehicles. On the basis of the material type of the automotive hubcap market, the hubcap market can be divided into Plastic, Aluminium alloy, Stainless Steel and others types of hubcap material. The sales channel type of hubcap market can be used to distinguish the market as OEM (Original Equipment Manufacturers) and aftersales. Also, the hubcap market can be fragmented based on various types of its applications like aesthetics, protection and prevention from rust in commercial & non-commercial vehicles and performance improvement in Motorsports.
Americas to lose grip on Automotive Hubcaps Market
The automotive hubcap market includes both regional and global level manufacturers. Collectively, North America and Mexico dominates the global automotive hubcap market. However, as the growth rate of automobile manufacturing sector is slowing down due to increasing saturation of automobiles in some regions of the global market, there is a lower growth rate in demand of hubcaps than it used to be a few years back. On the other hand, different custom duties and taxes levied by various countries on imports and exports are a barrier for manufacturers to exploit the international market in this price competitive era. Hence, a majority of aftermarket hubcaps are made in Asian countries such as China and Taiwan. They are usually significantly cheaper than the OEM hubcaps. Many multinational OEM manufacturers are also gradually moving their manufacturing hubs to East and South Asian countries to reduce their manufacturing costs.
COVID19 Impact on Automotive Hubcaps Market
The outbreak of COVID19 has impacted the economies on a worldwide scale. Operations of hubcap market like procurement of raw material from suppliers, production of goods, assembly, packaging, transportation, delivery and services are shutdown on worldwide scale. The operations and supply chain of automotive hubcap market has been hit very badly. Stocks of finished goods of OEMs and aftermarkets are stuck in the inventories and are waiting to be shipped for deliveries as soon as the shutdown is lifted worldwide. The market is closed in majority of hubcap market regions globally till this pandemic ends. Also, the production of hubcaps has nearly come to a halt due to restrictions by governments on operations of majority of industries like automobiles, aviation, tourism etc. However, a slow and steady recovery can be expected over the forecast duration.
Furthermore, the priorities of customers might sway more towards necessary demands rather than luxury. Hence, the recovery from the current situations of hubcap market will take a considerable amount of time to come back to normal pace.
Prominent Players in Automotive Hubcaps Market
The automotive hubcaps are manufactured by both OEM and aftermarket players. Some of the prominent players in the global automotive hubcap market are: Adv.1, HRE, Vorsteiner, American Racing, 3SDM, Enkei, Giovannna, Work, OZ, Vossen, Forgiato, Wed's, Yakuhama, Rays, Antera, BBS, Mercedes-Benz, ATS, Advan etc.
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