Global Market Insights has released a report forecasting the future of the high-performance wheels market, which was worth $11 billion in 2016. That market will balloon to more than $160 billion by 2024, according to the company.

Original Equipment Manufacturers accounted for more than 80 percent of the overall high-performance wheels market share in 2016. Growing automobile production to meet the rising consumer demands is a key driving factor of the industry growth, according to Global Market Insights.

The Aluminum material segment tied to high-performance wheels will witness gains around 6 percent up until 2024. Superior mechanical properties including low density, corrosion resistance, durability, lightness, ductility, and malleability along with appealing appearance have enhanced the industry growth in this segment, according to Global Market Insights.

The mid-size luxury segment will witness gains of more than 5.5 percent up to 2024. Rising demand for high-performance wheels from this segment with increasing trend for automobile weight reduction will fuel the industry growth.

In the U.S. the high-performance wheels market’s growth is expected to eclipse 5 percent by 2024. Regulatory compliance, technological advancements accompanied by increasing manufacturing facilities are the supporting factors of the market demand in this region, according to Global Market Insights.

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