SOUTH AFRICA AUTOMOTIVE TRAILER WHEEL RIMS MARKET ANALYSIS
South Africa automotive trailer wheel rims market is expected to witness significant growth during the forecast period (2018–2026). The market growth is majorly attributed to increasing heavy vehicle production and growth of road transportation sector in the country, which is increasing demand for wheel rims for heavy vehicles. Furthermore, as per Coherent Market Insights’ analysis, growth of the automotive trailer wheel rims market is also propelled by the automotive industry growth. For instance, the government of South Africa has planned to increase the automobile production (includes automotive components, medium and heavy vehicles) to 1.2 million vehicles per year by 2020.
South Africa Automotive Industry Trends:
Due to increasing developments in South Africa’s automotive industry, many automotive players are providing innovative products and solutions to meet the market needs in such a competitive market. For instance, in March 2014, Alcoa, the subsidiary of Arconic, introduced the world’s lightest heavy-duty truck wheels, which aids in reducing the overall weight of the vehicle. These wheels are 47% lighter than steel wheels of the same size.
Moreover, the production of commercial vehicles is projected to increase continuously, which will create investment opportunities for the investors. For instance, according to International Organization of Motor Vehicle Manufacturers, South Africa produced 25,162 commercial vehicles in 2017, which increased to 27,493 in 2018.
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