Okay, I've been searching in academic journal databases for information on wheel fairings, skirts, fairings - whatever you want to call them.... Because of that, I can't link full text (if available) - so, for the most part, you're going on weather or not you trust that I'm representing the cited articles....
Journal of Sound & Vibration; Jun2006, Vol. 293 Issue 3-5, p910-920, 11p
"Noise control design of railway vehicles?Impact of new legislation."
One thing tested were train bogie skirts. The result was less transmitted noise and better aerodynamics. Unfortunately, full text is not available at the time - so I can't give a quantitative value. These were conventional rail trains which, while not high speed, I'd expect these vehicles to travel faster than our vehicles
The same journal - different article published a few years earlier
Journal of Sound & Vibration; Oct2003, Vol. 267 Issue 3, p709, 11p
"Skirts and barriers for reduction of wayside noise from railway vehicles?an experimental investigation with application to the BR185 locomotive."
Again, no full text
But showed a 2-3 decibel drop in noise. Not exactly related, but it shows a bit of validity to the first citation above.
Journal of Fluids & Structures; Jan2007, Vol. 23 Issue 1, p85-100, 16p
"Multi-resolution analysis of the large-scale coherent structure in a turbulent separation bubble affected by an unsteady wake."
Unfortunately, not full text (just my luck :P) They used a spoked wheel to generate a wake. Also, "The unsteady wakes decayed faster in the system with CCW rotation than in that with CW rotation." But the abstract doesn't say which direction the flow was coming from...
This one is more of an engineering magazine than an academic journal....
Professional Engineering; 5/11/2005, Vol. 18 Issue 9, p42-42, 1/2p
Queenslanders' bright idea for commuters.
I can't justify anything here - other than their claim that their wheel fairings helped.
green Car Congress had an article about them and their solar-electric hybrid
It's interesting that I can't find anything that directly tests wheel fairings on cars... I'm sure the automotive industry has, but I doubt they will release it to public domain :P Here's a great one on cycling as it also makes a comparison to engine load/strain (you know, lactic acid build up). This is an academic journal - even though the title doesn't seem like it would be.
Sports Medicine; May2001, Vol. 31 Issue 7, p559-569, 11p, 6 charts, 1bw
Improving Cycling Performance: How Should We Spend Our Time and Money.
With Faired aero wheels, a novice cyclist sees about a 82 second advantage in a 40Km Time trial. A trained cyclist is 67 seconds and an elite cyclist is 60 seconds. Then comparing weight to aerodynamics. Using a non aero wheel that was 500g lighter, the aero wheel was better on a 3% grade. However, for the 6% grade test, the aero wheel was NOT better for the novice and trained cyclist cyclist, but it did give the elite cyclist an advantage. Finally, on a 12% grade, the lighter non aero wheels were beneficial for everyone. Keep in mind, 500grams on a performance road bike is a BIG deal :P The article has some rather interesting wind tunnel pictures too
Sports Engineering; Nov99, Vol. 2 Issue 4, 6 diagrams, 1 graph
Formula 1 car wheel aerodynamics.
This is where it gets interesting - an F1 constraint is open wheels. So this is how they adjust for that.
Here's what is said:
"Experimental drag measurements were carried out on a 40% scale rig representing the front right-hand quarter of a generic Formula 1 car, with features such as the front wing and car body modeled accurately to generate a suitable flowfield around the wheel. "
"The wake of a Formula 1 car wheel was found to
consist of a significant region of separated ?ow.
This region is formed by ?ow separating from the
crown and sidewalls of the wheel, which recirculates
into the convergent region of the lower
downstream portion of the wheel. The shape of
the wake is influenced by horseshoe vortices shed
from the wheel, and the overall wake symmetry is
affected by aerodynamic features of the car as a
whole."
"The aerodynamic drag of the wheel is signifcantly
affected by the symmetry characteristics of the wheel
wake. A more symmetrical wake appears to give a
reduced drag. This symmetry is strongly dependent
on the vortical ?ow shed from the front wing."
So if you can get figure out how to get the flow to move around the wheel -- you're in a good position.
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I'll keep searching for testing that was done on this exact situation but as of now, I would say that the claim to a benefit is plausible. Especially if you do tuft testing and see all those little threads get sucked into the wheel well.