The global automotive wheel market is forecasted to value around USD 81 Billion by 2029 end and is expected to register a CAGR of 3.6% over the forecast period 2019-2029.
Increasing importance on the aesthetics of the vehicle has promoted the growth of the market. Offering custom wheels to meet the high aesthetic demand of young consumers have escalated the market. Growth of the automotive industry is triggering the growth of the market as well. Advancement of materials and introduction of the new composition in wheels has created a lucrative for the manufacturers of the market.
The automotive wheel market is divided into by rim size, by material, by end-users, by vehicle class, and by vehicle type.
On the basis of rim size, 18''-20'' is expected to dominate the growth of the market. The trend of wheels of higher rim size is escalating the demand of 18'' to 20'' and stimulating the growth of the automotive wheel market as well.
Based on material, the alloy is expected to be the front runner. Introduction of lightweight alloys alongside improved vehicle dynamics has been the key factor behind the growth of the market. Stringent emission laws also had a positive impact on the market. Carbon fiber and others are also expected to inflate the market owing to the increasing demand for high-performance vehicle and technological innovations.
Based on vehicle type, the vehicle segment passenger vehicle is expected to dominate the growth of the market. Rapid demand of passenger vehicle in economies like India and China is witnessed to trigger the growth of the market.
Based on end-users the OE is expected to be the largest market during the forecast period. Wheels are designed so that they can last for a long time with the vehicle. The only time when the wheels are replaced or removed is during an accident. Compared to OE, the demand for the wheel is less in the aftermarket.
On the basis of vehicle class, luxury cars are escalating the market. Luxury vehicles provide better performing vehicles and play a significant role in improving the dynamics of the vehicle. Rise in disposable income coupled growing demand for comfort and safety features have fueled the growth of luxury vehicles.
In terms of region, the Asia-Pacific region is forecasted to be a lucrative region for the manufacturers. The increased spending of infrastructure coupled rise in per capita income in developing nations like China and India have spurred the size of the market. The low production cost alongside attractive FDI policy from governments has also boosted the presence of the market in the region.
Established players of the market are Citic Dicastal, Hitachi Metals, Metro Wheels, Superior Industries International, Steel Strips Wheels, Accuride Corporation, and Borbet.
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Global Automotive Wheel Market Segmentation
By Rim Size
- Above 21"
- Carbon Fiber and others
By Vehicle Type
- Passenger Vehicle
- Light Commercial Vehicle
- Heavy Commercial Vehicle
By Vehicle Class
- North America
- Latin America
- Rest of the World
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- Tier 1 players- established companies in the market with a major market share
- Tier 2 players
- Emerging players which are growing rapidly
- New Entrants
FutureWise Key Takeaways
- Growth Prospects
- SWOT Analysis
- Key Trends
- Key data-points affecting market growth
Objectives of the Study:
- To provide with an exhaustive analysis on the global automotive wheel market by rim size, by material, by end user, by vehicle type, by vehicle class, and by region
- To cater comprehensive information on factors impacting market growth (drivers, restraints, opportunities, and industry-specific restraints)
- To evaluate and forecast micro-markets and the overall market
- To predict the market size, in key regions (along with countries)—North America, Europe, Asia Pacific, Latin America, and the rest of the world
- To record evaluate and competitive landscape mapping- product launches, technological advancements, mergers and expansions
- Profiling of companies to evaluate their market shares, strategies, financial and core competencies
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