Automotive Wheel Market By Vehicle Type (Passenger Cars, Commercial Vehicles), By Material (Alloy, Steel, Carbon Fiber), By Sales Channel (OEM, Aftermarket), And Region for 2024-2031
Report ID: 26850|No. of Pages: 202
Automotive Wheel Market By Vehicle Type (Passenger Cars, Commercial Vehicles), By Material (Alloy, Steel, Carbon Fiber), By Sales Channel (OEM, Aftermarket), And Region for 2024-2031
Automotive Wheel Market Valuation – 2024-2031
The Automotive Wheel Market is being pushed by increasing vehicle production and demand for fuel-efficient, lightweight automobiles. Aluminum alloy wheels are particularly popular due to their weight-saving properties. Furthermore, innovations in wheel design and the use of electric vehicles are driving market expansion. This is likely to enable the market size surpass USD 35.88 Billion valued in 2023 to reach a valuation of around USD 63.24 Billion by 2031.
Asia-Pacific dominates the market, owing to increasing automobile production in countries such as China and India. The increase of aftermarket services, as well as the trend toward personalized wheels, are also significant growth factors. Government policies supporting environmentally friendly materials in industrial processes help to sustain market development. The rising demand for Automotive Wheel is enabling the market grow at a CAGR of 5.2% from 2024 to 2031.
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Automotive Wheel Market: Definition/ Overview
An automotive wheel is a circular component that revolves on an axle to support the vehicle’s load and allow for propulsion. It is often made of steel, aluminum, or alloys and consists of a rim and tire. The wheel is essential for handling, stability and safety while driving.
Automotive wheels are used on a variety of vehicles, including passenger automobiles, lorries and motorbikes. They improve the vehicle’s performance, traction and overall ride quality. Lightweight metals and aerodynamics improve fuel efficiency, while diverse wheel designs accommodate different driving situations and aesthetics.
The future of automobile wheels is centered on smart and sustainable solutions. Expected advancements include integrated tire pressure monitoring sensors, self-healing materials and 3D-printed wheels. Furthermore, the transition to electric and autonomous vehicles is driving the development of lightweight, energy-efficient wheel designs, improving range and performance.
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Will Increasing Leasing and Rental Automotive Services Demand Boost the Automotive Wheel Market Growth?
The growing demand for leasing and rental car services is expected to increase the automotive wheel industry. The growth of leasing and rental services, particularly for passenger and commercial vehicles, pushes up demand for vehicle maintenance and replacement parts, including wheels. Rental firms frequently update and maintain their fleet to guarantee safety, performance and aesthetics, which may involve upgrading or replacing wheels.
Furthermore, the growing popularity of ride-hailing services and short-term car rentals increases the demand for high-quality wheels. The regular use of these vehicles accelerates wheel wear and tear, increasing the need for replacements. As leasing and rental services become more popular around the world, particularly in cities, the automobile wheel industry is likely to expand further, fueled by continuous demand.
Will High Initial Factory Set Up and Trade Tariff Costs Hamper the Automotive Wheel Market?
High initial plant setup and trade tariff costs might have a negative impact on the Automotive Wheel Market. Manufacturing plants require large capital investment in innovative machinery, technology and skilled workers. These hefty initial expenses can deter new entrants and impede industry expansion.
Furthermore, fluctuating trade tariffs, particularly for raw commodities such as aluminum and steel, can raise production prices. Such tariffs can disrupt supply chains and raise automotive wheel prices, impacting manufacturers’ profitability. This predicament is particularly difficult for small businesses with little resources. As trade restrictions and tariff policies change, manufacturers may encounter uncertainty, limiting their capacity to compete in a global market. These factors might hinder market expansion, especially in nations with strict trade policies and high operational costs.
Category-Wise Acumens
Will Rising Urbanization and Consumer Demand Drive the Passenger Cars Segment?
Rising urbanization and customer demand will fuel expansion in the passenger automobile industry. As urban populations grow, there is a greater demand for personal mobility, which drives passenger automobile sales. Higher disposable incomes, greater living standards and easier access to finance all contribute to increasing car ownership. Urban consumers value convenience, comfort and safety, which leads to a preference for modern, feature-rich vehicles.
Furthermore, the movement toward smart cities and improved infrastructure promotes car sales for daily travel. The expanding use of electric vehicles (EVs) in urban areas also contributes, with manufacturers developing innovative, environmentally friendly passenger automobiles. As cities expand and mobility needs increase, the passenger automobile category is likely to experience continuous demand, fueling growth in related areas such as automotive wheels.
Will Consistent Demand for New Vehicles Drive the OEM (Original Equipment Manufacturer) Segment?
Consistent demand for new automobiles will fuel expansion in the OEM (Original Equipment Manufacturer) industry. OEMs offer wheels directly to automakers for factory installation and as vehicle sales increase globally, so does the demand for OEM wheels. Economic growth, urbanization and consumer preferences for newer models with enhanced features all contribute to consistent vehicle manufacturing, which drives demand in the OEM industry.
The transition to electric vehicles (EVs) and the development of lightweight, high-performance wheels have boosted OEM sales. Automakers rely on OEMs to provide high-quality, long-lasting wheels that meet certain design and safety requirements. Long-term contracts and reliable supply ties between automakers and OEMs guarantee consistent demand. As car production continues to grow, the OEM industry is projected to maintain its market dominance.
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Country/Region-wise Acumens
Will Large Automotive Manufacturing Base and High Vehicle Ownership Rates Drive the Market in North America?
North America’s massive automotive production base and high car ownership rates will propel the market forward significantly. The region is home to major automobile manufacturers and suppliers, which ensures a consistent need for vehicle wheels. North America’s high vehicle ownership rates contribute to frequent replacement and maintenance needs, which further fuels the market.
Additionally, the presence of established automotive hubs and innovative production facilities ensures a robust supply chain for OEM wheels. Vehicle technology innovations, such as electric and self-driving vehicles, are also driving demand for novel wheel designs and materials. As vehicle production and ownership remain strong, the North American automotive wheel industry is expected to develop steadily and continue its global dominance.
Will Rising Vehicle Production Drive the Market in Asia Pacific Region?
Rising vehicle production will have a substantial impact on the Asia-Pacific automotive wheel industry. The area, particularly China and India, is witnessing rapid expansion in automobile manufacturing due to rising demand for personal and commercial vehicles. Rapid urbanization, rising disposable incomes and improved infrastructure all contribute to higher vehicle sales, which in turn increases the need for automobile wheels.
Furthermore, Asia-Pacific is becoming a hub for electric vehicle (EV) production, driving up demand for sophisticated wheel designs. The expansion of automotive production facilities and the development of new technologies in the region also contribute to market growth. As vehicle manufacturing increases, the demand for high-quality, efficient and innovative wheels in Asia-Pacific is predicted to rise, propelling the industry forward.
Competitive Landscape
The Automotive Wheel Market is a dynamic and competitive space, characterized by a diverse range of players vying for market share. These players are on the run for solidifying their presence through the adoption of strategic plans such as collaborations, mergers, acquisitions and political support. The organizations are focusing on innovating their product line to serve the vast population in diverse regions.
Some of the prominent players operating in the Automotive Wheel Market include:
Iochpe-Maxion, Superior Industries International, Accuride Corporation, Steel Strips Wheels, Enkei, Citic Dicastal, Zhejiang Wanfeng Auto Wheel, Hitachi Metals, Borbet, Mangels Industrial.
Latest Developments
- In February 2023, RUSAL began using end-of-life aluminum scrap to produce foundry alloys for the car sector. RUSAL can reduce its carbon footprint by roughly 20% using this industrial process.
- In September 2022, Maxion Wheel spent USD 150 million in Germany. With this financing, the company expanded. Its commercial vehicle wheel portfolio spans Europe.
- In January 2021, Citic Dicastal, which specializes in aluminum casting and manufacturing aluminum car parts, established the Kenitra, Morocco, will host a second aluminum rim production plant with a EUR 350 million (USD 409 million) budget.
Report Scope
| Report Attributes | Details |
|---|---|
| Study Period | 2018-2031 |
| Growth Rate | CAGR of ~5.2% from 2024 to 2031 |
| Historical Period | 2018-2022 |
| Forecast Period | 2024-2031 |
| Quantitative Units | Value in USD Billion |
| Report Coverage | Historical and Forecast Revenue Forecast, Historical and Forecast Volume, Growth Factors, Trends, Competitive Landscape, Key Players, Segmentation Analysis |
| Segments Covered |
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| Regions Covered |
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| Key Players |
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| Customization | Report customization along with purchase available upon request |
Automotive Wheel Market, By Category
Vehicle Type:
- Passenger Cars
- Commercial Vehicles
Material:
- Alloy
- Steel
- Carbon Fiber
Sales Channel:
- OEM
- Aftermarket
Region:
- North America
- Europe
- Asia-Pacific
- South America
- Middle East & Africa
Research Methodology of Verified Market Research:
To know more about the Research Methodology and other aspects of the research study, kindly get in touch with our sales team at Verified Market Research.
Reasons to Purchase this Report:
• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors
• Provision of market value (USD Billion) data for each segment and sub-segment
• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market
• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region
• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions and acquisitions in the past five years of companies profiled
• Extensive company profiles comprising of company overview, company insights, product benchmarking and SWOT analysis for the major market players
• The current as well as the future market outlook of the industry with respect to recent developments (which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions
• Includes an in-depth analysis of the market of various perspectives through Porter’s five forces analysis
• Provides insight into the market through Value Chain
• Market dynamics scenario, along with growth opportunities of the market in the years to come
• 6-month post-sales analyst support
Customization of the Report
• In case of any Queries or Customization Requirements please connect with our sales team, who will ensure that your requirements are met.
Frequently Asked Questions
1 INTRODUCTION OF GLOBAL AUTOMOTIVE WHEEL MARKET
1.1 Overview of the Market
1.2 Scope of Report
1.3 Assumptions
2 EXECUTIVE SUMMARY
3 RESEARCH METHODOLOGY OF VERIFIED MARKET RESEARCH
3.1 Data Mining
3.2 Validation
3.3 Primary Interviews
3.4 List of Data Sources
4 GLOBAL AUTOMOTIVE WHEEL MARKET OUTLOOK
4.1 Overview
4.2 Market Dynamics
4.2.1 Drivers
4.2.2 Restraints
4.2.3 Opportunities
4.3 Porters Five Force Model
4.4. Value Chain Analysis
5 GLOBAL AUTOMOTIVE WHEEL MARKET, BY VEHICLE TYPE
5.1 Overview
5.2 Passenger Cars
5.3 Commercial Vehicles
6 GLOBAL AUTOMOTIVE WHEEL MARKET, BY MATERIAL
6.1 Overview
6.2 Alloy
6.3 Steel
6.4 Carbon Fiber
7 GLOBAL AUTOMOTIVE WHEEL MARKET, BY SALES CHANNEL
7.1 Overview
7.2 OEM
7.3 Aftermarket
8 GLOBAL AUTOMOTIVE WHEEL MARKET, BY GEOGRAPHY
8.1 Overview
8.2 North America
8.2.1 U.S.
8.2.2 Canada
8.2.3 Mexico
8.3 Europe
8.3.1 Germany
8.3.2 U.K.
8.3.3 France
8.3.4 Rest of Europe
8.4 Asia Pacific
8.4.1 China
8.4.2 Japan
8.4.3 India
8.4.4 Rest of Asia Pacific
8.5 Rest of the World
8.5.1 Middle East and Africa
8.5.2 South America
9 GLOBAL AUTOMOTIVE WHEEL MARKET COMPETITIVE LANDSCAPE
9.1 Overview
9.2 Company Market Ranking
9.3 Key Development Strategies
10 COMPANY PROFILES
10.1 Iochpe-Maxion
10.1.1 Overview
10.1.2 Financial Performance
10.1.3 Product Outlook
10.1.4 Key Developments
10.2 Superior Industries International
10.2.1 Overview
10.2.2 Financial Performance
10.2.3 Product Outlook
10.2.4 Key Developments
10.3 Accuride Corporation
10.3.1 Overview
10.3.2 Financial Performance
10.3.3 Product Outlook
10.3.4 Key Developments
10.4 Steel Strips Wheels
10.4.1 Overview
10.4.2 Financial Performance
10.4.3 Product Outlook
10.4.4 Key Developments
10.5 Enkei
10.5.1 Overview
10.5.2 Financial Performance
10.5.3 Product Outlook
10.5.4 Key Developments
10.6 Citic Dicastal
10.6.1 Overview
10.6.2 Financial Performance
10.6.3 Product Outlook
10.6.4 Key Developments
10.7 Zhejiang Wanfeng Auto Wheel
10.7.1 Overview
10.7.2 Financial Performance
10.7.3 Product Outlook
10.7.4 Key Developments
10.8 Hitachi Metals
10.8.1 Overview
10.8.2 Financial Performance
10.8.3 Product Outlook
10.8.4 Key Developments
10.9 Borbet
10.9.1 Overview
10.9.2 Financial Performance
10.9.3 Product Outlook
10.9.4 Key Developments
10.10 Mangels Industrial
10.10.1 Overview
10.10.2 Financial Performance
10.10.3 Product Outlook
10.10.4 Key Developments
11 Appendix
11.1 Related Research
Report Research Methodology
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This additionally supports the market researchers in segmenting different segments of the market for analysing them individually.
We appoint data triangulation strategies to explore different areas of the market. This way, we ensure that all our clients get reliable insights associated with the market. Different elements of research methodology appointed by our experts include:
Exploratory data mining
Market is filled with data. All the data is collected in raw format that undergoes a strict filtering system to ensure that only the required data is left behind. The leftover data is properly validated and its authenticity (of source) is checked before using it further. We also collect and mix the data from our previous market research reports.
All the previous reports are stored in our large in-house data repository. Also, the experts gather reliable information from the paid databases.
For understanding the entire market landscape, we need to get details about the past and ongoing trends also. To achieve this, we collect data from different members of the market (distributors and suppliers) along with government websites.
Last piece of the ‘market research’ puzzle is done by going through the data collected from questionnaires, journals and surveys. VMR analysts also give emphasis to different industry dynamics such as market drivers, restraints and monetary trends. As a result, the final set of collected data is a combination of different forms of raw statistics. All of this data is carved into usable information by putting it through authentication procedures and by using best in-class cross-validation techniques.
Data Collection Matrix
| Perspective | Primary Research | Secondary Research |
|---|---|---|
| Supplier side |
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Econometrics and data visualization model
Our analysts offer market evaluations and forecasts using the industry-first simulation models. They utilize the BI-enabled dashboard to deliver real-time market statistics. With the help of embedded analytics, the clients can get details associated with brand analysis. They can also use the online reporting software to understand the different key performance indicators.
All the research models are customized to the prerequisites shared by the global clients.
The collected data includes market dynamics, technology landscape, application development and pricing trends. All of this is fed to the research model which then churns out the relevant data for market study.
Our market research experts offer both short-term (econometric models) and long-term analysis (technology market model) of the market in the same report. This way, the clients can achieve all their goals along with jumping on the emerging opportunities. Technological advancements, new product launches and money flow of the market is compared in different cases to showcase their impacts over the forecasted period.
Analysts use correlation, regression and time series analysis to deliver reliable business insights. Our experienced team of professionals diffuse the technology landscape, regulatory frameworks, economic outlook and business principles to share the details of external factors on the market under investigation.
Different demographics are analyzed individually to give appropriate details about the market. After this, all the region-wise data is joined together to serve the clients with glo-cal perspective. We ensure that all the data is accurate and all the actionable recommendations can be achieved in record time. We work with our clients in every step of the work, from exploring the market to implementing business plans. We largely focus on the following parameters for forecasting about the market under lens:
- Market drivers and restraints, along with their current and expected impact
- Raw material scenario and supply v/s price trends
- Regulatory scenario and expected developments
- Current capacity and expected capacity additions up to 2027
We assign different weights to the above parameters. This way, we are empowered to quantify their impact on the market’s momentum. Further, it helps us in delivering the evidence related to market growth rates.
Primary validation
The last step of the report making revolves around forecasting of the market. Exhaustive interviews of the industry experts and decision makers of the esteemed organizations are taken to validate the findings of our experts.
The assumptions that are made to obtain the statistics and data elements are cross-checked by interviewing managers over F2F discussions as well as over phone calls.
Different members of the market’s value chain such as suppliers, distributors, vendors and end consumers are also approached to deliver an unbiased market picture. All the interviews are conducted across the globe. There is no language barrier due to our experienced and multi-lingual team of professionals. Interviews have the capability to offer critical insights about the market. Current business scenarios and future market expectations escalate the quality of our five-star rated market research reports. Our highly trained team use the primary research with Key Industry Participants (KIPs) for validating the market forecasts:
- Established market players
- Raw data suppliers
- Network participants such as distributors
- End consumers
The aims of doing primary research are:
- Verifying the collected data in terms of accuracy and reliability.
- To understand the ongoing market trends and to foresee the future market growth patterns.
Industry Analysis Matrix
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