Automotive Wheel Market (Industry) Growth, Trends and Demand Forecast 2025 | Key Players Analysis CITIC Dicastal Wheel, Hitachi Metals, Steel Strips Wheels, American Eagle Wheels, United Wheels Group, CLN Group, Borbet

global automotive wheel market was valued at $30,011.3 million in 2017 and is projected to reach at $47,355.3 million by 2025, growing at a CAGR of 5.7% from 2018 to 2025.

Wheel is an essential part of a motor vehicle, whose demand is directly connected to the automotive industry. Wheels should be strong enough to bear the vehicle weight and withstand forces caused by operation. The automotive wheel market is in a growth phase due to increase in demand for light weight wheels that have the same strength as steel wheels alongside having high thermal stability & ductility. Strength-to-weight ratio and better fuel consumption are the factors that are considered during the production of automotive wheels.

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Alloy wheels are becoming popular due to their aesthetic appeal. They are light weight and dissipate heat from tires and brakes more effectively as compared to steel wheels. Moreover, increase in capital investment and R&D spending by OEMs, particularly on passenger cars boosts the market growth. The automotive wheel market is powered by shifting trend toward light weighted aesthetically appealing cars and has witnessed considerable growth in the developed as well as developing regions. Automotive giants are increasingly focusing on manufacturing light weight vehicles in response to growth in concern for environmental pollution.

Increase in vehicle production and ongoing trend of weight reduction in vehicles drive the growth of the automotive wheel market. Necessity for lightweight wheels to reduce the vehicle weight and enhance fuel efficiency propel the automotive wheel market. Technological advancement and product innovations in material, design, and aerodynamics have further enhanced the industry growth. In addition, increase in consumer spending on vehicle along with growth in population further enhances the market growth.

However, volatility in raw material prices hinders the market growth. In addition, lack of standardization in the manufacturing processes of automotive wheel is expected to restrict the market.

At present, Asia-Pacific dominates the automotive wheel market owing to the extensive growth of automobiles in the region. Passenger cars have greater penetration in this region, owing to an increase in the road infrastructure development in the region, which is expected to propel the market growth. Canada is the eleventh largest producer of vehicles, globally. In 2017, the sales of the smallest crossover in Canada increased to 66%, which was the largest increase in any vehicle segment for sub-compact and compact passenger car segment.

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Key Findings of the Automotive Wheel Market :
•In 2017, the alloy sub-segment generated the highest revenue in the global automotive wheel market.
•In 2017, the passenger car segment generated the highest revenue among the other vehicle types in the global automotive wheel market.

KEY PLAYERS
•Iochpe-Maxion
•CITIC Dicastal Wheel Manufacturing
•Hitachi Metals
•Steel Strips Wheels
•American Eagle Wheels
•United Wheels Group
•CLN Group
•Borbet
•Topy Industries Limited
•Accuride Corporation

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