Press release
Automotive Wheels Market Size Is Likely To Reach USD 46,173 Million In 2031
The global automotive wheels market is witnessing significant growth, primarily driven by the increasing demand for automobiles and the adoption of new technologies in wheel manufacturing. Additionally, the rising popularity of electric vehicles worldwide, driven by stringent pollution standards, is expected to further propel the growth rate of the global automotive wheel market.
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According to a recent study by strategic consulting and market research firm Report Ocean, the global automotive wheels market was valued at USD 28,763 million in 2021 and is projected to reach USD 46,173 million by 2028, growing at a CAGR of 7.2% during the forecast period of 2022-2028. This growth can be attributed to the rising demand for automobiles and the emergence and adoption of new technologies in wheel manufacturing.
Growing Demand for Automobiles and Advancements in Wheel Manufacturing Technology
The increasing consumer demand for vehicles, driven by factors such as urbanization, population growth, and rising disposable incomes, is fueling the need for automotive wheels. Moreover, market players are introducing advanced technologies in wheel manufacturing, including the use of lightweight materials such as carbon fibers. Prominent automakers like BMW and Mercedes are scaling up their production of fuel-efficient vehicles by incorporating carbon fibers to reduce weight. For example, Mitsubishi Chemical Holdings acquired SGL Carbon Fibers LLC (SCF) in the United States, aiming to use carbon fibers in their vehicle production. These advancements in wheel manufacturing technologies are expected to drive the growth of the automotive wheels market during the forecast period.
Segment-
By Material (Carbon Fibers, Steel, Alloy And Others); By Vehicle Type (Off-Road (Construction And Mining Equipment, Agriculture Tractors Etc.) And On-Road (Passenger And Commercial Vehicle)); By End-User (Oem (Original Equipment Manufacturer) And Aftermarkets); By Region (North America, Europe, The Asia Pacific, Latin America, The Middle East, And Africa)
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OEM Segment to Exhibit Higher Growth Rate
The global automotive wheels market is segmented into OEM and aftermarket based on end-users. During the forecast period, the OEM segment is expected to hold a larger market share, while the aftermarket segment is predicted to offer new market opportunities. Wheels are designed to last as long as the vehicle itself, resulting in modest aftermarket demand compared to the OEM market. To cater to OEM requirements and better understand regional markets, many market participants are establishing new manufacturing facilities near OEM facilities. For instance, Wheels India Ltd invested USD 24 million to open a new cast aluminum wheel manufacturing plant in October 2020.
Impact of COVID-19 on the Global Automotive Wheels Market
The COVID-19 pandemic had a significant impact on the global automotive wheels market, causing one of the worst recessions since World War II. The pandemic disrupted various aspects of vehicle production, including sales, raw material availability, and vehicle exports. Fluctuating supply networks, raw material price volatility, and currency instability affected the cost of manufacturing and overall profitability for industry players, resulting in a decline in market growth. However, with improving market conditions in the post-pandemic era, the automotive wheels market is expected to recover during the forecast period.
Asia-Pacific Region to Exhibit the Highest CAGR
In terms of regional analysis, the Asia-Pacific region is projected to be the fastest-growing market during the forecast period. The region's growth can be attributed to the increasing demand for automobiles due to urbanization, growing disposable incomes, and the presence of key automobile OEMs. Prominent automakers such as Mazda, Honda, Suzuki, Ford, Renault Nissan, Hyundai Kia, Toyota, General Motors, and VW Group offer attractive growth opportunities in the Asia-Pacific market. Additionally, the rising demand for fuel-efficient vehicles in the region is driving technological innovations in the automotive sector, further bolstering the growth of the automotive wheels market.
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Competitive Landscape
The global automotive wheels market is fragmented, with key players including Hitachi Metals, Steel Strips Wheels, American Eagle Wheels, Arconic, CLN Group, Topy Industries, Sensus, BBS Alloy Wheel, BORBET GmbH, CITIC Dicastal Wheel Manufacturing Co., Thyssenkrupp, MAXION Wheels, Foshan Nanhai, Zhongnan Aluminum Wheel Co., Ltd, MHT Luxury Wheels, TSW Wheels, and other prominent companies. These players maintain their dominance in the market through production capacity enhancements, research and development activities, and the launch of improved products. Strategic alliances, agreements, mergers, and collaborations are also adopted to strengthen their market position.
Seize the Business Opportunities in the Global Automotive Wheels Market
To capitalize on the opportunities presented by the global automotive wheels market, it is crucial to consult industry analysts for valuable insights. Comprehensive reports can provide information on growth potential, emerging trends, market statistics, and recent technological advancements. Decision-makers can leverage these insights to make informed strategic decisions, understand growth drivers, challenges, and competitive dynamics within the market.
Table of Content:
1. Research Framework
1.1. Research Objective
1.2. Product Overview
1.3. Market Segmentation
2. Research Methodology
2.1. Qualitative Research
2.1.1. Primary & Secondary Research
2.2. Quantitative Research
2.3. Market Breakdown & Data Triangulation
2.3.1. Secondary Research
2.3.2. Primary Research
2.4. Breakdown of Primary Research Respondents, By Region
2.5. Assumption & Limitation
3. Executive Summary
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We are the best market research reports provider in the industry. Report Ocean believes in providing quality reports to clients to meet the top line and bottom line goals which will boost your market share in today's competitive environment. Report Ocean is a 'one-stop solution' for individuals, organizations, and industries that are looking for innovative market research reports.
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