Automotive Wheel Market: Rolling Ahead in Style and Functionality

Automotive Wheel Market Overview

The automotive industry is undergoing significant transformation in the era of Industry 4.0, driven by digitalization. This transformation extends to various sectors within the automotive industry, including the automotive wheel business. The sector is now characterized by the use of advanced technology and digitalization to offer customized services tailored to customers' needs, emphasizing connectivity, mobility, and autonomy as key drivers of innovation.

Automotive Wheel Market was valued at US$ 39.96 Bn. in 2022 and the total Automotive Wheel revenue is expected to grow at 5.9% from 2023 to 2029, reaching nearly US$ 59.69 Bn.

Automotive Wheel Market Report Scope

The Automotive Wheel market report segments the industry based on Rim Size, Material, Vehicle, End-User, and Region. The report provides a deep analysis, offering valuable insights, historical data, and industry-validated market statistics. It uses a bottom-up approach to estimate market size, identifying key players through secondary research, and determining market revenues through primary and secondary research.

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Automotive Wheel Market Dynamics:

Major Driving Factors:

Technology Advancements: The industry is embracing new technology and digitalization, enabling the sale of customized services and solutions tailored to customer demands.

Global Competition: The surge of new rivals from Asia, particularly China, has introduced competitive pressure to the market.

Restraints:

Raw Material Costs: Fluctuations in raw material prices, including steel, natural gas, and oil, affect the industry's stability.

Market Regulations: Laws and regulations on foreign involvement, joint ventures, and market access can impact multinational automakers' competition in emerging countries.

Automotive Wheel Market Segment Analysis

Automotive Wheel Market by Rim Size

1. 13"-15"
2. 16"-18"
3. 19"-21"
4. Above 21"

Automotive Wheel Market by Material

1. Alloy
2. Steel
3. Aluminum
4. Carbon Fiber
5. Other

According to Material, throughout the projection period, the alloy segment is anticipated to rise at a CAGR of 4.8%. Alloy wheels are sometimes purchased for aesthetic reasons (visible repairs), despite the fact that the poorer alloys are usually not resistant to corrosion. Adopting attractive bare-metal finishes-which need to be protected with paint or wheel covers-is made possible by alloys. The wheels in use may rust after three to five years even if they are adequately covered, although refurbishing is now commonly accessible at a cost. If appropriate safety procedures are not taken, alloy wheels' propensity for galvanic corrosion may result in tyre air leakage. Additionally, alloy wheels are more difficult to repair when bent than steel wheels, but overall, repairs are less expensive than replacements due to their higher price.

Automotive Wheel Market by Vehicle

1. Passenger Vehicle
2. Light Commercial Vehicle
3. Heavy Commercial Vehicle

Automotive Wheel Market by End-User

1. Original Equipment Manufacturer (OEM)
2. Aftermarket

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Who are Automotive Wheel Market Key Players?

1. MAXION Wheels (Germany)
2. Borbet GmbH (Germany)
3. Uniwheels (Germany)
4. BBS Kraftfahrzeugtechnik AG. (Germany)
5. Thyssenkrupp AG (Germany)
6. CITIC Dicastal Co., Ltd. (China)
7. Zhejiang Wanfeng Auto Wheel (China)
8. LIZHONG WHEEL GROUP (China)
9. Superior Industries International (US)
10. Accuride Corporation (US)
11. MHT Luxury Wheels (US)
12. Status Wheels, Inc. (US)
13. Wheel Pros, LLC (US)
14. Fuel Off-Road Wheels (US)
15. SOTA Offroad (US)
16. Forgiato Wheels (US)

Table of content for the Automotive Wheel Market includes:

Part 01: Executive Summary

Part 02: Scope of the Automotive Wheel Market Report

Part 03: Automotive Wheel Market Landscape

Part 04: Automotive Wheel Market Sizing

Part 05: Automotive Wheel Market Segmentation by Type

Part 06: Five Forces Analysis

Part 07: Customer Landscape

Part 08: Geographic Landscape

Part 09: Decision Framework

Part 10: Drivers and Challenges

Part 11: Market Trends

Part 12: Vendor Landscape

Part 13: Vendor Analysis

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Automotive Wheel Market Regional Insights:

North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)

Key Highlights

Investment in the automotive sector is shifting from product lines to software solutions, leading to faster growth for companies that invest in software-oriented research and development.

Manufacturers and suppliers may face shrinking margins between 2020 and 2025, which will necessitate investment in customer-oriented developments. Traditional automakers are navigating the balance between investing in mobility services and maintaining their core business.

The global automotive wheel market, which reached a value of US$ 39.96 billion in 2022, is poised to grow at a CAGR of 5.9% from 2023 to 2029, reaching an estimated US$ 59.69 billion. As the industry continues to evolve, digitalization, advanced technology, and competition from emerging players, particularly from Asia, are shaping the future of the automotive wheel market.

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