Automotive Wheel Market Trends, Size, Share, Growth Opportunities and Emerging Technologies

Automotive Wheel Market was valued at US$ 42.31 Bn. in 2023 and the total Automotive Wheel revenue is expected to grow at 5.9% from 2024 to 2030, reaching nearly US$ 63.21 Bn.

Automotive Wheel Market Report Scope and Research Methodology

Report Scope:

In the era of Industry 4.0, the digital revolution leaves no sector untouched, propelling growth across the economy. The automotive industry is undergoing a transformative phase, impacting sub-industries like automotive tire businesses. The report delves into the volatile tire sector, exploring the influence of technological advancements, digitalization, connectivity, mobility, and autonomy on the market.

Research Methodology:

The comprehensive report employs a bottom-up approach to estimate market size. Key players like Iochpe-Maxion, Superior Industries International, and Accuride Corporation are identified through thorough secondary research, with market revenues determined through primary and secondary research. The report includes meaningful insights, historical data, statistically supported statistics, and industry-validated market statistics, offering a detailed analysis.

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Automotive Wheel Market Dynamics

Drivers:

Varying Rim Sizes Driving Innovation:

Across regions, varying rim sizes create opportunities for product innovation. For instance, in Europe, 16- and 17-inch wheels are standard on top-selling passenger vehicles, while the United States sees 18- and 19-inch wheels more commonly. The market responds to the continuous premiumization trend in India and the demand for alloy wheels in the F-150, the best-selling vehicle in the U.S.

Impact of Regional Laws and Regulations:

The market is significantly impacted by regional laws and regulations governing vehicle tire production. Factors such as raw material prices, global business growth, tariffs, and market access influence the production of vehicle tires, presenting challenges and opportunities for industry players.

Restraints:

The sector faces challenges such as financial constraints, manufacturing limitations, and increased competition from Asian rivals, particularly China. The tire industry is navigating a complex landscape, balancing the ambitions of corporations, the adoption of new techniques, and the importance of technology and innovation in business strategies.

Automotive Wheel Market Segmentation

by Rim Size

13"-15"
16"-18"
19"-21"
Above 21"

by Material

Alloy
Steel
Aluminum
Carbon Fiber
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.

by Vehicle

Passenger Vehicle
Light Commercial Vehicle
Heavy Commercial Vehicle

by End-User

Original Equipment Manufacturer (OEM)
Aftermarket

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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)
17. KONIG AMERICAN (US)
18. LKQ Corporation (US)
19. HRE Performance Wheels (US)
20. Vossen Wheels (US)
21. ALCOA WHEELS (US)
22. Steel Strips Wheels Ltd. (India)
23. Enkei Wheels India Ltd. (India)
24. Hitachi Metals (Japan)
25. TOPY INDUSTRIES (Japan)
26. Mangels Industrial (Brazil)
27. Ronal AG (Switzerland)
28. CMWheels (UK)
29. Alcar Holding GmbH (Austria)

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Table of content for the Automotive Wheel Market includes:

Part 01: Executive Summary

Part 02: Scope of the Automotive Wheel Market Report

Part 03: Global Automotive Wheel Market Landscape

Part 04: Global Automotive Wheel Market Sizing

Part 05: Global 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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Regional Insights:

The Automotive Wheel Market's dynamics vary across regions. Europe anticipates a reduction in the automobile inventory by 25%, from over 280 million to approximately 200 million by 2030. In the U.S., a 22% decline to 212 million vehicles is expected. Contrarily, China may experience over a 50% increase in inventory due to different market conditions.

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