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Automotive Wheel Market Outlook Report 2024 | Size, Trends, Analysis, Insights, Overview By 2033
Automotive Wheel Market
The Business Research Company presents an extensive market research report on the Automotive Wheel Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The automotive wheel market size has grown strongly in recent years. It will grow from $37.32 billion in 2023 to $40.53 billion in 2024 at a compound annual growth rate (CAGR) of 8.6%. The growth in the historic period can be attributed to growth in regional automotive markets, global economic factors, safety standards and testing, regulatory standards, consumer preferences.
The automotive wheel market size is expected to see strong growth in the next few years. It will grow to $54.26 billion in 2028 at a compound annual growth rate (CAGR) of 7.6%. The growth in the forecast period can be attributed to continued material innovations, autonomous vehicle development, sustainability considerations, globalization of automotive manufacturing, urbanization and compact cars. Major trends in the forecast period include advanced manufacturing technologies, customization and personalization options, aerodynamic wheel designs, intelligent and sensor-embedded wheels, carbon fiber composite wheels.
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Key Market Players:
Major companies operating in the automotive wheel market report are Continental AG, Aisin Seiki Co. Ltd., Michelin Group, JCI Industries Inc., Wheel Solutions Limited, Goodyear Tire & Rubber Company, Tenneco Inc., Alcoa Corporation, Hitachi Metals Ltd., Pirelli & C. S.p.A., Carlisle Companies Inc., Toyo Tire & Rubber Co. Ltd., Zhongding Group Inc., Superior Industries International Inc., IOCHPE-Maxion SA, Steel Strips Wheels Ltd., Wheel Pros LLC, Super Alloy Industrial Co. Ltd., Hayes Lemmerz International Inc., American Eagle Wheels Corp., Borla Performance Industries Inc., Dana Incorporated, OZ Group, Accuride Corporation, Topy Industries Limited, Foshan Nanhai Zhongnan Aluminum Wheel Co., BBS Kraftfahrzeuge GmbH, CLN Group, Mangels Industrial SA, Zhejiang Wanfeng Auto Wheel Co. Ltd., BORBET GmbH, Bridgestone Corporation, CIE Automotive Inc.
Market Drivers:
Growing vehicle production is expected to propel the growth of the automotive wheel market. The wheel is an important component of a car, and its demand is directly related to the automobile industry. The increased production of vehicles year by year will increase the demand for automotive wheels. According to the International Organization of Motor Vehicle Manufacturers (OICA), the production of all vehicles increased from 18.03 million in Jan-March 2020 to 21.08 million in Jan-March 2021. Thus, the rising vehicle production is expected to boost the demand for automotive wheels during the forecast period.
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https://www.thebusinessresearchcompany.com/report/automotive-wheel-aftermarket-global-market-report
The automotive wheel market covered in this report is segmented -
1) By Material: Steel, Alloy, Carbon Fiber, Other Materials
2) By Vehicle Class: Economy, Mid-Priced, Luxury-Priced
3) By Vehicle Type: Passenger Vehicle, Light Commercial Vehicle, Heavy Commercial Vehicle
4) By Rim Size: 13"-15", 16"-18", 19"-21", Above 21"
5) By End-Use: OE, Aftermarket
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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