Press release
Automotive Wheel Aftermarket Market Size, Latest Trends, Growth Status, Top Major Players And Forecast To 2033
Automotive Wheel Aftermarket Market Overview
The Business Research Company presents an extensive market research report on the Automotive Wheel Aftermarket 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 aftermarket market size has grown steadily in recent years. It will grow from $4.81 billion in 2023 to $5.03 billion in 2024 at a compound annual growth rate (CAGR) of 4.5%. The growth in the historic period can be attributed to sustainability efforts, weight reduction trend, retail evolution, niche market growth, popularity of plus-sizing.
The automotive wheel aftermarket market size is expected to see steady growth in the next few years. It will grow to $6.1 billion in 2028 at a compound annual growth rate (CAGR) of 4.9%. The growth in the forecast period can be attributed to rising vehicle sales, shift towards lightweight materials, growing preference for larger wheels, e-commerce and online retail expansion. Major trends in the forecast period include customization and personalization, advanced material technologies, aesthetic and stylistic preferences, rise in plus-sizing wheels.
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Key Market Players:
Major companies operating in the automotive wheel aftermarket market report are Konig Wheels, Enkei Corporation, Superior Industries Inc., Ronal AG, Maxion Wheels LLC, BBS Kraftfahrzeugtechnik AG, OE Creations Wheels LLC, MSW Wheels OZ SpA, TSW Alloy Wheels, American Racing Equipment Inc., Method Race Wheels, Fuel Off-Road Wheels, Lexani Wheel Corp., KMC Wheels, Rotiform Wheels, Ultra Wheel Company Inc., Beyern Wheels Company, Black Rhino Wheels, Asanti Wheels, Moto Metal Wheels, Niche Wheels, Lenso Wheels Store, Cali Off-Road Wheels, Giovanna Wheels, Philippine Aluminum Wheels Inc., Foose Wheels, AEZ Leichtmetallräder GmbH, Anhui Xingda Auto Parts Technology Co. Ltd., XD Wheels, Anovia Wheels LLC, Braelin Wheels, DUB Wheels, Helo Wheels, Ruff Wheels
Market Drivers:
Increasing sales of passenger cars are expected to propel the growth of the automotive wheel aftermarket market going forward. Cars are four-wheeled vehicles used for transportation. Aftermarket wheels are available for a wide range of vehicles and are less expensive. They are in high demand for automobiles and are used as replacement wheels more frequently in cars. For instance, according to the Federation of Automobile Dealers Associations (FADA), an India-based apex national body of the automobile retail industry, for the year 2021, passenger car sales increased annually by 39%, that is, from 1,82,651 units in 2020 to 2,53,363 units in 2021 India. In addition, commercial vehicle sales increased 98% annually, from 26,851 units in 2020 to 53,150 units in 2021. Therefore, the increasing sales of passenger cars are driving the growth of the automotive wheel aftermarket market.
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https://www.thebusinessresearchcompany.com/report/automotive-wheel-global-market-report
The automotive wheel aftermarket market covered in this report is segmented -
1) By Aftermarket Type: New Wheel Replacement, Refurbished Wheel Fitment
2) By Material Type: Alloy, Steel, Other Materials
3) By Coating Type: Liquid Coating, Powdered Coating
4) By Vehicle: Passenger Cars, Lightweight Commercial Vehicles, Heavy Trucks, Buses and Coaches, Trailers
5) By Distribution Channel: Retail, Wholesalers and Distributors
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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