Automotive Wheel Market 2024-2030: Analyzing Market Dynamics and Future Opportunities

Automotive Wheel Market Overview

The digital age-also referred to as the "4.0 industry"-permeates every aspect of the economy and significantly contributes to its expansion. The automobile tyre sector is one of many sub-industries that are being impacted by the change of the automotive industry. The sector is seeing a shift where large companies are selling complex services tailored to customers' needs using new technology and digitization, rather than just basic cars or tyres. Three main pillars that have arisen in the development of such solutions incorporated into the current market are autonomy, mobility, and connectivity.

Automotive Wheel Market Report Scope

The size of the market has been estimated using a bottom-up methodology. Secondary research is used to identify the major players in the automotive wheel industry, and primary and secondary research is used to calculate their market revenues. While primary research involved interviews with significant opinion leaders and industry specialists such competent front-line staff, entrepreneurs, and marketing professionals, secondary research involved a review of the annual and financial reports of top manufacturers. Superior Industries International, Accuride Corporation, and Iochpe-Maxion are a few of the top companies in the worldwide automotive wheel market. To increase their market shares, they are constantly formulating plans for partnerships, joint ventures, acquisitions, and strategic alliances.

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Automotive Wheel Market Valuation:

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 Dynamics

There is room for product innovation because of the regional variations in rim sizes:

While 18- and 19-inch wheels are more popular in the US market, 16- and 17-inch wheels are standard on top-selling passenger cars in Europe. Given the current low level of competition, the ongoing premiumization trend in India will provide a strong boost to alloy wheel firms as well as a substantial potential for foreign producers. The F-150 has up to five alloy wheel options, ranging in size from 17 to 22 inches, and has been the best-selling car in the US for 44 years running. Other OEMs like silver-painted aluminium wheels, and machined aluminium wheels are becoming more and more in demand.

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:

Future fleet requirements will require fewer cars due to increased fleet utilisation. PwC Autofacts estimates that by 2030, Europe's current car inventory-which currently stands at little over 280 million-may have dropped to about 200 million. This would be a decrease of over 25%. It is anticipated that the number of cars in the US will drop by 22% to 212 million. Due to varying market conditions, China's inventory may rise by more than 50% in the same time frame despite higher utilisation.

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