Press release
Automotive Wheel Market 2024-2033: Opportunity Assessment, Competitive Landscape, Regional Demand And Major Players
Automotive Wheel Market
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.
Market Overview -
The automotive wheel is responsible for turning, operating, and directing the vehicle's direction and speed. The automotive wheel counteracts all the forces that the vehicle is subjected to during operation and balancing the vehicle's entire weight.
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Surging Vehicle Production Propels Growth In The Automotive Wheel Market
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.
Competitive Landscape -
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.
Technological Advancements Reshape The Landscape Of The Automotive Wheels Market
Advancements in technology are shaping the automotive wheels market. Major players operating in the sector of the automotive wheel are focused on developing technologically advanced solutions for automotive wheels to strengthen their position in the industry. For instance, in April 2021, Bucci Composites, a manufacturer of composite materials and structures for automotive, marine, aerospace, and industrial applications, announced the completion of the construction of a 22-inch fully carbon fiber automotive wheel rim based on high-pressure resin transfer molding (HP-RTM) technology with features not found on competing wheels. The process was optimized, and the technology employed was of a high grade, resulting in significant cost savings while still meeting the automobile sector's production rates.
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Key Segments -
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
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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