Automotive Wheel Market: Key Trends and Strategies for Expansion 2024-2033

"The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.

Automotive Wheel Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.

The Market Size Is Expected To Reach $54.26 billion In 2028 At A CAGR Of 7.6% :

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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Automotive Wheel Market Major 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 Driver - 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.

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Prominent Trend - 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.

Automotive Wheel 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.

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Largest And Fastest Growing Region In The Market
Asia-Pacific was the largest region in the automotive wheel market in 2023. The regions covered in the automotive wheel market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Automotive Wheel Market Report Structure
3. Automotive Wheel Market Trends And Strategies
4. Automotive Wheel Market - Macro Economic Scenario
5. Automotive Wheel Market Size And Growth
…..
27. Automotive Wheel Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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