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Automotive Wheel Aftermarket Market 2024 Report By Key Companies, Regional Analysis And Forecast 2033
Automotive Wheel Aftermarket Market
As per the report, 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 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%.
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Rising Passenger Car Sales Fuel Growth In The Automotive Wheel Aftermarket
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.
Automotive Wheel Aftermarket Driven By New Product Innovations
New product innovations have emerged as the key trend gaining popularity in the automotive wheel aftermarket market. Major companies in the automotive aftermarket sector are focused on introducing advanced products to increase their market coverage. For instance, in September 2021, Borbet, a Germany-based company that manufactures light alloy wheels, launched new rims with a unique CWZ design that contains five double-spoke designs. It is suitable for vehicles with wheel loads of up to 1,250 kilograms. Vehicles such as VW Crafter, Amarok, T5 and T6, and Mercedes V-Class are suitable for this type of rim. These are durable and can run for a long period of time.
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
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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
Contents of the report:
1. Executive Summary
2. Automotive Wheel Aftermarket Market Report Structure
3. Automotive Wheel Aftermarket Market Trends And Strategies
4. Automotive Wheel Aftermarket Market - Macro Economic Scenario
5. Automotive Wheel Aftermarket Market Size And Growth
…..
27. Automotive Wheel Aftermarket Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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