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Automotive Wheel Rims Market 2024 - Business Opportunities, Industry Growth, Regional Analysis And Forecast To 2033
Automotive Wheel Rims Market
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According to The Business Research Company's, The automotive wheel rims market size has grown strongly in recent years. It will grow from $38.88 billion in 2023 to $41.87 billion in 2024 at a compound annual growth rate (CAGR) of 7.7%. The growth in the historic period can be attributed to increased demand for alloy-based wheel rims, increasing demand for lightweight materials, rise in electric vehicle adoption, rise in hybrid vehicle production, and rise in global urbanization.
The automotive wheel rims market size is expected to see strong growth in the next few years. It will grow to $56.48 billion in 2028 at a compound annual growth rate (CAGR) of 7.8%. The growth in the forecast period can be attributed to the rising production of vehicles, rising preferences of luxury car owners for rim with various designs, rising automotive production, increasing disposable income, and growing popularity of electric and hybrid vehicles. Major trends in the forecast period include technological advancements, innovative rim designs, integration in vehicles, integration of smart technologies, aerodynamic designs, and lightweight materials.
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Market Drivers and Trends:
The rising production of vehicles is expected to propel the growth of the automotive wheel rim market going forward. Vehicle production is growing due to increasing consumer demand, expanding markets, and advancements in technology driving automotive innovation. Automotive wheel rims are essential components that provide a stable base for mounting tires, ensure an airtight seal, offer structural support, and help distribute the vehicle's weight evenly across the wheels, enhancing stability and handling. For instance, in 2023, according to the International Organization of Automobile Manufacturers, a France-based trade association, global motor vehicle production increased from 84.83 million in 2022 to 93.55 million in 2023. Therefore, the rising production of vehicles is driving the growth of the automotive wheel rim market.
Major companies operating in the automotive wheel rims market are developing innovative products, such as aluminum alloy wheels, to better serve customers with advanced features. Aluminum alloy wheels are wheels made from a combination of aluminum and other metals or elements to enhance their properties for use in vehicles. These wheels are lighter and more durable compared to traditional steel wheels, offering benefits such as improved handling, fuel efficiency, and aesthetics. For instance, in September 2023, Uno Minda Limited, an India-based battery manufacturing company, collaborated with Kosei Aluminum Co., Ltd., a Japan-based manufacturer of aluminum wheels, to launch a new premium range of alloy wheels in India. These alloy wheels are crafted to deliver enhanced vehicle handling and fuel efficiency, ensuring optimal performance on Indian roads. They also emphasize aesthetic appeal, offering a range of designs that cater to diverse tastes in the automotive enthusiast community.
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Major Key Players of the Market:
Alcoa Wheels, Maxion Wheels, Wanfeng Auto Holding Group Co. Ltd., Superior Industries International Inc., Ronal AG, BORBET GmbH, Steel Strips Wheels Ltd., Wheel Pros LLC, Mangels Industrial SA, American Eagle Wheel Corporation, Enkei International Inc., Accuride Corporation, Team Dynamics Motorsport, TSW Alloy Wheels, Vossen Wheels, Fuel Off-Road Wheels, CITIC Dicastal Wheel Manufacturing Co. Ltd., Konig Wheels, SOTA Offroad, Euromax Corporation, MHT Luxury Alloys, CM Wheels Ltd., Uniwheels AG
Automotive Wheel Rims Market 2024 Key Insights:
• The automotive wheel rims market size is expected to see strong growth in the next few years. It will grow to $56.48 billion in 2028 at a compound annual growth rate (CAGR) of 7.8%.
• Rising Vehicle Production Fuels Growth In The Automotive Wheel Rim Market
• Innovative Developments In The Automotive Wheel Rims Market
• Asia-Pacific was the largest region in the automotive wheel rims market in 2023
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