Automotive Wheel Market to Reach US$ 63.21 Billion by 2030, Growing at a CAGR of 5.9%

𝐈𝐧𝐭𝐫𝐨𝐝𝐮𝐜𝐭𝐢𝐨𝐧

The global Automotive Wheel Market was valued at US$ XX.XX billion in 2023 and is projected to reach US$ XX.XX billion by 2030, growing at a CAGR of XX% during the forecast period from 2024 to 2030. The market's growth is driven by increasing demand for lightweight, durable, and high-performance wheels in the automotive industry, spurred by innovations in materials such as aluminum, magnesium, and carbon composites. The automotive sector's transformation, with an increasing focus on electric vehicles (EVs), is also expected to play a significant role in expanding the market size.

The market is experiencing growth across both developed and emerging economies, with key contributors from countries like the United States, Europe, Japan, South Korea, Singapore, Thailand, and Vietnam. Several mergers, acquisitions, and strategic partnerships are reshaping the landscape of the automotive wheel industry globally.

𝐆𝐥𝐨𝐛𝐚𝐥 𝐀𝐮𝐭𝐨𝐦𝐨𝐭𝐢𝐯𝐞 𝐖𝐡𝐞𝐞𝐥 𝐌𝐚𝐫𝐤𝐞𝐭 𝐓𝐫𝐞𝐧𝐝𝐬

The global automotive wheel market is being shaped by several key trends:

𝐓𝐞𝐜𝐡𝐧𝐨𝐥𝐨𝐠𝐢𝐜𝐚𝐥 𝐈𝐧𝐧𝐨𝐯𝐚𝐭𝐢𝐨𝐧𝐬 𝐢𝐧 𝐖𝐡𝐞𝐞𝐥 𝐃𝐞𝐬𝐢𝐠𝐧 : Advances in lightweight materials such as aluminum alloys, magnesium, and carbon composites are improving fuel efficiency and vehicle performance, making them popular choices for automakers.

𝐒𝐡𝐢𝐟𝐭 𝐓𝐨𝐰𝐚𝐫𝐝 𝐄𝐥𝐞𝐜𝐭𝐫𝐢𝐜 𝐕𝐞𝐡𝐢𝐜𝐥𝐞𝐬 (𝐄𝐕𝐬) : The surge in EV production has led to a growing demand for specialized lightweight wheels that contribute to energy efficiency and longer battery life.

𝐂𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐚𝐭𝐢𝐨𝐧 𝐚𝐧𝐝 𝐀𝐞𝐬𝐭𝐡𝐞𝐭𝐢𝐜 𝐏𝐫𝐞𝐟𝐞𝐫𝐞𝐧𝐜𝐞𝐬 : Consumers are increasingly demanding personalized and aesthetically appealing wheels, which is driving the growth of aftermarket wheel products.

𝐅𝐨𝐫 𝐦𝐨𝐫𝐞 𝐝𝐞𝐭𝐚𝐢𝐥𝐬 𝐚𝐧𝐝 𝐢𝐧𝐬𝐢𝐠𝐡𝐭𝐬, 𝐫𝐞𝐪𝐮𝐞𝐬𝐭 𝐚 𝐬𝐚𝐦𝐩𝐥𝐞 𝐫𝐞𝐩𝐨𝐫𝐭 𝐨𝐫 𝐢𝐧𝐪𝐮𝐢𝐫𝐞 𝐭𝐨𝐝𝐚𝐲 : https://www.maximizemarketresearch.com/request-sample/11013/

𝐑𝐞𝐠𝐢𝐨𝐧𝐚𝐥 𝐈𝐧𝐬𝐢𝐠𝐡𝐭𝐬: 𝐂𝐨𝐮𝐧𝐭𝐫𝐲-𝐒𝐩𝐞𝐜𝐢𝐟𝐢𝐜 𝐌𝐚𝐫𝐤𝐞𝐭 𝐆𝐫𝐨𝐰𝐭𝐡 𝐚𝐧𝐝 𝐃𝐞𝐯𝐞𝐥𝐨𝐩𝐦𝐞𝐧𝐭𝐬

𝐀𝐮𝐭𝐨𝐦𝐨𝐭𝐢𝐯𝐞 𝐖𝐡𝐞𝐞𝐥 𝐌𝐚𝐫𝐤𝐞𝐭 𝐆𝐫𝐨𝐰𝐭𝐡 𝐎𝐩𝐩𝐨𝐫𝐭𝐮𝐧𝐢𝐭𝐢𝐞𝐬 𝐢𝐧 𝐭𝐡𝐞 𝐔𝐒

The United States remains one of the largest markets for automotive wheels due to its well-established automotive industry, including major car manufacturers like General Motors, Ford, and Tesla. The rise of electric vehicles (EVs) and the demand for high-performance wheels are driving the market forward.

Mergers and Acquisitions: Alcoa Corporation's acquisition of Firth Rixson and American Eagle Wheel Corporation's collaboration with Carbon Revolution are among the major mergers and acquisitions in the US market, aimed at improving wheel technology and increasing production capacity for lightweight wheels.
Automotive Wheel Market Insights in Europe

Europe is a significant hub for the automotive wheel market, driven by the presence of key manufacturers such as Volkswagen, BMW, and Mercedes-Benz. The region is witnessing increased demand for high-performance wheels and a surge in the adoption of EVs, which require advanced lightweight wheels for energy efficiency.

𝐑𝐞𝐜𝐞𝐧𝐭 𝐃𝐞𝐯𝐞𝐥𝐨𝐩𝐦𝐞𝐧𝐭𝐬: 𝐈𝐧 𝐆𝐞𝐫𝐦𝐚𝐧𝐲, 𝐁𝐁𝐒 𝐊𝐫𝐚𝐟𝐭𝐟𝐚𝐡𝐫𝐳𝐞𝐮𝐠𝐭𝐞𝐜𝐡𝐧𝐢𝐤 has been at the forefront of producing advanced, lightweight wheels, contributing to the region's automotive wheel market growth. Additionally, Michelin has been working on developing sustainable wheels for electric vehicles.

𝐀𝐮𝐭𝐨𝐦𝐨𝐭𝐢𝐯𝐞 𝐖𝐡𝐞𝐞𝐥 𝐌𝐚𝐫𝐤𝐞𝐭 𝐆𝐫𝐨𝐰𝐭𝐡 𝐢𝐧 𝐉𝐚𝐩𝐚𝐧

Japan plays a pivotal role in the automotive wheel market, with global giants such as 𝐓𝐨𝐲𝐨𝐭𝐚, 𝐇𝐨𝐧𝐝𝐚, 𝐚𝐧𝐝 𝐍𝐢𝐬𝐬𝐚𝐧 headquartered there. Japan's focus on producing high-quality, durable, and lightweight wheels for both conventional and electric vehicles has been a key growth driver.

𝐊𝐞𝐲 𝐃𝐞𝐯𝐞𝐥𝐨𝐩𝐦𝐞𝐧𝐭𝐬: 𝐓𝐨𝐲𝐨𝐭𝐚 𝐌𝐨𝐭𝐨𝐫 𝐂𝐨𝐫𝐩𝐨𝐫𝐚𝐭𝐢𝐨𝐧 has formed partnerships with companies like 𝐒𝐮𝐦𝐢𝐭𝐨𝐦𝐨 𝐄𝐥𝐞𝐜𝐭𝐫𝐢𝐜 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐢𝐞𝐬 focusing on the development of innovative, lightweight wheels for their hybrid and electric vehicle models.

𝐀𝐮𝐭𝐨𝐦𝐨𝐭𝐢𝐯𝐞 𝐖𝐡𝐞𝐞𝐥 𝐌𝐚𝐫𝐤𝐞𝐭 𝐓𝐫𝐞𝐧𝐝𝐬 𝐢𝐧 𝐒𝐨𝐮𝐭𝐡 𝐊𝐨𝐫𝐞𝐚

The South Korean automotive wheel market is expected to grow rapidly due to the expansion of local automakers like Hyundai and Kia Motors, who are increasingly focusing on lightweight materials for wheel production to improve vehicle efficiency.

Recent Mergers: Hyundai Steel has recently invested in advanced wheel production facilities, aiming to boost the production of lightweight wheels. This is in line with the company's focus on enhancing fuel efficiency and sustainability.

𝐀𝐮𝐭𝐨𝐦𝐨𝐭𝐢𝐯𝐞 𝐖𝐡𝐞𝐞𝐥 𝐌𝐚𝐫𝐤𝐞𝐭 𝐈𝐧𝐬𝐢𝐠𝐡𝐭𝐬 𝐢𝐧 𝐒𝐢𝐧𝐠𝐚𝐩𝐨𝐫𝐞

Singapore serves as a key gateway for the automotive market in Southeast Asia, and its automotive wheel market is gaining traction due to the country's focus on becoming a regional leader in electric vehicle adoption.

Growth Opportunities: The government's push toward a greener economy and sustainability has prompted Singapore Technologies Engineering Ltd. to explore new lightweight wheel technologies, which are increasingly in demand for electric and hybrid vehicles.

𝐀𝐮𝐭𝐨𝐦𝐨𝐭𝐢𝐯𝐞 𝐖𝐡𝐞𝐞𝐥 𝐌𝐚𝐫𝐤𝐞𝐭 𝐈𝐧𝐬𝐢𝐠𝐡𝐭𝐬 𝐢𝐧 𝐓𝐡𝐚𝐢𝐥𝐚𝐧𝐝

In Thailand, the automotive wheel market is growing due to the booming automotive manufacturing sector and the increasing demand for electric vehicles. Thailand is positioning itself as a key player in Southeast Asia's automotive supply chain.

Recent Developments: The Thai automotive market is seeing investments in wheel manufacturing from global companies such as GKN Wheels and Bridgestone, which are setting up facilities to meet the rising demand for lightweight wheels in Southeast Asia.

𝐀𝐮𝐭𝐨𝐦𝐨𝐭𝐢𝐯𝐞 𝐖𝐡𝐞𝐞𝐥 𝐌𝐚𝐫𝐤𝐞𝐭 𝐆𝐫𝐨𝐰𝐭𝐡 𝐎𝐩𝐩𝐨𝐫𝐭𝐮𝐧𝐢𝐭𝐢𝐞𝐬 𝐢𝐧 𝐕𝐢𝐞𝐭𝐧𝐚𝐦

The Vietnam automotive market is expanding rapidly, with rising vehicle ownership and increasing demand for high-performance, durable wheels. The automotive industry in Vietnam is poised to grow as the country's middle class expands and consumer preferences shift toward better quality and more efficient vehicles.

Key Developments: Vietnam National Automobile Corporation (VINFAST) is working on partnerships with international companies to integrate high-quality, lightweight wheels in their electric vehicles, contributing to the growth of the automotive wheel market in Vietnam.

𝐊𝐞𝐲 𝐃𝐞𝐯𝐞𝐥𝐨𝐩𝐦𝐞𝐧𝐭𝐬 𝐢𝐧 𝐭𝐡𝐞 𝐀𝐮𝐭𝐨𝐦𝐨𝐭𝐢𝐯𝐞 𝐖𝐡𝐞𝐞𝐥 𝐌𝐚𝐫𝐤𝐞𝐭

𝐓𝐞𝐜𝐡𝐧𝐨𝐥𝐨𝐠𝐢𝐜𝐚𝐥 𝐀𝐝𝐯𝐚𝐧𝐜𝐞𝐦𝐞𝐧𝐭𝐬: 𝐀𝐜𝐜𝐮𝐫𝐢𝐝𝐞 𝐂𝐨𝐫𝐩𝐨𝐫𝐚𝐭𝐢𝐨𝐧 𝐚𝐧𝐝 𝐌𝐚𝐱𝐢𝐨𝐧 𝐖𝐡𝐞𝐞𝐥𝐬 are innovating with aluminum and magnesium-based wheels, which offer substantial weight reduction and fuel efficiency.

𝐒𝐮𝐬𝐭𝐚𝐢𝐧𝐚𝐛𝐢𝐥𝐢𝐭𝐲 𝐈𝐧𝐢𝐭𝐢𝐚𝐭𝐢𝐯𝐞𝐬 : The push for sustainability has led companies like 𝐑𝐢𝐦𝐞𝐱 𝐚𝐧𝐝 𝐁𝐨𝐫𝐛𝐞𝐭 to focus on producing eco-friendly wheels made from recycled materials and sustainable manufacturing processes.
Growth in Electric Vehicle (EV) Demand: As more automakers transition to electric vehicles, there is a growing demand for lightweight and durable wheels that enhance battery efficiency and overall vehicle performance. Companies like Carbon Revolution are developing cutting-edge carbon fiber wheels specifically designed for EVs.

𝐅𝐨𝐫 𝐦𝐨𝐫𝐞 𝐝𝐞𝐭𝐚𝐢𝐥𝐬 𝐚𝐧𝐝 𝐢𝐧𝐬𝐢𝐠𝐡𝐭𝐬, 𝐫𝐞𝐪𝐮𝐞𝐬𝐭 𝐚 𝐬𝐚𝐦𝐩𝐥𝐞 𝐫𝐞𝐩𝐨𝐫𝐭 𝐨𝐫 𝐢𝐧𝐪𝐮𝐢𝐫𝐞 𝐭𝐨𝐝𝐚𝐲 :https://www.maximizemarketresearch.com/request-sample/11013/

𝐃𝐢𝐬𝐜𝐨𝐯𝐞𝐫 𝐤𝐞𝐲 𝐬𝐞𝐠𝐦𝐞𝐧𝐭𝐬 𝐝𝐫𝐢𝐯𝐢𝐧𝐠 𝐭𝐡𝐞 𝐠𝐫𝐨𝐰𝐭𝐡 𝐨𝐟 𝐭𝐡𝐞 𝐀𝐮𝐭𝐨𝐦𝐨𝐭𝐢𝐯𝐞 𝐖𝐡𝐞𝐞𝐥 𝐌𝐚𝐫𝐤𝐞𝐭 :

𝐛𝐲 𝐏𝐫𝐨𝐜𝐞𝐝𝐮𝐫𝐞𝐬

Cardiovascular
Oncology
Central Nervous System
Skeletal
Endocrine
Gastrointestinal
Pulmonary

Over the course of the projected period, the alloy sector by material is anticipated to expand at a CAGR of 4.8%. Despite the fact that the weaker alloys used are usually not corrosion-resistant, alloy wheels are commonly purchased for aesthetic reasons (visible repairs). Adopting attractive bare-metal finishes-which need to be protected with paint or wheel covers-is made possible by alloys. Wheels in use may rust after three to five years, even if they are properly covered. However, refurbishing is now commonly available at a cost. If appropriate safeguards are not taken, galvanic corrosion on alloy wheels might result in tire air leaks. Additionally, alloy wheels are more difficult to repair than steel wheels when bent, however repairs are typically less expensive than replacements due to their higher cost.

𝐛𝐲 𝐓𝐲𝐩𝐞

Therapeutic
Alpha Emitters
Beta Emitters
Brachytherapy Isotopes
Diagnostic
PET Radiopharmaceuticals
SPECT Radiopharmaceuticals

Alloy wheels are occasionally offered as optional accessories or as a component of a more costly trim package rather than as standard equipment because they are more costly to construct than regular steel wheels. However, compared to ten years ago, when alloy wheels were often not factory options on low-cost vehicles, alloy wheels have become considerably more common and are now available on economy and subcompact cars. Higher-end luxury or sports cars have historically come with alloy wheels as standard, with larger or "special" alloy wheels being an optional feature. Automakers and dealers often add locking lug nuts or bolts that require a special key to remove because alloy wheels are pricey and hence attractive to thieves.

𝐛𝐲 𝐀𝐩𝐩𝐥𝐢𝐜𝐚𝐭𝐢𝐨𝐧

Cardiology
Oncology
Thyroid
Neurology
Others

𝐛𝐲 𝐄𝐧𝐝-𝐔𝐬𝐞𝐫

Research Institutes

Hospitals
Diagnostic Centers
Others

𝐄𝐱𝐩𝐥𝐨𝐫𝐞 𝐝𝐞𝐭𝐚𝐢𝐥𝐞𝐝 𝐝𝐚𝐭𝐚 𝐚𝐧𝐝 𝐢𝐧𝐬𝐢𝐠𝐡𝐭𝐬 𝐛𝐲 𝐯𝐢𝐞𝐰𝐢𝐧𝐠 𝐭𝐡𝐞 𝐬𝐚𝐦𝐩𝐥𝐞 : @https://www.maximizemarketresearch.com/market-report/automotive-wheel-market/11013/

𝐋𝐞𝐚𝐫𝐧 𝐚𝐛𝐨𝐮𝐭 𝐭𝐡𝐞 𝐭𝐨𝐩 𝐩𝐥𝐚𝐲𝐞𝐫𝐬 𝐝𝐫𝐢𝐯𝐢𝐧𝐠 𝐢𝐧𝐧𝐨𝐯𝐚𝐭𝐢𝐨𝐧 𝐢𝐧 𝐭𝐡𝐞 𝐀𝐮𝐭𝐨𝐦𝐨𝐭𝐢𝐯𝐞 𝐖𝐡𝐞𝐞𝐥 𝐌𝐚𝐫𝐤𝐞𝐭 :

1. Advanced Accelerator Applications S.A.
2. Iba Molecular
3. Nordion, Inc. (A Subsidiary of Sterigenics International LLC.)
4. Eczacibasi-Monrol Nuclear Products
5. Siemens Healthcare
6. Sigma Aldrich Corporation
7. Bracco Imaging S.P.A
8. Bayer AG
9. Jubilant Pharma
10.Nordien, Inc.
11.Lantheus Medical Imaging, Inc.
12.GE Healthcare (A Fully-Owned Subsidiary of General Electric Company)
13.Mallinckrodt PLC
14.Cardinal Health, Inc.
15.Medtronic Plc.
16.Norgine B. V.
17.Curium
18.Eckert & Ziegler
19.NTP Radioisotopes

𝐆𝐞𝐭 𝐚𝐧𝐬𝐰𝐞𝐫𝐬 𝐭𝐨 𝐜𝐫𝐢𝐭𝐢𝐜𝐚𝐥 𝐪𝐮𝐞𝐬𝐭𝐢𝐨𝐧𝐬 𝐬𝐡𝐚𝐩𝐢𝐧𝐠 𝐭𝐡𝐞 𝐀𝐮𝐭𝐨𝐦𝐨𝐭𝐢𝐯𝐞 𝐖𝐡𝐞𝐞𝐥 𝐌𝐚𝐫𝐤𝐞𝐭 :

What is Automotive Wheel ?
What is the growth rate of the Automotive Wheel Market?
Which are the factors expected to drive the Automotive Wheel market growth?
What is the CAGR at which the Automotive Wheel market will grow during the forecast period?
What are the different segments of the Automotive Wheel Market?
Which is the fastest growing region in the Automotive Wheel market?
What growth strategies are the players considering to increase their presence in Automotive Wheel ?
What are the upcoming opportunities and trends for the Automotive Wheel Market?
What are the recent industry trends that can be implemented to generate additional revenue streams for the Automotive Wheel Market?
Who are the leading companies and what are their portfolios in Automotive Wheel Market?
What segments are covered in the Automotive Wheel Market?
Who are the key players in the Automotive Wheel market?

𝐆𝐚𝐢𝐧 𝐚𝐜𝐜𝐞𝐬𝐬 𝐭𝐨 𝐯𝐚𝐥𝐮𝐚𝐛𝐥𝐞 𝐢𝐧𝐝𝐮𝐬𝐭𝐫𝐲 𝐢𝐧𝐬𝐢𝐠𝐡𝐭𝐬 𝐭𝐡𝐫𝐨𝐮𝐠𝐡 𝐭𝐡𝐞 𝐬𝐚𝐦𝐩𝐥𝐞 𝐥𝐢𝐧𝐤 @https://www.maximizemarketresearch.com/request-sample/11013/

𝐆𝐞𝐭 𝐚 𝐜𝐥𝐨𝐬𝐞𝐫 𝐥𝐨𝐨𝐤 𝐚𝐭 𝐭𝐡𝐞 𝐠𝐚𝐦𝐞-𝐜𝐡𝐚𝐧𝐠𝐢𝐧𝐠 𝐩𝐫𝐨𝐝𝐮𝐜𝐭𝐬 𝐝𝐫𝐢𝐯𝐢𝐧𝐠 𝐬𝐮𝐜𝐜𝐞𝐬𝐬.

Past Size and Competitive Landscape
• Past Pricing and price curve by region
• Size, Share, Size Forecast by different segment
• Dynamics Growth Drivers, Restraints, Opportunities, and Key Trends by Region
• Segmentation A detailed analysis by segment with their sub-segments and Region
• Competitive Landscape Profiles of selected key players by region from a strategic perspective

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𝐀𝐛𝐨𝐮𝐭 𝐔𝐬

Maximize Market Research is one of the fastest-growing market research and business consulting firms serving clients globally. Our revenue impact and focused growth-driven research initiatives make us a proud partner of majority of the Fortune 500 companies. We have a diversified portfolio and serve a variety of industries such as IT & telecom, chemical, food & beverage, aerospace & defense, healthcare and others.

𝐑𝐞𝐚𝐜𝐡 𝐎𝐮𝐭 𝐭𝐨 𝐌𝐚𝐱𝐢𝐦𝐢𝐳𝐞 𝐌𝐚𝐫𝐤𝐞𝐭 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐟𝐨𝐫 𝐈𝐧-𝐃𝐞𝐩𝐭𝐡 𝐀𝐧𝐚𝐥𝐲𝐬𝐢𝐬 𝐚𝐧𝐝 𝐌𝐚𝐫𝐤𝐞𝐭 𝐈𝐧𝐬𝐢𝐠𝐡𝐭𝐬 :

MAXIMIZE MARKET RESEARCH PVT. LTD.
3rd Floor, Navale IT park Phase 2,
Pune Banglore Highway, Narhe
Pune, Maharashtra 411041, India.
sales@maximizemarketresearch.com
www.maximizemarketresearch.com

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