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Thriving Automotive Wheel Market: Future Trends, Significant Growth, and Key Players
Automotive Wheel Market
Poised for significant growth, the global automotive wheel market is expected to rise from $39.76 billion in 2024 to an impressive $57.69 billion in 2029. New trends, burgeoning sectors, and key market players contribute to this market's robust momentum.
What Is The Projected Market Size Of The Global Automotive Wheel Market And Its Growth Rate?
• The automotive wheel market is projected to grow from $39.76 billion in 2024 to $42.93 billion in 2025, marking a compound annual growth rate (CAGR) of 8.0%.
• This growth can be attributed to factors such as regional automotive market expansion, global economic influences, elevated safety standards and testing, regulatory standards application, and consumer preferences.
• Looking ahead, the automotive wheel market is expected to accelerate strongly, reaching $57.69 billion in 2029 at a CAGR of 7.7%.
• The forecast period growth will be driven by material innovations, autonomous vehicle development, sustainability considerations, automotive manufacturing globalization, urbanization, and a shift toward compact cars.
What Is Driving The Growth In The Automotive Wheel Market?
The growth of the automotive wheel market is largely propelled by the increasing production of vehicles. As a key component of a vehicle, demand for the automotive wheel is closely tied to the dynamics of the automotive industry. Growing vehicle production will inevitably drive demand for automotive wheels. For example, the automotive sector was reported by the International Trade Administration, a US-based government agency, to be a pivotal industry in Mexico's economy, accounting for 3.6% of the nation's Gross Domestic Product and 18% of the manufacturing GDP in November 2023. The market for electric vehicles (EVs) and hybrids reached 51,065 units in 2022, an 8.5% growth compared to 2021. This rising vehicle production is slated to augment the demand for automotive wheels in the forecast period.
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Who Are the Key Players Driving Automotive Wheel Market Growth?
• Continental AG
• Aisin Seiki Co. Ltd.
• Michelin Group
• 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.
• 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.
What Are The Key Trends In The Automotive Wheel Market?
• Advanced manufacturing technologies
• Customization and personalization options
• Aerodynamic wheel designs
• Intelligent and sensor-embedded wheels
• Carbon fiber composite wheels
What Are The Segments Of The Global Automotive Wheel Market?
• By Material: Steel, Alloy, Carbon Fiber, Other Materials
• By Vehicle Class: Economy, Mid-Priced, Luxury-Priced
• By Vehicle Type: Passenger Vehicle, Light Commercial Vehicle, Heavy Commercial Vehicle
• By Rim Size: 13""-15"", 16""-18"", 19""-21"", Above 21""
• By End-Use: OE, After market
Which Region Leads The Automotive Wheel Market?
Asia-Pacific was the largest region in the automotive wheel market in 2024, with the report also covering other regions such as Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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What Is Covered In The Automotive Wheel Market Global Market Report?
• Market Size Analysis: Analyze the Automotive Wheel Market size by key regions, countries, product types, and applications.
• Market Segmentation Analysis: Identify various subsegments within the Automotive Wheel Market for effective categorization.
• Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
• Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
• Market Contribution: Evaluate contributions of different segments to the overall Automotive Wheel Market growth.
• Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
• Industry Challenges: Analyze challenges and risks affecting the Automotive Wheel Market.
• Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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