Key Influencer in the Automotive Wheel Market 2025: Surging Vehicle Production Propels Growth In The Automotive Wheel Market Driver

"How Are the key drivers contributing to the expansion of the automotive wheel market?
The escalation in automobile manufacturing is projected to boost the automotive wheel market growth. The wheel is an integral part of a vehicle and its demand is directly proportional to the automotive industry. The yearly growth in vehicle production is projected to raise the demand for automotive wheels. For instance, as per the International Trade Administration, a US government agency, in November 2023, the automotive industry is one of the most important sectors in Mexico, contributing 3.6% to the national GDP and 18% to the manufacturing GDP. In 2022, the electric vehicles (EVs) and hybrid market only amounted to 51,065 units, showing an 8.5% increase from 2021. In this market, hybrid vehicles constituted 3.75% of the total EV market, trailed by electric vehicles with 0.51% and plug-in hybrids with 0.42%. Consequently, the surge in vehicle production is projected to increase the demand for automotive wheels during the forecast period.

Get Your Automotive Wheel Market Report Here:
https://www.thebusinessresearchcompany.com/report/automotive-wheel-aftermarket-global-market-report

What growth opportunities are expected to drive the automotive wheel market's CAGR through 2034?
In recent years, the automotive wheel market has witnessed robust growth. The market size, which is currently at $39.76 billion in 2024, is expected to expand to $42.93 billion in 2025 with a compound annual growth rate (CAGR) of 8.0%. The phenomenal growth experienced in the historic period is credited to factors like the expansion of regional automotive markets, international economic dynamics, adherence to safety standards and testing protocols, regulatory norms, and shifting consumer preferences.

Anticipated to experience robust expansion in the upcoming years, the automotive wheel market is set to reach $57.69 billion by 2029, having a compound annual growth rate (CAGR) of 7.7%. Factors contributing to this growth in the forecasted period include continuous improvements in material science, advancements in autonomous vehicles, sustainability efforts, global expansion of automotive production, urbanization, and the rise in compact cars. The forecast period is also expected to see major trends such as the adoption of cutting-edge manufacturing technologies, options for customization and personalization, aerodynamic wheel designs, the incorporation of intelligent and sensor-embedded wheels, and the use of carbon fiber composite wheels.

Get Your Free Sample Now - Explore Exclusive Market Insights:
https://www.thebusinessresearchcompany.com/sample.aspx?id=7251&type=smp

What are the emerging trends shaping the future of the automotive wheel market?
Technological progression is currently influencing the automotive wheels industry. Prominent companies within this sector are channelizing efforts towards creating technologically sophisticated wheel solutions to solidify their market standing. In an illustration of this, Maxion Wheels from Brazil, a major manufacturing entity of steel and aluminum wheels for a range of vehicles, introduced its subsequent generation of lightweight steel wheels for trucks in September 2022. These wheels are intended for an array of applications in the commercial vehicle industry. They have specifically crafted the 22.5 x 11.75 sized wheels to substantially lower their weight-down by roughly 4 kg in comparison to previous models, thereby supporting an augmentation in payload capacity that may exceed 40 kg. Such a weight reduction is instrumental for fleet administrators, as it leads to an enhancement in fuel economy and the overall efficiency of the vehicle.

Which growth-oriented segments of the automotive wheel market are leading the industry's development?
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, After market

Subsegments:
1) By Steel: Standard Steel Wheels, Spoke Steel Wheels, Steel Rims
2) By Alloy: Cast Alloy Wheels, Forged Alloy Wheels, Multi-piece Alloy Wheels
3) By Carbon Fiber: Single-piece Carbon Fiber Wheels, Multi-piece Carbon Fiber Wheels
4) By Other Materials: Magnesium Wheels, Composite Wheels, Specialty Materials

Unlock Exclusive Market Insights - Purchase Your Research Report Now!
https://www.thebusinessresearchcompany.com/purchaseoptions.aspx?id=7251

What regions are leading the charge in the automotive wheel market?
Asia-Pacific was the largest region in the automotive wheel market in 2024. The regions covered in the automotive wheel market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

What companies are at the forefront of innovation in the automotive wheel market?
Major companies operating in the automotive wheel market include 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.

Customize Your Report - Get Tailored Market Insights!
https://www.thebusinessresearchcompany.com/sample.aspx?id=7251&type=smp

What Is Covered In The Automotive Wheel Global Market Report?

• Market Size Forecast: Examine the automotive wheel market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the automotive wheel market for a structured understanding.
• Key Players Overview: Analyze major players in the automotive wheel market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the automotive wheel market.
• Segment Contributions: Evaluate how different segments drive overall growth in the automotive wheel market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the automotive wheel market.
• Industry Challenges: Identify potential risks and obstacles affecting the automotive wheel market.
• Competitive Landscape: Review strategic developments in the automotive wheel market, including expansions, agreements, and new product launches.

Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info

Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ"

Learn More About The Business Research Company
The Business Research Company provides in-depth research and insights through a vast collection of 15,000+ reports spanning 27 industries and over 60 geographies. Backed by 1,500,000 datasets, extensive secondary research, and expert insights from industry leaders, we equip you with the knowledge needed to stay ahead in the market.

Our flagship offering, the Global Market Model, is a leading market intelligence platform that delivers comprehensive and up-to-date forecasts to support strategic decision-making.

This release was published on openPR.