Press release
Automotive Wheel Rims Market Forecast 2025-2034: Analysing Major Trends, Opportunities, and Growth Drivers
Automotive Wheel Rims
The anticipated escalation in the manufacturing of vehicles is projected to steer the growth of the automotive wheel rim market. This surge in vehicle production can be attributed to increasing consumer demands, blossoming markets, and technological innovations propelling improvements in the automotive industry. Automotive wheel rims constitute a pivotal element providing a solid foundation to mount tires, ensuring a sealed airspace, delivering structural reinforcement, and aiding in weight distribution across the wheels, thereby augmenting stability and maneuverability. As an example, the International Organization of Automobile Manufacturers, a trade association based in France, recorded a significant growth in global motor vehicle output, soaring from 84.83 million in 2022 to 93.55 million in 2023. Consequently, the upward trend in vehicle production is fueling the growth of the automotive wheel rim market.
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What is the future CAGR of the automotive wheel rims market, and how will it impact industry expansion?
The market size for automotive wheel rims has witnessed a significant surge in recent years. It is projected to escalate from $41.87 billion in 2024 to $45.21 billion in 2025, at a compound annual growth rate (CAGR) of 8.0%. The historical growth has been fueled by an uptick in demand for alloy-based wheel rims, an increased preference for lightweight materials, a surge in the adoption of electric vehicles, an increase in the production of hybrid vehicles, and a drastic increase in global urbanization.
The market size for automotive wheel rims is predicted to experience robust growth in the coming years, reaching $60.75 billion by 2029, with a compound annual growth rate (CAGR) of 7.7%. The growth expected in this forecast period is due to a rise in vehicle production, an increased preference for diverse rim designs among luxury car owners, increased production in the automotive sector, higher disposable income levels, and the burgeoning popularity of electric and hybrid vehicles. Future trends for this period indicate advances in technology, innovative designs for rims, vehicle integration, adopting smart technologies, designing rims with aerodynamics in mind, and using lightweight materials.
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What are the most significant trends transforming the automotive wheel rims market today?
Leading businesses in the automotive wheel rims industry are crafting innovative products like aluminum alloy wheels in a bid to cater their customers' needs more effectively by incorporating advanced features. So, these wheels are essentially a blend of aluminum with other metals or elements to boost their utility in vehicles. One key advantage of these wheels is their lightness and durability over the traditional steel wheels, leading to perks like better vehicle handling, elevated fuel efficiency and improved aesthetic appeal. As an illustrative case, September 2023 saw Uno Minda Limited, an Indian company specializing in battery manufacturing, partner up with Japan's Kosei Aluminum Co., Ltd to roll out a new premium series of alloy wheels in India. The idea behind these alloy wheels is to offer enhanced vehicle handling and better fuel efficiency, making them perfect for Indian roads. Further, they are built to fulfill the aesthetic requirements of the automotive lovers, offering a variety of designs to satisfy a diverse range of preferences.
Which key market segments comprise the automotive wheel rims market and drive its revenue growth?
The automotive wheel rims market covered in this report is segmented -
1) By Product Type: Wire Spoke Wheel Rims, Steel Disc Wheel Rims, Light Alloy Wheel Rims, Aluminum Alloy Wheel Rims, Magnesium Alloy Wheel Rims, Titanium Alloy Wheel Rims, Chrome Wheel Rims, Teflon Wheel Rims
2) By Material Type: Alloy, Steel, Carbon Fiber
3) By Application: Two Wheelers, Cars, Heavy Vehicles, Buses, Other Applications
4) By End User: Original Equipment Manufacturer, Aftermarket
Subsegments:
1) By Wire Spoke Wheel Rims: Traditional Wire Spoke Rims For Classic Cars, Stainless Steel Wire Spoke Rims, Chrome Plated Wire Spoke Rims, Performance Wire Spoke Rims For Motorcycles, Lightweight Wire Spoke Rims For Custom Builds
2) By Steel Disc Wheel Rims: Single Piece Steel Disc Rims, Multi-Piece Steel Disc Rims, Powder-Coated Steel Disc Rims, Steel Disc Rims For Heavy-Duty Vehicles, Steel Disc Rims For Budget Cars
3) By Light Alloy Wheel Rims: Forged Light Alloy Rims, Cast Light Alloy Rims, Powder-Coated Light Alloy Wheels, Multi-Spoke Light Alloy Rims, Lightweight Alloy Wheels For Performance Cars
4) By Aluminum Alloy Wheel Rims: Cast Aluminum Alloy Wheels, Forged Aluminum Alloy Wheels, Polished And Painted Aluminum Alloy Rims, Lightweight Aluminum Alloy Rims For Electric Vehicles (Evs), High-Performance Aluminum Alloy Rims For Sports Cars
5) By Magnesium Alloy Wheel Rims: Forged Magnesium Alloy Wheels, Cast Magnesium Alloy Wheels, Lightweight Magnesium Alloy Rims For Racing Cars, Magnesium Alloy Rims For High-Performance Sports Cars, Magnesium Alloy Wheels For Luxury And High-End Vehicles
6) By Titanium Alloy Wheel Rims: Titanium Forged Wheel Rims, Lightweight Titanium Alloy Rims For Supercars, Custom Titanium Alloy Wheel Rims For Exotic Vehicles, High-Strength Titanium Alloy Wheels For Motorsport, Polished And Anodized Titanium Wheel Rims
7) By Chrome Wheel Rims: Chrome-Plated Steel Wheel Rims, Chrome-Plated Aluminum Wheel Rims, Custom Chrome Wheel Rims, Multi-Piece Chrome Rims For Luxury Vehicles, High-Gloss Chrome Wheel Rims For Aesthetic Appeal
8) By Teflon Wheel Rims: Teflon-Coated Wheel Rims For Corrosion Resistance, Non-Stick Teflon Wheel Rims For Easier Cleaning, Teflon-Coated Alloy Wheels, High-Durability Teflon Coatings For Off-Road Vehicles, Teflon-Coated Rims For Winter Or All-Weather Tires
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What regions are at the forefront of automotive wheel rims market expansion?
Asia-Pacific was the largest region in the automotive wheel rims market in 2023. The regions covered in the automotive wheel rims market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Who are the leading players fueling growth in the automotive wheel rims market?
Major companies operating in the automotive wheel rims market are 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
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What Is Covered In The Automotive Wheel Rims Global Market Report?
•Market Size Forecast: Examine the automotive wheel rims market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the automotive wheel rims market for a structured understanding.
•Key Players Overview: Analyze major players in the automotive wheel rims market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the automotive wheel rims market.
•Segment Contributions: Evaluate how different segments drive overall growth in the automotive wheel rims market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the automotive wheel rims market.
•Industry Challenges: Identify potential risks and obstacles affecting the automotive wheel rims market.
•Competitive Landscape: Review strategic developments in the automotive wheel rims market, including expansions, agreements, and new product launches.
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