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Emerging Trends Influencing The Growth Of The Automotive Wheel Market: Technological Advancements Reshape The Landscape Of The Automotive Wheels Market
Automotive Wheel
How Big Is the Automotive Wheel Market Size Expected to Be by 2034?
In the past few years, the automotive wheel market has seen significant growth. Projected growth from $39.76 billion in 2024 to $42.93 billion in 2025, represents a compound annual growth rate (CAGR) of 8.0%. The historic growth period of this market is due to a variety of factors including developments in regional automotive markets, global economic elements, safety testing and standards, regulatory norms, and shifting consumer preferences.
Predictions suggest a substantial expansion in the automotive wheel market size over the coming years. The market is projected to reach $57.69 billion by 2029, escalating at a compound annual growth rate (CAGR) of 7.7%. The formidable growth within the forecasted timeframe can be associated with ongoing advancements in material innovation, subsequent development in autonomous vehicles, considerations of sustainability, the worldwide spread of automotive production, urbanization, and the popularity of compact cars. The period is likely to see emerging trends such as advanced manufacturing methodologies, the provision of customization and personalization, aerodynamic wheel structures, smart and sensor-integrated wheels, and the introduction of wheels composed of carbon fiber composite.
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What Are the Emerging Segments Within the Automotive Wheel Market?
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
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What Long-Term Drivers Are Shaping Automotive Wheel Market Trends?
The automobile wheel market is anticipated to expand due to an increase in vehicle production. As an integral part of a vehicle, the wheel's demand is directly proportional to the auto industry. The escalating production of vehicles each year will inflate the need for automotive wheels. For example, in November 2023, the International Trade Administration, a U.S. governmental agency, stated that the automotive sector is pivotal to Mexico's economy, contributing 3.6% to the national GDP and 18% to the manufacturing GDP. In 2022, the electric vehicles (EVs) and hybrids market climbed to 51,065 units, marking an 8.5% growth from 2021. In this market, hybrid vehicles constituted 3.75% of the total EV market, trailed by electric vehicles at 0.51% and plug-in hybrids at 0.42%. As such, the surge in vehicle production is projected to fuel the need for automobile wheels during the projected period.
Who Are the Top Competitors in Key Automotive Wheel Market Segments?
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.
What Automotive Wheel Market Trends Are Gaining Traction Across Different Segments?
Technological advancements are redefining the automotive wheels market. Notable industry players are striving to create innovative solutions backed by technology for automotive wheels to consolidate their market presence. A case in point is Maxion Wheels, a leading manufacturer of steel and aluminum wheels for diverse vehicles based in Brazil, which in September 2022 unveiled the latest generation of lightweight steel truck wheels for commercial vehicle applications. Notably, the 22.5 x 11.75 size wheels are specially designed to considerably cut weight-around 4 kg less than conventional models-leading to a potential increase in payload capacity of more than 40 kg. This weight deduction is vital for fleet operators as it enhances fuel efficiency and boosts the overall performance of the vehicle.
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Which Regions Are Becoming Hubs for Automotive Wheel Market Innovation?
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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Automotive Wheel Market?
2. What is the CAGR expected in the Automotive Wheel Market?
3. What Are the Key Innovations Transforming the Automotive Wheel Industry?
4. Which Region Is Leading the Automotive Wheel Market?
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