Press release
Automotive Wheel Rims Market Anticipated To Witness Robust Growth, Surpassing $60.75 Billion By 2029
Automotive Wheel Rims
What Is the Current Automotive Wheel Rims Market Size and Its Estimated Growth Rate?
The automotive wheel rims market has shown strong growth in recent years. It will expand from $41.87 billion in 2024 to $45.21 billion in 2025, at a CAGR of 8.0%. This growth is driven by increased demand for alloy-based wheel rims, a shift toward lightweight materials, the rise in electric vehicle adoption, higher hybrid vehicle production, and the growth of urbanization globally.
The automotive wheel rims market is expected to grow significantly, reaching $60.75 billion by 2029 at a CAGR of 7.7%. Growth is attributed to the rising production of vehicles, the preference for luxury car rims, and the popularity of electric and hybrid vehicles. Trends include innovations in rim designs, the integration of smart technologies, and the use of lightweight materials.
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How Are Emerging Segments Shaping the Automotive Wheel Rims Market Landscape?
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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Which Growth Factors Are Influencing Automotive Wheel Rims Market Expansion?
The rise in vehicle production is expected to drive the growth of the automotive wheel rim market. Vehicle production is increasing due to higher consumer demand, expanding markets, and technological advancements in automotive innovation. Automotive wheel rims are vital components that provide a stable base for tires, ensure a proper seal, offer structural support, and help distribute the vehicle's weight, which enhances stability and handling. In 2023, the International Organization of Automobile Manufacturers reported that global motor vehicle production grew from 84.83 million units in 2022 to 93.55 million in 2023. As a result, the rising production of vehicles is propelling the automotive wheel rim market.
Who Are the Dominant Players Across Different Automotive Wheel Rims Market Segments?
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
What Trends Are Driving Growth in The Automotive Wheel Rims Market?
Companies in the automotive wheel rims market are developing aluminum alloy wheels to improve vehicle performance. In September 2023, Uno Minda Limited, an India-based company, partnered with Kosei Aluminum Co., Ltd., a Japanese company, to launch a premium range of alloy wheels in India. These wheels provide enhanced handling, fuel efficiency, and aesthetic appeal, catering to various preferences in the automotive enthusiast community.
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Which Geographic Regions Are Expected to Dominate the Automotive Wheel Rims Market in the Coming Years?
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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Automotive Wheel Rims Market?
2. What is the CAGR expected in the Automotive Wheel Rims Market?
3. What Are the Key Innovations Transforming the Automotive Wheel Rims Industry?
4. Which Region Is Leading the Automotive Wheel Rims Market?
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