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Major Growth Driver Identified in 2025 Automotive Wheel Market: Surging Vehicle Production Propels Growth In The Automotive Wheel Market
Automotive Wheel
How Large Will the Automotive Wheel Market Size By 2025?
The size of the automotive wheel market has significantly increased over the past few years. A growth from $39.76 billion in 2024 to $42.93 billion in 2025 is projected, exhibiting a compound annual growth rate (CAGR) of 8.0%. Factors such as the expansion of regional automotive markets, worldwide economic conditions, safety norms and assessments, regulatory standards, as well as consumer choices are responsible for this growth during the historical period.
How Big Is the Automotive Wheel Market Size Expected to Grow by 2029?
The market size of automotive wheels is anticipated to witness substantial growth in the years to come, reaching $57.69 billion by 2029 with a compound annual growth rate (CAGR) of 7.7%. This predicted growth during the forecast period can be credited to ongoing material advancements, the evolution of autonomous vehicles, emphasis on sustainability, the global expansion of car manufacturing, urbanization, and the demand for compact cars. Key trends encompassing the forecast time frame include superior manufacturing techniques, options for customization and personalization, the introduction of aerodynamic wheel designs, smart wheels with embedded sensors, and wheels made from carbon fiber composites.
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Which Key Market Drivers Powering Automotive Wheel Market Expansion and Growth?
The expansion of the automotive wheel market is predicted to be driven by the increasing production of vehicles. The wheel, being a critical car component, has a demand that directly mirrors the automotive industry. As the production of vehicles elevates annually, so does the need for automotive wheels. For instance, the International Trade Administration, a US government agency, reported in November 2023 that the automotive sector plays a crucial role in Mexico's economy, making up 3.6% of the country's Gross Domestic Product (GDP) and 18% of the manufacturing GDP. In 2022, the unit count in the market for electric vehicles (EVs) and hybrids was at a mere 51,065, marking an 8.5% rise 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%. Therefore, it is anticipated that the upsurge in vehicle production will spur the demand for automotive wheels in the projected period.
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Which Fast-Growing Trends Are Poised to Disrupt the Automotive Wheel Market?
The automotive wheels market is being transformed by tech advancements. Significant organizations in the automotive wheel sector are intent on creating cutting-edge technological solutions to enhance their industry standing. For example, in September 2022, Maxion Wheels, a leading steel and aluminum wheel manufacturer for a variety of vehicles based in Brazil, introduced the upcoming generation of lightweight steel truck wheels. Constructed for multipurpose use in the commercial vehicle industry, these wheels, especially the 22.5 x 11.75 size, have been engineered to drastically lower weight-by an estimated 4 kg in comparison to existing models-enabling an increased payload capacity of 40 kg or more. This weight reduction is vital for fleet managers, as lighter wheels result in better fuel efficiency and superior vehicle performance overall.
What Are the Emerging Segments in 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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Who Are the Global Leaders 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.
Which are the Top Profitable Regional Markets for the Automotive Wheel Industry?
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.
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