Press release
Automotive Wheel Aftermarket Market is Anticipated to Expand upto $6.17 Billion in 2029
Automotive Wheel Aftermarket
What Is the Forecasted Market Growth Rate of the Automotive Wheel Aftermarket Industry?
In recent times, there has seen continuous growth in the market size of automotive wheel aftermarket. The market is projected to expand from a worth of $4.96 billion in 2024 reaching to $5.08 billion in 2025, with a compound annual growth rate (CAGR) of 2.5%. The growth witnessed during the historic period can be accredited to sustainability initiatives, the trend towards weight reduction, evolution in retail, expansion of niche markets, and the rising popularity of plus-sizing.
How Will the Automotive Wheel Aftermarket Market Size Evolve From 2025 to 2029?
Expectations are that the automotive wheel aftermarket market will experience a consistent expansion in the upcoming years. The projections show that it will reach a value of $6.17 billion in 2029, with a compound annual growth rate (CAGR) of 5.0%. The anticipated growth within the forecast period can be linked to an uprise in vehicle sales, a transition towards more lightweight materials, an increasing inclination for larger wheels and the expansive growth of e-commerce and online retail. Key emerging trends for the forecast period include customization and personalization, development in material technologies, aesthetic and stylistic choices, and an increase in plus-sizing wheels.
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What Are the Main Growth Drivers in the Automotive Wheel Aftermarket Market Today?
The automotive wheel aftermarket is projected to grow, driven by the increasing sales of passenger cars. Cars, which are four-wheeled vehicles employed for transportation, often require aftermarket wheels. These wheels, which suit a broad spectrum of vehicles, are cost-effective and highly sought after. They are frequently used as replacements in cars. A report issued by the World Resources Institute, a US-based entity, in September 2023 demonstrates this trend. The report highlighted that 10% of passenger cars sold globally in 2022 were fully electric - a tenfold increase from five years prior. In accordance with international climate objectives to keep global warming within 1.5 degrees Celsius (2.7 degrees Fahrenheit) and lessen the negative impacts of climate change, 75% to 95% of passenger car sales must be for electric vehicles (EVs) by 2030. As such, the rise in passenger car sales is fueling the expansion of the automotive wheel aftermarket.
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Which Automotive Wheel Aftermarket Market Segment Is Expected to Lead Through 2029?
The automotive wheel after market market covered in this report is segmented -
1) By After market Type: New Wheel Replacement, Refurbished Wheel Fitment
2) By Material Type: Alloy, Steel, Other Materials
3) By Coating Type: Liquid Coating, Powdered Coating
4) By Vehicle: Passenger Cars, Lightweight Commercial Vehicles, Heavy Trucks, Buses And Coaches, Trailers
5) By Distribution Channel: Retail, Wholesalers And Distributors
Subsegments:
1) By New Wheel Replacement: Alloy Wheels, Steel Wheels, Specialty Wheels
2) By Refurbished Wheel Fitment: Remanufactured Wheels, Refinished Wheels, Customized Refurbished Wheels
Which Market Trends Are Expected to Dominate Automotive Wheel Aftermarket Industry Growth?
The primary trend emerging in the automotive wheel aftermarket is the advent of new product innovations. A significant focus for major firms in the automotive aftermarket field is the development and introduction of cutting-edge products to expand their market presence. For example, in February 2022, MacLean-Fogg Component Solutions (MFCS), a company that specializes in engineered metal and plastic components, unveiled its Threadstrong range of aftermarket wheel fasteners. This range, designed for a wide array of automotive uses, primarily aims to augment safety and performance in wheel assemblies. Positioning themselves as quality substitutes for original equipment manufacturer (OEM) fasteners, Threadstrong fasteners cater to the market's demand for reliable aftermarket alternatives. Built to adhere to stringent safety standards, these fasteners are ideal for high-performance vehicles that require exceptional durability and dependability. Constructed with stainless steel and other materials resistant to corrosion, they can endure harsh environmental circumstances, including extreme temperature fluctuations and exposure to road salts and chemicals.
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Which Companies Hold the Largest Market Share in the Automotive Wheel Aftermarket Sector?
Major companies operating in the automotive wheel aftermarket market include Konig Wheels, Enkei Corporation, Superior Industries Inc., Ronal AG, Maxion Wheels LLC, BBS Kraftfahrzeugtechnik AG, OE Creations Wheels LLC, MSW Wheels OZ SpA, TSW Alloy Wheels, American Racing Equipment Inc., Method Race Wheels, Fuel Off-Road Wheels, Lexani Wheel Corp., KMC Wheels, Rotiform Wheels, Ultra Wheel Company Inc., Beyern Wheels Company, Black Rhino Wheels, Asanti Wheels, Moto Metal Wheels, Niche Wheels, Lenso Wheels Store, Cali Off-Road Wheels, Giovanna Wheels, Philippine Aluminum Wheels Inc., Foose Wheels, AEZ Leichtmetallräder GmbH, Anhui Xingda Auto Parts Technology Co. Ltd., XD Wheels, Anovia Wheels LLC, Braelin Wheels, DUB Wheels, Helo Wheels, Ruff Wheels
Where Is the Automotive Wheel Aftermarket Market Experiencing the Highest Growth?
North America was the largest region in the automotive wheel aftermarket in 2024. The regions covered in the automotive wheel aftermarket report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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