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Automotive Wheel Rims Market to Record 6.9% CAGR Growth Through 2029 | Global Analysis Report
Automotive Wheel Rims
Automotive Wheel Rims Market Outlook: How is the Market Expected to Grow by 2025?
The market size for automotive wheel rims has seen significant growth recently. A jump from $41.87 billion in 2024 to $44.63 billion in 2025 is projected, marking a 6.6% Compound Annual Growth Rate (CAGR). This growth in the historical period is due to factors such as the booming demand for alloy-based wheel rims, increased desire for lightweight materials, growth in the use of electric vehicles, increase in the production of hybrid vehicles, and the global urbanization surge.
Automotive Wheel Rims Market Forecast: What Size Will It Reach By 2029?
In the coming years, robust expansion is projected for the automotive wheel rims market, expanding to $58.2 billion by 2029, with a compound annual growth rate (CAGR) of 6.9%. The anticipated growth during this period is driven by factors such as increasing vehicle production, luxury car owners' growing affinity for rims with diverse designs, elevated automotive manufacturing, uptick in disposable income, and the rising allure of electric and hybrid vehicles. Key trends in the determined period are set to encompass technological breakthroughs, innovative rim designs, vehicle integration, smart technologies fusion, aerodynamic designs, and weight reduction materials.
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Which Key Market Drivers Will Shape Automotive Wheel Rims Industry Trends in 2025-2029?
The booming vehicle production is predicted to boost the development of the automotive wheel rim market in the future. The surge in vehicle manufacturing is on the rise as a result of heightened consumer demand, growing markets, and technological advancements that stimulate innovation in the automotive sector. As critical components, automotive wheel rims facilitate a firm base for fastening tires, secure an airtight seal, deliver structural support, and aid in dividing the car's weight uniformly over the wheels, thus improving stability and maneuverability. For example, in 2023, the International Organization of Automobile Manufacturers, a trade organization headquartered in France, reported that worldwide motor vehicle production jumped from 84.83 million in 2022 to 93.55 million in 2023. Hence, the escalating production of vehicles is spurring the expansion of the automotive wheel rim market.
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What Are the High-Growth Segments in the Automotive Wheel Rims Market?
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, After market
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
Which Global Trends Are Driving Automotive Wheel Rims Market Expansion?
Major firms engaged in the automotive wheel rims market are concentrating on the creation of innovative goods, such as aluminum alloy wheels, to provide customers with superior features. These wheels, produced using a mix of aluminum and other metals or elements, are designed to boost their suitability for vehicle use. In comparison to traditional steel wheels, these are more enduring and weigh less, offering advantages like enhanced fuel efficiency, handling, and visual appeal. For instance, in September 2023, Uno Minda Limited, an Indian battery production firm, teamed up with Kosei Aluminum Co., Ltd, a manufacturer of aluminum wheels based in Japan, to unveil a new high-quality range of alloy wheels in India. These alloy wheels are designed to improve vehicle handling and fuel efficiency, guaranteeing maximum performance on Indian roads. They also focus on aesthetics, providing a plethora of designs that appeal to the varied tastes of automotive enthusiasts.
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Who Are the Fastest-Growing Companies in the Automotive Wheel Rims Industry?
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 Is the Regional Outlook for the Automotive Wheel Rims Market by 2029?
Asia-Pacific was the largest region in the automotive wheel rims market in 2024. The regions covered in the automotive wheel rims market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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