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Surging Vehicle Production Propels Growth In The Automotive Wheel Market: Pivotal Factor Influencing Automotive Wheel Market Growth in 2025
Automotive Wheel
Automotive Wheel Market Size Growth Forecast: What to Expect by 2025?
In the past few years, the automotive wheel market has seen robust growth. It's projected to expand from $39.76 billion in 2024 to $42.64 billion in 2025, indicating a compound annual growth rate (CAGR) of 7.3%. This upward trend during the historic period can be traced back to various factors such as the rise in regional automotive markets, worldwide economic influencers, safety standards and examinations, regulatory norms, and consumer tastes.
How Will the Automotive Wheel Market Size Evolve and Grow by 2029?
The projected size of the automotive wheel market is anticipated to experience substantial growth in the coming years. It is projected to escalate to a staggering $57.03 billion by 2029, recording a compound annual growth rate (CAGR) of 7.5%. The expected growth during the forecasted period can be ascribed to ongoing advancements in materials, development of autonomous vehicles, focus on sustainability, globalization of automotive production, urban growth, and popularity of compact cars. Over the forecast period, primary trends are likely to be cutting-edge manufacturing technologies, opportunities for customization and personalization, aerodynamic wheel models, wheels embedded with intelligent sensors, and wheels made from carbon fiber composite.
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What Drivers Are Propelling the Growth of Automotive Wheel Market Forward?
The anticipated increase in vehicle production is expected to spur the growth of the vehicle wheel industry. The wheel, being a crucial car component, has a direct correlation to the auto industry, and its demand will most likely increase as more vehicles are produced year by year. For example, the International Trade Administration, a US government agency, reported in November 2023 that the automobile sector in Mexico is one of the most crucial, contributing 3.6% to the nation's Gross Domestic Product (GDP) and 18% to the manufacturing GDP. The market for electric vehicles (EVs) and hybrids only hit 51,065 units in 2022, showing an 8.5% growth from 2021. In this market, hybrid vehicles accounted for 3.75% of the total EV market, trailed by electric vehicles at 0.51% and plug-in hybrids at 0.42%. Therefore, the surge in vehicle production is projected to stoke the demand for automotive wheels during the forecast period.
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Which Emerging Trends Are Transforming the Automotive Wheel Market in 2025?
Technological advancements are redefining the landscape of the automotive wheels market. Key players in the automotive wheel sector are pivoting towards the creation of technologically enhanced solutions to solidify their industry standing. For instance, Maxion Wheels, a premier manufacturer of steel and aluminium wheels based in Brazil, unveiled a new generation of lightweight steel truck wheels in September 2022. The wheels, particularly useful in the commercial vehicle industry, were designed for versatile applications. Notably, the 22.5 x 11.75 size model offers significant weight reduction-around 4 kg less than the current models. This enables increased payload capacity of 40 kg or more. This weight decrease is vital for fleet managers, as such enhancements in lighter wheels improve fuel efficiency and the overall performance of the vehicle.
What Are the Key Segments in the Automotive Wheel Market?
The automotive wheelmarket 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, Aftermarket
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 Key Players Shaping the Automotive Wheel Market's Competitive Landscape?
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 Geographic Markets Are Powering Growth in the Automotive Wheel Market?
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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