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Automotive Wheels Market 2023 Growth Analysis, Key Stakeholders, Regional Outlook, End-User Applicants by 2031

The Global Automotive Wheels Market report, published by Report Ocean, presents a comprehensive analysis of the product’s/service industry, examining both historical patterns and future prospects from 2023 to 2031. This report serves as a valuable reference for businesses seeking to formulate effective strategies for the coming years, offering insights into the performance of organizations and the overall market in the previous year.

Global Automotive Wheels Market to Reach Worth USD 46,173 Million by 2028

The growth of the automotive wheels market can be primarily attributed to the rising demand for automotive and emergence as well as adoption of new technologies in wheel manufacturing. Moreover, an increment in the demand for electric vehicles due to stringent pollution standards coupled with rising popularity of electric vehicles throughout the world is also expected to propel the growth rate of the global automotive wheel market

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A recent study by the strategic consulting and market research firm Report Ocean revealed that the Global Automotive Wheels Market was worth USD 28,763 million in 2021 and is projected to reach USD 46,173 million by the year 2028, growing at a CAGR of 7.2% during the period of 2022-2028. This can be attributed to the rising demand for automotive and the emergence and adoption of new technologies in wheel manufacturing.

Moreover, an increment in the demand for electric vehicles due to stringent pollution standards coupled with the rising popularity of electric vehicles throughout the world is also expected to propel the growth rate of the global automotive wheel market. These factors are driving the growth of the global automotive wheels market during the forecast period 2022-2028.

Rising Demand for Automotives coupled with Emergence and Adoption of New Technologies in Wheel Manufacturing to Bolster Market Growth

The Consumer demand for vehicles has been surging due to factors like increased urbanization and population growth rise in disposable income of middle-class people. This demand, in turn, aggravates the need for automotive wheels. Moreover, the market players are coming up with enhanced technologies in wheel manufacturing, such as the deployment of lightweight materials such as carbon fibers for manufacturing advanced wheels.

Many top automakers, such as BMW and Mercedes, are considering or have already begun to scale up their production of fuel-efficient vehicles by employing carbon fibers to reduce weight. For instance, Mitsubishi Chemical Holdings announced the acquisition of a carbon fiber plant in the United States, SGL Carbon Fibers LLC (SCF), through its subsidiary Mitsubishi Rayon’s US branch. These factors are expected to drive the growth of the automotive wheels market during the forecast period.

OEM (Original Equipment Manufacturer) Segment to Grow at a Higher Growth Rate During Forecast Period

The global automotive wheels market is segmented into OEM and aftermarket based on end-user. During the projected period, the global market for the OEM segment is expected to be the larger market, and the aftermarket is predicted to open new market opportunities during the forecast period.

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Wheels are made to last as long as the vehicle. As a result, compared to the OEM market, aftermarket demand for the wheel is modest. Many market participants are investing substantially to expand their reach to offer their products to OEMs and establish their manufacturing units near OEM facilities to understand OEM requirements and the regional market better. As a result, they are establishing new manufacturing facilities in the area. For instance: In October 2020, Wheels India Ltd, with an investment of USD 24 million (INR 177 crore), opened a new cast aluminum wheel manufacturing in October 2020.

Impact of COVID-19 on Global Automotive Wheels Market

As a result of the COVID-19 pandemic, the world witnessed one of the worst recessions since WW2. The emergence of the COVID-19 pandemic has brutally impacted the global automotive wheels market. The COVID-19 pandemic significantly influenced every aspect of global vehicle production from sales, raw material availability, and even the export of vehicles in 2020. COVID-19 destabilized the supply networks, from raw material pricing to currency instability. With raw materials becoming more difficult to obtain, commodity price volatility affected the cost of manufacturing, and, as a result, the profitability of the players was also got involved. All this led to an overall decline in the growth of the global automotive wheels market. Nevertheless, with the improving market circumstances in the post covid era, the growth of the Automotive Wheels market is likely to recover during the forecast period.

Market Overview
Market Size & Forecast by Value, 2018-2028
By Value (USD Million)
By Volume (Million Units)
Market Share & Forecast

By Material
Carbon Fiber
Steel
Alloy
Others

By Vehicle Type
Off-Road (Construction and Mining Equipment, Agriculture Tractors etc.)
On-Road (Passenger and Commercial Vehicle)

By End-User
OEM (Original Equipment Manufacturer)
Aftermarket

By Region
North America
Europe
The Asia Pacific
Latin America
The Middle East and Africa

Asia-Pacific Region to Grow at Highest CAGR in the Global Automotive Wheels Market

In terms of regional analysis, the global automotive wheels market has been classified into North America, Europe, the Asia-Pacific, Latin America and the Middle East and Africa. Amidst the segmentation, the Asia-Pacific region is expected to be the largest growing market in the region during the forecast period. This can be attributed to the rising demand for automobiles due to surging urbanization and growing personal disposable incomes. Moreover, the existence of key automobile OEMs, including Mazda, Honda, Suzuki, Ford, Renault Nissan, Hyundai Kia, Toyota, General Motors, and VW Group, will offer attractive market growth opportunities. Furthermore, the rising demand for enhanced fuel economy in automobiles across the region is also expected to unleash technological innovations in the automotive sector, thus bolstering the growth of the automotive wheels market during the forecast period.

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Competitive Landscape

The global automotive wheels market is quite fragmented. The key players operating in the global automotive wheels market are Hitachi Metals, Steel Strips Wheels, American Eagle Wheels, Arconic, CLN Group, Topy IndustriesSensus, BBS Alloy Wheel, BORBET GmbH., CITIC Dicastal Wheel Manufacturing Co., Thyssenkrupp, MAXION Wheels, Foshan Nanhai, Zhongnan Aluminum Wheel Co., Ltd, MHT Luxury Wheels., TSW Wheels and other prominent players. The players maintain their dominance in the market by enhancing their production capabilities, research and development activities, and launching improved products for the customers. Different strategies are adopted, like engaging in strategic alliances, agreements, mergers, and collaborations.

Dont miss the business opportunity of the global automotive wheels market. Consult our analysts to gain crucial insights and facilitate your business growth.

The report’s in-depth analysis provides information about growth potential, upcoming trends, and the global Automotive Wheels market statistics. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the global automotive wheels market along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the market’s growth drivers, challenges, and competitive dynamics.

Some of the Key Questions Answered in this Report:

What are the key market trends and market dynamics?

Who are the major players in the market and what is their market share?

What is the competitive landscape like in the market?

What are the major drivers and restraints affecting the market?

What are the growth opportunities in the market?

What are the regional and local market conditions and consumer behavior?

What is the market size and growth forecast for different regions and countries?

What is the impact of government regulations and policies on the market?

Reasons to Buy:

Informed decision-making: Market research reports provide valuable insights into industry trends, customer behavior, and competitor analysis. This information can help businesses make informed decisions about product development, pricing, and marketing strategies.

Competitive advantage: By identifying market gaps and opportunities, market research reports can provide a competitive advantage that can help businesses differentiate themselves from their competitors and gain a larger share of the market.

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Saves time and money: Conducting market research can be time-consuming and expensive. By purchasing a market research report, businesses can save time and money by accessing a comprehensive and detailed analysis of the market.

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