Automotive Wheel Market Snapshot
|Study Period:||2018 - 2026|
|Fastest Growing Market:||Asia Pacific|
|Largest Market:||Asia Pacific|
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The global automotive wheel rims market size was USD 19.18 billion in 2020, and it is projected to reach USD 33.33 billion by 2026, exhibiting a CAGR of 8.2% during the forecast period.
The global COVID-19 pandemic economies were negatively affected worldwide, and all the industries felt the impact, but the automotive industry was particularly negatively impacted. Challenges that emerged from the worldwide lockdown are immense and impossible in many areas. The automotive industry has faced many supply chain disruptions owing to lockdowns. As the situation is coming back to normalcy, it is expected that the market will recover and grow positively during the forecast period.
The major driver of the automotive wheels market is the sales of passenger cars. Due to COVID-19, the automotive wheel market has seen a decline in sales. It is expected to get back on the growth track in the post-pandemic period.
Alloy wheels are becoming popular due to their aesthetic appeal. They are lightweight and dissipate heat from tires and brakes more effectively as compared to steel wheels. Moreover, an increase in capital investment and R&D spending by OEMs, particularly on passenger cars, boosts the market growth.
Scope of the Report
The automotive wheel market covers the latest trends and technological development. It provides an analysis of the market demand on various segments like vehicle type, material type, and end-market type. Regional and country-level analysis and the market share of major automotive wheel suppliers worldwide will be covered in the scope of the report.
Based on vehicle type, the market is segmented into passenger cars and commercial vehicles. By material type, the market is segmented into steel, alloy, and carbon fiber. By end market type, the market is segmented into OEM and aftermarket. By geography, the market is divided into North America, Europe, Asia-Pacific, and the Rest of the World.
|End Market Typre|
Key Market Trends
Passenger Car Captures Major Market Share
Among vehicle types, the passenger car segment is expected to dominate the market, owing to the increase in passenger car sales and production during the forecast period. The majority of premium vehicles and mid-sized luxury vehicles are equipped with alloy wheels to improve the visual appearance and comfort of the vehicle owner. The demand for premium and luxury vehicles is increasing in developing economies like China and India because of the increased spending power of people living in the regions.
Many players in the market are spending heavily to increase their reach to supply their products to OEMs and locate their manufacturing units near the OEM facilities to understand the OEM requirement and the regional market better. Hence they are also setting up new manufacturing facilities in the region. For instance:
- In October 2020, Wheels India Ltd commissioned a new cast aluminum wheel plant with an investment of INR 177 crore. The facility, located at Thervoy Kandigai, Tamil Nadu, will have an annual production capacity of 7.5 lakh wheels.
- In March 2020, the Chinese wheel manufacturer, Zhejiang Jinfei Kaida, invested CNY 600 million in a new aluminum wheel project with intelligent manufacturing technology and set up a new plant in Jinhua economic development zone.
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Asia Pacific Remains the Market Leader
Asia-Pacific is expected to dominate the automotive wheels market during the forecast period. This growth is mainly attributed to China and India. With almost 60% of vehicles of the world in the region, during the forecast period, the demand for automobiles in the region will be the highest globally, owing to the highest population percentage in the world, with two densely populated nations China and India. The income level of the people in this region is also growing at a very rapid pace. The region accounts for a large share of mid-income level people and is concerned with the fuel economy of vehicles. With the reduction in the overall weight of the vehicle, the fuel economy is expected to grow. With the demand for automobiles, the wheels market is also expected to boost during the forecast period.
China, being the largest automotive market globally, is also expected to play a crucial role in pushing the market forward, primarily due to the workforce and manufacturing capabilities of the country and the manufacturing-friendly governmental laws.
The automotive wheel market in India is growing steadily, and the growth is expected to accelerate in the coming years. In India, the growth rate of alloy wheels is more than the growth in the automotive wheel market average. Passenger cars have been growing at a rate of approximately 9% per annum. The growth rate of alloy wheels has been more than 15%, and it is expected to grow at 20% in the coming years. India manufactures alloy wheels of sizes ranging from 12 to 18 inches. However, the largest share goes to 14 to 16 inches alloy wheels, which cover approximately 70% of the market, as the components sector is strong enough to cash in on India’s cost-effectiveness, profitability, and globally recognized engineering capabilities.
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The Automotive Wheels market is fragmented, with several players accounting for significant shares in the market. Some prominent companies in the automotive wheels market are Thyssenkrupp, Superior Industries, Enkei Wheels, and HRE Wheels. Companies are investing heavily in research and development for the innovation of new and advanced products and technologies.
Technical advancements in materials and manufacturing technologies are helping the manufacturers to bring the latest features in wheels. The automotive wheel market is adopting new design tools and materials such as high-strength steel to innovate wheels. Many wheel makers are adopting structural analysis techniques and simulation software to develop high-performance automotive wheels.
In March 2020, EDAG Group, with eight partners, announced that they developed an aluminum alloy for use in the car, which can provide both higher strengths and higher elongations at the break as part of the BMBF-backed "CustoMat_3D" research project.
In February 2020, Rio Tinto developed a new alloy for high strength car wheels, Revolution-Al™, a new high strength aluminum alloy developed to make lighter-weight car wheels. The wheel's increased strength enables a 7% weight reduction that can help achieve better fuel efficiency or battery range in the vehicle.
- In June 2021, Maxion İnci Wheel Group, a subsidiary of İnci Holding and Maxion Wheels, invested TRY 250 million in a new plant to increase its heavy and commercial vehicle wheel production capacity.
- In January 2021, Citic Dicastal, specializing in aluminum casting and the production of aluminum automotive parts, set up the second production plant for aluminum rims with a budget of EUR 350 million in Kenitra, Morocco.
Table of Contents
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Driver
4.2 Market Restraint
4.3 Porters Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Vehicle Type
5.1.1 Passenger Car
5.1.2 Commercial Vehicle
5.2 Matetrial Type
5.2.3 Carbon Fibre
5.3 End Market Typre
5.4.1 North America
188.8.131.52 United States
184.108.40.206 Rest of North America
220.127.116.11 United Kingdom
18.104.22.168 Rest of Europe
22.214.171.124 South Korea
126.96.36.199 Rest of Asia-Pacific
5.4.4 Rest of the World
188.8.131.52 United Arab Emirates
184.108.40.206 Other Countries
6. COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles
6.2.3 Superior Industries International
6.2.5 Steel Strips Wheels
6.2.6 Enkei wheels
6.2.7 Zhejiang Wanfeng Auto Wheel
6.2.8 Borbet Wheels
6.2.9 HRE Wheels
6.2.10 Rays Wheels
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
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Frequently Asked Questions
What is the study period of this market?
The Automotive Wheel Market market is studied from 2018 - 2026.
What is the growth rate of Automotive Wheel Market?
The Automotive Wheel Market is growing at a CAGR of 8.2% over the next 5 years.
What is Automotive Wheel Market size in 2018?
The Automotive Wheel Market is valued at 19 Billion USD in 2018.
What is Automotive Wheel Market size in 2026?
The Automotive Wheel Market is valued at 33 Billion USD in 2026.
Which region has highest growth rate in Automotive Wheel Market?
Asia Pacific is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Automotive Wheel Market?
Asia Pacific holds highest share in 2020.
Who are the key players in Automotive Wheel Market?
Thyssenkrupp , Iochpe-Maxion, Accuride , Enkei wheels, HRE Wheels are the major companies operating in Automotive Wheel Market.