Automotive Wheel Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 6.10 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Automotive Wheel Market Analysis
The automotive wheel market size is valued at USD 35.62 billion in the current year and is expected to reach USD 47.89 billion by the end of the forecast period, registering a CAGR of around 6.1%.
- COVID-19 affected the growth of the automotive wheels market globally. Factors such as declining vehicle sales, temporary shutdown of manufacturing facilities and raw material supplying companies, and closure of international borders led to disturbances in the supply chain. However, the automotive industry witnessed significant growth in terms of production in 2022, which in turn increased the demand for wheels.
- Increasing penetration of alloy wheels in mid-specification car models globally and the introduction of diamond-cut/dual-tone alloy wheels as standard even in economic variants of car models across developing nations like India is expected to drive the market for alloy wheels over the forecast period.
- Over the long term, 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 original equipment manufacturers (OEMs), particularly on passenger cars, boosts market growth.
- Further, the active engagement of several vehicle maintenance companies and maintenance, repair, and operations (MRO) service providers involved in the automotive wheel market, coupled with a notable increase in aftermarket maintenance and service activities for commercial and passenger vehicles, is expected to offer lucrative opportunities for players in the market.
Automotive Wheel 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.
- Factors such as growing vehicle production and major countries across the globe opting for several government initiatives promoting e-mobility coupled with the manufacturing of vehicles across the major regions. However, the impact of the pandemic market has resulted in slow growth.
- In the year 2022, global passenger car sales were valued at 57.49 million units, which was a slight increase from the previous year's sales value of 56.44 million units. The growth was primarily attributed to increasing demand for passenger cars across developing economies, especially from Asia-Pacific. Further, growth in electric vehicle sales is further anticipated to drive the demand for passenger cars during the forecast period, which in turn will drive the demand for wheels.
- Owing to the increased demand for passenger cars and the growing awareness of electric mobility, major players are looking forward to electrifying their present fleet. For instance, in March 2022, Ford Motors announced its plans to include three all-electric passenger vehicles in Europe by the end of 2024. Additionally, they have set a target to sell more than 600,000 electric vehicles annually in the Europe region by 2026.
- The above-mentioned developments across the globe are likely to increase the demand for automotive wheels during the forecast period.
Understand The Key Trends Shaping This Market
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 in 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%, which 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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Automotive Wheel Industry Overview
The automotive wheels market is dominated by several key players, such as Superior Industries, Enkei Wheels, HRE Wheels, and many others. Companies invest heavily in research and development to innovate new, advanced products and technologies.
Technical advancements in materials and manufacturing technologies are helping 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. Several automotive component manufacturers are investing in enhancing their manufacturing facilities, which in turn is likely to witness major growth for the market during the forecast period.
For instance, in January 2023, BYD Auto Co. Ltd announced its plans to build a plant in Vietnam for the production of car parts. The company has invested USD 250 million to enhance its automotive parts manufacturing facility in Vietnam.
In June 2021, Maxion İnci Wheel Group, a subsidiary of İnci Holding and Maxion Wheels, invested USD 13.19 million in a new plant to expand its heavy and commercial vehicle wheel production capacity.
Automotive Wheel Market Leaders
Enkei International, Inc.
Accuride Corporation
Iochpe-Maxion
HRE Performance Wheels
BORBET GmbH
*Disclaimer: Major Players sorted in no particular order
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Automotive Wheel Market News
- February 2023: RUSAL started using end-of-life aluminum scrap in the production of foundry alloys for the automotive industry. This production enables RUSAL to achieve a nearly 20% reduction in the full-scope carbon footprint of the resulting new product.
- September 2022: Maxion Wheel invested USD 150 million in Germany. Through this investment, the company expanded its commercial vehicle wheel portfolio across Europe.
- January 2021: Citic Dicastal, specializing in aluminum casting and manufacturing aluminum automotive parts, set up the second production plant for aluminum rims with a budget of EUR 350 million (USD 409 million) in Kenitra, Morocco.
Automotive Wheel Market Report - Table of Contents
1. INTRODUCTION
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 Porter's 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 (Market Size in Value (USD))
5.1 Vehicle Type
5.1.1 Passenger Car
5.1.2 Commercial Vehicle
5.2 Matetrial Type
5.2.1 Steel
5.2.2 Alloy
5.2.3 Carbon Fibre
5.3 Sales Channel
5.3.1 OEM
5.3.2 Aftermarket
5.4 Geography
5.4.1 North America
5.4.1.1 United States
5.4.1.2 Canada
5.4.1.3 Rest of North America
5.4.2 Europe
5.4.2.1 Germany
5.4.2.2 United Kingdom
5.4.2.3 France
5.4.2.4 Italy
5.4.2.5 Spain
5.4.2.6 Rest of Europe
5.4.3 Asia-Pacific
5.4.3.1 India
5.4.3.2 China
5.4.3.3 Japan
5.4.3.4 South Korea
5.4.3.5 Rest of Asia-Pacific
5.4.4 Rest of the World
5.4.4.1 South America
5.4.4.2 Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles*
6.2.1 Borbet GmbH
6.2.2 Iochpe-Maxion
6.2.3 Superior Industries International
6.2.4 Accuride Corporation
6.2.5 Steel Strips Wheels
6.2.6 Enkei International Inc.
6.2.7 Zhejiang Wanfeng Auto Wheel
6.2.8 HRE Performance Wheels
6.2.9 CITIC Group Corporation
6.2.10 Rays Wheels
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Automotive Wheel Industry Segmentation
A wheel that has a tire and rim and a hubcap; is used to propel the car. Automotive wheels are manufactured using steel, carbon fiber, or a composite of lightweight metal alloys, such as aluminum or magnesium.
The automotive wheel market is segmented by vehicle type, material type, sales channel, and geography. By vehicle type, the market has been segmented into passenger cars and commercial vehicles. By material type, the market has been segmented into steel, alloy, and carbon fiber. By sales channel, the market has been segmented into OEM and aftermarket. by geography. The market has been segmented into North America, Europe, Asia-Pacific, and the Rest of the World.
The report offers market size and forecasts for the automotive wheel market in terms of value (USD) for all the above segments.
| Vehicle Type | |
| Passenger Car | |
| Commercial Vehicle |
| Matetrial Type | |
| Steel | |
| Alloy | |
| Carbon Fibre |
| Sales Channel | |
| OEM | |
| Aftermarket |
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Automotive Wheel Market Research FAQs
What is the current Automotive Wheel Market size?
The Automotive Wheel Market is projected to register a CAGR of 6.10% during the forecast period (2024-2029)
Who are the key players in Automotive Wheel Market?
Enkei International, Inc., Accuride Corporation, Iochpe-Maxion, HRE Performance Wheels and BORBET GmbH are the major companies operating in the Automotive Wheel Market.
Which is the fastest growing region in Automotive Wheel Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Automotive Wheel Market?
In 2024, the Asia Pacific accounts for the largest market share in Automotive Wheel Market.
What years does this Automotive Wheel Market cover?
The report covers the Automotive Wheel Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Automotive Wheel Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
What are the key considerations for companies entering the Global Automotive Wheel Market?
The key considerations for companies entering the Global Automotive Wheel Market are a) Regional regulations b) Competition analysis c) Establishing strong distribution networks
What are the sustainability initiatives being undertaken by Automotive Wheel manufacturers?
The sustainability initiatives being undertaken by Automotive Wheel manufacturers are a) Recycled materials b) Lightweight designs for fuel efficiency c) Environmentally responsible manufacturing processes
Automotive Wheel Industry Report
The automotive wheel industry is on an upward trajectory, fueled by the demand for lightweight materials and enhanced vehicle dynamics to boost fuel efficiency and comply with strict emission norms. This growth is particularly evident in the adoption of alloy wheels in passenger vehicles, driven by the transition towards electric vehicles that benefit from the weight balance provided by lightweight alloy wheels. The market, segmented by material into steel, alloy, and carbon fiber, and by vehicle type into passenger, light commercial, and heavy commercial vehicles, sees passenger vehicles dominating due to increased global production and sales. The industry is further divided into original equipment (OE) and aftermarket segments, with OE leading due to the durability of wheels. The Asia Pacific region, with high vehicle production in China and India, leads geographically. Innovations in materials and compositions offer promising growth opportunities in the automotive wheel market. For detailed insights, Mordor Intelligence™ provides an in-depth analysis, including market share, size, revenue growth rate, and a forecast outlook, available as a free report PDF download.
Automotive Wheel Market Report Snapshots
