Market Share of Automotive Wheel Industry
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
