Automotive Wheel Market Size

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.