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The market for automobile wheels was valued at USD 31.38 billion in 2022 and is projected to grow at a CAGR of 6.52% to USD 50.54 billion by 2030. The projected period runs from 2023 to 2030, with 2016 serving as the report's base year.
The operation of the global automobile industry depends heavily on vehicle wheels. Any vehicle's wheels are a critical part because they give the vehicle the support, stability, and motion it needs to drive effectively on the road. Due to technological breakthroughs, shifting customer preferences, and rising demand for lightweight and fuel-efficient automobiles, the wheel market is extremely competitive and dynamic. A wheel is a hub-mounted, spherical metal frame with spokes or a solid disc. The wheel frame, which is often referred to as a rim or alloy wheel, is where the vehicle tyre is mounted. Steel, aluminium, magnesium, carbon fibre, or a combination of all these metals are used to create them. A wheel is made up of three basic parts: the hub, the spoke, and the rim.
The rising demand for automobiles, particularly in developing nations like China and India, is one of the major factors driving the automotive wheel industry. By industrial output and annual sales, China is the largest automobile market in the world, according to the International Trade Administration. The demand for cars and light trucks in these nations is being fueled by the expanding middle class, which is anticipated to promote the expansion of the wheel market. Additionally, the growing popularity of electric cars (EVs) is giving manufacturers the chance to create novel, lightweight wheel designs that could enhance EVs' all-around performance and range. For instance, the International Energy Agency reported in April 2023 that global sales of electric vehicles exceeded 10 million units in 2022 and were projected to reach 14 million units by 2023.
The movement towards lightweight materials like carbon fibre and aluminium is an important trend in the vehicle wheel business. Weight-saving wheels enhance vehicle performance while lowering pollutants and fuel use. The high-performance and luxury vehicle markets are also seeing an increase in the use of lightweight materials, giving them a competitive edge in handling, acceleration, and overall driving enjoyment. As consumers look to modify and customise their vehicles with high-quality wheels that can improve the performance and aesthetics of the cars, the aftermarket segment of the wheel market is also an important driver. The aftermarket industry offers a wide range of goods, from standard steel wheels to high-end alloy and forged wheels made to fit particular vehicle makes and models.
Report Coverage
Global Automotive Wheel research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Automotive Wheel report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Automotive Wheel competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Automotive Wheel market players and analyses their core competencies in each global market sub-segments.
Key Points Covered in the Report
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Automotive Wheel market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Automotive Wheel market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
Iochpe-Maxion (Brazil), Superior Industries International (US), Accuride Corporation (US), Steel Strips Wheels (India), Hitachi Metals (Japan), Enkei (Japan), Citic Dicastal (China), Zhejiang Wanfeng Auto Wheel (China), Borbet (Germany), Mangels Industrial (Brazil), and Mefro Wheels (Germany)
Primary Target Market
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. Spherical Insights has segmented the global Automotive Wheel market based on the below-mentioned segments:
Global Automotive Wheel Market, By Vehicle Type
Passenger Car
Commercial Vehicle
Global Automotive Wheel market, By Vehicle Class
Economy
Mid-Priced
Luxury-Priced
Global Automotive Wheel Market, By End User
OEM Automotive
Aftermarket
Global Automotive Wheel market, Regional Analysis
The operation of the global automobile industry depends heavily on vehicle wheels. Any vehicle's wheels are a critical part because they give the vehicle the support, stability, and motion it needs to drive effectively on the road. Due to technological breakthroughs, shifting customer preferences, and rising demand for lightweight and fuel-efficient automobiles, the wheel market is extremely competitive and dynamic. A wheel is a hub-mounted, spherical metal frame with spokes or a solid disc. The wheel frame, which is often referred to as a rim or alloy wheel, is where the vehicle tyre is mounted. Steel, aluminium, magnesium, carbon fibre, or a combination of all these metals are used to create them. A wheel is made up of three basic parts: the hub, the spoke, and the rim.
The rising demand for automobiles, particularly in developing nations like China and India, is one of the major factors driving the automotive wheel industry. By industrial output and annual sales, China is the largest automobile market in the world, according to the International Trade Administration. The demand for cars and light trucks in these nations is being fueled by the expanding middle class, which is anticipated to promote the expansion of the wheel market. Additionally, the growing popularity of electric cars (EVs) is giving manufacturers the chance to create novel, lightweight wheel designs that could enhance EVs' all-around performance and range. For instance, the International Energy Agency reported in April 2023 that global sales of electric vehicles exceeded 10 million units in 2022 and were projected to reach 14 million units by 2023.
The movement towards lightweight materials like carbon fibre and aluminium is an important trend in the vehicle wheel business. Weight-saving wheels enhance vehicle performance while lowering pollutants and fuel use. The high-performance and luxury vehicle markets are also seeing an increase in the use of lightweight materials, giving them a competitive edge in handling, acceleration, and overall driving enjoyment. As consumers look to modify and customise their vehicles with high-quality wheels that can improve the performance and aesthetics of the cars, the aftermarket segment of the wheel market is also an important driver. The aftermarket industry offers a wide range of goods, from standard steel wheels to high-end alloy and forged wheels made to fit particular vehicle makes and models.
Report Coverage
Global Automotive Wheel research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Automotive Wheel report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Automotive Wheel competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Automotive Wheel market players and analyses their core competencies in each global market sub-segments.
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2017-2030 |
| Base Year | 2020 |
| Forecast Period | 2022-2030 |
| Historical Period | 2017-2019 |
| Unit | Value (USD Billion) |
| Key Companies Profiled | Iochpe-Maxion (Brazil), Superior Industries International (US), Accuride Corporation (US), Steel Strips Wheels (India), Hitachi Metals (Japan), Enkei (Japan), Citic Dicastal (China), Zhejiang Wanfeng Auto Wheel (China), Borbet (Germany), Mangels Industrial (Brazil), and Mefro Wheels (Germany) |
| Segments Covered | • By Product |
| Customization Scope | Free report customization (equivalent to up to 3 analyst working days) with purchase. Addition or alteration to country, regional & segment scope |
Key Points Covered in the Report
- Market Revenue of Automotive Wheel Market from 2021 to 2030.
- Market Forecast for Automotive Wheel Market from 2021 to 2030.
- Regional Market Share and Revenue from 2021 to 2030.
- Country Market share within region from 2021 to 2030.
- Key Type and Application Revenue and forecast.
- Company Market Share Analysis, Automotive Wheel competitive scenario, ranking, and detailed company
profiles. - Market driver, restraints, and detailed COVID-19 impact on Automotive Wheel
Market
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Automotive Wheel market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Automotive Wheel market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
Iochpe-Maxion (Brazil), Superior Industries International (US), Accuride Corporation (US), Steel Strips Wheels (India), Hitachi Metals (Japan), Enkei (Japan), Citic Dicastal (China), Zhejiang Wanfeng Auto Wheel (China), Borbet (Germany), Mangels Industrial (Brazil), and Mefro Wheels (Germany)
Primary Target Market
- Market Players of Automotive Wheel
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. Spherical Insights has segmented the global Automotive Wheel market based on the below-mentioned segments:
Global Automotive Wheel Market, By Vehicle Type
Passenger Car
Commercial Vehicle
Global Automotive Wheel market, By Vehicle Class
Economy
Mid-Priced
Luxury-Priced
Global Automotive Wheel Market, By End User
OEM Automotive
Aftermarket
Global Automotive Wheel market, Regional Analysis
- Europe: Germany, Uk, France, Italy, Spain, Russia, Rest of Europe
- The Asia Pacific: China,Japan,India,South Korea,Australia,Rest of Asia Pacific
- South America: Brazil, Argentina, Rest of South America
- Middle East & Africa: UAE, Saudi Arabia, Qatar, South Africa, Rest of Middle East & Africa
About This Research
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