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Estimates put the value of the automobile wheel rims market at $44,944.8 mln in 2022, with that figure rising to $82,020.5 mln by the end of the forecast period in 2030 at a CAGR of 7.20 percent.
Lightweight car wheel rims are becoming increasingly popular in response to the rising need for high-power and efficient autos. Wheel rims have an important part in the driving experience, with lighter rims enhancing the vehicle's power-to-weight ratio and hence the ride quality and performance. In addition, a vehicle's stability is enhanced by wheel rim construction, which in turn allows for more precise rolling, braking, and other functions.
The appearance and functionality of a car are both enhanced by new rims. Wheel rims for automobiles are available in a broad variety of styles and finishes, all of which improve the vehicle's visual appeal. Therefore, the expansion of the global market is driven by the increasing appeal of modern automobiles among consumers of all ages. Traditional materials like alloys and steel are used in the production of the vast majority of car rims.
Carbon fibre, which is used to make automotive wheel rims, has seen rapid growth in popularity in high-performance vehicles like sports cars due to its many desirable properties, such as its high tensile strength, thermal and chemical resistance, lightweight, stiffness, and others. The tyres on a car are held in place by the rims, which are cylindrical rings. The rims keep the air pressure in tubeless tyres and guarantee correct tyre alignment. The rims of wheels must be sturdy enough to support the vehicle's weight and the operational stresses placed on them.
The rims give the wheels their signature look by encircling the hubs. Rims can be made from a variety of materials, including steel, non-ferrous alloys, aluminium, and magnesium, and can feature intricate designs. Alloy wheels are becoming more and more common because of their attractive appearance and their reduced weight in comparison to steel wheels. The brakes are the primary system that are affected by the wheel rims. The braking system benefits from increased airflow when using wheels with a wider diameter. Wheel rims support the vehicle's suspension system and are capable of bearing significant bending and torsional loads.
To appeal to customers on a tighter budget as petrol costs rise and fall, automakers have been working hard to increase MPG. That's why it's so important for businesses to boost their mpg ratings. Therefore, one of the primary factors driving the growth of the automotive wheel rims market is the growing trend among car manufacturers to give higher miles per gallon economy by reducing the automobile's overall weight. To achieve this goal, manufacturers are switching to lighter metals like aluminium alloys for use in producing auto parts like wheel rims. Furthermore, the weight of lithium-ion battery packs adds further bulk to already modern cars like EVs. Consequently, the market expansion in the next years will likely be accelerated by automakers' choice to employ these lightweight materials in the next generation of automobiles to improve energy economy and travel range.
This market is expanding due to rising global sales and manufacture of automobiles. For instance, in 2022, total vehicle manufacturing, including passenger and commercial cars, surpassed 85 million units, up from 80 million in 2021, as reported by data from the Organisation for International Motor Vehicle Registration Authorities (OICA). After the epidemic, there was constant development in the production of automobiles. OEM demand for car rims is consequently impacted by the increase in automotive production operations.
Market expansion is being stymied by a number of problems, including volatile raw material prices and a lack of available supplies. In September 2022, for instance, the Aluminium Association of India (AAI) briefed the Indian government on problems in the country's non-power industry. Companies in the non-power sector, such as aluminium, steel, and cement, are experiencing massive production, cost, and supply disruptions, according to AAI. Raw material supply has been erratic for a number of reasons, which could slow down the market.
Report Coverage
Global Automotive Wheel Rims 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 Rims report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Automotive Wheel Rims 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 Rims 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 Rims market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Automotive Wheel Rims 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
TSW Alloy Wheels (US), Euromax Wheel (US), Maxion Wheels Inc. (US), VOXX International Corporation (US), Mobile Hi-Tech Wheels Inc. (US), Sota Offroad (US), Status Wheels (TUFF A.T) (US), Fuel Offroad Wheels (US), Wheel Pros Holdings, LLC (US), and Topy Industries Limited (Japan)
Primary Target Market
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Automotive Wheel Rims market based on the below-mentioned segments:
Global Automotive Wheel Rims Market, By Vehicle Type
Passenger Cars
Commercial Vehicles
Global Automotive Wheel Rims market, By Material
Alloy
Steel
Carbon Fiber
Global Automotive Wheel Rims market, Regional Analysis
Lightweight car wheel rims are becoming increasingly popular in response to the rising need for high-power and efficient autos. Wheel rims have an important part in the driving experience, with lighter rims enhancing the vehicle's power-to-weight ratio and hence the ride quality and performance. In addition, a vehicle's stability is enhanced by wheel rim construction, which in turn allows for more precise rolling, braking, and other functions.
The appearance and functionality of a car are both enhanced by new rims. Wheel rims for automobiles are available in a broad variety of styles and finishes, all of which improve the vehicle's visual appeal. Therefore, the expansion of the global market is driven by the increasing appeal of modern automobiles among consumers of all ages. Traditional materials like alloys and steel are used in the production of the vast majority of car rims.
Carbon fibre, which is used to make automotive wheel rims, has seen rapid growth in popularity in high-performance vehicles like sports cars due to its many desirable properties, such as its high tensile strength, thermal and chemical resistance, lightweight, stiffness, and others. The tyres on a car are held in place by the rims, which are cylindrical rings. The rims keep the air pressure in tubeless tyres and guarantee correct tyre alignment. The rims of wheels must be sturdy enough to support the vehicle's weight and the operational stresses placed on them.
The rims give the wheels their signature look by encircling the hubs. Rims can be made from a variety of materials, including steel, non-ferrous alloys, aluminium, and magnesium, and can feature intricate designs. Alloy wheels are becoming more and more common because of their attractive appearance and their reduced weight in comparison to steel wheels. The brakes are the primary system that are affected by the wheel rims. The braking system benefits from increased airflow when using wheels with a wider diameter. Wheel rims support the vehicle's suspension system and are capable of bearing significant bending and torsional loads.
To appeal to customers on a tighter budget as petrol costs rise and fall, automakers have been working hard to increase MPG. That's why it's so important for businesses to boost their mpg ratings. Therefore, one of the primary factors driving the growth of the automotive wheel rims market is the growing trend among car manufacturers to give higher miles per gallon economy by reducing the automobile's overall weight. To achieve this goal, manufacturers are switching to lighter metals like aluminium alloys for use in producing auto parts like wheel rims. Furthermore, the weight of lithium-ion battery packs adds further bulk to already modern cars like EVs. Consequently, the market expansion in the next years will likely be accelerated by automakers' choice to employ these lightweight materials in the next generation of automobiles to improve energy economy and travel range.
This market is expanding due to rising global sales and manufacture of automobiles. For instance, in 2022, total vehicle manufacturing, including passenger and commercial cars, surpassed 85 million units, up from 80 million in 2021, as reported by data from the Organisation for International Motor Vehicle Registration Authorities (OICA). After the epidemic, there was constant development in the production of automobiles. OEM demand for car rims is consequently impacted by the increase in automotive production operations.
Market expansion is being stymied by a number of problems, including volatile raw material prices and a lack of available supplies. In September 2022, for instance, the Aluminium Association of India (AAI) briefed the Indian government on problems in the country's non-power industry. Companies in the non-power sector, such as aluminium, steel, and cement, are experiencing massive production, cost, and supply disruptions, according to AAI. Raw material supply has been erratic for a number of reasons, which could slow down the market.
Report Coverage
Global Automotive Wheel Rims 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 Rims report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Automotive Wheel Rims 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 Rims market players and analyses their core competencies in each global market sub-segments.
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2017-2030 |
| Base Year | 2022 |
| Forecast Period | 2022-2030 |
| Historical Period | 2017-2021 |
| Unit | Value (USD Billion) |
| Key Companies Profiled | TSW Alloy Wheels (US), Euromax Wheel (US), Maxion Wheels Inc. (US), VOXX International Corporation (US), Mobile Hi-Tech Wheels Inc. (US), Sota Offroad (US), Status Wheels (TUFF A.T) (US), Fuel Offroad Wheels (US), Wheel Pros Holdings, LLC (US), and Topy Industries Limited (Japan) |
| 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 Rims Market from 2021 to 2030.
- Market Forecast for Automotive Wheel Rims 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 Rims competitive scenario, ranking, and detailed company
profiles. - Market driver, restraints, and detailed COVID-19 impact on Automotive Wheel Rims
Market
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Automotive Wheel Rims market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Automotive Wheel Rims 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
TSW Alloy Wheels (US), Euromax Wheel (US), Maxion Wheels Inc. (US), VOXX International Corporation (US), Mobile Hi-Tech Wheels Inc. (US), Sota Offroad (US), Status Wheels (TUFF A.T) (US), Fuel Offroad Wheels (US), Wheel Pros Holdings, LLC (US), and Topy Industries Limited (Japan)
Primary Target Market
- Market Players of Automotive Wheel Rims
- 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. INFINITIVE DATA EXPERT has segmented the global Automotive Wheel Rims market based on the below-mentioned segments:
Global Automotive Wheel Rims Market, By Vehicle Type
Passenger Cars
Commercial Vehicles
Global Automotive Wheel Rims market, By Material
Alloy
Steel
Carbon Fiber
Global Automotive Wheel Rims 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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