The global automotive wheel market was valued at US$ 43 billion in 2022 and is expected to reach over US$ 78.10 billion by 2032, poised to grow at a compound annual growth rate (CAGR) of 6.20% from 2023 to 2032.
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The Asia Pacific automotive wheel market reached US$ 45 billion in 2022 and is predicted to hit around US$ 76.89 billion by 2032, growing at a CAGR of 6.1% between 2023 to 2032.
Based on the region, the Asia-Pacific segment dominated the global automotive wheel market in 2022, in terms of revenue and is estimated to sustain its dominance during the forecast period. The market’s expansion can be attributable to growing passenger vehicle production and demand. Furthermore, the growing need for fuel efficiency and vehicle performance, as well as the increased spending power of customers in developing countries, are propelling this market in Asia-Pacific.
On the other hand, the Europe is estimated to be the most opportunistic segment during the forecast period. The automotive wheel market in Europe is expected to grow due to the rising demand for improved fuel economy in automobiles across the region. The automotive wheel market in Europe is expected to be propelled by the presence of original equipment manufacturer (OEM) across Europe with advanced material composition research and development initiatives.
The automotive wheel market is growing due to an increase in automobile production and a continuing trend of vehicle weight reduction. The automotive wheel market is propelled by the need for light weight wheels to reduce vehicle weight and improve fuel efficiency. The industry’s growth has been boosted by technological advancements and product developments in design and material. Furthermore, the rising consumer expenditure on vehicles, together with rising population, boosts the automotive wheel market growth.
The increasing in middle-class people’s disposable income is driving the demand for the automotive wheel in the market. Furthermore, the rising vehicle demand from nations such as Germany, China, the U.S., and India is driving the growth of the automotive wheel market.
However, raw material price fluctuation stifles the automotive wheel market expansion. Furthermore, the lack of uniformity in automotive wheel production processes is projected to constraint the market.
During the projected period, demand for automotive wheels will be restrained by the extension of component life through repair and maintenance, as this serves to extend the life of a component and so reduces the demand for new components. The new and innovative technologies are being introduced to the automotive wheel market that will allow customers to fix their wheel components without having to replace them. As more firms enter the automotive wheel market, the demand for new components, particularly wheels, will decline in both the local and regional markets.
The automotive wheel market’s growth would be hampered by the high prices of raw materials for high-performance wheels, as well as the limitations associated with inaccurate sensor input created as a result of aftermarket wheel integration. The manufacturing costs, on the other hand, will continue to be a huge obstacle to market profitability and economic viability, as will technological developments to boost performance while decreasing vehicle weight for better fuel efficiency.
In cold nations, the demand for automobiles with heavy metal wheels is growing since these wheels effectively resist sliding during snow or hail. This aspect is expected to stifle the market for automotive wheel in the coming years.
The automotive wheel market is growing due to the factors such as a strong demand for light weight vehicles. Furthermore, during the forecast period, the comparatively high cost of magnesium and aluminum wheels will limit the market expansion. Moreover, the rapid growth in the electric vehicle market is likely to provide attractive chances for market expansion in the near future.
|USD 78.10 Billion by 2032
|CAGR of 6.20% from 2023 to 2032
|Fastest Growing Market
|2023 to 2032
|Material, Vehicle, Region
|Euromax Wheel, Prime Wheel Corporation, Aluminum Wheel Co. Ltd, Superior Industries International Inc., Foshan Nanhai Zhongnan, Enkei Corporation, Ronal Group, BBS GmbH, Center Motor Wheel of America Inc., Topy Industries Ltd.
Based on the material type, the aluminum segment dominated the market with revenue share of 56% in 2022. With the future commercialization of the wheels, the segment is likely to be driven by the increasing application of diverse material types in dynamic environments.
On the other hand, the alloy segment is estimated to be the most opportunistic segment during the forecast period. The shape and performance of alloy wheels are the main factors for their adoption. The manufacturers are focusing on the lightweight construction of wheels because the automotive industry is primarily focused on energy savings.
Based on the vehicle type, the passenger vehicles segment dominated the global automotive wheel market in 2022, in terms of revenue. This is attributed to the increased demand for passenger vehicle wheels, the segment is experiencing significant expansion. The carbon fiber composites are now used in passenger vehicle wheels to provide a combination of high strength and light weight qualities.
On the other hand, the heavy commercial vehicle segment is estimated to be the most opportunistic segment during the forecast period. This is due to the surge in demand for advanced features of heavy commercial vehicles in the automotive wheel market during the forecast period.
Key Companies & Market Share Insights
Many key market players are investing extensively to expand their reach in order to offer their products to original equipment manufacturers (OEMs), as well as to place their manufacturing units near OEM facilities in order to better understand OEM requirements and the regional market. The various developmental strategies such as business expansion, investments, new product launches, acquisition, partnerships, joint venture, and mergers fosters market growth and offers lucrative growth opportunities to the market players of automotive wheel. The automotive wheel market is also fragmented into many local and regional market players. In March 2020, the Zhejiang Jinfei Kaida invested for project of manufacturing aluminum wheel. To increase their market reach and position, the automotive wheel manufactures are focusing on improving their product portfolio by launching new products in the automotive wheel market during the forecast period.
Segments Covered in the Report
By Material Type
By Vehicle Type
By End User
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