Automotive Wheel Market (By Material Type: Alloy, Steel, Aluminum, Carbon Fiber; By Vehicle Type: Passenger Vehicle, Light Commercial Vehicle, Heavy Commercial Vehicle; By End User: Original Equipment Manufacturer (OEM) and Aftermarket) - Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2024 – 2033
The global automotive wheel market was valued at USD 45.75 billion in 2023 and is expected to reach over USD 85.08 billion by 2033, poised to grow at a compound annual growth rate (CAGR) of 6.4% from 2024 to 2033.
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The Asia Pacific automotive wheel market size was estimated at USD 15.16 billion in 2023 and is predicted to be worth around USD 29.35 billion by 2033, at a CAGR of 6.8% from 2024 to 2033.
Based on the region, the Asia-Pacific segment dominated the global automotive wheel market in 2023, 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 North America automotive wheel market size was calculated at USD 11.99 billion in 2023 and is projected to expand around USD 23.57 billion by 2033, poised to grow at a CAGR of 7% from 2024 to 2033.
| Year | Market Size (USD Billion) |
| 2023 | 11.99 |
| 2024 | 12.83 |
| 2025 | 13.73 |
| 2026 | 14.69 |
| 2027 | 15.72 |
| 2028 | 16.81 |
| 2029 | 17.99 |
| 2030 | 19.25 |
| 2031 | 20.59 |
| 2032 | 22.03 |
| 2033 | 23.57 |
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.
| Report Coverage | Details |
| Automotive Wheel Market Size in 2023 | USD 45.75 Billion |
| Automotive Wheel Market Size by 2033 | USD 78.10 Billion |
| Automotive Wheel Market Growth Rate from 2024 to 2033 | CAGR of 6.4% |
| Largest Market | Asia Pacific |
| Fastest Growing Market | Europe |
| Base Year | 2023 |
| Forecast Period | 2024 to 2033 |
| Segments Covered | By Material, and By Vehicle |
| Regions Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
Based on the material type, the aluminum segment dominated the market with a revenue share of 56% in 2023. 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 2023, 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
By Geography
Chapter 1. Introduction
1.1. Research Objective
1.2. Scope of the Study
1.3. Definition
Chapter 2. Research Methodology
2.1. Research Approach
2.2. Data Sources
2.3. Assumptions & Limitations
Chapter 3. Executive Summary
3.1. Market Snapshot
Chapter 4. Market Variables and Scope
4.1. Introduction
4.2. Market Classification and Scope
4.3. Industry Value Chain Analysis
4.3.1. Raw Material Procurement Analysis
4.3.2. Sales and Distribution Channel Analysis
4.3.3. Downstream Buyer Analysis
Chapter 5. COVID 19 Impact on Automotive Wheel Market
5.1. COVID-19 Landscape: Automotive Wheel Industry Impact
5.2. COVID 19 - Impact Assessment for the Industry
5.3. COVID 19 Impact: Global Major Government Policy
5.4. Market Trends and Opportunities in the COVID-19 Landscape
Chapter 6. Market Dynamics Analysis and Trends
6.1. Market Dynamics
6.1.1. Market Drivers
6.1.2. Market Restraints
6.1.3. Market Opportunities
6.2. Porter’s Five Forces Analysis
6.2.1. Bargaining power of suppliers
6.2.2. Bargaining power of buyers
6.2.3. Threat of substitute
6.2.4. Threat of new entrants
6.2.5. Degree of competition
Chapter 7. Competitive Landscape
7.1.1. Company Market Share/Positioning Analysis
7.1.2. Key Strategies Adopted by Players
7.1.3. Vendor Landscape
7.1.3.1. List of Suppliers
7.1.3.2. List of Buyers
Chapter 8. Global Automotive Wheel Market, By Material
8.1. Automotive Wheel Market, by Material Type, 2024-2033
8.1.1. Alloy
8.1.1.1. Market Revenue and Forecast (2021-2033)
8.1.2. Steel
8.1.2.1. Market Revenue and Forecast (2021-2033)
8.1.3. Aluminum
8.1.3.1. Market Revenue and Forecast (2021-2033)
8.1.4. Carbon Fiber
8.1.4.1. Market Revenue and Forecast (2021-2033)
Chapter 9. Global Automotive Wheel Market, By Vehicle
9.1. Automotive Wheel Market, by Vehicle, 2024-2033
9.1.1. Passenger Vehicle
9.1.1.1. Market Revenue and Forecast (2021-2033)
9.1.2. Light Commercial Vehicle
9.1.2.1. Market Revenue and Forecast (2021-2033)
9.1.3. Heavy Commercial Vehicle
9.1.3.1. Market Revenue and Forecast (2021-2033)
Chapter 10. Global Automotive Wheel Market, By End User
10.1. Automotive Wheel Market, by End User, 2024-2033
10.1.1. Original Equipment Manufacturer (OEM)
10.1.1.1. Market Revenue and Forecast (2021-2033)
10.1.2. Aftermarket
10.1.2.1. Market Revenue and Forecast (2021-2033)
Chapter 11. Global Automotive Wheel Market, Regional Estimates and Trend Forecast
11.1. North America
11.1.1. Market Revenue and Forecast, by Material (2021-2033)
11.1.2. Market Revenue and Forecast, by Vehicle (2021-2033)
11.1.3. Market Revenue and Forecast, by End User (2021-2033)
11.1.4. U.S.
11.1.4.1. Market Revenue and Forecast, by Material (2021-2033)
11.1.4.2. Market Revenue and Forecast, by Vehicle (2021-2033)
11.1.4.3. Market Revenue and Forecast, by End User (2021-2033)
11.1.5. Rest of North America
11.1.5.1. Market Revenue and Forecast, by Material (2021-2033)
11.1.5.2. Market Revenue and Forecast, by Vehicle (2021-2033)
11.1.5.3. Market Revenue and Forecast, by End User (2021-2033)
11.2. Europe
11.2.1. Market Revenue and Forecast, by Material (2021-2033)
11.2.2. Market Revenue and Forecast, by Vehicle (2021-2033)
11.2.3. Market Revenue and Forecast, by End User (2021-2033)
11.2.4. UK
11.2.4.1. Market Revenue and Forecast, by Material (2021-2033)
11.2.4.2. Market Revenue and Forecast, by Vehicle (2021-2033)
11.2.4.3. Market Revenue and Forecast, by End User (2021-2033)
11.2.5. Germany
11.2.5.1. Market Revenue and Forecast, by Material (2021-2033)
11.2.5.2. Market Revenue and Forecast, by Vehicle (2021-2033)
11.2.5.3. Market Revenue and Forecast, by End User (2021-2033)
11.2.6. France
11.2.6.1. Market Revenue and Forecast, by Material (2021-2033)
11.2.6.2. Market Revenue and Forecast, by Vehicle (2021-2033)
11.2.6.3. Market Revenue and Forecast, by End User (2021-2033)
11.2.7. Rest of Europe
11.2.7.1. Market Revenue and Forecast, by Material (2021-2033)
11.2.7.2. Market Revenue and Forecast, by Vehicle (2021-2033)
11.2.7.3. Market Revenue and Forecast, by End User (2021-2033)
11.3. APAC
11.3.1. Market Revenue and Forecast, by Material (2021-2033)
11.3.2. Market Revenue and Forecast, by Vehicle (2021-2033)
11.3.3. Market Revenue and Forecast, by End User (2021-2033)
11.3.4. India
11.3.4.1. Market Revenue and Forecast, by Material (2021-2033)
11.3.4.2. Market Revenue and Forecast, by Vehicle (2021-2033)
11.3.4.3. Market Revenue and Forecast, by End User (2021-2033)
11.3.5. China
11.3.5.1. Market Revenue and Forecast, by Material (2021-2033)
11.3.5.2. Market Revenue and Forecast, by Vehicle (2021-2033)
11.3.5.3. Market Revenue and Forecast, by End User (2021-2033)
11.3.6. Japan
11.3.6.1. Market Revenue and Forecast, by Material (2021-2033)
11.3.6.2. Market Revenue and Forecast, by Vehicle (2021-2033)
11.3.6.3. Market Revenue and Forecast, by End User (2021-2033)
11.3.7. Rest of APAC
11.3.7.1. Market Revenue and Forecast, by Material (2021-2033)
11.3.7.2. Market Revenue and Forecast, by Vehicle (2021-2033)
11.3.7.3. Market Revenue and Forecast, by End User (2021-2033)
11.4. MEA
11.4.1. Market Revenue and Forecast, by Material (2021-2033)
11.4.2. Market Revenue and Forecast, by Vehicle (2021-2033)
11.4.3. Market Revenue and Forecast, by End User (2021-2033)
11.4.4. GCC
11.4.4.1. Market Revenue and Forecast, by Material (2021-2033)
11.4.4.2. Market Revenue and Forecast, by Vehicle (2021-2033)
11.4.4.3. Market Revenue and Forecast, by End User (2021-2033)
11.4.5. North Africa
11.4.5.1. Market Revenue and Forecast, by Material (2021-2033)
11.4.5.2. Market Revenue and Forecast, by Vehicle (2021-2033)
11.4.5.3. Market Revenue and Forecast, by End User (2021-2033)
11.4.6. South Africa
11.4.6.1. Market Revenue and Forecast, by Material (2021-2033)
11.4.6.2. Market Revenue and Forecast, by Vehicle (2021-2033)
11.4.6.3. Market Revenue and Forecast, by End User (2021-2033)
11.4.7. Rest of MEA
11.4.7.1. Market Revenue and Forecast, by Material (2021-2033)
11.4.7.2. Market Revenue and Forecast, by Vehicle (2021-2033)
11.4.7.3. Market Revenue and Forecast, by End User (2021-2033)
11.5. Latin America
11.5.1. Market Revenue and Forecast, by Material (2021-2033)
11.5.2. Market Revenue and Forecast, by Vehicle (2021-2033)
11.5.3. Market Revenue and Forecast, by End User (2021-2033)
11.5.4. Brazil
11.5.4.1. Market Revenue and Forecast, by Material (2021-2033)
11.5.4.2. Market Revenue and Forecast, by Vehicle (2021-2033)
11.5.4.3. Market Revenue and Forecast, by End User (2021-2033)
11.5.5. Rest of LATAM
11.5.5.1. Market Revenue and Forecast, by Material (2021-2033)
11.5.5.2. Market Revenue and Forecast, by Vehicle (2021-2033)
11.5.5.3. Market Revenue and Forecast, by End User (2021-2033)
Chapter 12. Company Profiles
12.1. Euromax Wheel
12.1.1. Company Overview
12.1.2. Product Offerings
12.1.3. Financial Performance
12.1.4. Recent Initiatives
12.2. Prime Wheel Corporation
12.2.1. Company Overview
12.2.2. Product Offerings
12.2.3. Financial Performance
12.2.4. Recent Initiatives
12.3. Aluminum Wheel Co. Ltd
12.3.1. Company Overview
12.3.2. Product Offerings
12.3.3. Financial Performance
12.3.4. Recent Initiatives
12.4. Superior Industries International Inc.
12.4.1. Company Overview
12.4.2. Product Offerings
12.4.3. Financial Performance
12.4.4. Recent Initiatives
12.5. Foshan Nanhai Zhongnan
12.5.1. Company Overview
12.5.2. Product Offerings
12.5.3. Financial Performance
12.5.4. Recent Initiatives
12.6. Enkei Corporation
12.6.1. Company Overview
12.6.2. Product Offerings
12.6.3. Financial Performance
12.6.4. Recent Initiatives
12.7. Ronal Group
12.7.1. Company Overview
12.7.2. Product Offerings
12.7.3. Financial Performance
12.7.4. Recent Initiatives
12.8. BBS GmbH
12.8.1. Company Overview
12.8.2. Product Offerings
12.8.3. Financial Performance
12.8.4. Recent Initiatives
12.9. Center Motor Wheel of America Inc.
12.9.1. Company Overview
12.9.2. Product Offerings
12.9.3. Financial Performance
12.9.4. Recent Initiatives
12.10. Topy Industries Ltd.
12.10.1. Company Overview
12.10.2. Product Offerings
12.10.3. Financial Performance
12.10.4. Recent Initiatives
Chapter 13. Research Methodology
13.1. Primary Research
13.2. Secondary Research
13.3. Assumptions
Chapter 14. Appendix
14.1. About Us
14.2. Glossary of Terms
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