USD 33.99 billion
Automotive Wheel Market Size, Share, Growth Analysis, By Vehicle Type(Passenger Car, Commercial Vehicle Motors, and Electric vehicles), By Material Type(Alloy, Steel, and Carbon Fiber), By End user(OEM Automotive and Aftermarket), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG25B2015 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
88
|Figures:
75
Automotive Wheel Market Insights
Automotive Wheel Market size was valued at USD 33.99 billion in 2021 and is poised to grow from USD 37.12 billion in 2022 to USD 75.05 billion by 2030, growing at a CAGR of 9.2% during the forecast period (2023-2030).
The global automotive wheel market growth is driven by rising demand for lightweight materials and an increase in vehicle production and continuous advancements in vehicle dynamics. The production process of automotive wheels involves the use of molds filled with molten metal, which solidifies as it cools, resulting in a sturdy and rigid wheel structure. Various casting processes, including low-pressure casting and gravity casting, are utilized to manufacture automotive wheels. Several types of wheels are available, such as steel wheels, alloy wheels, split-rim wheels, and forged and cast wheels, with alloy wheels being the most commonly used due to their lighter weight and better fuel economy. While alloy wheels are considered more expensive than steel wheels, their distinct designs and advantages make them popular in the market. On the other hand, steel wheels are more cost-efficient and renowned for their durability, making them a preferred choice, especially for adverse weather conditions.
US Automotive Wheel Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Passenger cars
Fastest Growth
Passenger cars
Growth Rate
9.2% CAGR
Global Automotive Wheel Market ($ Bn)
Country Share for Asia Pacific Region (%)
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Automotive Wheel Market Segmental Analysis
Global Automotive Wheel Market is segmented on the basis of Vehicle, Material, end user, and region. By vehicle type, the market is segmented into Passenger Car, Commercial Vehicle Motors, and Electric vehicles. By material type, the market is segmented into Alloy, Steel, and Carbon Fiber. By end user type, the market is segmented into OEM Automotive and Aftermarket. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Automotive Wheel Market Analysis By Vehicle Type
The Passenger cars segment dominated the automotive wheel market. These wheels are designed to meet the requirements of various passenger vehicles, including sedans, hatchbacks, SUVs, and crossovers. The high demand for passenger cars, especially in emerging economies, contributes significantly to the dominance of this segment. Additionally, consumer preferences for stylish and lightweight wheels, which often include alloy wheels, further drive the growth of the passenger car wheel market.
On the other hand, Electric vehicles segment is the fastest-growing segment in the automotive wheel market. As the automotive industry experiences a shift towards sustainable and environmentally-friendly transportation solutions, electric vehicles have gained substantial traction. Electric vehicles require specialized wheels due to their unique characteristics and requirements. These wheels are designed to be lightweight, yet sturdy, to optimize battery range and overall vehicle performance. The growing adoption of electric vehicles, supported by government incentives and technological advancements, propels the demand for wheels specifically tailored for EVs, making it the fastest-growing segment in the automotive wheel market. As electric vehicle technology continues to evolve and becomes more accessible to consumers, the demand for wheels suitable for EVs is expected to witness significant growth, presenting lucrative opportunities for wheel manufacturers and suppliers in this segment.
Automotive Wheel Market Analysis By Material type
Alloy wheels segment dominated the automotive wheel market. These wheels are made from a combination of aluminum and other lightweight materials, providing several advantages such as improved fuel efficiency, better vehicle handling, and enhanced aesthetics. The popularity of alloy wheels can be attributed to their stylish designs and performance-enhancing characteristics. They are commonly found in a wide range of vehicles, from economy cars to luxury vehicles, due to their versatility and widespread consumer acceptance.
On the other hand, carbon fiber wheels segment is the fastest-growing segment in the automotive wheel market. Carbon fiber wheels are constructed using advanced composite materials, resulting in significantly lighter and stronger wheels compared to traditional alloys. The adoption of carbon fiber wheels is growing steadily due to the increasing focus on light weighting to improve vehicle performance and fuel efficiency. Carbon fiber wheels offer reduced rotational mass, which enhances acceleration and braking performance. Moreover, their high strength-to-weight ratio provides superior structural integrity, contributing to better safety standards.
Global Automotive Wheel Market By Vehicle Type
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Automotive Wheel Market Regional Insights
Asia-Pacific is the dominant region in the automotive wheel market. This region encompasses several key automotive manufacturing countries, including China, Japan, India, South Korea, and others. The dominant position of Asia-Pacific is primarily driven by the large-scale production of vehicles in this region, fueled by the presence of numerous automotive manufacturers and a significant consumer base. The rising disposable income, urbanization, and increasing demand for passenger vehicles contribute to the growth of the automotive wheel market in this region. Additionally, the adoption of lightweight and fuel-efficient wheels, such as alloy wheels, is widespread in Asia-Pacific, further boosting the market's dominance.
On the other hand, North America is the fastest-growing region in the automotive wheel market. The region includes the United States, Canada, and Mexico, which are prominent automotive markets. The growth in North America can be attributed to several factors, including the steady recovery of the automotive industry after economic challenges, the rising adoption of electric and hybrid vehicles, and the increasing focus on advanced vehicle technologies. Additionally, the demand for specialty wheels, such as carbon fiber wheels and high-performance alloy wheels, is on the rise in this region due to the preference for enhanced vehicle aesthetics and performance. As consumers seek more sophisticated and advanced wheel options, the North American market for automotive wheels experiences significant growth, making it the fastest-growing segment based on region.
Global Automotive Wheel Market By Geography
- Largest
- Fastest
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Automotive Wheel Market Dynamics
Automotive Wheel Market Drivers
Technological Advancements
- The continuous evolution of technology plays a crucial role in shaping the automotive wheel market. Advancements in materials, manufacturing processes, and design techniques have led to the development of high-performance wheels that offer improved fuel efficiency, enhanced vehicle handling, and better overall performance. For instance, the use of lightweight materials like aluminum alloys and carbon fiber has become increasingly popular, contributing to reduced vehicle weight and increased fuel economy. Moreover, advancements in casting methods and wheel production technologies have allowed for more efficient and cost-effective manufacturing processes, driving the adoption of innovative wheel designs in the market.
Growing Demand for Lightweight and Fuel-Efficient Vehicles
- As environmental concerns and fuel efficiency regulations gain prominence, there is a growing demand for lightweight and fuel-efficient vehicles. Automotive wheels play a vital role in achieving these objectives as they directly impact the vehicle's weight and aerodynamics. Lighter wheels, such as alloy wheels and carbon fiber wheels, help reduce unsprung mass, leading to better handling, improved braking performance, and increased fuel efficiency. The consumer shift towards eco-friendly and sustainable transportation has resulted in a rising preference for vehicles equipped with such advanced wheel technologies, thereby driving the demand for lightweight and fuel-efficient automotive wheels.
Automotive Wheel Market Restraints
Cost and Affordability
- One of the significant restraints in the automotive wheel market is the cost and affordability of advanced wheel technologies. Wheels made from lightweight materials like alloy wheels and carbon fiber wheels tend to be more expensive than traditional steel wheels. While these advanced wheels offer various benefits such as improved fuel efficiency and performance, their higher cost can deter price-sensitive consumers and limit their adoption in mass-market vehicles. Affordability remains a key concern, especially in emerging economies where cost-conscious consumers may prefer more budget-friendly options, which can restrain the widespread adoption of advanced automotive wheels.
Safety and Regulatory Compliance
- Another important restraint in the automotive wheel market is related to safety and regulatory compliance. Automotive wheels need to meet stringent safety standards and regulations to ensure they can withstand various driving conditions and loads without failure. As lightweight materials are increasingly used to manufacture wheels, concerns regarding their long-term durability and structural integrity may arise. Manufacturers need to conduct extensive testing and comply with safety regulations to ensure the wheels meet safety standards. If any safety concerns emerge or regulations become more stringent, it could pose a challenge for the adoption of advanced wheel technologies. Balancing the pursuit of lightweight materials for improved performance with the assurance of safety and compliance remains a crucial restraint in the automotive wheel market.
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Automotive Wheel Market Competitive Landscape
Global automotive wheel market is fiercely competitive, with numerous manufacturers vying for market share. Companies focus on innovative technologies, lightweight materials, and appealing designs to attract customers. Key players strive to offer a wide range of products, including alloy and carbon fiber wheels, to meet diverse customer preferences. Cost-effectiveness and adherence to safety regulations remain crucial for sustained growth in this highly dynamic and competitive market.
Automotive Wheel Market Top Player’s Company Profiles
- Superior Industries Inc, (U.S.)
- Accuride Corporation (U.S.)
- Steel strips wheels Ltd. (India)
- Hitachi Metals Ltd, (Japan)
- Enkei International, Inc. (Japan)
- CITIC Dicastal Wheel Manufacturing Co., Ltd (China)
- Wanfeng Group Co., Ltd. (China)
- BORBET GmbH (Germany)
- Mangels Industrial S.A. (Brazil)
- Mefro Wheels GmBH (Germany)
- TSW Alloy Wheels (U.S.)
- Euromax International (U.S.)
- Maxion Wheels (Germany)
- VOXX International Corp, (U.S.)
- MHT Luxury Wheels. (U.S.)
- Status Wheels (U.S.)
- Fuel Off-Road Wheels (U.S.)
- Wheel Pros Holdings, LLC (U.S.)
- Topy Industries Limited (Japan)
Automotive Wheel Market Recent Developments
- In July 2022, Alcoa Corporation revealed plans to initiate the closure of one of its three operating smelting lines at the Warrick Operations facility in Indiana due to operational challenges.
- In August 2022, Maxion wheels also demonstrated its commitment to the automotive industry's movement towards carbon-free vehicles by joining the efforts in the aluminum and steel sectors.
Automotive Wheel Key Market Trends
- Adoption of Advanced Materials for wheel: The automotive industry is witnessing a significant shift towards the adoption of advanced materials for wheel manufacturing. Lightweight materials like aluminum alloys and carbon fiber composites are becoming increasingly popular due to their benefits, such as improved fuel efficiency and enhanced vehicle performance. These materials offer reduced unsprung mass, leading to better handling and braking, making them appealing to both manufacturers and consumers looking for improved driving dynamics.
- Passenger car segment is anticipated to be the market leader: Passenger car segment is driven by a rise in passenger car sales and production. Alloy wheels are commonly featured in premium and mid-sized luxury vehicles, enhancing their visual appeal and providing added comfort to vehicle owners. The growing purchasing power of consumers in developing economies, particularly in China and India, has led to an increased demand for premium and luxury vehicles in these regions.
Automotive Wheel Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Component types team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our Global Automotive Wheel Market analysis, the market is driven by technological advancements, increasing demand for lightweight and fuel-efficient vehicles, and rising vehicle production. Alloy wheels are the dominant type due to their aesthetics and performance benefits. Carbon fiber wheels show the fastest growth owing to their lightweight and high-strength properties. Asia-Pacific leads the market due to extensive vehicle production, while North America exhibits promising growth with a focus on advanced technologies. Cost and safety considerations remain restraints, affecting the adoption of advanced wheel materials. Overall, the market is dynamic, driven by consumer preferences and evolving automotive industry trends.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 33.99 billion |
| Market size value in 2031 | USD 75.05 billion |
| Growth Rate | 9.2% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Automotive Wheel Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Automotive Wheel Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Automotive Wheel Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Automotive Wheel Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Automotive Wheel Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Automotive Wheel Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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