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

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.