USD 27.6 billion
Automotive Wheel Rims Market Size, Share, Growth Analysis, By Material Type(Alloy, Carbon Fiber, and Steel), By Vehicle Type(passenger cars and commercial vehicles), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG25A2062 |
Region:
Global |
Published Date: July, 2024
Pages:
249
|Tables:
61
|Figures:
75
Automotive Wheel Rims Market Insights
Automotive Wheel Rims Market size was valued at USD 27.6 billion in 2019 and is poised to grow from USD 28.7 billion in 2023 to USD 38.7 billion by 2031, growing at a CAGR of 4.3% in the forecast period (2024-2031).
The wheel is an essential component of any vehicle. It balances the vehicle's weight by combating all forces applied to it during operation. The rims keep the tyres aligned and the air pressure inside tubeless tyres constant. The wheel rims should be strong enough to withstand the forces applied by vehicle operation and to support the vehicle's weight.
The growing demand for lightweight vehicles as a result of increased fuel efficiency is expected to drive the Automotive Wheel Market in the coming years. Furthermore, the growing preference of vehicle owners for more silent and environmentally friendly vehicles, as well as increased R&D activities by OEMs, are expected to boost the market in the coming years.
Rising consumer demand and spending on automobiles, technological advancements in products, and visually appealing wheels are expected to propel the market during the forecasted period. There are certain constraints and challenges that can stymie market growth. Raw material price fluctuations are likely to act as a market restraint. The challenges of the industry include engineering barriers, a large unorganised aftermarket for wheels, and maintaining a balance between performance, cost, and weight.
US Automotive Wheel Rims 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
4.3% CAGR
Global Automotive Wheel Rims Market ($ Bn)
Country Share for Asia Pacific Region (%)
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Automotive Wheel Rims Market Segmental Analysis
Global automotive wheel rims market is segmented based on the material type, vehicle type and region Based on age group, automotive wheel rims market is segmented into Alloy, Carbon Fiber, and Steel. Based on vehicle Type, the automotive wheel rims market is segmented into passenger cars and commercial vehicles. Based on Region it is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Automotive Wheel Rims Market Analysis by Material Type
Based on material type, The market is divided into alloy, steel, and carbon fibre segments. During the forecast period, the alloy wheel segment is expected to hold the largest automotive wheel rims market share. The wheel rim has a direct impact on the vehicle's braking system. Aluminium alloy wheels are becoming increasingly popular because of their attractive appearance, and they are also lighter than steel wheels. Aluminium is a good conductor of heat and can dissipate heat from tyres and brakes better than steel wheels. Because of their lightweight design, alloy wheels account for approximately 41% of the market in 2019. To reduce cracking under extreme load/pressure, aluminium wheels are made of cast or forged aluminium.
Over the forecast period, the carbon fibre segment is expected to hold the second-largest market share. The heavyweight of the vehicle consumes more fuel, which slows market growth. To reduce excess fuel consumption in vehicles, key original equipment manufacturers (OEMs) such as Mercedes and BMW have focused on adopting lightweight carbon fibre reinforced plastic (CFRP) wheel rims in the majority of luxury and high-end vehicles. For example, Mitsubishi Rayon acquired SGL Carbon Fiber LLC in January 2017 to strengthen its position in the North American automotive wheel rim market.
Automotive Wheel Rims Market Analysis by Vehicle Type
Based on vehicle type, During the forecast period, the passenger car segment is expected to dominate the market for automotive wheel rims. Passenger vehicles account for the majority of total automobile production. Furthermore, rising innovations by key OEMs to improve the driving quality and efficiency of passenger vehicles will boost the automotive wheel market in this segment. The rise in consumer disposable income, particularly in developing countries such as China, India, and Mexico, is driving demand for the automotive wheel rim market in the passenger car sector. Furthermore, the government's increasing investment to promote the adoption of electric vehicles is increasing demand for passenger cars. For example, the Indian government launched the National Electric Mobility Mission Plan 2020 in 2019 in order to encourage domestic manufacturers. The government announced more than 130 billion in demand incentive investment and 18 billion in R&D investment under this programme, which would reduce the manufacturing cost of electric vehicles and increase sales during the forecast period.
Global Automotive Wheel Rims Market By Type
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Automotive Wheel Rims Market Regional Insights
The Asia Pacific region leads to the development of the automotive wheel market due to the growth of automobile production in countries such as China and India. Automobile production in these countries is expected to grow at a compound annual growth rate of more than 11.1% over the next five years. The increase in car production has increased the region's demand for wheels. Because of the decrease in low- and middle-income countries' awareness and disposable income, the adoption of car rims is less common, which may limit the scope of the global car rim market. Europe has made a significant contribution to the global automotive rims market due to its use in the commercial sector and the growing automotive sector.
North America is expected to have the largest market share in the global automotive rim market as disposable income in the US and Canada rises.
Global Automotive Wheel Rims Market By Region
- Largest
- Fastest
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Automotive Wheel Rims Market Dynamics
Automotive Wheel Rims Market Drivers
Rise in Demand for Lightweight Vehicle to Boost Market Growth
- The use of automotive lightweight materials reduces the vehicle's weight and improves its fuel efficiency. In recent years, the automotive industry has faced a number of challenges as a result of rising emission levels around the world. Because of the inherent relationship between fuel consumption and vehicle weight, manufacturers have been able to use lightweight components while meeting emission requirements. Aluminum, high-strength steel, engineering plastics, and composite materials are examples of automotive lightweight materials. When compared to conventional components, these advanced lightweight materials have the same strength. For example, BMW debuted its technologically advanced 2017 13 model, which features a carbon fibre polymer body. The carbon fibre polymer body assisted the company in increasing the vehicle's battery capacity to 33kWh.
- The primary focus of original equipment manufacturers (OEMs) is on regulating the volatile demand and supply pattern. To meet emission standards, manufacturers are inclined to develop technologically advanced components. These factors are expected to drive demand and, as a result, the key market during the forecast period. During the forecast period, demand for advanced vehicles is expected to rise due to rising population and consumer disposable income. For example, Ford and General Motors control 25% of global vehicle production, making North America one of the world's largest vehicle manufacturers.
Automotive Wheel Rims Market Restraints
High Cost of Raw Materials and Production is likely to Hinder Market Growth
- The rising volatility of raw material prices for tyres, wheels, and rubber products may stymie the market in the coming years. The production of automobile wheels and other materials has increased dramatically in recent years. The supply of raw materials used to make auto parts (such as magnesium, steel, and aluminium) has been fluctuating. Shrinkage is caused by the use of excessive raw materials in the manufacture of automobile wheels. Price fluctuations in raw materials used in the production of electric car batteries, for example, can stifle market growth.
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Automotive Wheel Rims Market Competitive Landscape
Global automotive wheel rims market is highly competitive and somewhat fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D. Maxion Wheels, Steel Strip Wheels, and Ronal Group are among the key players in the global market for automotive wheel rims. Maxion Wheels is a market leader in the production of advanced wheels for passenger cars and commercial vehicles. Its market position has been strengthened by expanding partnerships with key players to manufacture cost-effective and technologically advanced wheels all over the world. Maxion Wheels is expected to have a larger market share as a result of multiple strategic partnerships and investments.
Automotive Wheel Rims Market Top Player's Company Profiles
- Accuride Corporation
- Alcoa Wheels
- Borbet GmbH
- BBS Kraftfahrzeugtechnik AG
- CITIC Dicastal Wheel Manufacturing Co., Ltd.
- CMS Wheels
- Enkei Corporation
- Foshan Nanhai Zhongnan Aluminum Wheel Co., Ltd.
- Hayes Lemmerz International, Inc.
- JR-Wheels Oy
- Maxion Wheels
- Mefro Wheels GmbH
- OZ Group
- Ronal Group
- Superior Industries International, Inc.
- TOPY Industries, Ltd.
- Uniwheels AG
- Wagon Automotive
- Wheel Pros, LLC
- Zenix Auto International Limited
Automotive Wheel Rims Market Recent Developments
- In September 2022, Maxion Wheels, the world's largest wheel manufacturer, announced today that its newest truck steel wheels plant with partner Inci Holding, is ready to open in Turkey.
- In September 2022, MAXION WHEELS ANNOUNCES NEXT INVESTMENTS IN COMMERCIAL VEHICLE WHEEL PORTFOLIO.
- In august 2021, Steel Strips Wheels expects margins of over 20% on new MOU; says order value could go up to $130 million
Automotive Wheel Rims Key Market Trends
- The sale of conventional and electric vehicles has increased dramatically in recent years. Vehicle owners prefer vehicles that are quiet and emit no emissions. This has prompted a number of automakers to develop advanced technologies that are both quieter and more environmentally friendly. Due to tyre cavity noise, there has been a lot of noise inside the car's cabin in previous years. Automakers are constantly looking for new ways to reduce internal noise levels in their vehicles, such as developing advanced noise-reducing wheels.
- Tire air cavity noise is the noise produced in the compartment as a result of the resonance of the hollow cavity inside the tire when it runs on an uneven road surface. This phenomenon contributes to road noise. To eliminate cavity noise, some tyre manufacturers use sound-absorbing foam inside the tyre. Manufacturers' efforts have aided in the reduction of internal cabin noise. To balance the strength of centrifugal force and assembly, thin, lightweight plastic Helmholtz resonators are installed in newly cut grooves on the wheel hub.
Automotive Wheel Rims Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global automotive wheel rims market analysis, in terms of material type, the alloy segment contributes to the market growth owing to lightweight property. And in terms of vehicle type, passenger cars held the largest market share because of increasing production of passenger vehicles. Moreover, increasing adoption of lightweight material and rising production of vehicles are driving the automotive wheel rims market growth. Whereas, fluctuating raw material prices can hamper the market expansion in the forecasting year.
| Report Metric | Details |
|---|---|
| Market size value in 2019 | USD 27.6 billion |
| Market size value in 2031 | USD 38.7 billion |
| Growth Rate | 4.3% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| 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 Rims 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 Rims 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 Rims 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 Rims 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 Rims Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Automotive Wheel Rims 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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