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

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).

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. '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'

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 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.

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.