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 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.