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Automotive Wheel Market Size is Forecasted to Reach US$ 76.89 Billion by 2030

The global automotive wheel market size is forecasted to reach from US$ 45 billion in 2021 to US$ 76.89 billion by 2030 and is anticipated to grow at compounded annual growth rate (CAGR) of 6.1% from 2021 to 2030, as per reports by market research and consulting organization Precedence Research.

The report contains 150+ pages with detailed analysis. The base year for the study has been considered 2021, the historic year 2017 to 2020, the forecast period considered is from 2021 to 2030.

The automotive wheel market is analyzed on the basis of value (US$ Million), volume (Unit), and price (US$/Unit). The report offers exclusive insights to help companies make informed decisions to sustain growth through the assessment period.

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Due to the increased demand for passenger, sports, and luxury automobiles, the automotive wheel market has gained significant traction in recent years. The consumer preferences are evolving, resulting in a significant demand for performance-based vehicles. The rise in performance-based automobiles, such as luxury vehicles, is driving the demand for automotive wheel. The wheels also play an important role in vehicle performance analysis, which is expected to boost the automotive wheel market growth during the forecast period.

Moreover, due to government enforced standards, automobile manufacturers are adopting more carbon-based and aluminum wheels. Furthermore, the new material requires far less energy to manufacture and create perfectly shaped wheel with better-defined and sharper body lines, making component replacements easier. On the other hand, alloy wheels have the largest market share in the automotive wheel market due to its properties such as ductility, density, and corrosion resistant. In addition, as hybrid electric vehicle models become more common, the need for unique wheels for these vehicles has grown.

Scope of the Automotive Wheel Market

Report Coverage Details
Market Size USD 76.89 Billion by 2030
Growth Rate CAGR of 6.1% from 2021 to 2030
Largest Market Asia Pacific
Fastest Growing Market Material, Vehicle, Region
Segments Covered 2021

Competitive Intelligence

The report provides an understanding of the market composition and explains the role of established players and regional contributors. It is essential for the market players to make calculative moves and focus on client acquisition and retention. The detailed company profiles will provide the necessary intelligence to the reader. In order to maintain their share, the market players are focusing on strategies such as cross-border expansion, product differentiation and so on.

Some of the prominent players in the global automotive wheel market are listed as below:

  • Euromax Wheel
  • Prime Wheel Corporation
  • Aluminum Wheel Co. Ltd
  • Superior Industries International Inc.
  • Foshan Nanhai Zhongnan
  • Enkei Corporation
  • Ronal Group
  • BBS GmbH
  • Center Motor Wheel of America Inc.
  • Topy Industries Ltd.

Market Dynamics

Drivers

Rise in production of vehicles

The manufacturing businesses’ competitiveness has risen dramatically in the recent years, forcing automobile manufacturers to adopt new technologies. The increased production of passenger automobiles and commercial vehicles in developing and developed regions as a result of the expanding transportation industry is predicted to boost the worldwide revenue growth. As a result, the rise in production of vehicles is boosting the growth of automotive wheel market during the forecast period.

Restraints

Engineering and technological barriers

The technological limitations, such as the difficulty of shaping alloys and magnesium to meet a specific purpose, have also hampered the expansion of the automotive wheel market. The magnesium is a lighter alternative to aluminum or steel. It is a third of the weight of aluminum and quarter of the weight of steel. The magnesium alloys, on the other hand, are currently utilized in small amounts in automobiles and are restricted for the utilization in the variety of purposes. Joining different metals also poses technological obstacles. Thus, these factors are restricting the growth of automotive wheel market.

Opportunities

Surge in demand for light weight vehicles

The surge in demand for light weight materials in the automobile industry, as well as a greater focus on fuel economy, has boosted the demand for light weight vehicles all over the world. Due to rising urbanization and consumer’s purchasing power, the automotive wheel market is expected to rise at a fastest rate throughout the forecast period. As a result, the surge in demand for light weight vehicles is creating lucrative opportunities for the growth of automotive wheel market during the forecast period.

Challenges

Volatility in raw material prices

The cost of raw materials has a considerable impact on the final product’s price. Any changes in raw material prices as a result of socioeconomic or political factors can affect the component prices, which in turn, affect final product prices. The aluminum, steel, and magnesium are used to manufacture automotive wheel. Thus, the volatility in raw material prices is the biggest challenge for the growth of the automotive wheel market during the forecast period.

Regional Snapshot

Asia-Pacific is the largest segment for automotive wheel market in terms of region. The high urbanization rates, combined with the rising consumer buying power in markets such as Japan, China, Thailand, India, and South Korea, are expected to boost the automotive wheel market growth in the Asia-Pacific region. The automotive wheel demand is being fueled by the availability of low cost of labor in the Asia-Pacific’s countries.

Europe region is the fastest growing region in the automotive wheel market. The factors such as infrastructural development, consumer’s buying power, and shift in consumer’s lifestyle are driving the automobile and automotive demand, which, in turn, is driving demand for automotive wheel. The automotive industry makes a significant contribution to the GDP.

Report Highlights

  • Based on the material type, the aluminum segment dominated the global automotive wheel market in 2020 with highest market share. This is attributed to an increase in demand for light weight automobiles to improve vehicle fuel efficiency. The usage of aluminum wheels by major automobile manufacturers to improve vehicle dynamics is expected to drive the global automotive wheel market.
  • Based on the vehicle type, passenger vehicle segment is estimated to be the most opportunistic segment during the forecast period. The demand for luxury passenger automobiles that provide comfort is growing as people’s disposable income and spending power rises around the world.

Segments Covered in the Report

By Material Type

  • Alloy
  • Steel
  • Aluminum
  • Carbon Fiber

By Vehicle Type

  • Passenger Vehicle
  • Light Commercial Vehicle
  • Heavy Commercial Vehicle

By End User

  • Original Equipment Manufacturer (OEM)
  • Aftermarket

Regional Segmentation

– North America (U.S. and Canada)

 – Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)

 – Asia-Pacific (China, Japan, India, Southeast Asia and Rest of APAC)

 – Latin America (Brazil and Rest of Latin America)

– Middle East and Africa (GCC, North Africa, South Africa, Rest of MEA)

Why should you invest in this report?

If you are aiming to enter the global automotive wheel market, this report is a comprehensive guide that provides crystal clear insights into this niche market. All the major application areas for automotive wheel are covered in this report and information is given on the important regions of the world where this market is likely to boom during the forecast period of 2021-2030 so that you can plan your strategies to enter this market accordingly.

Besides, through this report, you can have a complete grasp of the level of competition you will be facing in this hugely competitive market and if you are an established player in this market already, this report will help you gauge the strategies that your competitors have adopted to stay as market leaders in this market. For new entrants to this market, the voluminous data provided in this report is invaluable.

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TABLE OF CONTENT

Chapter 1. Introduction

1.1. Research Objective

1.2. Scope of the Study

1.3. Definition

Chapter 2. Research Methodology

2.1. Research Approach

2.2. Data Sources

2.3. Assumptions & Limitations

Chapter 3. Executive Summary

3.1. Market Snapshot

Chapter 4. Market Variables and Scope 

4.1. Introduction

4.2. Market Classification and Scope

4.3. Industry Value Chain Analysis

4.3.1. Raw Material Procurement Analysis

4.3.2. Sales and Distribution Channel Analysis

4.3.3. Downstream Buyer Analysis

Chapter 5. COVID 19 Impact on Automotive Wheel Market 

5.1. COVID-19 Landscape: Automotive Wheel Industry Impact

5.2. COVID 19 – Impact Assessment for the Industry

5.3. COVID 19 Impact: Global Major Government Policy

5.4. Market Trends and Opportunities in the COVID-19 Landscape

Chapter 6. Market Dynamics Analysis and Trends

6.1. Market Dynamics

6.1.1. Market Drivers

6.1.2. Market Restraints

6.1.3. Market Opportunities

6.2. Porter’s Five Forces Analysis

6.2.1. Bargaining power of suppliers

6.2.2. Bargaining power of buyers

6.2.3. Threat of substitute

6.2.4. Threat of new entrants

6.2.5. Degree of competition

Chapter 7. Competitive Landscape

7.1.1. Company Market Share/Positioning Analysis

7.1.2. Key Strategies Adopted by Players

7.1.3. Vendor Landscape

7.1.3.1. List of Suppliers

7.1.3.2. List of Buyers

Chapter 8. Global Automotive Wheel Market, By Material

8.1. Automotive Wheel Market, by Material Type, 2021-2030

8.1.1. Alloy

8.1.1.1. Market Revenue and Forecast (2019-2030)

8.1.2. Steel

8.1.2.1. Market Revenue and Forecast (2019-2030)

8.1.3. Aluminum

8.1.3.1. Market Revenue and Forecast (2019-2030)

8.1.4. Carbon Fiber

8.1.4.1. Market Revenue and Forecast (2019-2030)

Chapter 9. Global Automotive Wheel Market, By Vehicle

9.1. Automotive Wheel Market, by Vehicle, 2021-2030

9.1.1. Passenger Vehicle

9.1.1.1. Market Revenue and Forecast (2019-2030)

9.1.2. Light Commercial Vehicle

9.1.2.1. Market Revenue and Forecast (2019-2030)

9.1.3. Heavy Commercial Vehicle

9.1.3.1. Market Revenue and Forecast (2019-2030)

Chapter 10. Global Automotive Wheel Market, By End User 

10.1. Automotive Wheel Market, by End User, 2021-2030

10.1.1. Original Equipment Manufacturer (OEM)

10.1.1.1. Market Revenue and Forecast (2019-2030)

10.1.2. Aftermarket

10.1.2.1. Market Revenue and Forecast (2019-2030)

Chapter 11. Global Automotive Wheel Market, Regional Estimates and Trend Forecast

11.1. North America

11.1.1. Market Revenue and Forecast, by Material (2019-2030)

11.1.2. Market Revenue and Forecast, by Vehicle (2019-2030)

11.1.3. Market Revenue and Forecast, by End User (2019-2030)

11.1.4. U.S.

11.1.4.1. Market Revenue and Forecast, by Material (2019-2030)

11.1.4.2. Market Revenue and Forecast, by Vehicle (2019-2030)

11.1.4.3. Market Revenue and Forecast, by End User (2019-2030)

11.1.5. Rest of North America

11.1.5.1. Market Revenue and Forecast, by Material (2019-2030)

11.1.5.2. Market Revenue and Forecast, by Vehicle (2019-2030)

11.1.5.3. Market Revenue and Forecast, by End User (2019-2030)

11.2. Europe

11.2.1. Market Revenue and Forecast, by Material (2019-2030)

11.2.2. Market Revenue and Forecast, by Vehicle (2019-2030)

11.2.3. Market Revenue and Forecast, by End User (2019-2030)

11.2.4. UK

11.2.4.1. Market Revenue and Forecast, by Material (2019-2030)

11.2.4.2. Market Revenue and Forecast, by Vehicle (2019-2030)

11.2.4.3. Market Revenue and Forecast, by End User (2019-2030)

11.2.5. Germany

11.2.5.1. Market Revenue and Forecast, by Material (2019-2030)

11.2.5.2. Market Revenue and Forecast, by Vehicle (2019-2030)

11.2.5.3. Market Revenue and Forecast, by End User (2019-2030)

11.2.6. France

11.2.6.1. Market Revenue and Forecast, by Material (2019-2030)

11.2.6.2. Market Revenue and Forecast, by Vehicle (2019-2030)

11.2.6.3. Market Revenue and Forecast, by End User (2019-2030)

11.2.7. Rest of Europe

11.2.7.1. Market Revenue and Forecast, by Material (2019-2030)

11.2.7.2. Market Revenue and Forecast, by Vehicle (2019-2030)

11.2.7.3. Market Revenue and Forecast, by End User (2019-2030)

11.3. APAC

11.3.1. Market Revenue and Forecast, by Material (2019-2030)

11.3.2. Market Revenue and Forecast, by Vehicle (2019-2030)

11.3.3. Market Revenue and Forecast, by End User (2019-2030)

11.3.4. India

11.3.4.1. Market Revenue and Forecast, by Material (2019-2030)

11.3.4.2. Market Revenue and Forecast, by Vehicle (2019-2030)

11.3.4.3. Market Revenue and Forecast, by End User (2019-2030)

11.3.5. China

11.3.5.1. Market Revenue and Forecast, by Material (2019-2030)

11.3.5.2. Market Revenue and Forecast, by Vehicle (2019-2030)

11.3.5.3. Market Revenue and Forecast, by End User (2019-2030)

11.3.6. Japan

11.3.6.1. Market Revenue and Forecast, by Material (2019-2030)

11.3.6.2. Market Revenue and Forecast, by Vehicle (2019-2030)

11.3.6.3. Market Revenue and Forecast, by End User (2019-2030)

11.3.7. Rest of APAC

11.3.7.1. Market Revenue and Forecast, by Material (2019-2030)

11.3.7.2. Market Revenue and Forecast, by Vehicle (2019-2030)

11.3.7.3. Market Revenue and Forecast, by End User (2019-2030)

11.4. MEA

11.4.1. Market Revenue and Forecast, by Material (2019-2030)

11.4.2. Market Revenue and Forecast, by Vehicle (2019-2030)

11.4.3. Market Revenue and Forecast, by End User (2019-2030)

11.4.4. GCC

11.4.4.1. Market Revenue and Forecast, by Material (2019-2030)

11.4.4.2. Market Revenue and Forecast, by Vehicle (2019-2030)

11.4.4.3. Market Revenue and Forecast, by End User (2019-2030)

11.4.5. North Africa

11.4.5.1. Market Revenue and Forecast, by Material (2019-2030)

11.4.5.2. Market Revenue and Forecast, by Vehicle (2019-2030)

11.4.5.3. Market Revenue and Forecast, by End User (2019-2030)

11.4.6. South Africa

11.4.6.1. Market Revenue and Forecast, by Material (2019-2030)

11.4.6.2. Market Revenue and Forecast, by Vehicle (2019-2030)

11.4.6.3. Market Revenue and Forecast, by End User (2019-2030)

11.4.7. Rest of MEA

11.4.7.1. Market Revenue and Forecast, by Material (2019-2030)

11.4.7.2. Market Revenue and Forecast, by Vehicle (2019-2030)

11.4.7.3. Market Revenue and Forecast, by End User (2019-2030)

11.5. Latin America

11.5.1. Market Revenue and Forecast, by Material (2019-2030)

11.5.2. Market Revenue and Forecast, by Vehicle (2019-2030)

11.5.3. Market Revenue and Forecast, by End User (2019-2030)

11.5.4. Brazil

11.5.4.1. Market Revenue and Forecast, by Material (2019-2030)

11.5.4.2. Market Revenue and Forecast, by Vehicle (2019-2030)

11.5.4.3. Market Revenue and Forecast, by End User (2019-2030)

11.5.5. Rest of LATAM

11.5.5.1. Market Revenue and Forecast, by Material (2019-2030)

11.5.5.2. Market Revenue and Forecast, by Vehicle (2019-2030)

11.5.5.3. Market Revenue and Forecast, by End User (2019-2030)

Chapter 12. Company Profiles

12.1. Euromax Wheel

12.1.1. Company Overview

12.1.2. Product Offerings

12.1.3. Financial Performance

12.1.4. Recent Initiatives

12.2. Prime Wheel Corporation

12.2.1. Company Overview

12.2.2. Product Offerings

12.2.3. Financial Performance

12.2.4. Recent Initiatives

12.3. Aluminum Wheel Co. Ltd

12.3.1. Company Overview

12.3.2. Product Offerings

12.3.3. Financial Performance

12.3.4. Recent Initiatives

12.4. Superior Industries International Inc.

12.4.1. Company Overview

12.4.2. Product Offerings

12.4.3. Financial Performance

12.4.4. Recent Initiatives

12.5. Foshan Nanhai Zhongnan

12.5.1. Company Overview

12.5.2. Product Offerings

12.5.3. Financial Performance

12.5.4. Recent Initiatives

12.6. Enkei Corporation

12.6.1. Company Overview

12.6.2. Product Offerings

12.6.3. Financial Performance

12.6.4. Recent Initiatives

12.7. Ronal Group

12.7.1. Company Overview

12.7.2. Product Offerings

12.7.3. Financial Performance

12.7.4. Recent Initiatives

12.8. BBS GmbH

12.8.1. Company Overview

12.8.2. Product Offerings

12.8.3. Financial Performance

12.8.4. Recent Initiatives

12.9. Center Motor Wheel of America Inc.

12.9.1. Company Overview

12.9.2. Product Offerings

12.9.3. Financial Performance

12.9.4. Recent Initiatives

12.10. Topy Industries Ltd.

12.10.1. Company Overview

12.10.2. Product Offerings

12.10.3. Financial Performance

12.10.4. Recent Initiatives

Chapter 13. Research Methodology

13.1. Primary Research

13.2. Secondary Research

13.3. Assumptions

Chapter 14. Appendix

14.1. About Us

14.2. Glossary of Terms

Thanks for reading you can also get individual chapter-wise sections or region-wise report versions such as North America, Europe, or the Asia Pacific.

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