How Has The Computer Vision in Automotive Wheel Aftermarket Market Size Evolved In Recent Years?
The automotive wheel aftermarket market has seen considerable growth due to a variety of factors.
• In recent times, there has been a consistent increase in the size of the automotive wheel aftermarket sector. The market is expected to expand from a value of $4.96 billion in 2024 to $5.15 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 3.8%.
The growth in the previous period is due to initiatives targeting sustainability, trends towards weight reduction, the evolving retail landscape, niche market development, and the rising popularity of plus-sizing.
What Are The Estimated Market Size And Expected Annual Growth Rates For Globa Automotive Wheel Aftermarket Market?
The automotive wheel aftermarket market is expected to maintain its strong growth trajectory in upcoming years.
• The market size of the automotive wheel aftermarket is projected to experience robust growth in forthcoming years, with the value expected to reach $6.41 billion by 2029, progressing at a compound annual growth rate (CAGR) of 5.6%.
The anticipated growth during the prediction period can be attributed to an upsurge in vehicle sales, a shift towards lightweight materials, growing preference for larger wheels, expansion of e-commerce and online retail platforms. Numerous trends are forecasted to arise during this period including customization and personalization, innovations in material technologies, aesthetic and stylistic inclinations, and a rise in plus-sizing wheels.
What Are The Primary Growth Drivers In The Automotive Wheel Aftermarket Market?
The surging sales of passenger vehicles are anticipated to fuel the expansion of the automotive wheel aftermarket in the future. Cars, which are four-wheeled vehicles used for commuting, often require aftermarket wheels which are less costly and available for a vast array of vehicles. These wheels are extremely sought after for automobiles, especially as replacement wheels in cars. For instance, a report published by the US-based organization, World Resources Institute, in September 2023 stated that in 2022, electric vehicles constituted 10% of the passenger vehicles sold globally, indicating a tenfold surge from five years prior. Meeting the international climate objectives, which aim to restrict global warming to 1.5 degrees Celsius (2.7 degrees Fahrenheit) and curb the negative impacts of climate change, dictates that electric vehicles should make up 75% to 95% of passenger vehicle sales by 2030. Consequently, the rising sales of passenger vehicles are propelling the expansion of the automotive wheel aftermarket.
What Are The Key Segments Within The Global Automotive Wheel Aftermarket Market?
The automotive wheel after market market covered in this report is segmented –
1) By After market Type: New Wheel Replacement, Refurbished Wheel Fitment
2) By Material Type: Alloy, Steel, Other Materials
3) By Coating Type: Liquid Coating, Powdered Coating
4) By Vehicle: Passenger Cars, Lightweight Commercial Vehicles, Heavy Trucks, Buses And Coaches, Trailers
5) By Distribution Channel: Retail, Wholesalers And Distributors
Subsegments:
1) By New Wheel Replacement: Alloy Wheels, Steel Wheels, Specialty Wheels
2) By Refurbished Wheel Fitment: Remanufactured Wheels, Refinished Wheels, Customized Refurbished Wheels
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How Are New Trends Impacting The Size Of The Automotive Wheel Aftermarket Market?
The dominant emerging trend in the automotive wheel aftermarket is the advent of new product innovations. Companies within the automotive aftermarket sector are concentrating their efforts on developing advanced offerings to expand their market footprint. MacLean-Fogg Component Solutions (MFCS), renowned for their supply of engineered metal and plastic parts, exemplified this trend in February 2022 by unveiling their Threadstrong range of aftermarket wheel fasteners. These products, engineered for assorted automotive applications, mainly aim to improve wheel assembly safety and performance. As top-tier alternatives for original equipment manufacturer (OEM) fasteners, Threadstrong fasteners cater to the market demand for trustworthy aftermarket solutions. Designed to comply with stringent safety standards, they are particularly suited to high-performance vehicles that prioritize durability and reliability. Crafted from stainless steel and other materials resistant to corrosion, they are resilient in extreme weather conditions and exposure to road salts and chemicals.
Who Are the Key Players in the Automotive Wheel Aftermarket Market?
Major companies operating in the automotive wheel aftermarket market include:
• Konig Wheels
• Enkei Corporation
• Superior Industries Inc.
• Ronal AG
• Maxion Wheels LLC
• BBS Kraftfahrzeugtechnik AG
• OE Creations Wheels LLC
• MSW Wheels OZ SpA
• TSW Alloy Wheels
• American Racing Equipment Inc.
• Method Race Wheels
• Fuel Off-Road Wheels
• Lexani Wheel Corp.
• KMC Wheels
• Rotiform Wheels
• Ultra Wheel Company Inc.
• Beyern Wheels Company
• Black Rhino Wheels
• Asanti Wheels
• Moto Metal Wheels
• Niche Wheels
• Lenso Wheels Store
• Cali Off-Road Wheels
• Giovanna Wheels
• Philippine Aluminum Wheels Inc.
• Foose Wheels
• AEZ Leichtmetallräder GmbH
• Anhui Xingda Auto Parts Technology Co. Ltd.
• XD Wheels
• Anovia Wheels LLC
• Braelin Wheels
• DUB Wheels
• Helo Wheels
• Ruff Wheels
What are the Regional Insights into the Automotive Wheel Aftermarket Market?
North America was the largest region in the automotive wheel aftermarket in 2024. The regions covered in the automotive wheel aftermarket report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
