What Has Been the Growth Trajectory for the Automotive Wheel Market in Recent Years?
The automotive wheel market has seen considerable growth due to a variety of factors.
• The size of the automotive wheel market has experienced significant growth in the past few years. It's projected to increase from $39.76 billion in 2024 to $42.93 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 8.0%.
This growth observed in the historical period can be credited to expansion in local automobile markets, worldwide economic variables, safety regulations and assessments, regulatory norms, and customer preferences.
What Is The Projected Growth And Market Size For The Automotive Wheel
The automotive wheel market is expected to maintain its strong growth trajectory in upcoming years.
• The size of the automotive wheel market is predicted to experience significant growth in the forthcoming years. With a compound annual growth rate (CAGR) of 7.7%, it is set to reach $57.69 billion in value by 2029. The expected growth during the forecast period can be credited to ongoing innovations in materials, the development of autonomous vehicles, consideration for sustainability, the global expansion of automotive manufacturing, urbanization, and the popularity of compact cars. Advanced manufacturing technologies, bespoke and personalized options, aerodynamic wheel designs, smart wheels with embedded sensors, and carbon fiber composite wheels are expected to be the major trends in the forecast period.
What Main Forces Are Fueling Expansion In The Automotive Wheel Market?
The anticipated increase in vehicle production is likely to fuel the growth of the automotive wheel market. As a critical part of a car, the demand for wheels is directly linked to the auto industry. The escalating production of cars each year is set to boost the need for automotive wheels. For instance, the International Trade Administration, a government agency based in the US, reported in November 2023 that the automotive sector is a crucial industry in Mexico, contributing to 3.6% of the country's Gross Domestic Product (GDP) and 18% of the manufacturing GDP. In 2022, the electric vehicles (EVs) and hybrids market only surpassed 51,065 units, marking an 8.5% growth from 2021. Within this sector, hybrid vehicles constituted 3.75% of the total EV market, followed by electric vehicles with 0.51% and plug-in hybrids with 0.42%. Therefore, the expected increase in vehicle production will likely enhance the need for automotive wheels throughout the forecast period.
What Are The Main Segments Of The Global Automotive Wheel Market?
The automotive wheel market covered in this report is segmented –
1) By Material: Steel, Alloy, Carbon Fiber, Other Materials
2) By Vehicle Class: Economy, Mid-Priced, Luxury-Priced
3) By Vehicle Type: Passenger Vehicle, Light Commercial Vehicle, Heavy Commercial Vehicle
4) By Rim Size: 13"-15", 16"-18", 19"-21", Above 21"
5) By End-Use: OE, After market
Subsegments:
1) By Steel: Standard Steel Wheels, Spoke Steel Wheels, Steel Rims
2) By Alloy: Cast Alloy Wheels, Forged Alloy Wheels, Multi-piece Alloy Wheels
3) By Carbon Fiber: Single-piece Carbon Fiber Wheels, Multi-piece Carbon Fiber Wheels
4) By Other Materials: Magnesium Wheels, Composite Wheels, Specialty Materials
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What Emerging Trends Are Influencing The Growth Of The Automotive Wheel Market?
Technological progress is molding the automotive wheels sector. Leading companies in the automotive wheel industry are striving to design technologically superior solutions to solidify their industry foothold. For example, in September 2022, Maxion Wheels, an industry leader based in Brazil that produces steel and aluminium wheels for a variety of vehicles, unveiled its revolutionary lightweight steel truck wheels. It is tailored for a range of applications within the commercial vehicle industry. The 22.5 x 11.75 size wheels in particular have been engineered to shed roughly 4 kg in weight compared to prior models, thus boosting payload capacity by around 40 kg or more. This weight reduction is vital for fleet managers, as it leads to improved fuel efficiency and enhances the overall performance of the vehicle.
Who Are the Key Players in the Automotive Wheel Market?
Major companies operating in the automotive wheel market include:
• Continental AG
• Aisin Seiki Co. Ltd.
• Michelin Group
• Wheel Solutions Limited
• Goodyear Tire & Rubber Company
• Tenneco Inc.
• Alcoa Corporation
• Hitachi Metals Ltd.
• Pirelli & C. S.p.A.
• Carlisle Companies Inc.
• Toyo Tire & Rubber Co. Ltd.
• Zhongding Group Inc.
• Superior Industries International Inc.
• IOCHPE-Maxion SA
• Steel Strips Wheels Ltd.
• Wheel Pros LLC
• Super Alloy Industrial Co. Ltd.
• Hayes Lemmerz International Inc.
• American Eagle Wheels Corp.
• Dana Incorporated
• OZ Group
• Accuride Corporation
• Topy Industries Limited
• Foshan Nanhai Zhongnan Aluminum Wheel Co.
• BBS Kraftfahrzeuge GmbH
• CLN Group
• Mangels Industrial SA
• Zhejiang Wanfeng Auto Wheel Co. Ltd.
• BORBET GmbH
• Bridgestone Corporation
• CIE Automotive Inc.
What Is The Most Dominant Region In The Automotive Wheel Market?
Asia-Pacific was the largest region in the automotive wheel market in 2024. The regions covered in the automotive wheel market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
