The automotive wheel aftermarket market has experienced steady growth, increasing from $4.81 billion in 2023 to $5.03 billion in 2024, achieving a compound annual growth rate (CAGR) of 4.5%. This growth is attributed to sustainability efforts, weight reduction trends, retail evolution, growth of niche markets, and rising popularity of plus-sizing wheels. Looking towards 2028, the market is projected to reach $6.1 billion, with a CAGR of 4.9%. Growth drivers include increased vehicle sales, a shift towards lightweight materials, growing preference for larger wheels, and expansion of e-commerce and online retail. Key trends in the forecast period are customization and personalization, advanced material technologies, aesthetic and stylistic preferences, and continued rise in plus-sizing wheels.
Major Driver In The Automotive Wheel Aftermarket Market
Increasing sales of passenger cars are expected to propel the growth of the automotive wheel aftermarket market going forward. Cars are four-wheeled vehicles used for transportation. Aftermarket wheels are available for a wide range of vehicles and are less expensive. They are in high demand for automobiles and are used as replacement wheels more frequently in cars. For instance, according to the Federation of Automobile Dealers Associations (FADA), an India-based apex national body of the automobile retail industry, for the year 2021, passenger car sales increased annually by 39%, that is, from 1,82,651 units in 2020 to 2,53,363 units in 2021 India. In addition, commercial vehicle sales increased 98% annually, from 26,851 units in 2020 to 53,150 units in 2021. Therefore, the increasing sales of passenger cars are driving the growth of the automotive wheel aftermarket market. The automotive wheel aftermarket market size was $45.6 billion in 2023, and it is projected to reach $68.9 billion by 2028.
Request A Free Sample Of The Global Automotive Wheel Aftermarket Market Report
Automotive Wheel Aftermarket Market Competitive Landscape
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
Key Automotive Wheel Aftermarket Market Trend
New product innovations are a key trend in the automotive wheel aftermarket market. Major companies in the automotive aftermarket sector are focused on launching advanced products to broaden their market reach. For instance, in September 2021, Borbet, a German manufacturer of light alloy wheels, introduced new rims featuring a distinctive CWZ design with five double-spoke patterns. These rims are suitable for vehicles with wheel loads up to 1,250 kilograms, including models like VW Crafter, Amarok, T5 and T6, and Mercedes V-Class. They are known for their durability and longevity.
Get The Full Global Automotive Wheel Aftermarket Market Report
Automotive Wheel Aftermarket Market Segmentation
The automotive wheel aftermarket market covered in this report is segmented –
1) By Aftermarket 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
By Geography:The regions covered in the automotive wheel aftermarket market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the automotive wheel aftermarket market in 2023.
The Automotive Wheel Aftermarket Global Market Report 2024 furnishes information about the global automotive wheel aftermarket market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
