Automotive Wheel Market is projected to grow at a CAGR of 5.52% from 2017 to 2025. The market for automotive wheels was valued at USD 31.34 Billion in 2016 and is projected to reach USD 50.54 Billion by 2025. The base year for the report is 2016 and the forecast period is 2017 to 2025.
The research methodology used in the report involves primary and secondary sources and follows a bottom-up approach for the purpose of data triangulation. The study involves the country-level OEM and model-wise analysis of automotive wheel market. This analysis involves historical trends as well as existing market penetrations by country as well as vehicle type. The analysis is projected based on various factors such as growth trends in vehicle production and adoption rate by OEMs. The analysis has been discussed and validated by primary respondents, which include experts from the automotive industry, manufacturers, and suppliers. Secondary sources include associations such as China Association of Automobile Manufacturers (CAAM), International Organization of Motor Vehicle Manufacturers (OICA), European Automobile Manufacturers Association (ACEA), Environmental Protection Agency (EPA), Society of Indian Automotive Manufacturers, SAE International, and paid databases and directories such as Factiva.
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Automotive Wheel Market Target Audience
- Automobile manufacturers
- Automotive component manufacturers
- Automotive technology experts
- Automotive wheel manufacturers
- Distributors and suppliers of automotive systems
- Engine control system manufacturers
- Independent and authorized dealers of automotive wheels
- Industry associations and experts
- Off-Highway associations
- Raw material suppliers
- Traders, distributors, and suppliers of wheels and raw materials
Automotive Wheel Market, By Region
- Asia Pacific (China, India, Japan, South Korea, and Rest of Asia Pacific)
- Europe (Germany, Spain, France, Italy, UK, and Rest of Europe)
- North America (US, Mexico, and Canada)
- Rest of the World (Brazil, Russia, and South Africa)
Growing vehicle production to boost the growth of the automotive wheel market and is expected to be close to USD 50.54 Billion by 2025.
A wheel is a circular metal frame with spokes or a solid disc mounted on a wheel hub. A vehicle tire is installed on the wheel frame, which is also called as a rim or alloy wheel. These are made from steel, aluminum, magnesium, carbon fiber, or a combination of all these metals. There are three basic components of a wheel-hub, spoke, and rim.
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- The automotive wheel market is witnessing huge growth with the growth of vehicle production. Will carbon wheels be the next frontier that OEMs are targeting?
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The alloy wheel segment is estimated to hold the largest share in the global automotive wheel market. The market growth in this segment can be attributed to the improved vehicle dynamics with lightweight alloy wheels and increased demand for lightweight materials to comply with stringent emission norms.
Carbon fiber and others segment is estimated to be the fastest-growing segment of the automotive wheel market. Rising demand for high-performance vehicle and technological innovations in the material composition are expected to drive the carbon fiber and others wheel market.
By vehicle type, the passenger vehicles segment is estimated to hold the largest share of the automotive wheel market. The majority of mid and premium passenger vehicles, which provide enhanced comfort and convenience, use alloy wheels. Additionally, factors such as the sizeable number of luxury vehicles in Europe and North America and the increasing demand for luxury vehicles in the Asia Pacific region are increasing the demand for market. In the Asia Pacific region, the demand for luxury vehicles is growing due to the increasing purchasing power of consumers and the growing demand for comfort and safety features in a vehicle.
Asia Pacific: Largest wheel market in Original Equipment (OE)
The Asia Pacific region leads the automotive wheel market, owing to increasing vehicle production in countries such as China and India. The vehicle production in these countries is projected to grow at >6.0% CAGR over the period of next five years. Increasing vehicle production has, in turn, increased the demand for wheels in this region. Many wheel manufacturers have set up their manufacturing plants in the region. These include Iochpe-Maxion (Brazil), Steel Strips Wheels (India), Hitachi Metals (Japan), Enkei (Japan), Citic Dicastal (China), and Zhejiang Wanfeng Auto Wheel (China).
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