May 10, 2019

Global Automotive Wheel Market | Growth, Trends and Global Forecast to 2025

The global automotive wheel market is projected to grow at a CAGR of 5.52% during the forecast period, to reach USD 50.54 Billion by 2025. The market growth is primarily driven by factors such as the growing vehicle production and the improved vehicle dynamics.

Objectives of the Report

  • To define, segment, and forecast the automotive wheel market (2015–2025), in terms of volume (million units) and value (USD million)
  • To segment the automotive wheel market and forecast the market size, by volume and value, on the basis of end-use into Original Equipment (OE) market and aftermarket
  • To analyze and forecast (2015–2025) the market size, by volume, of the off-highway wheel OE market for construction equipment and agricultural tractors at regional level
  • To segment the automotive wheel market and forecast the market size, by volume and value, on the basis of material into steel, alloy (magnesium and aluminum), and carbon fiber
  • To segment the automotive wheel market and forecast the market size, by volume and value, on the basis of vehicle type into passenger vehicles, light commercial vehicles, and heavy commercial vehicles
  • To segment the automotive wheel market and forecast the market size, by volume and value, on the basis of vehicle class into economy, mid-priced, and luxury
  • To define, describe and project the automotive wheel OE market (country level) on the basis of rim size (13″–15″, 16″–18″,19″–21″, and >21″)
  • To provide a detailed analysis of various forces acting in the automotive wheel market (drivers, restraints, opportunities, and challenges)
  • To analyze the regional markets for growth trends, future prospects, and their contribution to the overall market
  • To strategically profile key players and comprehensively analyze their market ranking and core competencies
  • To track and analyze competitive developments such as joint ventures, mergers & acquisitions, new product launches, expansions, and other industry activities carried out by key industry participants

Expansion and partnership/supply contract are the key strategies adopted by major players to gain traction in this mature market. For instance, Iochpe-Maxion (Brazil) expanded its operations to cater to the increased demand for wheels in India. Realizing the growth of the automotive market in India, the company held a ground-breaking ceremony (Bhoomi Poojan) of its 25,000 square meters plant in Khed City, Pune. The company announced an initial investment of USD 50 million to produce two million wheels annually. The new plant will produce 4 million wheels annually when the project is completed. On 16th March 2018, Steel Strips Wheels entered into a supply contract with a European customer for supplying approximately 130,000 caravan steel wheels. The wheels will be manufactured at the company’s Chennai plant and exported from May 2018 onwards within 6 months.

To know about the assumptions considered for the study, download the pdf brochure

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.

The automotive wheel market is dominated by a few global players. The key market players are Iochpe-Maxion (Brazil), Superior Industries International (US), Enkei (Japan), Accuride (US), and Steel Strips Wheels (India).

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Read More: Automotive Wheel Market Outlook to 2025 – Top Manufacturers are Iochpe-Maxion, Accuride Corporation, Steel Strips Wheels, Hitachi Metals, Enkei, Borbet, Mefro Wheels