WILMINGTON, DE / ACCESSWIRE / January 30, 2023 / The global automotive wheel market is projected to expand at a CAGR of 6.6% from 2022 to 2031, according to the market insights offered by Transparency Market Research (TMR).
Rise in awareness among people across the globe about environmental concerns has resulted in increase in inclination toward usage of eco-friendly transportation solutions. This has led to rise in sales of electric vehicles globally, which, in turn, is creating lucrative business opportunities for automotive wheel manufacturers.
Automotive Wheel Market: Key Findings
- Governments of several emerging countries, such as China, India, Mexico, and Brazil, are focusing on the implementation of stringent emission regulations. This factor is expected to drive demand for automobile wheels in the next few years.
- Alloy wheels find application in sport utility vehicles (SUVs) owing to advantages such as better steering, advanced off-road handling, and decrease in the vehicle's unsprung weight. SUV manufacturers are focusing on usage of cast or forged alloy wheels instead of steel-based wheels. Furthermore, demand for SUVs has increased in the past few years. These factors are projected to propel the market in the near future.
- Automakers across the globe are focusing on improving fuel efficiency of their vehicles. Thus, they are increasing efforts to develop lightweight vehicles. Companies operating in the global automobile wheel market are investing significantly in R&D activities in order to develop next-generation alloy wheels, which could help in reducing overall weight of vehicles. These efforts are likely to accelerate market development during the forecast period. Based on material, the alloy wheel segment held larger share of the market in 2021. This is ascribed to increase in usage of lightweight materials in vehicles in order to improve fuel efficiency.
- In terms of vehicle type, the passenger vehicle segment dominated the global market in 2021. This is ascribed to increase in demand and production of passenger vehicles globally. Moreover, rise in sales of SUVs and premium passenger vehicles across the globe is expected to augment the passenger vehicle segment in the next few years.
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Automotive Wheel Market: Growth Drivers
- Increase in demand for commercial and passenger vehicles is creating significant opportunities in the global industry
- Rise in R&D investment by automakers in order to improve fuel-efficiency of vehicles is anticipated to drive market development
Regional Analysis
- As per market trend analysis by TMR, Asia Pacific is expected to offer significant opportunities to manufacturers during the forecast period. This can be ascribed to presence of robust automobile industry in countries such as Japan, India, and China and increase in disposable income of people in these countries.
- The market in Europe is projected to expand at a significant CAGR during the forecast period. This is ascribed to presence of considerable number of OEMs, tier-1 suppliers, and advanced facilities intended for material composition R&D activities.
Competition Landscape
- Industry players are investing in R&D activities in order to develop products with improved quality
- These players are adopting strategies such as collaborations and partnerships in order to strengthen production capabilities and expand businesses in newer regions
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Automotive Wheel Market: Key Players
- BBS Alloy Wheel
- ARCONIC
- CITIC Dicastal Wheel Manufacturing Co.
- BORBET GmbH.
- Fuel Off Road Wheels
- Enkei
- MAXION Wheels
- Foshan Nanhai Zhongnan Aluminum Wheel Co., Ltd
- RONAL Group
- MHT Luxury Wheels.
- WHEELPROS LLC
- TSW Wheels
- Superior Industries International Inc.
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Automotive Wheel Market Segmentation
Material
- Alloy Wheel
- Steel Wheel
- Carbon Fiber Wheel
Rim Size
- 12"-17"
- 18"-21"
- More than 21"
Vehicle Type
- Passenger Vehicle
- Hatchback
- Sedan
- Utility Vehicles
- Light Commercial Vehicles
- Heavy Trucks
- Buses and Coaches
Sales Channel
- OEM
- Aftermarket
Regions Covered
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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Transparency Market Research registered at Wilmington, Delaware, United States, is a global market research company providing custom research and consulting services. TMR provides in-depth insights into factors governing demand in the market. It divulges opportunities across various segments based on Source, Application, Sales Channel, and End-Use that will favor growth in the market over the next 9 years.
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