Automotive Wheel Market Introduction

The automotive wheel market is a segment of the automotive industry that involves the manufacturing and distribution of wheels for vehicles. Automotive wheels are an essential part of a vehicle's design, as they not only enhance the aesthetic appeal of the vehicle but also play a crucial role in providing stability, control, and safety while driving.The market for automotive wheels has grown significantly in recent years, driven by factors such as increasing vehicle production, growing demand for lightweight and durable wheels, and the rising trend of customization among consumers. Automotive wheels are available in various materials, sizes, and designs, including steel wheels, alloy wheels, forged wheels, and carbon fiber wheels.The global automotive wheel market is highly competitive, with several established players and new entrants operating in the market. The market is also highly fragmented, with several regional players operating in different regions of the world. The Asia-Pacific region is currently the largest market for automotive wheels, followed by North America and Europe. The market is expected to continue to grow in the coming years, driven by the increasing demand for lightweight and durable wheels and the growing trend of customization among consumers.

Automotive Wheel Market Size

The global automotive wheel market size was valued at USD 32.3 billion in 2020 and is projected to reach USD 45.4 billion by 2028, growing at a CAGR of 4.3% during the forecast period from 2021 to 2028. The market is driven by factors such as increasing vehicle production, growing demand for lightweight and durable wheels, and the rising trend of customization among consumers. Additionally, the increasing adoption of electric vehicles (EVs) and the growing popularity of luxury and sports vehicles are also expected to drive the market growth in the coming years.In terms of volume, the global automotive wheel market was estimated at 510 million units in 2020 and is projected to reach 657 million units by 2028, growing at a CAGR of 3.4% during the forecast period. The Asia-Pacific region is currently the largest market for automotive wheels in terms of both value and volume, owing to the high demand for vehicles in countries such as China and India. North America and Europe are also significant markets for automotive wheels, driven by the high demand for luxury and sports vehicles in these regions.

Automotive Wheel Market Share

The global automotive wheel market is highly fragmented, with several players operating in the market. The market share is distributed among various companies, with the top players accounting for a significant share of the market.In 2020, the top players in the automotive wheel market were Ronal AG, Maxion Wheels, Borbet GmbH, Enkei Corporation, Accuride Corporation, Steel Strips Wheels, and Superior Industries International, Inc., among others.In terms of market share, the Asia-Pacific region is currently leading the market, followed by Europe and North America. The increasing demand for vehicles in countries such as China, India, and Japan is driving the growth of the market in the Asia-Pacific region. Europe and North America are also significant markets for automotive wheels, driven by the high demand for luxury and sports vehicles in these regions.

Automotive Wheel Market Trends

The global automotive wheel market is experiencing several trends, including:

1. Growing demand for lightweight wheels: The demand for lightweight automotive wheels is increasing due to the need for improved fuel efficiency and reduced emissions. Aluminum and magnesium wheels are becoming popular as they are lightweight and provide better performance than traditional steel wheels.
2. Increasing popularity of custom wheels: Custom wheels are becoming increasingly popular among car enthusiasts who want to personalize their vehicles. Custom wheels offer unique designs, colors, and finishes, and this trend is driving the demand for high-end wheels.
3. Advancements in wheel technology: The development of new wheel technologies is driving the growth of the automotive wheel market. For example, the use of carbon fiber and other advanced materials is leading to the development of stronger and more durable wheels that are also lightweight.
4. Growing demand for electric vehicles: The increasing demand for electric vehicles is driving the growth of the automotive wheel market, as electric vehicles require specialized wheels that are designed to handle the weight and torque of electric drivetrains.
5. Increasing use of alloy wheels: Alloy wheels are becoming increasingly popular due to their aesthetic appeal, performance benefits, and durability. They offer improved heat dissipation, which helps to prolong the life of brakes and tires.

Overall, these trends are expected to continue to shape the automotive wheel market in the coming years, as manufacturers seek to meet the evolving needs of consumers and provide solutions that offer superior performance, durability, and aesthetic appeal.

Automotive Wheel Market Driving Factors

The global automotive wheel market is driven by several factors, including:

1. Increasing demand for vehicles: The demand for vehicles is increasing globally, which is driving the growth of the automotive wheel market. This is particularly true in emerging economies such as China and India, where the growing middle class is driving the demand for personal transportation.
2. Rising demand for fuel-efficient vehicles: As fuel prices continue to rise, the demand for fuel-efficient vehicles is increasing. Lightweight wheels, such as those made from aluminum and magnesium, help to improve fuel efficiency by reducing the weight of the vehicle.
3. Advancements in wheel technology: The development of new wheel technologies is driving the growth of the automotive wheel market. For example, the use of advanced materials such as carbon fiber and titanium is leading to the development of stronger and more durable wheels.
4. Increasing demand for custom wheels: The growing popularity of custom wheels is driving the growth of the automotive wheel market. Consumers are increasingly interested in personalizing their vehicles, and custom wheels offer a unique way to do so.
5. Growing demand for electric vehicles: The increasing demand for electric vehicles is driving the growth of the automotive wheel market, as electric vehicles require specialized wheels that can handle the weight and torque of electric drivetrains.

Overall, these factors are expected to continue to drive the growth of the automotive wheel market in the coming years, as manufacturers seek to meet the evolving needs of consumers and provide solutions that offer superior performance, durability, and aesthetic appeal.

Automotive Wheel Market Regional Analysis

The global automotive wheel market is segmented by region into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.Asia Pacific is the largest market for automotive wheels, driven by the increasing demand for vehicles in countries such as China and India. The growing middle class in these countries is driving the demand for personal transportation, which is in turn driving the growth of the automotive wheel market. Additionally, the increasing demand for electric vehicles in the region is driving the demand for specialized wheels that can handle the weight and torque of electric drivetrains.North America and Europe are also significant markets for automotive wheels, driven by the demand for fuel-efficient vehicles and advancements in wheel technology. Custom wheels are also popular in these regions, particularly in the United States, where car enthusiasts are interested in personalizing their vehicles.Latin America and Middle East & Africa are smaller markets for automotive wheels, but they are expected to experience growth in the coming years due to the increasing demand for vehicles in these regions.Overall, the Asia Pacific region is expected to continue to dominate the automotive wheel market in the coming years, driven by the growing demand for vehicles and electric vehicles in the region. However, North America and Europe are also expected to experience growth, driven by the demand for fuel-efficient vehicles and advancements in wheel technology.

Automotive Wheel Market Forecasts 2030

The global automotive wheel market is expected to witness significant growth during the forecast period of 2021-2030. The market is projected to grow at a CAGR of approximately 5.5% during this period.The growth of the market can be attributed to several factors, including the increasing demand for vehicles, the rise in consumer preference for lightweight wheels, and the increasing adoption of electric vehicles. Additionally, the growing trend of customizing vehicles is expected to drive the demand for aftermarket wheels.In terms of materials, aluminum is expected to continue dominating the market due to its lightweight and high strength properties. However, composite materials such as carbon fiber reinforced polymer (CFRP) and glass fiber reinforced polymer (GFRP) are also gaining popularity due to their lightweight properties and superior strength.Geographically, the Asia-Pacific region is expected to continue dominating the market during the forecast period, driven by the increasing demand for vehicles in countries such as China, India, and Japan. Europe and North America are also expected to witness significant growth, driven by the increasing demand for luxury and sports vehicles in these regions.Overall, the automotive wheel market is expected to continue growing in the coming years, driven by the increasing demand for vehicles and the rising trend of lightweight and customized wheels.

Automotive Wheel Market Key Industry Players

Some of the key players operating in the global automotive wheel market include:

1. Accuride Corporation
2. Alcoa Wheels
3. Borbet GmbH
4. CITIC Dicastal Co. Ltd.
5. Enkei Corporation
6. Foshan Nanhai Zhongnan Aluminum Wheel Co. Ltd.
7. MHT Luxury Wheels
8. Ronal Group
9. Superior Industries International, Inc.
10. Topy Industries Limited

These companies are focusing on product innovation, strategic partnerships, and mergers and acquisitions to expand their market share and strengthen their position in the market. They are also investing in research and development to develop lightweight and durable wheels that can meet the increasing demand for fuel-efficient vehicles.