Overview and Scope
The automotive wheel is responsible for turning, operating, and directing the vehicle’s direction and speed. The automotive wheel counteracts all the forces that the vehicle is subjected to during operation and balancing the vehicle’s entire weight.
Sizing and Forecast
The automotive wheel market size has grown strongly in recent years. It will grow from $37.32 billion in 2023 to $40.53 billion in 2024 at a compound annual growth rate (CAGR) of 8.6%. The growth in the historic period can be attributed to growth in regional automotive markets, global economic factors, safety standards and testing, regulatory standards, consumer preferences.
The automotive wheel market size is expected to see strong growth in the next few years. It will grow to $54.26 billion in 2028 at a compound annual growth rate (CAGR) of 7.6%. The growth in the forecast period can be attributed to continued material innovations, autonomous vehicle development, sustainability considerations, globalization of automotive manufacturing, urbanization and compact cars. Major trends in the forecast period include advanced manufacturing technologies, customization and personalization options, aerodynamic wheel designs, intelligent and sensor-embedded wheels, carbon fiber composite wheels.
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Segmentation & Regional Insights
The automotive wheel market covered in this report is segmented –
1) By Material: Steel, Alloy, Carbon Fiber, Other Materials
2) By Vehicle Class: Economy, Mid-Priced, Luxury-Priced
3) By Vehicle Type: Passenger Vehicle, Light Commercial Vehicle, Heavy Commercial Vehicle
4) By Rim Size: 13″-15″, 16″-18″, 19″-21″, Above 21″
5) By End-Use: OE, Aftermarket
Asia-Pacific was the largest region in the automotive wheel market in 2023. The regions covered in the automotive wheel market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
Growing vehicle production is expected to propel the growth of the automotive wheel market. The wheel is an important component of a car, and its demand is directly related to the automobile industry. The increased production of vehicles year by year will increase the demand for automotive wheels. According to the International Organization of Motor Vehicle Manufacturers (OICA), the production of all vehicles increased from 18.03 million in Jan-March 2020 to 21.08 million in Jan-March 2021. Thus, the rising vehicle production is expected to boost the demand for automotive wheels during the forecast period.
Key Industry Players
Major companies operating in the automotive wheel market report are Continental AG, Aisin Seiki Co. Ltd., Michelin Group, JCI Industries Inc., Wheel Solutions Limited, Goodyear Tire & Rubber Company, Tenneco Inc., Alcoa Corporation, Hitachi Metals Ltd., Pirelli & C. S.p.A., Carlisle Companies Inc., Toyo Tire & Rubber Co. Ltd., Zhongding Group Inc., Superior Industries International Inc., IOCHPE-Maxion SA, Steel Strips Wheels Ltd., Wheel Pros LLC, Super Alloy Industrial Co. Ltd., Hayes Lemmerz International Inc., American Eagle Wheels Corp., Borla Performance Industries Inc., Dana Incorporated, OZ Group, Accuride Corporation, Topy Industries Limited, Foshan Nanhai Zhongnan Aluminum Wheel Co., BBS Kraftfahrzeuge GmbH, CLN Group, Mangels Industrial SA, Zhejiang Wanfeng Auto Wheel Co. Ltd., BORBET GmbH, Bridgestone Corporation, CIE Automotive Inc.
The automotive wheel market report table of contents includes:
1. Executive Summary
2. Automotive Wheel AfterMarket Characteristics
3. Automotive Wheel AfterMarket Trends And Strategies
4. Automotive Wheel AfterMarket – Macro Economic Scenario
5. Global Automotive Wheel AfterMarket Size and Growth
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32. Global Automotive Wheel AfterMarket Competitive Benchmarking
33. Global Automotive Wheel AfterMarket Competitive Dashboard
34. Key Mergers And Acquisitions In The Automotive Wheel AfterMarket
35. Automotive Wheel AfterMarket Future Outlook and Potential Analysis
36. Appendix
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