The automotive wheel rims global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Automotive Wheel Rims Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The automotive wheel rims market size has grown strongly in recent years. It will grow from $38.88 billion in 2023 to $41.87 billion in 2024 at a compound annual growth rate (CAGR) of 7.7%. The growth in the historic period can be attributed to increased demand for alloy-based wheel rims, increasing demand for lightweight materials, rise in electric vehicle adoption, rise in hybrid vehicle production, and rise in global urbanization.
The automotive wheel rims market size is expected to see strong growth in the next few years. It will grow to $56.48 billion in 2028 at a compound annual growth rate (CAGR) of 7.8%. The growth in the forecast period can be attributed to the rising production of vehicles, rising preferences of luxury car owners for rim with various designs, rising automotive production, increasing disposable income, and growing popularity of electric and hybrid vehicles. Major trends in the forecast period include technological advancements, innovative rim designs, integration in vehicles, integration of smart technologies, aerodynamic designs, and lightweight materials.
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Scope Of Automotive Wheel Rims Market
The Business Research Company’s reports encompass a wide range of information, including:
- Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
- Drivers: Examination of the key factors propelling market growth.
- Trends: Identification of emerging trends and patterns shaping the market landscape.
- Key Segments: Breakdown of the market into its primary segments and their respective performance.
- Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
- Macro Economic Factors: Assessment of broader economic elements impacting the market.
Automotive Wheel Rims Market Overview
Market Drivers –
The rising production of vehicles is expected to propel the growth of the automotive wheel rim market going forward. Vehicle production is growing due to increasing consumer demand, expanding markets, and advancements in technology driving automotive innovation. Automotive wheel rims are essential components that provide a stable base for mounting tires, ensure an airtight seal, offer structural support, and help distribute the vehicle’s weight evenly across the wheels, enhancing stability and handling. For instance, in 2023, according to the International Organization of Automobile Manufacturers, a France-based trade association, global motor vehicle production increased from 84.83 million in 2022 to 93.55 million in 2023. Therefore, the rising production of vehicles is driving the growth of the automotive wheel rim market.
Market Trends –
Major companies operating in the automotive wheel rims market are developing innovative products, such as aluminum alloy wheels, to better serve customers with advanced features. Aluminum alloy wheels are wheels made from a combination of aluminum and other metals or elements to enhance their properties for use in vehicles. These wheels are lighter and more durable compared to traditional steel wheels, offering benefits such as improved handling, fuel efficiency, and aesthetics. For instance, in September 2023, Uno Minda Limited, an India-based battery manufacturing company, collaborated with Kosei Aluminum Co., Ltd., a Japan-based manufacturer of aluminum wheels, to launch a new premium range of alloy wheels in India. These alloy wheels are crafted to deliver enhanced vehicle handling and fuel efficiency, ensuring optimal performance on Indian roads. They also emphasize aesthetic appeal, offering a range of designs that cater to diverse tastes in the automotive enthusiast community.
The automotive wheel rims market covered in this report is segmented –
1) By Product Type: Wire Spoke Wheel Rims, Steel Disc Wheel Rims, Light Alloy Wheel Rims, Aluminum Alloy Wheel Rims, Magnesium Alloy Wheel Rims, Titanium Alloy Wheel Rims, Chrome Wheel Rims, Teflon Wheel Rims
2) By Material Type: Alloy, Steel, Carbon Fiber
3) By Application: Two Wheelers, Cars, Heavy Vehicles, Buses, Other Applications
4) By End User: Original Equipment Manufacturer, Aftermarket
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Regional Insights –
Asia-Pacific was the largest region in the automotive wheel rims market in 2023. The regions covered in the automotive wheel rims market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the automotive wheel rims market are Alcoa Wheels, Maxion Wheels, Wanfeng Auto Holding Group Co. Ltd., Superior Industries International Inc., Ronal AG, BORBET GmbH, Steel Strips Wheels Ltd., Wheel Pros LLC, Mangels Industrial SA, American Eagle Wheel Corporation, Enkei International Inc., Accuride Corporation, Team Dynamics Motorsport, TSW Alloy Wheels, Vossen Wheels, Fuel Off-Road Wheels, CITIC Dicastal Wheel Manufacturing Co. Ltd., Konig Wheels, SOTA Offroad, Euromax Corporation, MHT Luxury Alloys, CM Wheels Ltd., Uniwheels AG
Table of Contents
1. Executive Summary
2. Automotive Wheel Rims Market Report Structure
3. Automotive Wheel Rims Market Trends And Strategies
4. Automotive Wheel Rims Market – Macro Economic Scenario
5. Automotive Wheel Rims Market Size And Growth
…..
27. Automotive Wheel Rims Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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