Automotive Wheel Market Expected to Achieve USD 33.30 billion by 2027: Enhancing the Drive

Automotive Wheel Market

The global automotive wheel market size was valued at USD 20.75 billion in 2021, and it is projected to reach USD 33.30 billion by 2027, exhibiting a CAGR of 8.2% during the forecast period (2022-2027). The growth of the automotive wheel market is being driven by a number of factors, including the increasing demand for lightweight vehicles, the growing popularity of electric cars, and the rising trend of personalization.

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Automotive wheels are essential components of vehicles that provide support, enable movement, and enhance the overall aesthetics of automobiles. They are critical for safe and efficient driving, as they bear the weight of the vehicle and ensure proper tire functioning. This research report provides a comprehensive analysis of the automotive wheel market, including market trends, growth factors, challenges, and future prospects.

Market Key Players

• Ronal Group
• Norbert GmbH
• Foshan Nanhai Zhongnan Aluminum Wheel Co. Ltd
• BBS GmbH
• Topy Industries Limited
• Arconic Inc.
• Dicastal North America
• Maxion Wheel
• Superior Industries
• Fuel off Road Wheels and more

Market Dynamics

Drivers

• Increasing vehicle production and sales globally.
• Growing demand for lightweight and fuel-efficient vehicles.
• Rising consumer preference for aesthetically appealing wheels.
• Technological advancements in wheel manufacturing, such as the use of advanced materials and manufacturing techniques.

Restraints

• Price competition and profit margin pressure in the automotive wheel market.
• Fluctuating raw material prices, particularly for aluminum and other metals.
• Stringent regulations regarding wheel safety and quality standards.
• Limited availability and high cost of advanced wheel materials, such as carbon fiber.

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Market Segmentations

The automotive wheel market is segmented by type, material, vehicle type, and region.

By type, the market is segmented into steel wheels and alloy wheels. Alloy wheels are the largest segment of the market, accounting for a share of over 60% in 2021. This is due to the increasing demand for lightweight wheels, which can improve fuel efficiency and reduce emissions.

By material, the market is segmented into steel, aluminum, and magnesium. Aluminum is the largest segment of the market, accounting for a share of over 70% in 2021. This is due to the lightweight and corrosion-resistant properties of aluminum.

By vehicle type, the market is segmented into passenger cars and commercial vehicles. Passenger cars are the largest segment of the market, accounting for a share of over 80% in 2021. This is due to the increasing demand for passenger cars in emerging economies.

By region, the market is segmented into North America, Europe, Asia Pacific, and the Rest of the World. Asia Pacific is the largest market for automotive wheels, accounting for a share of over 40% in 2021. This is due to the growing demand for passenger cars and commercial vehicles in the region.

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Recent Developments

• Maxion Wheels acquired Iochpe-Maxion in 2023. This acquisition will make Maxion Wheels the world's largest automotive wheel manufacturer.
• Citic Dicastal opened a new manufacturing plant in Morocco in 2022. This plant will help Citic Dicastal to meet the growing demand for automotive wheels in the African market.
• Borbet launched a new line of lightweight alloy wheels in 2021. These wheels are designed to improve fuel efficiency and reduce emissions.
• Ronal Wheels developed a new type of alloy wheel that is more resistant to corrosion in 2020. This wheel is designed to improve the durability of automotive wheels.

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About PMR - Automotive and Transportation

The Automotive and Transportation division of PMR provides exclusive coverage and actionable insights about the automotive and transportation industry encompassing the automotive, aviation, shipping and marine, and railway sectors. Market findings and competition intelligence of OEM, aftermarket, services, and technology landscape have helped numerous industry stakeholders' right from automakers, component manufacturers, channel partners, and service providers in taking informed decisions and keeping them up-to-date with market behavior.

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