By the conclusion of the forecast period, the worldwide automotive wheel market is expected to have generated additional revenue worth approximately
US$ 23,127.0 Mn while growing at a CAGR of 4.0% from 2018 to 2026.
The report covers all the major trends and ongoing developments in the
automotive wheel market, which have been studied thoroughly and
validated with industry experts in order to make a relevant forecast.
The automotive wheel market has been tracked by evaluating the sales of
automotive vehicles of major geophysical companies. The automotive wheel
market report covers a detailed analysis of major manufacturers. The
market dynamics have also been covered in detail wherein the factors
expected to drive growth in demand are studied and the major challenges
faced by manufacturers and geophysical companies have also been covered.
The automotive wheel market report has been segmented on the basis of five
criteria, namely material type, vehicle type, sales channel, finish
type, wheel size and region. Among the segments by vehicle type, the
passenger car segment is expected to register healthy growth during the
forecast period with companies focusing on developing integrated
solutions for the automotive wheel market as per demand from various
countries.
Factors Driving the Automotive Wheel Market
According to estimates, the global automotive aftermarket industry is anticipated
to reach approximately US$ 68.6 Bn by 2020. Nowadays, consumers are
keeping their vehicles for longer durations and are aware of the need to
replace components to maximize the life value of a vehicle. The rising
demand from aftermarket components will spur new growth opportunities
for businesses operating in the aftermarket industry.
As the volume of the cars sold in emerging markets rises, the demand for
automotive wheels will eventually increase. Various economic factors
such as rapid urbanization, rising income and government investment
support the growth of the automotive wheel market. At the same time,
more and more people are expected to join the workforce as more women
and youth enter the job market, which is in turn surging the demand for
mobility. In the coming future, demographic and macroeconomic trends
could shift to the purchase of news cars such as compact SUVs, sedans,
and luxury vehicles, which will in turn drive the demand for automotive
wheels.
Global Automotive Wheel Market Analysis by Finish Type
On the basis of finish type, the automotive wheel market has been
segmented into painted & polished, machined alloy wheel, two toned
alloy, chromed and anodized. The painted & polished segment holds
the maximum share, as painted & polished is the standard finish type
for most cars. Majority of alloy wheels are painted and this finish
often starts with a sprayed primer to prep the metal.
Global Automotive Wheel Market Analysis by Material Type
Among the segments by material type, the global automotive wheel market is
anticipated to be dominated by the alloy segment. Customized color,
size, powder-coating, texture, engraving and even rhinestones are a
trending opportunity in the automotive wheel market (especially rim
manufacturers). The increasing purchasing power of people is allowing
customers to customize the wheels of their vehicles. Most of the
companies are also collaborating with tire manufacturers to innovate
their technologies. For instance, RIMEX is collaborating with leading
tire manufacturers in testing and perfecting future wheel and rim
designs for the next generation.
Global Automotive Wheel Market Analysis by Region
The automotive wheel market is driven by the continuous growth in vehicle
production. The APEJ region is projected to be the market leader in the
global automotive wheel market with China and India as major
contributors towards the growth of the APEJ automotive wheel market. The
North America region is expected register significant growth in the
automotive wheel market on account of the increasing demand for LCVs in
the region. The U.S. is expected to lead the market share in the North
America automotive wheel market, owing to the presence of prominent
manufacturers. In Western Europe, Germany is projected to be the leader
in the automotive wheel market, owing to the high demand from the
aftermarket segment.
Key Players Dominating the Global Automotive Wheel Market
Examples of some of the key competitors covered in the automotive wheel market
report include Arconic Inc., Dicastal North America, Inc., Maxion
Wheels, Superior Industries International, Inc., Fuel Off-Road Wheels,
Central Motor Wheel of America, Inc., Euromax Wheel, Marcellino Wheel,
Enkei Corporation, Prime Wheel Corporation, Ronal Group, Borbet GmbH,
Foshan Nanhai Zhongnan Aluminum Wheel Co. Ltd., BBS GmbH and Topy
Industries Limited, among others.
