Automotive Wheel Market worth US$ 23,127.0 Million by 2030

Growing vehicle demand in key markets like China, India, the U.S., and Germany is fueling global sales in the automotive wheel market, particularly with increased production across Passenger Cars (PCV), Light Commercial Vehicles (LCV), and Heavy Commercial Vehicles (HCV)

New York, Jan. 23, 2024 (GLOBE NEWSWIRE) — Market Size & Overview:

This report provides a comprehensive overview of the automotive wheel market, encompassing trends, value (in US$ Mn), volume (‘000 Units) projections, competition analysis, market dynamics, and recent developments. The study period spans from 2023 to 2030.

Projections indicate that the global automotive wheel market is poised to generate an incremental $23,127.0 Mn in opportunities by the forecast period’s conclusion, exhibiting a Compound Annual Growth Rate (CAGR) of 4.0% from 2023 to 2030.

Key drivers for this growth include the escalating demand for vehicles and a surge in the preference for lightweight components. The analytical methodology employed by Persistence Market Research (PMR) integrates a modeling-based approach and triangulation methodology, involving market profiling, hypothesis generation, data collection, forecast development, pricing analysis, and competition mapping.

This report also conducts an in-depth analysis of the leading players in the automotive wheel market. To gauge global volume sales, the study tracks vehicle production types (PCV, LCV & HCV) across key regions and countries within the research scope. Validation from the supply side includes tracking market shares of the considered companies, confirming market size and ensuring the accuracy of the findings presented in this report.

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Market Scope:

 Report Coverage  Details
 Projected Market Value (2030F)  US$ 23,127.0 Million
 Global Market Growth Rate (CAGR 2023 to 2030)  4.0%  
 Forecast Period  2023-2030
 No. of Pages  289 Pages
 Market Segmentation  Finish type, Wheel size, Sales channel, Material, Vehicle type, By Region
 Regions Covered  North America, Europe, East Asia, South ,Asia & Oceania, Latin America, Middle East & Africa
 Key Companies Profiled  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,

Top 10 Trends in Automotive Wheel Market:

  1. Lightweight Materials Adoption: A prominent trend in the automotive wheel market is the increasing adoption of lightweight materials. Manufacturers are exploring materials like aluminum and composite alloys to enhance fuel efficiency and overall vehicle performance.
  2. Advanced Manufacturing Technologies: The industry is witnessing a shift towards advanced manufacturing technologies such as flow forming and rotary forging. These techniques improve wheel strength, reduce weight, and enhance structural integrity.
  3. Customization and Personalization: Consumers are increasingly seeking customized and personalized options for their vehicles, leading to a surge in demand for unique wheel designs, finishes, and sizes. This trend is driving innovation in the market.
  4. Integration of Smart Technologies: With the rise of smart vehicles, wheels are being integrated with sensor technologies for real-time monitoring of tire pressure, temperature, and other crucial parameters. This contributes to improved safety and performance.
  5. Eco-friendly Initiatives: Growing environmental concerns are pushing the automotive industry towards eco-friendly practices. In the wheel market, this translates to the development of sustainable materials, recycling initiatives, and energy-efficient manufacturing processes.
  6. Digitalization in Distribution Channels: The advent of digital platforms is transforming the distribution channels for automotive wheels. Online retailing, e-commerce platforms, and digital catalogs are becoming increasingly popular for consumers and businesses alike.
  7. Emphasis on Aesthetics and Design: Aesthetic appeal plays a significant role in consumer choices. Manufacturers are focusing on intricate designs, unique finishes, and customizable options to meet the diverse aesthetic preferences of vehicle owners.
  8. Integration of Aerodynamics: Aerodynamics is not limited to the vehicle body; it’s extending to wheels. Aerodynamically designed wheels are gaining traction to reduce drag and improve fuel efficiency, especially in electric and hybrid vehicles.
  9. Increased Focus on Electric and Autonomous Vehicles: The rise of electric and autonomous vehicles is influencing wheel design. Electric vehicles demand lightweight solutions for extended range, while autonomous vehicles may benefit from specific wheel features for enhanced safety and performance.
  10. Global Supply Chain Optimization: The automotive wheel market is witnessing efforts to optimize global supply chains. This includes strategic sourcing of raw materials, efficient logistics, and streamlined manufacturing processes to meet the demands of a globalized automotive industry.

In a nutshell, the Persistence Market Research report is a must-read for start-ups, industry players, investors, researchers, consultants, business strategists, and all those who are looking to understand this industry. Get a glance at the report at: https://www.persistencemarketresearch.com/market-research/automotive-wheel-market.asp

Future outlook development:

Technological Advancements: Continued advancements in manufacturing technologies, such as 3D printing and innovative alloy compositions, will drive the development of lightweight, durable, and high-performance wheels.

Electric and Autonomous Vehicles: With the growing market share of electric and autonomous vehicles, the demand for specialized wheels catering to the unique requirements of these vehicles is expected to rise. Lightweight materials and aerodynamic designs will be crucial for electric vehicle range optimization.

Smart and Connected Features: The integration of smart technologies into wheels will likely become more sophisticated. Enhanced connectivity, real-time monitoring, and data-driven insights will contribute to improved vehicle performance and safety.

Sustainability Initiatives: Environmental concerns will push the industry towards sustainable practices. Manufacturers are expected to focus on eco-friendly materials, recycling processes, and energy-efficient production methods to align with global sustainability goals.

Customization and Personalization: The trend of customization is expected to intensify, with consumers seeking unique and personalized wheel options. Manufacturers will likely invest in flexible production processes to meet diverse aesthetic preferences.

Global Market Expansion: The automotive wheel market is likely to witness further globalization, with companies expanding their presence in emerging markets. Strategic partnerships, collaborations, and mergers may occur to strengthen market positions and tap into new opportunities.

Several key benefits of the report:

In-Depth Market Analysis: The report provides a thorough and detailed analysis of the automotive wheel market, offering insights into market dynamics, trends, and factors influencing growth. This in-depth analysis aids stakeholders in making informed decisions.

Forecast and Projections: The report includes detailed forecasts and projections for the automotive wheel market for the study period 2023 to 2030. This information assists businesses in strategic planning, risk assessment, and identifying growth opportunities.

Competitive Landscape: A comprehensive analysis of the competitive landscape is presented, highlighting key players in the automotive wheel market. This helps stakeholders understand the market structure, competitive dynamics, and make informed decisions related to partnerships, investments, or market entry.

Modelling-Based Approach: The use of a modelling-based approach and triangulation methodology enhances the reliability of the findings. This methodology includes market profiling, hypothesis generation, data collection, forecast development, pricing analysis, and competition mapping.

Global and Regional Insights: The report provides insights at both global and regional levels, helping stakeholders understand market trends and opportunities specific to different geographic areas. This is crucial for businesses with a global footprint or those considering market expansion.

Key Trend Analysis: The report identifies and analyzes key trends shaping the automotive wheel market, such as lightweight materials adoption, technological advancements, and customization preferences. Understanding these trends is essential for staying competitive in the industry.

Key Major Players:

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.,

Market Segment:

Finish Types:

Painted & Polished: Wheels with a combination of painted and polished finishes, providing both aesthetic appeal and protection.

Machined Alloy Wheel: Wheels featuring a machined finish on alloy surfaces, offering a sleek and modern appearance.

Two-Toned Alloy: Alloy wheels with a dual-tone finish, adding a distinctive and stylish look to the vehicle.

Chromed Alloy: Alloy wheels with a chrome finish, delivering a shiny and reflective surface for a luxurious appearance.

Anodized: Wheels treated with an anodized finish, enhancing corrosion resistance and providing a durable, sleek appearance.

Wheel Sizes:

Compact Size (Up to 16 Inch): Wheels suitable for compact vehicles, offering practicality and efficiency.

Mid Size (17 to 21 Inch): Wheels designed for mid-sized vehicles, providing a balance of performance and aesthetics.

Large Size (21 Inch and More): Wheels catering to larger vehicles, emphasizing style and often associated with luxury and performance cars.

Sales Channels:

OEM (Original Equipment Manufacturer): Wheels supplied directly to vehicle manufacturers for inclusion in new vehicles.

Aftermarket: Wheels sold through aftermarket channels, allowing vehicle owners to upgrade or customize their existing wheels.

Vehicle Types:

Passenger Cars: Wheels designed for traditional automobiles, focusing on aesthetics, performance, and efficiency.

Light Commercial Vehicles (LCVs): Wheels tailored for vans, pickups, and other light commercial vehicles, balancing durability and style.

Heavy Commercial Vehicles: Wheels designed for heavy-duty trucks and commercial vehicles, prioritizing strength and load-bearing capacity.

Materials:

Alloy: Wheels made from a combination of metals for enhanced strength and performance.

Aluminium: Wheels specifically crafted from aluminum for its lightweight properties and corrosion resistance.

Magnesium: Wheels incorporating magnesium for further weight reduction and improved heat dissipation.

Composite: Wheels made from a combination of materials, often including carbon fiber, for a balance of strength and weight savings.

Steel: Robust wheels made from steel, offering durability and resistance to harsh conditions.

Chromed: Wheels with a chrome-plated finish, providing a shiny and corrosion-resistant surface.

Carbon Fiber: High-performance wheels made entirely or partially from carbon fiber, known for its strength-to-weight ratio.

Region/Country:

North America: The automotive wheel market in the North American region.

APEJ (Asia-Pacific excluding Japan): The automotive wheel market in the Asia-Pacific region excluding Japan.

Western Europe: The automotive wheel market in Western European countries.

MEA (Middle East & Africa): The automotive wheel market in the Middle East and Africa.

Latin America: The automotive wheel market in Latin American countries.

Eastern Europe: The automotive wheel market in Eastern European countries.

Japan: The automotive wheel market specific to Japan.

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