Automotive wheels Market Size | Share | Trends | Challenges | Opportunities

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Automotive Wheel Market is projected to grow at a CAGR of 5.52% from 2017 to 2025. The market for automotive wheels was valued at USD 31.34 Billion in 2016 and is projected to reach USD 50.54 Billion by 2025. The base year for the report is 2016 and the forecast period is 2017 to 2025.

Objectives of the Report

  • To define, segment, and forecast the automotive wheel market (2015–2025), in terms of volume (million units) and value (USD million)
  • To segment the automotive wheel market and forecast the market size, by volume and value, on the basis of end-use into Original Equipment (OE) market and aftermarket
  • To analyze and forecast (2015–2025) the market size, by volume, of the off-highway wheel OE market for construction equipment and agricultural tractors at regional level
  • To segment the automotive wheel market and forecast the market size, by volume and value, on the basis of material into steel, alloy (magnesium and aluminum), and carbon fiber
  • To segment the automotive wheel market and forecast the market size, by volume and value, on the basis of vehicle type into passenger vehicles, light commercial vehicles, and heavy commercial vehicles
  • To segment the automotive wheel market and forecast the market size, by volume and value, on the basis of vehicle class into economy, mid-priced, and luxury
  • To define, describe and project the automotive wheel OE market (country level) on the basis of rim size (13″–15″, 16″–18″,19″–21″, and >21″)
  • To provide a detailed analysis of various forces acting in the automotive wheel market (drivers, restraints, opportunities, and challenges)
  • To analyze the regional markets for growth trends, future prospects, and their contribution to the overall market
  • To strategically profile key players and comprehensively analyze their market ranking and core competencies
  • To track and analyze competitive developments such as joint ventures, mergers & acquisitions, new product launches, expansions, and other industry activities carried out by key industry participants
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The alloy wheel segment is estimated to hold the largest share in the global automotive wheel market. The market growth in this segment can be attributed to the improved vehicle dynamics with lightweight alloy wheels and increased demand for lightweight materials to comply with stringent emission norms.
Carbon fiber and others segment is estimated to be the fastest-growing segment of the automotive wheel market. Rising demand for high-performance vehicle and technological innovations in the material composition are expected to drive the carbon fiber and others wheel market.
By vehicle type, the passenger vehicles segment is estimated to hold the largest share of the automotive wheel market. The majority of mid and premium passenger vehicles, which provide enhanced comfort and convenience, use alloy wheels. Additionally, factors such as the sizeable number of luxury vehicles in Europe and North America and the increasing demand for luxury vehicles in the Asia Pacific region are increasing the demand for market. In the Asia Pacific region, the demand for luxury vehicles is growing due to the increasing purchasing power of consumers and the growing demand for comfort and safety features in a vehicle.
The automotive wheel market for OE segment is estimated to be the largest and fastest growing market during the forecast period. Wheels are designed to last long with the vehicle life. Wheels are replaced or changed in case of accidental damage or by an enthusiast. So, the demand for the wheel is low in the aftermarket as compared to the OE market.

Critical Questions:

  • The automotive wheel market is witnessing huge growth with the growth of vehicle production. Will carbon wheels be the next frontier that OEMs are targeting?
  • How the existing technology will change and what are the major trend in the automotive wheel market?

Automotive Wheel Market challenges

  • Engineering barriers
  • Large unorganized aftermarket for wheels
  • Maintaining a balance between performance, cost, and weight

Automotive Wheel Market, By Region

  • Asia Pacific (China, India, Japan, South Korea, and Rest of Asia Pacific)
  • Europe (Germany, Spain, France, Italy, UK, and Rest of Europe)
  • North America (US, Mexico, and Canada)
  • Rest of the World (Brazil, Russia, and South Africa)

Growing vehicle production to boost the growth of the automotive wheel market and is expected to be close to USD 50.54 Billion by 2025.

A wheel is a circular metal frame with spokes or a solid disc mounted on a wheel hub. A vehicle tire is installed on the wheel frame, which is also called as a rim or alloy wheel. These are made from steel, aluminum, magnesium, carbon fiber, or a combination of all these metals. There are three basic components of a wheel-hub, spoke, and rim.

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
MarketsandMarkets’s flagship competitive intelligence and market research platform, “Knowledgestore” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
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