Automotive Wheel

Automotive Wheel

Global Automotive Wheel Market to Reach US$56.5 Billion by 2030

The global market for Automotive Wheel estimated at US$38.1 Billion in the year 2023, is expected to reach US$56.5 Billion by 2030, growing at a CAGR of 5.8% over the analysis period 2023-2030. Steel-based Automotive Wheel, one of the segments analyzed in the report, is expected to record a 5.4% CAGR and reach US$17.7 Billion by the end of the analysis period. Growth in the Alloys-based Automotive Wheel segment is estimated at 5.8% CAGR over the analysis period.

The U.S. Market is Estimated at US$6.6 Billion While China is Forecast to Grow at 8.2% CAGR

The Automotive Wheel market in the U.S. is estimated at US$6.6 Billion in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of US$15.3 Billion by the year 2030 trailing a CAGR of 8.2% over the analysis period 2023-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 3.2% and 3.5% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 3.8% CAGR.

Global Automotive Wheel Market - Key Trends & Drivers Summarized

The automotive wheel market is an integral component of the broader automotive industry, involving the design, manufacture, and sale of wheels for various vehicle types, including cars, trucks, motorcycles, and off-road vehicles. Automotive wheels not only play a critical role in a vehicle`s performance by affecting its handling, fuel efficiency, and overall safety, but they also contribute to the aesthetic appeal of the vehicle. The market has seen significant evolution from steel and simple alloy wheels to advanced lightweight materials such as carbon fiber and magnesium alloys, which offer superior strength and reduced weight. This shift is driven by the increasing demand for efficiency and performance in both consumer and commercial vehicles, pushing manufacturers to innovate continuously.

Recent trends in the automotive wheel market include the increasing adoption of high-performance lightweight wheels that reduce the overall weight of the vehicle, thereby enhancing fuel efficiency and reducing emissions. This is particularly significant in the context of growing environmental concerns and stringent global regulations aimed at reducing vehicular emissions. Additionally, there is a noticeable shift towards customization and aesthetic enhancement in wheels, driven by consumer demand for personalization in luxury and sports cars. Technologies such as 3D printing are also emerging in the wheel manufacturing process, allowing for complex designs and rapid prototyping which were not feasible with traditional manufacturing methods. Moreover, the integration of sensors into wheels for monitoring tire pressure and wheel condition is becoming more prevalent, aligning with the broader automotive industry`s move towards connected and autonomous vehicles.

The growth in the automotive wheel market is driven by several factors including advancements in wheel manufacturing technologies, rising vehicle production and sales, changes in consumer preferences, and stringent environmental regulations. Technological innovations such as the development of ultra-lightweight materials for enhanced performance and better fuel economy play a pivotal role. The increasing consumer interest in vehicle customization, especially among young consumers, also fuels demand for diverse wheel designs and sizes. Furthermore, the expansion of the electric vehicle market, which requires specially designed lightweight wheels to compensate for the heavy batteries, provides a significant boost to the market. Economic growth in emerging markets has led to increased vehicle ownership, which in turn, drives the demand for automotive wheels. Finally, regulatory pressures for lower emissions have compelled automakers to adopt advanced technologies in wheel design to help meet these standards, thus stimulating continuous development and adoption of innovative wheel solutions.

Select Competitors (Total 127 Featured) -

• Continental AG
• ThyssenKrupp AG
• Accuride Corporation
• Arconic, Inc.
• O`Reilly Auto Parts
• Superior Industries International
• The Carlstar Group LLC
• Steel Strips Wheels Ltd.
• HRE Performance Wheels
• Iochpe-Maxion S.A.
• Wheels India Limited
• Alcar Holding Gmbh
• Hyundai Sungwoo Holdings Co., Ltd.
• Coastal Automotive Group Corp.

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