Automotive Wheels Market to hit $105 Billion by 2024

Automotive aluminum wheel market will exceed USD 55 billion by 2024 owing to superior properties including improved design, low weight and better performance.
Automotive Wheel Market Size By Material (Aluminum, Steel, Magnesium, Carbon Fiber), By Product (Regular, High Performance), By End-Use (OEM, Aftermarket), By Vehicle (Passenger Cars, Lightweight Commercial Vehicles, Heavy Trucks, Buses & Coaches, Trailers), Industry Analysis Report, Regional Outlook, Application Potential, Price Trend, Competitive Market Share & Forecast, 2017 – 2024

The global automotive wheels market has witnessed tremendous developments with regards to the design of wheel rims since the last few years. Wheels are undeniably one of the most crucial components of vehicles, as the entire vehicle handling depends on the wheel design, wheel pressure, and wheel rim. Wheel rims profoundly impact the braking system of vehicles – larger the wheel diameter, higher the airflow toward the braking pads. Continuous developments to improve the performance of automotive parts has thus been an important factor that has fueled automotive wheel market.

As per a report by Global Market Insights, Inc., “Automotive Wheels Industry will witness a market valuation of over USD 91.6 billion by 2024 and is foreseen to exceed 600 million units in terms of volume.”

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Rising demand for light weight vehicles has encouraged the propagation of extensive research activities on new alloy forms for improving the performance of wheels. On that note, it is prudent to mention that aluminum wheels are much lighter in weight and better in performance when compared to steel and magnesium wheels, owing to which they are becoming popular over their counterparts. As per estimates, the aluminum automotive wheels market is anticipated to garner huge profits owing to the material’s superior properties.

Strong outlook in passenger cars, owing to changing lifestyles and urbanization has positively impacted the regular automotive wheel market demand. Passenger cars accounted for over 80% of the overall industry share and has thus favored the growth of regular automotive wheels. Its superior counterpart, the high performance wheel, is also gaining traction with the increasing demand of sports cars and luxury vehicles. Requirement of enhanced braking systems and the comfort level offered by these cars have strengthened the high product demand. These cars have been extensively used by OEMs and automotive aftermarket players – the top end-use segments of the automotive wheel industry. In 2016, automotive wheels market share from OEMs was worth more than 67 billion, having held product sales of over 368 million units.

Favorable government policies supporting the growth of the automotive business in the emerging economies of Asia Pacific have impelled the growth of the regional automotive wheel market. Many vehicle manufacturing facilities are expanding their base in this region subject to the supportive norms, inexpensive land, easy availability of raw material, and a cost-effective workforce. China, India, and Japan will be the leading countries partaking in the development of Asia Pacific automotive wheels industry, which is estimated to record an annual growth rate of 5% over the period of 2017-2024.  Furthermore, the region is likely to expect a high demand for coaches and buses, with regional governments aiming to better transportation services.

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Europe and North America are the biggest manufacturing hubs of the automotive industry. Rigorous research and development activities to improve car designs and technological advancements in the automotive sector have significantly driven automotive wheels market share. The vehicle safety norms pertaining to effective wheel design and efficient braking have further stimulated the product demand. Europe automotive wheel market is expected to grow at a rate of 4% through 2017-2024. Whereas, the US market is set to generate a target revenue of more than USD 14 billion in sales by the end of 2024.

Key industry players include UniGroup, Maxion Wheels, Dorbyl Magnetto Wheels Ltd., Borbet, Trelleborg, Otto Fuchs, Fondmetal S.p.A., Breyton and HRE Performance Wheels.

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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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