Automotive Wheel Market (By Material: Aluminum, Carbon Fiber, Magnesium, Steel Wheels; By Vehicle: Commercial Vehicles, Passenger Cars; By End Use: Aftermarket, OEM) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 – 2027

Acumen Research and Consulting estimates that global automotive wheel market is expected to reach the market value of around US$ 51 Bn by 2027 and is anticipated to grow at a CAGR of around 5.7% in terms of revenue during the forecast period 2020 – 2027.

Wheel is an integral part of an engine, the demand of which is directly linked to the automotive industry. Wheels should be sufficiently strong to carry a vehicle's weight and resist operating forces. The car wheel is a rotating component which transmits the drive from the axle into the road. It offers also a way to attach the tires. The car wheel includes a rim, a spokesman and a hub. Because of their esthetic appeal, alloy wheels became popular. They are less weight and more powerful than steel wheels to dissipate heat from pipes and brakes. In turn, increased spending in infrastructure and R&D expenses on commercial cars, in particular, stimulates growth of the industry. The automotive industry is driven by a shift to sleek, esthetically pleasing cars, which has seen strong growth in both developed which emerging regions. In response to the growth of environmental pollution, automotive giants increasingly concentrate on the production of small vehicles.

The report provides analysis of global Automotive Wheel market for the period 2016-2027, wherein 2020 to 2027 is the forecast period and 2019 is considered as the base year.

Market Insights

Consumers have increased their emphasis on the esthetic appeal of the car in order to improve vehicle sales, the car manufacturers have developed a superior design for motor vehicles. The market for esthetics is expected to increase in order to boost market for motorcycles. Due to the high demand among young consumers, several aftermarket operators also offer customized wheels since custom automotive wheels are attractive. The automobile wheel market, in effect, is boosting. Increased sales of commercial motor vehicles in Asia Pacific and Latin America are increasing the market for automotive spokes. Globally, growing sales of SUVs has fuelled competition for more rim-sized wheels. The trend for large rollers drives demand for 18-inch rollers. The vehicle tire market, in effect, is behind this.

OEMs are also based on raising the wheel's rolling resistance. Two-piece rollers made of cast aluminum and carbon fiber are high-performance rollers designed by Emergent Carbon Wheels and Forgeline Motorsports. The two-piece wheels are considered high-performance wheels for their weight benefit, such as carbon fiber and aluminum strength. Besides, due to the focus on carbon reduction by the automotive industry, demand for two-piece wheels will increase amid the forecast phase. A key factor limiting the segment of carbon wheels is the high price of carbon fiber. 

Regional Outlook

Asia Pacific is projected to have the highest market share, which is followed by North America and Europe. Factors such as rising industrialization produce and sales of passenger car and utility vehicles in China, Japan, Indonesia drives the regional growth. Moreover, owing to the increased option of exterior designs and customizations for wheels and increasing use of alloy wheels in buses, pickup trucks and recreational vehicles from the US and Canada, North America is expected to see significant increases in this timeframe. The industry in Europe increases as the demand for eco sustainable cars and rapid industrialization in the country continues to rise.

Report coverage

The market research study on “Automotive Wheel Market (Automotive Wheel Market By Material: Aluminum, Carbon Fiber, Magnesium, Steel Wheels; Automotive Wheel Market By Vehicle: Commercial Vehicles, Passenger Cars, Automotive Wheel Market By End Use: Aftermarket, OEM) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 - 2027) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 - 2027” offers a detailed insights on the global Automotive Wheel market entailing insights on its different market segments.  

Through research into vehicle esthetics and performance enhancement by high quality and customized spokes, the industry will be preferred. Strict emissions and fuel-efficient requirements force the need to use lightweight materials in cars.

The global Automotive Wheel market is segmented as below:

Market Segmentation

Automotive Wheel Market By Material

Aluminum

Carbon Fiber

Magnesium

Steel Wheels

Automotive Wheel Market By Vehicle

Commercial Vehicles

Passenger Cars

Automotive Wheel Market By End Use

Aftermarket

OEM

Automotive Wheel Market By Geography

North America

• U.S.
• Canada

Europe

• UK
• Germany
• France
• Spain
• Rest of Europe

Asia-Pacific

• China
• Japan
• India
• Australia
• South Korea
• Rest of Asia-Pacific

Latin America

• Mexico
• Brazil
• Rest of Latin America

Middle East & Africa

• GCC
• South Africa
• Rest of MEA

Key Players and Market Situation

Participants include major global players Trelleborg AB, Maxion Wheels, SuperAlloy Industrial Company., CLN Group, Otto Fuchs, Mefro, Starco, ALCAR Holding, Titan Europe, Others.