Automotive Wheel Market Size to Reach USD 78.2 Billion by 2032 growing at 7.1% CAGR - Exclusive Report by Acumen Research and Consulting

Author: Acumen Research and Consulting

Automotive Wheel Market, valued at USD 39.8 Billion in 2022, is projected to surpass USD 78.2 Billion by 2032, indicating a robust CAGR of 7.1%

The automotive wheel market has grown significantly in recent years. It's a circular item made up of a hub and rim. It serves major applications in facilitating smooth movement across surfaces. There are different types of wheels such as divided rim wheels, wire wheels, split wheels, pressed steel disc wheels, and light alloy wheels. However, regulatory standards and economic conditions impede the market's growth. For instance, aftermarket wheel enhancements and new car sales can be impacted by volatility and financial downturns. Additionally, production, material consumption, and safety concerns might result in limited design options and elevated manufacturing expenses for automobile wheels. Furthermore, the economic expansion of previously developed regions has prompted growth in the Automotive Wheel market. Consequently, market participants are looking into new technological advancements to meet both performance and new challenges, indicating a growing trend towards the expansion of innovative designs in the automotive wheel market.

Automotive Wheel Market Value

Automotive Wheel Market Statistics

  • The global automotive wheel market, generating USD 39.8 billion in 2022, projects a robust CAGR exceeding 7.1% from 2023 to 2032
  • Asia-Pacific leads with a substantial 34% market share in 2022
  • North America anticipates impressive growth with a projected CAGR of 8%
  • Alloy segment dominance, holding a significant market share of 40% within the material segment in 2022
  • The passengers cars segment achieves notable revenue of USD 19.1 billion in 2022
  • A discernible trend in the automotive wheel market is the growing technological advancements in the automotive industry

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Automotive Wheel Market Dynamics

Increasing Vehicle Production in Emerging Markets Fuels the Automotive Wheel Market Value

The automotive wheel market is experiencing significant growth, driven by increasing vehicle production in emerging markets. The U.S. vehicle industry is forecasted to experience significant growth in the upcoming year. For instance, Edmunds reported sales of 15.7 million new trucks and cars in 2024, marking a 1% rise from the 15.5 million trucks and cars sold in 2023. Additionally, U.S. vehicle sales experienced significant growth by 4% to 16.1 million units. Furthermore, China emerged as the largest automobile exporter in 2022, with a 11.6% growth in production and a 12% growth in sales. Overall, automobiles from China were exported to 200 regions and countries. Consequently, this rising vehicle production and sales automatically increase the demand for the automotive wheel market.

Rising Demand for Specialized Wheels for Electric and Autonomous Vehicles Offer Significant Automotive Wheel Market Opportunity

The rising demand for specialized wheels for electric and autonomous vehicles presents a significant opportunity for the automotive wheel market. For instance, Velodyne Lidar was selected by Faraday Future (FF) as a lidar supplier for Faraday's FF 91 all-electric vehicle in 2021. Autonomous vehicles have various applications, such as wide field of vision and extended range perception, which are crucial for safe navigation. Additionally, autonomous and electric vehicles are experiencing significant growth due to the increasing development in the car industry, diverse driving options, and advancements in connected car technology. Furthermore, governmental policies supporting electric and autonomous vehicles further boost the demand for automotive wheels in the coming years

Automotive Wheel Market Segmentation

The global market for automotive wheel has been segmented into material, vehicle type, end-users, and region.

  • Material segment is sub-segmented into alloy, steel, wheel and carbon fiber
  • Vehicle type segment is sub-segmented into light commercial vehicles, heavy commercial vehicles, and passenger cars
  • End-users is bifurcated into aftermarket, and OEM (original equipment manufacturer)
  • The Automotive Wheel market is geographically split into Europe, North America, Latin America, APAC, and the Middle East and Africa

Automotive Wheel Market Regional Outlook

The Asia-Pacific region is the fastest-growing region in the automotive wheel market. Countries such as China, Malaysia, and India are contributing significantly to propel market growth. Firstly, countries like China and India have the highest population rankings globally, resulting in a large number of vehicle productions, accounting for 60% throughout the forecast period. Additionally, the region has the presence of a large middle-income population concerned about the fuel economy of vehicles. This concern drives the growth of fuel-efficient systems, further increasing the demand for automotive wheels in this region. Furthermore, China leads in this market due to supportive government policies and strong manufacturing capabilities. Moreover, India is also witnessing growth due to the increasing production of alloy wheels in the region. Additionally, passenger car sales are rising annually at a rate of 9%.

Furthermore, North America is also a rapidly growing region in the automotive wheel market. Countries such as the U.S., Canada, and Mexico host robust key manufacturers due to their extensive research and development in the automotive sector, driving demand for the automotive wheel market. Additionally, the increasing adoption of aluminum alloy in high-performance vehicles further boosts the demand for the automotive wheel market in this region.

Automotive Wheel Market Players

Automotive wheel companies profiled in the report include Accuride Corporation, Borbet, Citic Dicastal, Enkei, Hitachi Metals, Iochpe-Maxion, Mangels Industrial, Steel Strips Wheels, Superior Industries International, and Zhejiang Wanfeng Auto Wheel.

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Acumen Research and Consulting

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