Automotive Wheel Market Size and Forecast (2021 - 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Material (Carbon Fiber, Steel, Alloy, and Others), Wheel Type (Off-Road and On-Road), Vehicle Type (Passenger Cars and Commercial Vehicles), Rim Size (to 15”, 15-21”, and Above 21”), End Use (OEMs and Aftermarket), and Geography

The automotive wheel market is expected to register a CAGR of 6.1% during 2023–2031. The increasing adoption of composite wheels is one of the major trends in the automotive wheel market.

Automotive Wheel Market Analysis

• The growing automotive production across different regions is one of the major factors supporting the market growth for automotive wheels worldwide. Further, the rising commercial vehicles industry is another major factor fuelling the automotive wheel market growth.
• The global boom in transportation and logistics sectors has been witnessing a strong rise in terms of the demand for commercial vehicles such as trucks and trailers. Such commercial vehicles require strong alloy wheels to handle heavy loads and provide stability during driving. Such factors have been pushing the growth of the automotive wheel market for the commercial segment as well.

Automotive Wheel Market Overview

• The global automotive wheel market is likely to witness healthy growth in the coming years. This is mainly due to the growing production of automobiles including passenger cars, light commercial vehicles (LCVs), and heavy commercial vehicles (HCVs).
• Further, the growth in number of electric vehicles across different regions is another major factor likely to provide new opportunities for market vendors in the coming years. This is also propelled by the increasing awareness of reducing the carbon emissions and pollution rates from the automobile industry worldwide.

Automotive Wheel Market Drivers and Opportunities

Growing Production of Passenger Cars

• Overall, the automotive wheel market is increasing at a significant rate due to a higher rate of passenger cars. This is mainly due to the growing demand for vehicles among the middle class and lower-class population worldwide which is also propelled by the rising disposable income per individual across different regions.
• According to the Organisation Internationale des Constructeurs automobiles (OICA) data, global passenger vehicle sales were around 57.05 million units in 2021 further reaching around 67.13 million units in 2023.
• Similarly, according to the OICA data, the global overall vehicle production stood at around 80.14 million units in 2021 further reaching around 93.55 million units in 2023. This includes the production of passenger and commercial vehicles. Such a growing number of vehicle production is catalyzing the growth of the automotive wheel market across different regions.

Rising Adoption of Electric Vehicles

• The growth in adoption of electric vehicles is one of the major factors likely to provide new opportunities for market vendors of different regions in the coming years.
• The demand for different models of electric vehicles among the end users differs across various regions. For instance, according to the International Energy Agency (IEA), in 2023, the US witnessed the majority of electric SUVs demand compared to other types of vehicles. Similarly, in 2023, China witnessed a strong growth in the demand for electric SUVs and medium electric cars. Such factors have been pushing the adoption of electric vehicles across different regions which is further likely to generate new opportunities for market vendors in the coming years.

Automotive Wheel Market Report Segmentation Analysis

Key segments that contributed to the derivation of the automotive wheel market analysis are material, wheel type, vehicle type, rim size, and end-use.

• Based on material, the automotive wheel market is segmented into carbon fiber, steel, alloy, and others.
• Based on the wheel, the automotive wheel market is segmented into off-road and on-road.
• Based on vehicle type, the automotive wheel market is bifurcated into passenger cars and commercial vehicles.
• Based on rim size, the automotive wheel market is segmented into up to 15”, 15-21”, and above 21”.
• Based on end use, the automotive wheel market is segmented into OEMs and aftermarket.

Automotive Wheel Market Share Analysis by Geography

• Automotive Wheel Market Report comprises a detailed analysis of five major geographic regions, which includes current and historical market size and forecasts for 2021 to 2031, covering North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA), and South & Central America.
• Each region is further sub-segmented into respective countries. This report provides analysis and forecasts of 18+ countries, covering automotive wheel market dynamics such as drivers, trends, and opportunities that are impacting the markets at the regional level.
• Also, the report covers PEST analysis, which involves the study of major factors that influence the automotive wheel market in these regions.

Automotive Wheel Market Regional Insights

The regional trends and factors influencing the Automotive Wheel Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Automotive Wheel Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Automotive Wheel Market Report Scope

Automotive Wheel Market Players Density: Understanding Its Impact on Business Dynamics

The Automotive Wheel Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the Automotive Wheel Market are:

1. Continental AG
2. Robert Bosch GmbH
3. AISIN SEIKI CO LTD
4. Haldex AB
5. Denso Corporation
6. Hyundai Mobis Co Ltd

Disclaimer: The companies listed above are not ranked in any particular order.

Automotive Wheel Market News and Recent Developments

The automotive wheel market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the automotive wheel market are listed below:

• Pirelli and the BMW Group have worked together to unveil new 20-inch P Zero Winter 2 tires for the BMW 7 Series which focus on range capabilities, thanks to its “A class” European labeling for rolling resistance. This collaborative effort sets a new benchmark especially for all-electric vehicle tires, offering drivers an exceptional driving experience with extended range, uncompromised comfort, and outstanding performance in winter conditions on different surfaces (Source: Pirelli, Company Website, June 2024)
• Maxion Wheels, the world’s largest wheel manufacturer, announced today that its newest truck steel wheels plant with partner Inci Holding is ready to open in Turkey. The two companies will also build a plant to offer forged aluminum Commercial Vehicle (CV) wheels beginning in 2024. The combined investments are more than USD 150 million from 2021 through 2031, over the next few years, and further enhance Maxion Wheels’ existing globally leading steel wheel portfolio, while extending its reach to commercial vehicle applications where aluminum is the preferred solution. (Source: Maxion Wheels, Company Website, September 2022)

Automotive Wheel Market Report Coverage and Deliverables

The “Automotive Wheel Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:

• Automotive wheel market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
• Automotive wheel market trends as well as market dynamics such as drivers, restraints, and key opportunities
• Detailed PEST analysis
• Automotive wheel market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments in the automotive wheel market
• Detailed company profiles

The List of Companies

1. Accuride Corporation
2. BORBET GmbH
3. Enkei International, Inc.
4. MAXION Wheels
5. Hitachi Metals America, Ltd
6. Ronal Group
7. Steel Strips Group
8. Superior Industries International, Inc.
9. Vossen Wheels
10. Wanfeng Group Co., Ltd.