Automotive Wheel Market

Wheel refers to a circular object that allows any vehicle or object to move freely. They revolve around an axle and are manufactured using durable and hard material. The automotive wheel is a component that rotates and transfers the drive from axle to the road. A good wheel provides traction and stability to the vehicle.

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Major Automotive Wheel Market Drivers

Growing vehicle dynamics, the strong demand for lightweight materials, and increasing production of vehicles are some of the key factors proliferating the growth of the global automotive wheel market. Vehicle production is one of the core economies generating factor for most of the developing countries. It has been observed that countries in Asia-Pacific regions are key contributors to this market. Most of the top automobile companies across the world are expanding their business in the Asia-Pacific region. This is due to multiple advantages to the businesses, such as cost-effectiveness of operations, fast-growing-dynamic market, and efficient workforce.

The customer base for vehicles is increasing rapidly due to the reduction in vehicle prices, the economic stability of individuals, and the need for heavy vehicles for transferring materials for logistics and construction activities. With the high adoption of vehicles, customers have started focusing on the safety of vehicles, which is further accelerating the demand for safe automotive wheels. The leading manufacturers are deploying customized wheels as per the design of the vehicle to capture the changing demand of the target customers and to gain a competitive advantage over the other players. The automotive wheel enhances the driving performance of a vehicle through improved card handling, acceleration, and breaking. Therefore, the strong demand for vehicle production is directly surging the demand for wheels. On the other hand, the fluctuations in the prices of raw materials might hamper the growth of the market globally. Furthermore, the coronavirus pandemic will adversely impact the growing demand of the market due to the sharp fall in demand for automotive wheels and the temporary shutdown of the production of automotive wheels. These factors will lead to a fall in the growth of the market; however, the automotive wheel market is projected to bounce back in 2021, growing at a significant rate from 2021 onwards.

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On the basis of vehicle class, the market is segmented into economy, mid-priced, and luxury priced. Among these, the economy vehicles are expected to witness a higher CAGR during the forecast period. This is attributed to rising economic stability among individuals of different income groups. Moreover, electric vehicles are gaining more traction due to environmental safety and its cost-effective feature. These factors would further catalyze the growth of the segment.

Based on end-use, the market is segmented into aftermarket, and OE market. Among these, the aftermarket market is expected to witness a higher CAGR during the forecast period. This is attributed to the proliferation of online B2B sales of automotive accessories and parts and growing vehicles’ average age. Additionally, ease of aftermarket automotive accessories is boosting the growth of the market.

On the basis of the vehicle, the market is segmented into steel, alloy, carbon fiber, and others. Among these, the alloy segment would lead the market during the forecast period. This is attributed to multiple features of materials, such as high heat conductivity, lower weight, and enhanced anti-corrosion properties.

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Regional – Segment Analysis

On the basis of region, North America would lead the market during the forecast period, attributed to the large presence of OEMs in the region. Additionally, high competition among automotive industries accelerates the investments on innovative materials composites and automotive components, which further drives the growth of the market in the region.

Top Market Players

The major players in the market include Superior Industries International, Inc, Accuride Corporation, Steel Strips Wheels Ltd, Hitachi Metals Ltd, Enkei Corporation, Citic Dicastal Ltd, BORBET GmbH, Zhejiang Wanfeng Auto Wheel Co. Ltd, Mefro Wheels GmbH, and Mangels Industrial S.A.

Segments covered in the Report:

The global automotive wheel market has been segmented on the basis of off-highway, vehicle class, end use, vehicle, material, and region. Based on off-highway, the market is segmented into construction & mining equipment, and agriculture tractors. Based on vehicle class, the market is segmented into economy, mid-priced, and luxury priced. Based on end use, the market is segmented into aftermarket, and OE market. Based on vehicle, the market is segmented into passenger vehicle, LCV, HCV. Based on material, the market is segmented into steel, alloy, carbon fiber and Others. Based on rim size, the market is segmented into 13”-15”, 16”-18”, 19”-21”, and >21.

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Key questions answered in this research report:

• • At what pace is global automotive wheel market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in automotive wheel market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global automotive wheel market?
  • Which vehicle class generated maximum revenues in 2019 and identify the most promising vehicle during the forecast period?
  • What are the Vehicle Classes of global automotive wheel market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Report Coverage	Details
Market Base Year	2019
Market Forecast Period	2020-2027
Market Revenues Currency	USD Million
Base Year & Forecast Units	Revenues (USD Million)
Market Segment	By Off-Highway, By Vehicle Class, By End Use, By Vehicle, By Material, By Region
Regional Coverage	Asia Pacific, Europe, North America, and RoW
Companies Profiled	Superior Industries International, Inc, Accuride Corporation, Steel Strips Wheels Ltd, Hitachi Metals Ltd, Enkei Corporation, Citic Dicastal Ltd, BORBET GmbH, Zhejiang Wanfeng Auto Wheel Co. Ltd, Mefro Wheels GmbH, Mangels Industrial S.A. among others; a total of 10 companies covered.
25% Free Customization Available	We will customize this report up to 25% as a free customization to address our client’s specific requirements

Market Segmentation

Global Automotive Wheel Market by Vehicle Class

• • Economy
  • Mid-Priced
  • Luxury-Priced

Global Automotive Wheel Market by Off-Highway

• • Construction & Mining
  • Agriculture Tractors

Global Automotive Wheel Market by Vehicle

• • Passenger Vehicle
  • Light Commercial Vehicle
  • Heavy Commercial Vehicle

Global Automotive Wheel Market by End Use

• • OE
  • Aftermarket

Global Automotive Wheel Market by Material

• • Steel
  • Alloy
  • Carbon Fiber and others

Global Automotive Wheel Market by Rim Size

• • 13″-15″
  • 16″-18″
  • 19″-21″
  • Above 21

Global Automotive Wheel Market by Region

• • North America Automotive Wheel Market (Option 1: As a part of the free 25% customization)

    • North America Automotive Wheel Market by Off-Highway
    • North America Automotive Wheel Market by Vehicle Class
    • North America Automotive Wheel Market by Vehicle
    • North America Automotive Wheel Market by End Use
    • North America Automotive Wheel Market by Material
    • North America Automotive Wheel Market by Rim Size
    • US Automotive Wheel Market All-Up
    • Canada Automotive Wheel Market All-Up

  • Europe Automotive Wheel Market (Option 2: As a part of the free 25% customization)

    • Europe Automotive Wheel Market by Off-Highway
    • Europe Automotive Wheel Market by Vehicle Class
    • Europe Automotive Wheel Market by Vehicle
    • Europe Automotive Wheel Market by End Use
    • Europe Automotive Wheel Market by Material
    • Europe Automotive Wheel Market by Rim Size
    • UK Automotive Wheel Market All-Up
    • Germany Automotive Wheel Market All-Up
    • France Automotive Wheel Market All-Up
    • Spain Automotive Wheel Market All-Up
    • Rest of Europe Automotive Wheel Market All-Up

  • Asia-Pacific Automotive Wheel Market (Option 3: As a part of the free 25% customization)

    • Asia-Pacific Automotive Wheel Market by Off-Highway
    • Asia-Pacific Automotive Wheel Market by Vehicle Class
    • Asia-Pacific Automotive Wheel Market by Vehicle
    • Asia-Pacific Automotive Wheel Market by End Use
    • Asia-Pacific Automotive Wheel Market by Material
    • Asia-Pacific Automotive Wheel Market by Rim Size
    • China Automotive Wheel Market All-Up
    • India Automotive Wheel Market All-Up
    • Japan Automotive Wheel Market All-Up
    • Rest of APAC Automotive Wheel Market All-Up

  • RoW Automotive Wheel Market (Option 4: As a part of the free 25% customization)

    • RoW Automotive Wheel Market by Off-Highway
    • RoW Automotive Wheel Market by Vehicle Class
    • RoW Automotive Wheel Market by Vehicle
    • RoW Automotive Wheel Market by End Use
    • RoW Automotive Wheel Market by Material
    • RoW Automotive Wheel Market by Rim Size
    • Brazil Automotive Wheel Market All-Up
    • South Africa Automotive Wheel Market All-Up
    • Saudi Arabia Automotive Wheel Market All-Up
    • UAE Automotive Wheel Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Automotive Wheel Market All-Up

Global Automotive Wheel Leading Market Players (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Superior Industries International, Inc
  • Accuride Corporation
  • Steel Strips Wheels Ltd
  • Hitachi Metals Ltd
  • Enkei Corporation
  • Citic Dicastal Ltd
  • BORBET GmbH
  • Zhejiang Wanfeng Auto Wheel Co. Ltd
  • Mefro Wheels GmbH
  • Mangels Industrial S.A.