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Automotive Wheel Market Segmented By Painted and Polished, Machined Alloy wheel, Two Tonned Alloy, Chromed Alloy, Anodised in Compact Size, Mid Size and Large Size used in Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles with Alloy, Aluminium, Magnesium, Steel, Chromed, Carbon Fiber Material
The report covers comprehensive information about automotive wheel market trends, value (US$ Mn) volume (‘000 Units) projections, competition, market dynamics and recent developments in the global automotive wheel market for the study period 2018 to 2026.
The global automotive wheel market is anticipated to create incremental $ opportunity worth over US$ 23,127.0 Mn by the end of the forecast period while expanding at a CAGR of 4.0% for the period between 2018 and 2026. Increasing demand for vehicles and rise in demand for light weight components are some of the factors expected to drive significant growth in the demand for automotive wheel market.
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Persistence Market Research (PMR) used a modelling-based approach and triangulation methodology, which includes market profiling, hypothesis generation, data collection, forecast development, pricing analysis and competition mapping, to arrive at the results discussed in this report. The report also analyses the top players in the automotive wheel market.
In order to estimate the global volume sales in the automotive wheel market, the production of vehicle types (PCV, LCV & HCV) in the global market has been tracked for all the key regions as well as for the key countries considered under the scope of this research. This has been further verified from the supply side wherein the market shares of the companies considered have been tracked and the market size has been confirmed.
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Get a Customized VersionThe report on automotive wheel market is a syndicated research report, formulated on the basis of a predefined scope. The primary intent of the automotive wheel market report is to highlight the volume sales of automotive wheel across key geographies considered by various segments. The automotive wheel market includes various analysis frameworks, such as BPS analysis, automotive wheel market attractiveness, analysis and incremental $ opportunity index, etc. These frameworks provide clients with a thorough understanding of the automotive wheel market, identifying the relatively greater opportunistic markets and also giving an idea about the latest trends in the automotive wheel market.
Increase in vehicle production coupled with rise in disposable income of middle-class people are the two factors spurring the demand in the automotive wheel market. Moreover, increasing demand for vehicles from countries, such as China, India, U.S., Germany and others, is also supporting the demand in the automotive wheel market.
However, extension of component (rim) life through repair & maintenance would restrain the demand for automotive wheels during the forecast period as this helps to improve the life of a component and thus, hinders the demand for new components.
New technologies are coming in the market which allow customers to repair their wheel rims without the need for any kind of replacement. As more and more companies are entering into the automotive wheel market, this will eventually hamper the demand for new components, especially wheels, in the regional as well as the global market.
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Customized color, size, powder-coating, textures, engraving and use of rhinestones are some of the trending opportunities for automotive wheel market (especially rim) manufacturers. Nowadays, owing to increasing purchasing power of people, customers are opting to customize the wheels of their vehicle. Most of the companies are also collaborating with tire manufacturers to innovate their technology. For instance, RIMEX is collaborating with leading tire manufacturers for testing and perfecting future wheel and rim designs for the next generation
Passenger car segment is estimated to be one the major segments in the automotive wheel market. According to estimates, approximately 97 million vehicles were produced in 2017. Of this, more than 70% were passenger cars. These passenger cars are used by common people to commute from one place to another. Therefore, the demand for passenger cars is increasing day by day. Passenger car segment is followed by LCV and HCV segments.
On the basis of region, the report is segmented into seven region: North America, Western Europe, Latin America, Eastern Europe, Middle East & Africa, Japan and APEJ. APEJ is estimated to capture highest market share owing to maximum demand coming from passenger car segment. Factors such as, developing infrastructure, increasing purchasing power of people AND improved consumer sentiments, are driving the demand for vehicles, which in turn, is increasing the demand in the automotive wheel market.
The automotive industry contributes a healthy amount to the world’s GDP. More and more OEMs are setting up their manufacturing units across the world. China and India are the noticeable markets for car manufacturers owing to growing need for personal vehicles. Furthermore, many banks and financial institutes are coming up with different loan schemes, which are making it easy to own a car. Also, governments have ended scrapage incentives scheme, which is compelling customers to purchase new vehicles.
Most of the manufacturers are entering into long-term supply contracts or new product launches to sustain their market share in the automotive wheel market. For instance, Ronal Group recently supplied its new R56 wheel to new BMW X3/X4. This wheel is compatible with Tire Pressure Monitoring System (TPMS) original sensors and are available in 7.5×19 inch & 5×112 sizes. Similarly, the company also recently supplied its new R62 wheel to new Audi RS 3 and many other mid-range and compact vehicles.
Moreover, the company has launched a new design of wheel called Ronal 64 for light truck wheels. The RONAL R64 is suitable for Ford Transit, VW T6, Peugeot Traveler, Citroën Spacetourer and Toyota, to name a few. The company has also launched a new wheel named SL7 Gladiatore for new Porsche Panamera with a ferric anthracite-matt diamond cut finish. Lastly, Borbet GmbH has launched its new color version ‘crystal silver’ in 14 to 16 inch wheel tire. This new wheel comes with several updated German Operating Licenses (ABE)
The global automotive wheel market is a highly consolidated one with major players, such as Arconic Inc., Dicastal North America, Inc., Maxion Wheels, Superior Industries International, Inc., Fuel Off-Road Wheels, Central Motor Wheel of America, Inc., Euromax Wheel, Marcellino Wheel, Enkei Corporation, Prime Wheel Corporation, Ronal Group, Borbet GmbH, Foshan Nanhai Zhongnan Aluminum Wheel Co. Ltd., BBS GmbH and Topy Industries Limited, accounting for approximately 50 – 60% of the global automotive wheel market. Other key players are also projected to represent a significant share in the global automotive wheel market.
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Wheel size |
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