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Automotive Wheel Market Size (2024 - 2029)

The automotive wheel market is experiencing growth, driven by factors such as the increasing adoption of alloy wheels in mid-specification car models and the introduction of advanced wheel designs in economic variants in developing countries. Despite disruptions caused by the COVID-19 pandemic, the market has rebounded, with significant production increases noted in recent years. The popularity of alloy wheels, due to their lightweight and heat-dissipating properties, is contributing to market expansion. Additionally, heightened investment and research by original equipment manufacturers, along with the active involvement of vehicle maintenance and repair services, are creating further opportunities for market growth.

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Market Size of Automotive Wheel Industry

Automotive Wheel Market Summary
Study Period 2019 - 2029
Market Size (2024) USD 37.94 Billion
Market Size (2029) USD 51.97 Billion
CAGR (2024 - 2029) 6.50 %
Fastest Growing Market Asia Pacific
Largest Market Asia Pacific
Market Concentration High

Major Players

Automotive Wheel Market - Major Players

*Disclaimer: Major Players sorted in no particular order

Automotive Wheel Market Analysis

The Automotive Wheel Market size is estimated at USD 37.94 billion in 2024, and is expected to reach USD 51.97 billion by 2029, growing at a CAGR of 6.5% during the forecast period (2024-2029).

Over the long term, alloy wheels have been gaining popularity due to their attractive appearance. They are lighter in weight and can dissipate heat more effectively from tires and brakes than steel wheels. Additionally, the market growth of alloy wheels is being driven by an increase in capital investment and research and development spending by original equipment manufacturers (OEMs), particularly in the passenger car segment.

The market for automotive wheels is expected to grow over the coming years due to the rising popularity of alloy wheels in mid-specification car models worldwide. Even in developing nations such as India, diamond-cut and dual-tone alloy wheels are being introduced as standard features in economical car models, further driving the demand for alloy wheels.

An increase in the sales of electric vehicles is expected to boost the demand for automotive wheels in the coming years. Asia-Pacific is currently the major player in the market, followed by Europe. Asia-Pacific is anticipated to register the highest growth rate, while Japan and South Korea are expected to contribute significantly to its revenue growth over the following years.

Automotive Wheel Industry Segmentation

A wheel with a tire, rim, and hubcap propels the car. Automotive wheels are manufactured using steel, carbon fiber, or a composite of lightweight metal alloys, such as aluminum or magnesium.

The automotive wheel market is segmented by vehicle type, material type, sales channel, and geography. By vehicle type, the market is segmented into passenger cars and commercial vehicles. By material type, the market is segmented into steel, alloy, and carbon fiber. By sales channel, the market is segmented into original equipment manufacturers (OEMs) and aftermarket. By geography, the market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World. For each segment, the market sizing and forecasts have been done based on value (USD).

By Vehicle Type
Passenger Car
Commercial Vehicle
By Material Type
Steel
Alloy
Carbon Fiber
By Sales Channel
Original Equipment Manufacturer
Aftermarket
By Geography
North America
United States
Canada
Rest of North America
Europe
Germany
United Kingdom
France
Italy
Spain
Rest of Europe
Asia-Pacific
India
China
Japan
South Korea
Rest of Asia-Pacific
Rest of the World
South America
Middle East and Africa
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Automotive Wheel Market Size Summary

The automotive wheel market is poised for significant growth, driven by the increasing demand for alloy wheels and the rising production of passenger cars globally. The market is experiencing a shift towards alloy wheels due to their lightweight nature, aesthetic appeal, and superior heat dissipation compared to steel wheels. This trend is further supported by the growing penetration of alloy wheels in mid-specification car models and the introduction of advanced designs like diamond-cut and dual-tone alloy wheels, even in economic variants, particularly in developing countries such as India. The market is also benefiting from increased capital investment and R&D spending by original equipment manufacturers, which is expected to bolster the demand for wheels. Additionally, the active involvement of vehicle maintenance companies and MRO service providers is creating lucrative opportunities for market players, as aftermarket maintenance and service activities for both commercial and passenger vehicles continue to rise.

The Asia-Pacific region is anticipated to dominate the automotive wheel market, with China and India playing pivotal roles due to their large vehicle populations and rapid economic growth. The region's focus on fuel economy and the reduction of vehicle weight are expected to further drive market expansion. China, as the largest automotive market globally, is set to contribute significantly to the market's growth, supported by its robust manufacturing capabilities and favorable governmental policies. In India, the alloy wheel segment is experiencing accelerated growth, outpacing the overall market average, driven by the country's cost-effective manufacturing and engineering prowess. The market is characterized by the presence of key players such as Superior Industries, Enkei Wheels, and HRE Wheels, who are investing in innovative technologies and materials to enhance their product offerings. These developments, along with strategic investments in manufacturing facilities, are expected to propel the automotive wheel market forward during the forecast period.

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Automotive Wheel Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Market Driver

      1. 1.1.1 Vehicle Sales to Fuel Automotive Wheel Demand

    2. 1.2 Market Restraint

      1. 1.2.1 Fluctuating Raw Material Prices

    3. 1.3 Porter's Five Forces Analysis

      1. 1.3.1 Threat of New Entrants

      2. 1.3.2 Bargaining Power of Buyers/Consumers

      3. 1.3.3 Bargaining Power of Suppliers

      4. 1.3.4 Threat of Substitute Products

      5. 1.3.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION (Market Size in Value (USD))

    1. 2.1 By Vehicle Type

      1. 2.1.1 Passenger Car

      2. 2.1.2 Commercial Vehicle

    2. 2.2 By Material Type

      1. 2.2.1 Steel

      2. 2.2.2 Alloy

      3. 2.2.3 Carbon Fiber

    3. 2.3 By Sales Channel

      1. 2.3.1 Original Equipment Manufacturer

      2. 2.3.2 Aftermarket

    4. 2.4 By Geography

      1. 2.4.1 North America

        1. 2.4.1.1 United States

        2. 2.4.1.2 Canada

        3. 2.4.1.3 Rest of North America

      2. 2.4.2 Europe

        1. 2.4.2.1 Germany

        2. 2.4.2.2 United Kingdom

        3. 2.4.2.3 France

        4. 2.4.2.4 Italy

        5. 2.4.2.5 Spain

        6. 2.4.2.6 Rest of Europe

      3. 2.4.3 Asia-Pacific

        1. 2.4.3.1 India

        2. 2.4.3.2 China

        3. 2.4.3.3 Japan

        4. 2.4.3.4 South Korea

        5. 2.4.3.5 Rest of Asia-Pacific

      4. 2.4.4 Rest of the World

        1. 2.4.4.1 South America

        2. 2.4.4.2 Middle East and Africa

Automotive Wheel Market Size FAQs

The Automotive Wheel Market size is expected to reach USD 37.94 billion in 2024 and grow at a CAGR of 6.5% to reach USD 51.97 billion by 2029.

In 2024, the Automotive Wheel Market size is expected to reach USD 37.94 billion.

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Automotive Wheel Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)