Automotive Wheel Market Size By Material (Aluminum, Steel, Magnesium, Carbon Fiber), By Product (Regular, High Performance), By End-use (OEM, Aftermarket), By Vehicle (Passenger Cars, Lightweight Commercial Vehicles, Heavy Trucks, Buses & Coaches, Trailers), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026

Published Date: May 2020  |  Report ID: GMI1706  |  Authors: Kiran Pulidindi, Sayan Mukherjee

Report Format: PDF   |   Pages: 355   |   Base Year: 2019




Summary Table of Contents Industry Coverage Methodology

Industry Trends

Automotive Wheel Market size valued at USD 121 billion in 2019 and is estimated to exhibit over 5.8% CAGR from 2020 to 2026. Increasing vehicle customization activities is predicted to support the industry growth.
 

Stringent emission and fuel economy standards are driving the requirement for the integration of lightweight component in the vehicles. For instance, in 2020, the European Union committed to reduce the carbon emission by 20% as compared to 1990 greenhouse gas emission level. Increasing consumer inclination toward car individualization is generating the requirement for additional surface treatments such as diamond cut and high gloss paints. This will provide a growth platform for the automotive wheel market participants.
 

Automotive Wheel Market

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The wheel manufacturers are utilizing aluminum, carbon composites, and magnesium to enhance performance and reduce weight. For instance, in March 2015, ESE Carbon collaborated with DSM to introduce carbon fiber wheels offering improved axle load carrying capacity. The wheels provide superior acceleration, better handling, and fuel efficiency. Further, growing preferences for specified wheels with respect to diameter and material for different vehicles will encourage the development of automotive wheels.
 

High acquisition costs of raw materials for high-performance wheels in conjunction with the drawbacks associated with the faulty sensor feedback generated owing to integration of aftermarket wheels will hamper the market growth. Temporary closure of manufacturing facilities to limit the spread of COVID-19 virus will negatively influence the automotive wheel market demand. Moreover, manufacturing costs will continue to be a major factor restraining industry profitability and economic feasibility along with innovations to improve the performance while reducing the vehicle weight for better fuel efficiency.
 

Automotive Wheel Market Report Coverage
Report Coverage Details
Base Year: 2019 Market Size in 2019: 121.1 Billion (USD)
Historical Data for: 2016 to 2019 Forecast Period: 2020 to 2026
Forecast Period 2020 to 2026 CAGR: 5.8% 2026 Value Projection: 144.6 Billion (USD)
Pages: 355 Tables, Charts & Figures: 809
Geographies covered (32): U.S., Canada, France, Germany, Italy, Russia, UK, Czech Republic, Poland, Slovakia, Spain, Turkey, China, Japan, India, South korea, Thailand, Australia, Malaysia, Philippines, Taiwan, Vietnam, Indonesia, Brazil, Argentina, Mexico, Colombia, Iran, South Africa, Morocco, Egypt, Algeria
Segments covered: Material, Product, End-use, Vehicle
Companies covered (38): Euromax Wheel, American Eagle Wheels Corporation, Steel Strips Wheels Limited, TSW Alloy Wheels, Automotive Wheels Ltd, Wheel Pros, Borbet, Dicastal Wheel Manufacturing Co., Ltd, Zhejiang Wanfeng Auto Wheel, LIZHONG GROUP, Changchun Faway Automobile Components Co., Ltd, Dongfeng Automotive Wheel Co., Ltd., Zhejiang Jinfei Kaida Wheel Co., Ltd., Guiyang Yuxing Wheel Manufacturing Co., Ltd., Foshan Nanhai Zhongnan Aluminum Wheel Co., Ltd., Maxion Wheels, Ronal Group, Superior Industries International, Inc, Arconic Inc., Trelleborg AB, Otto Fuchs, Magnetto Wheels, Accuride Wheels, Jantsa Wheel Industry, Starco, ALCAR Holding GmbH, Titan International Inc, Vossen Wheels, Enkei Wheels Corporation, SuperAlloy Industrial Company Ltd., Topy Industries Limited
Growth Drivers:
  • Stringent vehicle efficiency norms
  • Growing demand for small and mid-sized SUVs
  • Emergence of product manufacturers and development of lightweight wheels
  • Increasing leasing and rental automotive services demand
  • Increasing adoption of high-end and luxury vehicles
Pitfalls & Challenges:
  • High initial factory set up and trade tariff costs
  • Temporary closure of manufacturing facilities due to COVID-19

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Lightweight properties to generate aluminum wheels demand

In 2019, the aluminum wheel segment accounted for around 55% market share due to its lightweight structure. Aluminum wheels are either made from cast or forged aluminum to reduce the cracking in the event of extreme loads/pressure. Casting and forging are the two processes used to manufacture aluminum wheels and are available in bare-metal finishes, which eliminate paint requirement.

The easy availability of commodity materials coupled with the resistance to corrosion will provide strong growth prospects for the automotive wheel market. Amendments in regulatory policies to promote fuel-efficient vehicle part manufacturing have increased the demand for lightweight wheels over steel alternatives. Aluminum wheels are the most popular choice over steel wheels in passenger cars. Additionally, attributes, including, lightweight, better heat conductivity, and anti-corrosive properties will drive its demand.
 

High-performance wheels to bank upon increasing customization activities

High performance wheels market size is estimated to witness around 6.5% growth through 2026. Shifting focus towards vehicle customization to improve acceleration, brake system, and aesthetic appearance will positively influence the demand for high-performance wheels. These offer high strength and lightweight mainly used in premium sport and luxury cars.
 

Industry participants are emphasizing their focus on the aftermarket to cater to the customizable requirements of the vehicle owners. Multiple choices of design, sizes, and finishes to suffice the consumer requirements in conjunction with the online software, such as wheel configurator, for having an oversight of the vehicle aesthetics will favor the market growth.
 

OEMs to dominate the automotive wheel market

Automotive Wheel Market By End-use

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OEMs end-use segment is expected to dominate the market revenue share during the forecast period led by its installation during vehicle assemble. Low replacement rates and significant expertise requirement for installations have led to the significant concentration of automotive wheel sales to OEMs. Increasing investments from industry participants to upgrade their manufacturing facilities and technology will support the segment expansion.
 

Proliferating transportation industry to boost the market demand

The light commercial vehicles held around 20% of the global automotive wheel market share in 2019 on account of increasing transportation and logistics activities.  The advent of the hub & spoke model in emerging nations provided a lucrative opportunity for vehicles. Escalating requirements for large vehicle fleets due to consolidation and agreements in the logistics sector to increase economies of scale have positively driven the demand for commercial vehicles. Furthermore, requirement for frequent wheel change as compared to PCVs owing to high usage is predicted to increase the wheel penetration rate in commercial vehicles.
 

Presence of automotive OEMs to support Asia Pacific dominance in the market

Automotive Wheel Market By Region

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The Asia Pacific automotive wheel market is anticipated to observe substantial gains from 2020 to 2026. High urbanization rate coupled with increasing spending power of citizens from economies including China, India, Thailand, and Indonesia will support regional market penetration. The availability of low-cost workforce and support for automotive manufacturing activities will boost the wheels demand. Moreover, presence of major automobile OEMs including, Mazda, Suzuki, Honda, Ford, Hyundai Kia, Renault Nissan, General Motors, Toyota, and VW Group will offer lucrative growth opportunities to the wheel manufacturers.
 

Industry players undergoing portfolio expansion to gain market share

Automotive wheel manufacturers are focused on upgrading their product portfolio by introducing new products to strengthen their industry foothold. For instance, in August 2018, Ronal Group launched the Ronal R64 wheels for light commercial vehicles. The key automotive wheel market participants include, Maxion Wheels, Trelleborg AB, CLN Group, Mefro, Otto Fuchs, Jantsa, Starco, ALCAR Holding, Titan Europe, and SuperAlloy Industrial Company.
 

The automotive wheel market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume in thousand units and revenue in USD million from 2016 to 2026, for the following segments:
 

Market by Material

  • Aluminum
  • Steel Wheels
  • Magnesium
  • Carbon Fiber

Market by Product

  • Regular
  • High Performance

Market by End-use

  • OEM
  • Aftermarket

Market by Vehicle

  • Passenger Cars
  • Light Commercial vehicles
  • Heavy Trucks
  • Buses & Coaches
  • Trailers

The above information is provided on a regional and country basis for the following:

  • North America
    • U.S.
    • Canada
  • Europe
    • France
    • Germany
    • Italy
    • Russia
    • UK
    • Czech Republic
    • Poland
    • Slovakia
    • Spain
    • Turkey
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Thailand
    • Australia
    • Malaysia
    • Philippines
    • Taiwan
    • Vietnam
    • Indonesia
  • Latin America
    • Brazil
    • Mexico
    • Argentina
    • Colombia
  • Middle East & Africa
    • Iran
    • South Africa
    • Morocco
    • Egypt
    • Algeria
       

Frequently Asked Questions (FAQ) :

The market size of automotive wheel was valued over USD 121 billion in 2019.
The industry share of automotive wheel is projected to expand at 5.8% CAGR during 2020 to 2026.
According to the analysts at GMI, the high-performance wheels market size is estimated to witness around 6.5% growth through 2026.
The Asia Pacific market dominance can be attributed to the availability of low-cost workforce and support for automotive manufacturing activities in the region.
The key market participants include Maxion Wheels, Trelleborg AB, CLN Group, Mefro, Otto Fuchs, Jantsa, Starco, ALCAR Holding, Titan Europe, and SuperAlloy Industrial Company.
In 2019, the aluminum wheel segment accounted for around 55% market share due to its lightweight structure.

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Premium Report Details

  • Published Date: May 2020
  • Pages: 355
  • Tables: 795
  • Charts / Figures: 14
  • Companies covered: 38
  • Countries covered: 32

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