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
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.
Get more details on this report - Request Free Sample PDF
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.
Report Coverage | Details | ||
---|---|---|---|
Base Year: | 2019 | Historical Data for: | 2016 to 2019 |
Market Size in 2019: | 121.1 Billion (USD) | Forecast Period: | 2020 to 2026 |
Forecast Period 2020 to 2026 CAGR: | 5.8% | No. of Pages: | 355 |
2026 Value Projection: | 144.6 Billion (USD) | 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 | ||
Growth Drivers: |
| ||
Pitfalls & Challenges: |
|
Get more details on this report - Request Free Sample PDF
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
Get more details on this report - Request Free Sample PDF
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
Get more details on this report - Request Free Sample PDF
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) :
Buy Now
Need a Discount? Get in touch with us for special pricing
Request DiscountConnect with our sales team
- Phone: 1-302-846-7766
- Toll Free: 1-888-689-0688
- Email: sales@gminsights.com
- Chat With Us: Click here to start
Premium Report Details
Get a report that explains COVID-19 impact on this market, request a free sample now
Benefits of Association
Data Coverage & Quality
GMI reports provide the most comprehensive coverage of any focus industry, ensuring a holistic and deep understanding of the market, along with actionable and granular data. We also take pride in our commitment to quality and strive to ensure that our clients get their moneys worth.
Client Trust & Security
GMI maintains strict code of conduct as a business and is committed to ensure that the privacy and trust of our clients are always maintained. As an organization, we also strive to be fully compliant with privacy laws, PCI and information security guidelines.
Customer Service
Our customers rely on us to produce accurate, reliable and timely information. Service orientation is a key mission for us as an organization; our process is guided by the desire to ensure that our clients are provided the best possible solutions in optimal timeframe. GMI stands by its commitment to service, providing timely assistance in both pre-sales and post-sales support for our clients.
GMIPulse, our report store
We have introduced ‘GMIPulse’, which is our report store; designed to offer clients a one-stop platform for all market research and business intelligence requirements. Clients can access reports, presentations, raw data excel sheets as well as detailed company profiles. GMIPulse allows you to track relevant industries and stay informed with latest innovation, competitive and regulatory developments to help design strategic framework.