Automotive Wheel Market Size By Material (Aluminium, Steel, Magnesium, Carbon Fiber), By Product (Regular, High Performance), By End-Use (OEM, Aftermarket), By Vehicle (Passenger Cars, Light Commercial Vehicles, Heavy Trucks, Buses & Coaches, Trailers), Industry Analysis Report, Regional Outlook (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), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2017 – 2024
Published Date: September 2017 | 490 Pages | Report ID: GMI1706 Report Format: PDF
Global Automotive Wheel Market size was valued over USD 80.8 billion in 2016 and will surpass 643 million units by 2024.
North America Automotive Wheel Market, By Material, 2013-2024, (Thousand Units)
Shifting consumer preference towards comfort & enhanced driving experience coupled with expanding popularity of corrosion resistant automobile components are anticipated to boost automotive wheel demand. Booming global transportation sector along with high consumer expenditure capacity and increasing necessity to improve fuel efficiency are major factors anticipated to propel overall automobile industry trends. Global vehicle industry was over 96 million units in 2016 with China being the leading contributor accounting for over 14% of the overall production in 2016.
Growing demand for luxury cars has also prompted the global industry growth. For instance, Jaguar Land Rover, subsidiary of Indian automaker Tata Motors, sale rose by 30% in 2013 as compared to the previous year. British luxury car manufacturer, Rolls-Royce sold over 3,575 units of its ultra-luxury cars in 2012, which in turn drives the product demand. Another British car manufacturer, Bentley Motors launched its Flying Spur Limousine at the Geneva motor show in 2016, that increased its sales over 24%.
Rising pollution levels along with the increasing road congestion are encouraging several countries to heavily invest in their public transport systems. Further, several countries are promoting the sale of electric vehicles as an alternative to internal combustion engines on roads. These countries interest to curb the dependence on petroleum based fuels without compromising the environment needs will enhance electric vehicles demand. This in turn will propel the automotive wheel market growth over the forecast period.
Mergers and acquisitions are crucial strategies adopted among the OEM over the forecast period. For instance, valid evidence to this fact comes from the acquisition of Mefro, a German privately owned motorised component supplier by the U.S. based diversified manufacturer and supplier of commercial vehicle components, Accuride Corporation in June 2017. This strategy will help the former serve the customers in an improved manner through better distribution of high quality motorised components including wheels & its end components and indirectly contributing toward market growth.
However, availability of lighter raw material as an alternative coupled with rising utilization of software components for novel materials are the reasons restraining the automotive wheel market price trend.
Automotive Wheel Market, By Material
Aluminium will be worth over USD 55 billion by 2024. Its demand is growing at a faster pace in emerging economies including China, Japan and India owing to rising number of manufacturing facility in these regions. Increasing fuel efficiency and affluence in acceleration due to the lower weight are vital driving factors for industry growth.
Steel is projected to witness a significant growth over the forecast period, with a CAGR of 4.3% by 2024 due to the developments in technology by several OEMs for engineering steel wheels. Economical production costs compared to alloy based counterparts will support the product penetration.
Magnesium is extensively used as it encourages the steering precision and reduced vibration owing to its lightness. Moreover, the material also provides enhanced safety and manoeuvrability, improved braking system and better driving comfort. Magnesium material will observe a high demand due to its relatively augmented performance parameters.
Automotive Wheel Market, By Product
Regular wheel contributes to over 85% of overall industry share in 2016. Sturdy demand for cost-effective commercial vehicles and passenger cars is projected to drive the industry expansion. Technological advancements along with the increasing demand for corrosion-resistant parts will boost product demand.
High-performance segment offers noteworthy properties including resistance to high-impact forces, extended durability, and improved vehicle performance. Growing demand for these products owing to their better performance parameters compared to conventional components will create new avenues for industry growth. Furthermore, increasing demand for luxury, sports, and premium segment vehicles will drive demand.
Automotive Wheel Market, By End-use
OEM registered sales of over 368,512.5 thousand units in 2016. Growing automobile production is a key driving factor for the surge in market advancement. These parts are installed during the manufacturing of new vehicles and are also supplied to garages for replacements.
Increasing emission regulations and the need for lightweight cars by various customers will augment the aftermarket size. Growth in the online sale platforms has specifically given a boost to the industry innovations. Factors, including penetrating mobile technology, increasing use of social media, and increased internet penetration, have positively influenced the overall development of aftermarket automotive wheel market.
Automotive Wheel Market, By Vehicle
Passenger cars is expected to account for over 75% of overall market share by 2024. Increasing requirement for personal cars due to speedy urbanization and changing consumer lifestyle has improved industry growth. Further, increasing government expenditure on developing public road transport systems and growing popularity of electric vehicles will drive product demand in passenger cars.
Increasing environmental concerns in North America and Europe and is propelling the production of lightweight commercial vehicles. Steel and aluminium are major materials used in the manufacturing of these vehicles and has been gaining recognition owing to its superior characteristics including low weight, excellent performance and enhanced design. This in turn is anticipated to significantly boost the overall automotive wheel market growth over the forecast period.
Heavy truck market exclusively depends on the industrial growth of a country as it is used in transporting heavy raw materials for numerous industries and finished goods from production facilities to its selected sales destinations. Rising demand for better corrosion resistance from sand and dirt, less porous and brake depletion will enhance the heavy truck segment size.
Automotive Wheel Market, By Region
North America automotive wheel market size is expected to witness a surge in overall product demand growing with a rate of 4.5% by 2024. Favourable vehicle safety regulations and necessity for efficient braking systems will encourage product demand. The region is home to largest vehicle producers in the world, including General Motors and Ford which accounts for 25% of world’s vehicle production. Europe automotive wheel market was valued at USD 20 billion in 2016. Increasing premium automobile production is among the key factor for growth for automotive wheel market.
Asia Pacific automotive wheel market will witness growth due to rapid urbanization along with rising population in India, China, Indonesia and Thailand will boost the vehicle demand. Emergence of global potential automobile manufacturers including General Motors and Volkswagen AG concentrating their plants in China through joint ventures with local manufacturers will enhance the product demand. In addition, rising demand for low weight vehicle components coupled with inclination towards luxury and comfortable automobiles will support the automotive wheel market enhancement in the region.
Competitive Market Share
Global automotive wheel market share is fragmented with large presence of regional manufacturers. Majority of the key players have been discovering new product launches coupled with mergers & acquisition to improve their profitability and geographical presence.
Some of the key industry players include Maxion, Ronal AG, United Wheels Group, Trelleborg, Otto Fuchs, CLN Group, Mefro, Jantsa, Starco, ALCAR Holding, Titan Europe Gmbh, and SuperAlloy Industrial Company. Other prominent automotive wheel market players are Topy Industries Limited, American Eagle Wheels Corporation, Steel Strips, Borbet and CiTiC Dicastal Wheel Manufacturing.
Automotive Wheel Industry Background
Shifting automobile trends including weight reduction and modified & aesthetically appealing cars will foster the product penetration during the forecast period. Reduced weight in high performance vehicle components enhances the acceleration and braking system of the vehicle. Rising demand for the luxury cars, sports cars and supercars with high performance will further drive the automotive wheel market expansion.
Manufacturing costs is expected to continue as a major driving factor in terms of industry profitability and economic feasibility coupled with innovations to improve the performance while reducing the vehicle weight for better fuel efficiency.
What Information does this report contain?
Why Global Market Insights?Comprehensive Research
- All-inclusive coverage
- In-depth and granular data (ex: information for 8 to 15 countries, with clients open to add to this list, in each report)
- Penetrative insights & latest trends
- Offers holistic understanding of the market
- Unique methodology
- Iterative in nature to eliminate errors
- Detailed methodology, scope, assumptions and data sources available for reference
- Committed to making a positive difference for our clients
- Given the nature of this industry, we are committed to ensure that our clients get maximum return on their investment in our services
- Every purchase comes with an option to obtain additional information:
- up to 10% of the original cost
- 45-minute analyst tele-call to obtain further clarity on the market.
- Global Market Insights, Inc. strictly adheres to PCI-DSS security norms.
- Only PCI-DSS compliant payment methods used for highest level of client data security