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

Industry Trends

Automotive Wheel Market size exceeded 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.
 

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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. Moreover, 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 industry demand. However, 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.
 

Lightweight properties to generate aluminum wheels demand

Aluminum material demand accounted for around 55% of the automotive wheel market share in 2019 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 in the market. Amendments in regulatory policies to promote fuel-efficient vehicle part manufacturing have increased the demand for lightweight wheels over steel alternatives. Additionally, attributes including lightweight, better heat conductivity, and anti-corrosive properties will enhance the aluminum material demand.
 

High-performance wheels to bank upon increasing customization activities

High performance wheels market size is estimated to witness growth rate of over 6.5% through 2026. Shifting focus towards vehicle customization to improve acceleration, brake system, and aesthetic appearance is influencing the demand for high-performance wheels. These wheels 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 revenue

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OEMs end-use is expected to dominate the market share by 2026 impelled 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 market players to upgrade their manufacturing facilities and technology to fuel the industry expansion.
 

Proliferating transportation industry to boost the market demand

The light commercial vehicles captured more than 20% of the 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 propelled by 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 spur Asia Pacific dominance in the market

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Asia Pacific automotive wheel market revenue 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 is poised to augment the regional market penetration. The availability of low-cost workforce and support for automotive manufacturing activities is fostering 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 market growth opportunities.
 

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. The key market players include, Maxion Wheels, Trelleborg AB, CLN Group, Mefro, Otto Fuchs, Jantsa, Starco, ALCAR Holding, Titan Europe, and SuperAlloy Industrial Company.
 

This market research report on automotive wheel 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:

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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