Automotive Wheel Market Size

Automotive Wheel Market Size

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.