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Automotive Wheels for Passenger Vehicles Market

Published Date : Jul 2024 | Forecast Year : 2019

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Automotive Wheels for Passenger Vehicles Market Size, Analysis, By Vehicle Type (Passenger Car and Commercial Vehicle), Material Type (Steel, Alloy, and Carbon Fiber), End Market Type (OEM and Aftermarket) Trends Regional Outlook, and Forecast 2024-2032

Report ID: AG997

Published : Jul 2024

Pages : 126

Format : Automotive Wheels for Passenger Vehicles Market

REPORT ATTRIBUTEDETAILS
MARKET SIZE (2032)USD 63.99 Billion
MARKET SIZE (2024)USD 34.45 Billion in
CAGR (2023-2029)6.9 %
HISTORIC YEAR2019
BASE YEAR2023
FORECAST YEAR2032
BY TYPEPassenger Car and Commercial Vehicle
BY APPLICATIONOEM and Aftermarket
GEOGRAPHIC ANALYSISNorth America, Europe, Asia Pacific, Latin America, and Middle East & Africa
KEY PLAYERSLizhong Wheel Group, Zhejiang Wanfeng Auto Wheel Co., Ltd., Borbet GmbH, Wheel Pros, LLC, MAXION Wheels, Steel Strips Wheels, Cromodora Wheels S.p.A., CMS Jant Sanayi A.Ş., SUPERALLOY INDUSTRIAL CO., LTD..

The Global Automotive Wheels for Passenger Vehicles Market size was estimated to be valued at USD 34.45 Billion in 2023 and is expected to reach at USD 63.99 Billion by 2032, exhibiting at a CAGR of 6.9 % during the forecast period. This report provides a deep insight into the Automotive Wheels for Passenger Vehicles Market covering all its essential aspects. This ranges from a macro-overview of the market to micro details of the market size, competitive landscape, development trend, niche market, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. 

Market Segmentation Analysis

The research report includes specific segments by region (country), manufacturers, Type, and Application. Market segmentation creates subsets of a market based on product type, end-user or application, Geographic, and other factors. By understanding the market segments, the decision-maker can leverage this targeting in the product, sales, and marketing strategies. Market segments can power your product development cycles by informing how you create product offerings for different segments.

Automotive Wheels for Passenger Vehicles Market

Size, by Product, - (USD Billion)

Passenger Car

Commercial Vehicle

Other Products

18 16 14 12 10 8 6 4 2 0

The Market will Grow

At the CAGR of:

6.9 %

The Forecast Market

Size for in USD:

$63.99 Billion B

b0d51e3055fd6f23ff6a384a6e091406.svg

Automotive Wheels for Passenger Vehicles Market Segments

By Vehicle Type- Passenger Car and Commercial Vehicle

By Material Type-Steel, Alloy, and Carbon Fiber

By End Market Type- OEM and Aftermarket

Key Profiles:

Lizhong Wheel Group, Zhejiang Wanfeng Auto Wheel Co., Ltd., Borbet GmbH, Wheel Pros, LLC, MAXION Wheels, Steel Strips Wheels, Cromodora Wheels S.p.A., CMS Jant Sanayi A.Ş., SUPERALLOY INDUSTRIAL CO., LTD.

Regional Analysis

  • North America: Large economies like the United States and Canada are covered in this region.
  • Europe: The European market includes countries such as Germany, UK, France, Italy, Russia, and others.
  • Asia-Pacific: This region includes major economies like China, Japan, India, South Korea, Australia, and others.
  • Latin America: Countries like Brazil, Argentina, Mexico and others are part of this region.
  • Middle East and Africa: This region comprises economies from North Africa, GCC countries, South Africa and others.
  • Eastern Europe: This region includes countries such as Poland, Russia, Ukraine and others.

These geographic markets are analysed in terms of the current scenario, growth outlook, and potential opportunities. The research is conducted by considering various aspects such as economic conditions, government policies, industrial development, competitive landscape, and consumer behaviour in these regions.

Automotive Wheels for Passenger Vehicles Market

Share, by end user, (USD Billion)

Analytica Global 34.45 Billion in %

OEM

Aftermarket

Other End-Users

b0d51e3055fd6f23ff6a384a6e091406.svg

63.99 Billion

Total Market Size

USD (Billion),

6.9 %

CAGR

-

Market Overview:

  • The passenger car wheel market is a key segment of the automotive industry driven by both functional and aesthetic considerations. Car wheels are indispensable components that not only support the weight of the vehicle and enable movement, but also greatly affect the performance and appearance of the vehicle. 
  • The market includes a wide range of materials such as steel, aluminium and alloys, each with unique properties such as strength, weight reduction and corrosion resistance.
  •  In recent years, there has been a significant shift to lightweight materials such as aluminium and alloy wheels due to their ability to improve fuel economy and driving dynamics. 
  • In addition, customization options and technical advances in rim design, such as aerodynamics and advanced coatings, respond to consumer preferences for style and performance. 
  • The market is influenced by factors such as automotive development trends, consumer purchasing power and regulatory standards, which encourage constant innovation and competition among manufacturers to meet the changing demands of the industry.

Market Growth Factors:

  • Growth in global vehicle production and sales, especially in emerging markets, is driving the demand for automotive wheels.
  • Lightweight materials such as aluminum and alloy wheels are gaining popularity to improve vehicle fuel economy, performance and handling.
  • Consumer demand for specialty vehicles and aesthetic enhancements, including unique wheel designs, finishes and sizes.
  • Advances in bicycle manufacturing technologies, including advances in design, materials and manufacturing techniques to improve durability, safety and performance.
  • Compliance with strict regulatory standards for vehicle safety and emissions, which affects material choices and design innovations in automotive wheels.
  • Growing aftermarket demand for replacement and upgraded wheels driven by vehicle customization trends and the need for better performance and aesthetics.
  • Together, these factors are driving the growth and development of the automotive wheel market, fostering innovation and competition among manufacturers to meet the diverse needs and preferences of consumers and OEMs.

Key Development Factors:

  • In 2021, Recovery and Growth: Recovering from pandemic disruption with a renewed focus on sustainability and innovation in edge design.
  • The impact of electrification: Demand for wheels optimized for electric vehicles (EV) and hybrids is increasing, emphasizing efficiency and aerodynamics.
  • Regulatory focus: Continued compliance with strict emissions and safety regulations that influence material choices and design innovations.
  • In 2022, Expansion in emerging markets: increasing car production and sales in emerging markets, demand for passenger wheels.
  • Technology Integration: Advances in smart wheel technologies, including sensors that monitor tire pressure and performance, improve vehicle safety and maintenance.
  • Focus on sustainable development: The industry is focusing even more on environmentally friendly materials and sustainable production practices to reduce environmental impact.
  • In 2023, Innovations in Materials: Further development of lightweight materials and composites to improve performance and durability and reduce weight.
  • Digital Transformation: Accelerated adoption of digital tools and automation in wheel manufacturing processes to improve efficiency and quality control.
  • Market Consolidation: Mergers, acquisitions and partnerships between major players to strengthen market position and expand global presence.
  • Future Prediction: Personalization and customization: growing consumer demand for individual bike options and advanced customization options from manufacturers.
  • Supply Chain Resilience: Focus on building sustainable supply chains and reducing risks related to raw material shortages and geopolitical uncertainty.
  • Legislative developments: the continuous development of regulatory frameworks affecting material innovations and design considerations in automotive wheels.
  • These developments highlight the dynamic evolution of the automotive wheel market, driven by technological advances, consumer trends, regulatory pressures and global market dynamics that are shaping the future of passenger wheel design and manufacturing. In 2020, Technological Advances: Continued focus on the development of advanced nucleating and clarifying agents to improve the transparency and mechanical properties of plastics, driven by innovations in polymer science and process technology.

    Automotive Wheels for Passenger Vehicles Market

    Size, by Product, - (USD Billion)

    APAC $ 24

    The Market will Grow

    At the CAGR of:

    6.9 %

    The Forecast Market

    Size for in USD:

    $63.99 Billion B

    b0d51e3055fd6f23ff6a384a6e091406.svg

News About the Car Wheel Market:

  • February 2023: RUSAL started using used aluminium scraps in the production of casting alloys used in the automotive industry. Thanks to this production, RUSAL is able to achieve a carbon footprint of the new product reduced by almost 20 percent.
  • September 2022: Maxion Wheel invested 150 million US dollars in Germany. With that investment, the company expanded its line of commercial vehicle wheels across Europe.
  • January 2021: Citic Dicastal, which specializes in aluminium smelting and the production of aluminium parts, established a second aluminium wheel factory in Kenitra, Morocco, with a budget of 350 million euros ($409 million). 

Automotive Wheels for Passenger Vehicles Market Trends:

  • There is a clear trend towards lightweight materials such as aluminum alloys and composites. These materials help improve fuel efficiency, reduce vehicle weight and improve driving dynamics.
  • Consumers are increasingly opting for customizable and aesthetically pleasing bikes. This trend includes the demand for unique designs, finishes, colors and sizes to customize the look of vehicles.
  • manufacturers focus on innovative rim designs that not only improve aesthetics, but also improve aerodynamics, reduce noise and optimize handling and braking performance.
  • Consumers increasingly prefer larger wheels, driven by a desire for a more aggressive stance and improved vehicle appearance.
  • The automotive industry is increasing emphasis on sustainability, which encourages the use of eco-friendly materials and production processes to reduce environmental impact.
  • Integrating smart technologies into bikes, such as tire pressure monitoring systems (TPMS) and sensors for bike performance, safety and maintenance, is becoming more common.

    Automotive Wheels for Passenger Vehicles Market TO (USD BN)

    Automotive Wheels for Passenger Vehicles Market

    CAGR OF

    6.9 %

    Automotive Wheels for Passenger Vehicles Market

    b0d51e3055fd6f23ff6a384a6e091406.svg
    Analytica Global 63.99 Billion %

Restraints Factors:

  • Switching to lightweight materials such as aluminum alloys and composites can increase production costs, affecting affordability for consumers and producers.
  • Disruptions in raw material supply chains, especially during global crises or geopolitical tensions, can cause shortages and price fluctuations of materials used in bicycle manufacturing.
  • Strict regulatory standards on vehicle safety and emissions require wheels to meet certain performance and durability criteria, increasing the complexity and cost of manufacturing processes.
  • Lightweight materials can sometimes compromise durability and performance characteristics such as impact resistance and longevity that are important for safety and reliability.
  • Advanced edge designs incorporating new technologies and features can require specific manufacturing skills and expertise, creating challenges to scale production and meet market demands. 

Frequently Asked Questions (FAQs)

1.How big is the Automotive Wheels for Passenger Vehicles Market?

Ans: The Automotive Wheels for Passenger Vehicles Market size valued at USD 63.99 Billion in and grow at a CAGR of 6.9 % 

2.What is the current Automotive Wheels for Passenger Vehicles Market size?

ANS: The Automotive Wheels for Passenger Vehicles Market size is expected to be USD 34.45 Billion

3.Who are the key players in Automotive Wheels for Passenger Vehicles Market?

Ans: Lizhong Wheel Group, Zhejiang Wanfeng Auto Wheel Co., Ltd., Borbet GmbH, Wheel Pros, LLC, MAXION Wheels, Steel Strips Wheels, Cromodora Wheels S.p.A., CMS Jant Sanayi A.Ş., SUPERALLOY INDUSTRIAL CO., LTD.

4.Which is the fastest growing region in Automotive Wheels for Passenger Vehicles Market?

Ans: Asia Pacific is estimated to grow at the highest CAGR over the forecast.

Automotive Wheels for Passenger Vehicles Market - Global Outlook & Forecast 2024-2029

Analytica Global
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Analytica Global
Analytica Global
Analytica Global
Analytica Global
Analytica Global

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