High Performance Wheels Global Market Report 2024

The high performance wheels market size has grown strongly in recent years. It will grow from $20.59 billion in 2023 to $21.98 billion in 2024 at a compound annual growth rate (CAGR) of 6.8%. The growth witnessed in the historical period can be linked to a heightened demand for high-performance vehicles, a rising desire for personalized wheels, an expanding interest in motorsports, the automotive industry's expansion, and an increase in disposable income.

The high performance wheels market size is expected to see strong growth in the next few years. It will grow to $27.61 billion in 2028 at a compound annual growth rate (CAGR) of 5.9%. The anticipated growth in the forecast period can be linked to the increasing sales of luxury cars, the electrification of vehicles, a growing inclination towards customization, a rising demand for fuel efficiency, and an increasing interest in racing and performance events. Major trends expected in the forecast period include the development of innovative high-performance wheel solutions, advancements in vehicle technology, the introduction of off-road-capable wheels, and a growing interest in sustainability.

The growth of the high-performance wheel market is expected to be significantly fueled by the increasing sales of luxury cars in the foreseeable future. Luxury cars, characterized by enhanced performance, status, comfort, and quality, command a higher price compared to regular vehicles. High-performance wheels play a crucial role in luxury vehicles, offering improved grip, cornering ability, and faster heat dissipation than standard rubber. As an illustration, a report from Rolls Royce, a UK-based luxury vehicle manufacturer, revealed that sales of Rolls Royce luxury cars rose from 5,586 in 2021 to 6,021 in 2022. Consequently, the increasing sales of luxury cars are poised to propel the high-performance wheels market.

The anticipated growth in the high-performance wheels market is expected to be propelled by the increasing focus on fuel efficiency in the coming years. Fuel efficiency, also known as fuel economy, refers to the effective utilization of fuel by a vehicle or system to generate mechanical energy or motion. High-performance wheels can contribute to fuel efficiency by enhancing a vehicle's overall performance and aerodynamics. While the primary objective of high-performance wheels is to improve acceleration and aesthetics, certain design elements and materials can indirectly impact fuel efficiency. For example, a report from LendingTree in August 2023 highlighted a consistent increase in fuel efficiency. The average fuel economy for all cars has surged by 101.5% in the past three decades, going from 13.1 to 26.4 mpg. During the same period, car fuel efficiency increased by 146.7%, rising from 13.5 to 33.3 mpg. Consequently, the growing emphasis on fuel efficiency is steering the high-performance wheel market.

A key trend gaining traction in the high-performance wheels market is product innovation. Leading companies in the high-performance wheels market are concentrating on enhancing the metallurgical properties of their high-performance wheel offerings. For instance, in September 2022, Maxion Wheels, a Germany-based vehicle parts manufacturer, introduced a new range of 22.5x11.75 steel wheels for trucks and trailers that are weight-optimized. These innovative high-performance wheels can save up to four kilograms of weight per wheel compared to previous wheel types. This weight reduction translates to a decrease of up to 32 kg in the weight of a typical tractor-trailer combination. The lightweight wheels provide fuel savings without compromising performance or service life, achieved through various stress-optimized rim contours, the exclusive use of high-strength low-alloy steels, and a redesigned wheel design.

Leading companies in the high-performance wheels market are embracing a strategic partnership approach for the development of carbon hybrid wheels. This strategic collaboration involves companies leveraging each other's strengths and resources to achieve shared benefits and success. For instance, in July 2023, the UK-based wheels manufacturing company Dymag Group Limited, in collaboration with South Korea's composite materials manufacturing company Hankuk Carbon and the South Korea-based automobile manufacturer Hyundai Motor Company, successfully created the N Performance carbon hybrid wheel. A functional model of this innovative wheel was unveiled at the recent Goodwood Festival of Speed, showcased on Hyundai's display alongside the launch of its IONIQ 5 N hot crossover. This collaborative effort marks the initial result of Dymag's partnership with Hankuk Carbon, positioning Dymag as a premier OEM partner for the global automotive sector and marking the commencement of a strategic relationship with Hyundai. This partnership is expected to facilitate the widespread adoption of Dymag's groundbreaking innovation, significantly enhancing the dynamic qualities of high-performance vehicles.

In December 2022, Wheel Pros LLC, a US-based manufacturer specializing in branded aftermarket wheels, successfully acquired Just Wheels & Tires Co. (TSW Alloy Wheels) for an undisclosed sum. This acquisition expands Wheel Pros' portfolio to encompass high-performance and customizable wheels, further solidifying its presence in the market. Just Wheels & Tires Co. (TSW Alloy Wheels) is a US-based manufacturer renowned for its production of high-performance wheels.

Major companies operating in the high performance wheels market report are Topy Industries Ltd., Maxion Wheels GmbH, Accuride Corporation, Steel Strips Wheels Ltd., Wheel Pros LLC, Alcoa Wheels, Weds Co. Ltd., ALCAR Holding GmbH, SuperAlloy Industrial Co. Ltd., Enkei Wheels Limited, Carbon Revolution Ltd., OZ S.p.A, American Eagle Wheels, Forgeline Motorsports, HRE Performance Wheels, Vossen Wheels , TSW Alloy Wheels, Raceline Wheels, Nutek Forged Wheels, RAYS Co. Ltd., Ultra Wheels Inc., CITIC Dicastal Co. Ltd., Konig Wheels, Automotive Wheels Ltd., Schott Wheels, Mubea Performance Wheels Gmbh, Euromax Wheels, Fikse Wheels, Green Manufacturing Inc., Work Wheels USA.

Europe was the largest region in the high-performance wheels market in 2023. The regions covered in the high performance wheels market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the high performance wheels market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.

The primary materials used for manufacturing high-performance wheels include aluminum, steel, magnesium, and carbon fiber. These wheels undergo various coating processes, such as painting, polishing, chroming, and machining, and are manufactured through methods such as gravity casting, low-pressure casting, and high-pressure die casting. High-performance wheels are available through both OEM (original equipment manufacturer) and aftermarket channels, catering to a wide range of applications, including passenger cars, lightweight commercial vehicles, heavy trucks, buses and coaches, trailers, motorcycles, and motorsports.

The high-performance wheels research report is one of a series of new reports that provides high-performance wheels market statistics, including the high-performance wheels industry's global market size, regional shares, competitors with high-performance wheels market share, detailed high-performance wheels market segments, market trends and opportunities, and any further data you may need to thrive in the high-performance wheels industry. This high-performance wheels market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The high-performance wheels market consists of sales of rims, faces, barrels, and rear lips. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).


The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.