Automotive Wheel Global Market Report 2024

The automotive wheel market size has grown strongly in recent years. It will grow from $37.32 billion in 2023 to $40.53 billion in 2024 at a compound annual growth rate (CAGR) of 8.6%. The growth observed in the historical period can be attributed to the growth in regional automotive markets, global economic factors, adherence to safety standards and testing, regulatory standards, and shifts in consumer preferences.

The automotive wheel market size is expected to see strong growth in the next few years. It will grow to $54.26 billion in 2028 at a compound annual growth rate (CAGR) of 7.6%. The anticipated growth in the forecast period can be attributed to continued material innovations, autonomous vehicle development, sustainability considerations, the globalization of automotive manufacturing, and the trend towards urbanization and compact cars. Major trends expected in the forecast period include the adoption of advanced manufacturing technologies, increased customization and personalization options, the emergence of aerodynamic wheel designs, the integration of intelligent and sensor-embedded wheels, and the use of carbon fiber composite wheels.

The automotive wheel market is poised for growth, driven by the expanding vehicle production worldwide. Wheels play a crucial role in the automotive sector, and their demand is intricately linked to the overall performance of the automobile industry. With a consistent rise in vehicle production year after year, there is a parallel increase in the demand for automotive wheels. According to data from the International Organization of Motor Vehicle Manufacturers (OICA), the global production of all vehicles surged from 18.03 million units in January-March 2020 to 21.08 million units in January-March 2021. This substantial growth in vehicle production is anticipated to contribute significantly to the escalating demand for automotive wheels throughout the forecast period.

The automotive wheel market is poised for growth, buoyed by the anticipated increase in disposable income. Disposable income, representing the total income available to households and individuals after deducting taxes, plays a pivotal role in shaping consumer behavior in the automotive wheel industry. The level of disposable income directly influences consumers' purchasing power, impacting their ability to afford aftermarket wheel upgrades and driving the demand for customized and aesthetic options in the automotive market. An illustrative example is evident in the data from August 2023, where the Bureau of Economic Analysis reported a $7.3 billion increase (less than 0.1%) in disposable personal income in July 2021. This positive trend in disposable income is expected to propel the growth of the automotive wheel market.

Advancements in technology are at the forefront of shaping the automotive wheels market. Leading companies in the automotive wheel sector are actively engaged in the development of technologically advanced solutions to enhance their standing within the industry. A notable illustration is observed in the actions of Bucci Composites, a prominent manufacturer of composite materials and structures for various applications. In April 2021, Bucci Composites announced the successful completion of a 22-inch fully carbon fiber automotive wheel rim. This achievement was made possible through the utilization of high-pressure resin transfer molding (HP-RTM) technology, incorporating unique features not commonly found in competing wheels. The optimization of the manufacturing process and the application of high-grade technology resulted in significant cost savings, all while meeting the production rates demanded by the automotive sector. This example underscores the pivotal role of technological advancements in driving innovation within the automotive wheels market.

Major players in the automotive wheel market are strategically prioritizing the introduction of alloy wheels as a key initiative to enhance their competitive position. Alloy wheels, composed of a blend of metals such as aluminum or magnesium along with other elements, offer distinct advantages in terms of performance and aesthetics. In September 2023, Uno Minda, an India-based company, took a significant step by launching a new range of alloy wheels. This premium range encompasses various sizes, spanning from 13 to 17 inches, indicating a versatile offering to cater to diverse vehicle types. The focus on alloy wheels aligns with the industry's emphasis on delivering enhanced performance, durability, and aesthetic appeal to meet the evolving needs of the automotive market.

In June 2022, Wheel Pros, a prominent US-based manufacturer specializing in automotive aftermarket wheels and accessories, successfully acquired Transamerican Auto Parts for an undisclosed sum. This strategic acquisition is pivotal for Wheel Pros as it enables the establishment of a vertically integrated omnichannel platform for aftermarket automotive parts and accessories. Transamerican Auto Parts, based in the United States, is recognized for its expertise in manufacturing off-road wheels and rims.

Major companies operating in the automotive wheel market report are Continental AG, Aisin Seiki Co. Ltd., Michelin Group, JCI Industries Inc., Wheel solutions Limited, Goodyear Tire & Rubber Company, Tenneco Inc., Alcoa Corporation, Hitachi Metals Ltd., Pirelli & C. S.p.A., Carlisle Companies Inc., Toyo Tire & Rubber Co. Ltd., Zhongding Group Inc., Superior Industries International Inc., IOCHPE-Maxion SA, Steel Strips Wheels Ltd., Wheel Pros LLC, Super Alloy Industrial Co. Ltd., Hayes Lemmerz International Inc., American Eagle Wheels Corp., Borla Performance Industries Inc., Dana Incorporated, OZ Group, Accuride Corporation, Topy Industries Limited, Foshan Nanhai Zhongnan Aluminum Wheel Co., BBS Kraftfahrzeuge GmbH, CLN Group, Mangels Industrial SA, Zhejiang Wanfeng Auto Wheel Co. Ltd., BORBET GmbH, Bridgestone Corporation, CIE Automotive Inc.

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

Automotive wheels are crafted from various material types including steel, alloy, carbon fiber, and others. Steel wheels are made from an iron-carbon alloy, offering sturdiness and ease of repair despite being heavier. They can be repaired and refinished more easily. These wheels cater to diverse vehicle types such as passenger vehicles, light commercial vehicles, and heavy commercial vehicles, available in different rim sizes including 13"-15", 16"-18", 19"-21", and above 21". The classification of vehicles includes economy, mid-priced, and luxury-priced segments, utilized across multiple sectors including Original Equipment (OE) and aftermarket markets.

The automotive wheel market research report is one of a series of new reports that provides automotive wheel market statistics, including automotive wheel industry global market size, regional shares, competitors with an automotive wheel market share, detailed automotive wheel market segments, market trends and opportunities, and any further data you may need to thrive in the automotive wheel industry. This automotive wheel 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 automotive wheel market consists of sales of steel wheels, forged and cast wheels, and split rim wheels. 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.