Automotive Wheel Market Overview:
Automotive wheel is a component that rotates and transmits the drive from the axle to the road. It also provides a means to affix the tires. The automotive wheel comprises a rim, spoke, and hub. The quality of wheels are tested and checked using advanced technology to accomplish customers’ demand and standards of the automobile industry. Technological advancements and growth in vehicle standards contribute to the growth of the automotive wheel market globally. Moreover, rapid increase in sales of high-end cars boost the demand for advanced vehicles and thus drives the growth of the market.
According to the Guardian UK, the number of cars to roll off in UK production lines rose by 7.3% in August 2018, as compared to 2017. The UK government is encouraging growth in its transportation industry. Road transport in the UK carries 90% of passengers and 65% of domestic freight. Enhanced road infrastructure has ensured swift transition from railroads to roadways for transportation, which drives the demand for wheels in the country.
The Asia-Pacific automotive wheel industry is largely controlled by government policies, which encourage sustainable manufacturing and investments in the sector. Furthermore, increased passenger car and vehicle registration in the Asia-Pacific creates lucrative opportunities for the expansion of the automotive wheel market.
The global automotive wheel market is segmented based on material type, vehicle type, end user, and region. Alloy, steel, and carbon fiber are studied under the material segment. Based on the vehicle type, the market is segmented into passenger car, light commercial vehicle, and heavy commercial vehicle. Based on end user, the market is divided into original equipment manufacturer (OEM) and aftermarket. Based on region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The major players operating in the global automotive wheel market are Iochpe-Maxion, CITIC Dicastal Wheel Manufacturing, Hitachi Metals, Steel Strips Wheels, American Eagle Wheels, United Wheels Group, CLN Group, Borbet, Topy Industries Limited, and Accuride Corporation.
These players have focused on vital market strategies, such as mergers, acquisitions, collaborations, and partnerships, to strengthen their market reach; thereby, retaining their position in the competitive market.
Key Benefits for Automotive Wheel Market:
This study comprises an analytical depiction of the global automotive wheel market with current trends and future estimations to depict the imminent investment pockets.
The overall market potential is determined to understand the lucrative trends to gain a stronger foothold in the automotive wheel industry.
The report includes information related to key drivers, restraints, and opportunities with a detailed impact analysis.
The current market is quantitatively analyzed from 2017 to 2025 to highlight the financial competency of the global automotive wheel market.
Porter’s Five Forces analysis illustrates the potency of the buyers and suppliers in this global market.
Automotive Weel Market Key Segments:
BY MATERIAL TYPE
Alloy (Aluminum & Magnesium)
Steel
Carbon Fiber
BY VEHICLE TYPE
Passenger Car
Light Commercial Vehicle (LCV)
Heavy Commercial Vehicle (HCV)
BY END USER
Original Equipment Manufacturer (OEM)
Aftermarket
BY REGION
North America
U.S.
Canada
Mexico
Europe
UK
Germany
France
Spain
Rest of Europe
Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
LAMEA
Latin America
Middle East
Africa
Automotive wheel is a component that rotates and transmits the drive from the axle to the road. It also provides a means to affix the tires. The automotive wheel comprises a rim, spoke, and hub. The quality of wheels are tested and checked using advanced technology to accomplish customers’ demand and standards of the automobile industry. Technological advancements and growth in vehicle standards contribute to the growth of the automotive wheel market globally. Moreover, rapid increase in sales of high-end cars boost the demand for advanced vehicles and thus drives the growth of the market.
According to the Guardian UK, the number of cars to roll off in UK production lines rose by 7.3% in August 2018, as compared to 2017. The UK government is encouraging growth in its transportation industry. Road transport in the UK carries 90% of passengers and 65% of domestic freight. Enhanced road infrastructure has ensured swift transition from railroads to roadways for transportation, which drives the demand for wheels in the country.
The Asia-Pacific automotive wheel industry is largely controlled by government policies, which encourage sustainable manufacturing and investments in the sector. Furthermore, increased passenger car and vehicle registration in the Asia-Pacific creates lucrative opportunities for the expansion of the automotive wheel market.
The global automotive wheel market is segmented based on material type, vehicle type, end user, and region. Alloy, steel, and carbon fiber are studied under the material segment. Based on the vehicle type, the market is segmented into passenger car, light commercial vehicle, and heavy commercial vehicle. Based on end user, the market is divided into original equipment manufacturer (OEM) and aftermarket. Based on region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The major players operating in the global automotive wheel market are Iochpe-Maxion, CITIC Dicastal Wheel Manufacturing, Hitachi Metals, Steel Strips Wheels, American Eagle Wheels, United Wheels Group, CLN Group, Borbet, Topy Industries Limited, and Accuride Corporation.
These players have focused on vital market strategies, such as mergers, acquisitions, collaborations, and partnerships, to strengthen their market reach; thereby, retaining their position in the competitive market.
Key Benefits for Automotive Wheel Market:
This study comprises an analytical depiction of the global automotive wheel market with current trends and future estimations to depict the imminent investment pockets.
The overall market potential is determined to understand the lucrative trends to gain a stronger foothold in the automotive wheel industry.
The report includes information related to key drivers, restraints, and opportunities with a detailed impact analysis.
The current market is quantitatively analyzed from 2017 to 2025 to highlight the financial competency of the global automotive wheel market.
Porter’s Five Forces analysis illustrates the potency of the buyers and suppliers in this global market.
Automotive Weel Market Key Segments:
BY MATERIAL TYPE
Alloy (Aluminum & Magnesium)
Steel
Carbon Fiber
BY VEHICLE TYPE
Passenger Car
Light Commercial Vehicle (LCV)
Heavy Commercial Vehicle (HCV)
BY END USER
Original Equipment Manufacturer (OEM)
Aftermarket
BY REGION
North America
U.S.
Canada
Mexico
Europe
UK
Germany
France
Spain
Rest of Europe
Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
LAMEA
Latin America
Middle East
Africa
Note: Product cover images may vary from those shown
Chapter: 1: INTRODUCTION
Chapter: 2: EXECUTIVE SUMMARY
Chapter: 3: MARKET OVERVIEW
Chapter: 4: AUTOMOTIVE WHEEL MARKET, BY MATERIAL TYPE
Chapter: 5: AUTOMOTIVE WHEEL MARKET, BY VEHICLE TYPE
Chapter: 6: AUTOMOTIVE WHEEL MARKET, BY END USER
Chapter: 7: AUTOMOTIVE WHEEL MARKET, BY REGION
Chapter: 8: COMPANY PROFILES
List Of Tables
List of Figures
Note: Product cover images may vary from those shown
According to this report, titled, 'Global Automotive Wheel Market by Material Type, Vehicle Type, and End User: Global Opportunity Analysis and Industry Forecast, 2017 - 2025', the global automotive wheel market was valued at $30,011.3 million in 2017 and is projected to reach at $47,355.3 million by 2025, growing at a CAGR of 5.7% from 2018 to 2025.
Wheel is an essential part of a motor vehicle, whose demand is directly connected to the automotive industry. Wheels should be strong enough to bear the vehicle weight and withstand forces caused by operation. The automotive wheel market is in a growth phase due to increase in demand for light weight wheels that have the same strength as steel wheels alongside having high thermal stability & ductility. Strength-to-weight ratio and better fuel consumption are the factors that are considered during the production of automotive wheels.
At present, Asia-Pacific dominates the automotive wheel market owing to the extensive growth of automobiles in the region. Passenger cars have greater penetration in this region, owing to an increase in the road infrastructure development in the region, which is expected to propel the market growth. Canada is the eleventh largest producer of vehicles, globally. In 2017, the sales of the smallest crossover in Canada increased to 66%, which was the largest increase in any vehicle segment for sub-compact and compact passenger car segment.
Key Findings of the Automotive Wheel Market:
In 2017, the alloy sub-segment generated the highest revenue in the global automotive wheel market.
In 2017, the passenger car segment generated the highest revenue among the other vehicle types in the global automotive wheel market.
The major players operating in the global automotive wheel market include Iochpe-Maxion, CITIC Dicastal Wheel Manufacturing, Hitachi Metals, Steel Strips Wheels, American Eagle Wheels, United Wheels Group, CLN Group, Borbet, Topy Industries Limited, and Accuride Corporation.
Wheel is an essential part of a motor vehicle, whose demand is directly connected to the automotive industry. Wheels should be strong enough to bear the vehicle weight and withstand forces caused by operation. The automotive wheel market is in a growth phase due to increase in demand for light weight wheels that have the same strength as steel wheels alongside having high thermal stability & ductility. Strength-to-weight ratio and better fuel consumption are the factors that are considered during the production of automotive wheels.
At present, Asia-Pacific dominates the automotive wheel market owing to the extensive growth of automobiles in the region. Passenger cars have greater penetration in this region, owing to an increase in the road infrastructure development in the region, which is expected to propel the market growth. Canada is the eleventh largest producer of vehicles, globally. In 2017, the sales of the smallest crossover in Canada increased to 66%, which was the largest increase in any vehicle segment for sub-compact and compact passenger car segment.
Key Findings of the Automotive Wheel Market:
In 2017, the alloy sub-segment generated the highest revenue in the global automotive wheel market.
In 2017, the passenger car segment generated the highest revenue among the other vehicle types in the global automotive wheel market.
The major players operating in the global automotive wheel market include Iochpe-Maxion, CITIC Dicastal Wheel Manufacturing, Hitachi Metals, Steel Strips Wheels, American Eagle Wheels, United Wheels Group, CLN Group, Borbet, Topy Industries Limited, and Accuride Corporation.
Note: Product cover images may vary from those shown
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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