Categories: Market Research

Automotive Wheel Aftermarket Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Automotive Wheel Aftermarket Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Automotive Wheel Aftermarket Global Market Report 2024, The automotive wheel aftermarket market size has grown steadily in recent years. It will grow from $4.81 billion in 2023 to $5.03 billion in 2024 at a compound annual growth rate (CAGR) of 4.5%. The growth in the historic period can be attributed to sustainability efforts, weight reduction trend, retail evolution, niche market growth, popularity of plus-sizing.

The automotive wheel aftermarket market size is expected to see steady growth in the next few years. It will grow to $6.1 billion in 2028 at a compound annual growth rate (CAGR) of 4.9%. The growth in the forecast period can be attributed to rising vehicle sales, shift towards lightweight materials, growing preference for larger wheels, e-commerce and online retail expansion. Major trends in the forecast period include customization and personalization, advanced material technologies, aesthetic and stylistic preferences, rise in plus-sizing wheels.

Increasing sales of passenger cars are expected to propel the growth of the automotive wheel aftermarket market going forward. Cars are four-wheeled vehicles used for transportation. Aftermarket wheels are available for a wide range of vehicles and are less expensive. They are in high demand for automobiles and are used as replacement wheels more frequently in cars. For instance, according to the Federation of Automobile Dealers Associations (FADA), an India-based apex national body of the automobile retail industry, for the year 2021, passenger car sales increased annually by 39%, that is, from 1,82,651 units in 2020 to 2,53,363 units in 2021 India. In addition, commercial vehicle sales increased 98% annually, from 26,851 units in 2020 to 53,150 units in 2021. Therefore, the increasing sales of passenger cars are driving the growth of the automotive wheel aftermarket market.

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The automotive wheel aftermarket market covered in this report is segmented –

1) By Aftermarket Type: New Wheel Replacement, Refurbished Wheel Fitment

2) By Material Type: Alloy, Steel, Other Materials

3) By Coating Type: Liquid Coating, Powdered Coating

4) By Vehicle: Passenger Cars, Lightweight Commercial Vehicles, Heavy Trucks, Buses and Coaches, Trailers

5) By Distribution Channel: Retail, Wholesalers and Distributors

Major companies operating in the automotive wheel aftermarket market are increasing their focus on introducing high-performance tube tires to gain a competitive edge in the market. Tube tires are a type of pneumatic tire that includes a separate inflatable inner tube placed inside the tire casing. For instance, in September 2023, Uno Minda, an India-based company, launched a new range of alloy wheels in the Indian aftermarket under the brand name Uno Minda Wheelz. The company has partnered with Kosei Aluminum, an India-based automotive company, to develop and manufacture these alloy wheels. The new range is designed to address the issue of substandard alloy wheels in the Indian market, which compromises road safety. The alloy wheels are designed to be compatible with both radial and regular tube tires, ensuring versatility and convenience for users.

The automotive wheel aftermarket market report table of contents includes: