Categories: Market Research

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

The Automotive Wheel 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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https://www.thebusinessresearchcompany.com/report/automotive-wheel-global-market-report

According to The Business Research Company’s 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 in the historic period can be attributed to growth in regional automotive markets, global economic factors, safety standards and testing, regulatory standards, 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 growth in the forecast period can be attributed to continued material innovations, autonomous vehicle development, sustainability considerations, globalization of automotive manufacturing, urbanization and compact cars. Major trends in the forecast period include advanced manufacturing technologies, customization and personalization options, aerodynamic wheel designs, intelligent and sensor-embedded wheels, carbon fiber composite wheels.

Growing vehicle production is expected to propel the growth of the automotive wheel market. The wheel is an important component of a car, and its demand is directly related to the automobile industry. The increased production of vehicles year by year will increase the demand for automotive wheels. According to the International Organization of Motor Vehicle Manufacturers (OICA), the production of all vehicles increased from 18.03 million in Jan-March 2020 to 21.08 million in Jan-March 2021. Thus, the rising vehicle production is expected to boost the demand for automotive wheels during the forecast period.

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The automotive wheel market covered in this report is segmented –

1) By Material: Steel, Alloy, Carbon Fiber, Other Materials

2) By Vehicle Class: Economy, Mid-Priced, Luxury-Priced

3) By Vehicle Type: Passenger Vehicle, Light Commercial Vehicle, Heavy Commercial Vehicle

4) By Rim Size: 13″-15″, 16″-18″, 19″-21″, Above 21″

5) By End-Use: OE, Aftermarket

Major companies operating in the automotive wheel market are increasing their focus on introducing alloy wheels to gain a competitive edge in the market. Alloy wheels are wheels made from a mixture of metals, typically aluminum or magnesium, combined with other elements. For instance, in September 2023, Uno Minda, an India-based company, launched a new range of alloy wheels. The company has announced a new premium range of alloy wheels, which includes a variety of sizes ranging from 13 to 17 inches. The alloy wheels are designed to cater to the needs of different types of vehicles.

The automotive wheel market report table of contents includes: