In 2022, the global automotive wheel rims market was valued at USD 44.5 billion and is expected to reach USD 46.2 billion in 2023. According to Future Market Insights, the market is projected to grow at a CAGR of 6.01% between 2023 and 2033, reaching approximately USD 82.83 billion by 2033.
Wheel rims, which are the outer edges of a wheel, are crucial for securely holding the tire in place. They are designed to be strong enough to support the vehicle’s weight and withstand the forces encountered during operation.
Alloy wheels are increasingly favored due to their attractive appearance and lighter weight compared to steel wheels. The ability of aluminum to conduct heat makes alloy wheels more effective at dissipating heat from tires, which enhances the performance of a vehicle’s braking system compared to steel wheels.
Drivers and challenges have an impact on market dynamics, which can impact businesses. Find more insights in a sample report:
Key Takeaways from the Automotive Wheel Rims Market Study
- Global automotive wheel rims market grew at a CAGR of 5.45% between 2017 and 2022.
- North America is expected to possess a 43.5% market share for the automotive wheel rims market in the assessment period.
- Europe is anticipated to hold 32% of the market share for the automotive wheel rims market.
- Under Product type, aluminium alloy wheel rims demand accounted for approximately 55% of the automotive wheel rims market share.
- Asia Pacific is expected to procure a 25% market share for the automotive wheel rims market
- Asia Pacific expands at a CAGR of 7.9% in the assessment period.
“Escalating preference for light-weight vehicles to boost market growth is considered one of the major drivers of the automotive wheel rims market”, – comments a Future Market analyst.
Competition Landscape
Leading players operating in the global automotive wheel rims market are focusing on launching novel products to expand their product portfolio and strengthen their market footprint. Some of the other players are aiming at expanding their global presence to increase their market share. For instance,
- Maxion Wheels, has set a goal of becoming a carbon-neutral supplier by 2040 as this target, ROADMAP ZERO, is considered to be the focal point of all global Tier One sustainability developments.
- Euromax Resources Ltd announced its approval of the merger of the Company’s Ilovica 6 and Ilovica 11 exploitation concessions, based on the announcement in the Official Gazette no. 141.
Top key players in Automotive Wheel Rims Market are:
- TSW Alloy Wheels
- Euromax Wheel
- Maxion Wheels
- Voxx Wheel
- MHT Luxury Wheels
- Sota Offroad
- Status Wheels (TUFF A.T)
- Fuel Offroad Wheels
- Wheel Pros LLC.
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Key Segments Profiled in the Automotive Wheel Rims Industry Survey
By Product Type
- Wire Spoke
- Steel Disc
- Light Alloy
- Aluminium Alloy
- Magnesium Alloy
- Titanium Alloy
- Chrome
- Teflon
By Size
- Measuring 13-20
- Measuring 21-25
- Measuring 25-30
By End User
- Manufacturing Industry
- Workshops
By Region
- North America
- Latin America
- Western Europe
- Eastern Europe
- East Asia
- South Asia & Pacific
- Middle East and Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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