The global automotive wheel rims market was valued at USD 44.5 billion and was 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.
The demand for automotive wheel rims is driven by several key factors, including the increasing global vehicle production, rising consumer preference for custom and aesthetic enhancements, and the growing popularity of electric vehicles (EVs). As the automotive industry shifts towards more lightweight and fuel-efficient vehicles, manufacturers are focusing on developing advanced alloy and aluminum rims that offer a balance between strength and reduced weight, further boosting market demand. The aftermarket segment also contributes significantly, with consumers seeking personalized and performance-oriented rims.
Growth in the wheel rims market is further supported by technological advancements, such as the integration of smart sensors and IoT-enabled features in rims, which align with the broader trend towards connected vehicles. Additionally, the expanding automotive sector in emerging markets, particularly in Asia-Pacific, coupled with the increasing disposable income of consumers, is expected to drive substantial market growth. Environmental regulations encouraging the use of recyclable materials in rim production also play a role, as manufacturers innovate to meet both regulatory and consumer expectations.
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.
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
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Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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