The automotive wheel contains a rim, spoke, and hub. The wheel is an important part of an automobile, the demand of which is directly related to the automobile industry. It also provides a way to affix the tires. Wheels should be strong enough in touch the load of a vehicle and withstand forces caused by operation.
The global automotive wheel aftermarket market was calculated to be $30,011.3 million in 2017, and is expected to succeed in $47,355.3 million by 2025, registering a CAGR of 5.7% over the projection period.
Rising vehicle proprietorship and registrations across the world, due to rising income are playing a serious role within the industry expansion. Also, the high penetration of auto finance companies, with easier leasing and credit availability are positively influencing the car proprietorship growth. Enhanced vehicle aesthetics in conjunction with performance improvement achieved through high performance and customized wheels, are predicted to favor the automotive wheel aftermarket industry size over the study period.
The coronavirus pandemic had its worst impact on several end-user verticals, including the automobiles. The lockdown conditions implemented in various nations has resulted in temporary closure of manufacturing units, supply chain and sales channels. This resulted in declined revenue in the automotive sector, along with its associated industries like wheel aftermarket. However, after the relaxation of lockdown conditions, the sales of vehicles have increased in nations like India, offering lucrative opportunities for players in the automotive wheel aftermarket business.
Drivers and Restraints of Automotive Wheel:
Driving factors within the automotive wheel aftermarket business are rising miniaturization within the products. Significantly growing interest in automotive industry, the increasing pollution levels and the rising road congestion are inspiring numerous countries to heavily invest publicly transport systems. Large untouched market in developing and underdeveloped countries and technological developments in tire manufacturing are opportunities within the market.
Moreover, volatility in staple prices hinders the market growth. Additionally, lack of standardization within the manufacturing processes of automotive wheel is predicted to limit the expansion of this market in future.
By Material Type:
Growing adaption of carbon fiber within the automotive industry and surge in investment on wheel layout for better aerodynamics offer profitable opportunities for the global automotive wheel aftermarket market.
Aluminum automotive wheel aftermarket segment valued for the utmost share in 2017. This share is primarily attributed to the advantages offered by the fabric including lower weight, superior heat conductivity and enhanced anti-corrosion properties. Adoptions in regulatory policies to market fuel-efficient vehicles are encouraging automobile OEMs to take a position in R&D and announced light weight wheels, positively affecting the market share till 2024.
Steel wheels witnessed a requirement of over 150 thousand units in 2017. Lower costs of the car wheels alongside easier availability across a good network of dealerships across the world are expanding the industry share over the projected timeframe.
By Vehicle Type:
Passenger vehicles are facing a high interest for alloy wheels, as they're corrosion resistant, offers top good finish, and possess high esthetic appeal. Increase in production of passenger vehicles is predicted to spice up the automotive wheel aftermarket business.
LCVs valued for a revenue share of around 20% in 2017. Arrival of hub & spoke model in emerging economies are providing profitable opportunity for the sales of products carriage and transportation vehicles. However, the need to sustain effect of the potholes and unevenness will approve the deployment of strong and robust automotive wheels within the LCV segment.
By End User:
Original equipment manufacturers within the developing regions like China, India, and Japan accept the changes in regional and segment patterns of supply and demand, with reference to their production and provide base footprints, supply chains, and merchandise portfolio. Factors like increase in urbanization alongside rise in population drive the demand for vehicles among consumers. Growing average vehicle age and proliferation of online B2C automotive parts and accessories sales are among the major factors increasing the aftermarket growth.
Automotive Wheel aftermarket Region wise analysis:
Marked Segmentation based on the region:
a. Middle East
North America valued for around 15% volume of share in the review period. Existence of various automobile OEMs offering a good range of models including Ford, Toyota, Volkswagen, Hyundai, and Honda are supporting the regional growth. Intense competition among the vehicle manufacturers successively will drive the need for investment within the innovative material composition and finishing of automotive components. Asia Pacific is probably going to dominate the worldwide market because the region witnesses a considerably high production of vehicles. The vehicle manufacturing in the local countries is calculated to grow at 6.0% CAGR over the amount of next five years. Rising vehicle production has, in turn, increased the interest in wheels in this region. Many wheel manufacturers have found out their manufacturing plants within the area.
Key Players of Market:
Major players operating on the market include, Lochpe-Maxion, Superior Industries International, Accuride Corporation, Steel Strips Wheels, Hitachi Metals, Enkei, Citic Dicastal, Zhejiang Wanfeng Auto Wheel, Borbet, Mangels Industrial, Mefro Wheels, Euromax Wheel, MHT Luxury Wheels, Status Wheels, Inc., Wheel Pros, LLC, Fuel Off-Road Wheels, SOTA Offroad, Enkei Wheels India Ltd., Ronal AG, Uniwheels, BBS Kraftfahrzeugtechnik AG, etc.
1.1 Market Definition
1.2 Scope of the report
1.3 Study Assumptions
1.4 Base Currency, Base Year and Forecast Periods
2. Research Methodology
2.1 Analysis Design
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Data Modelling
2.2.4 Expert Validation
2.3 Study Timeline
3. Report Overview
3.1 Executive Summary
3.2 Key Inferencees
4. Market Dynamics
4.1 Impact Analysis
4.2 Regulatory Environment
4.3 Technology Timeline & Recent Trends
5. Competitor Benchmarking Analysis
5.1 Key Player Benchmarking
5.1.1 Market share analysis
5.1.3 Regional Presence
5.2 Mergers & Acquistion Landscape
5.3 Joint Ventures & Collaborations
6. Market Segmentation
6.1 Automotive Wheel Aftermarket Market, By Material Type
6.1.3 Carbon Fiber
6.1.4 Market Size Estimations & Forecasts (2021-2026)
6.1.5 Y-o-Y Growth Rate Analysis
6.1.6 Market Attractiveness Index
6.2 Automotive Wheel Aftermarket Market, By Vehicle Type
6.2.1 Passenger Car
6.2.2 Light Commercial Vehicle
6.2.3 Heavy Commercial Vehicle
6.2.4 Market Size Estimations & Forecasts (2021-2026)
6.2.5 Y-o-Y Growth Rate Analysis
6.2.6 Market Attractiveness Index
6.3 Automotive Wheel Aftermarket Market, By End-User
6.3.3 Market Size Estimations & Forecasts (2021-2026)
6.3.4 Y-o-Y Growth Rate Analysis
6.3.5 Market Attractiveness Index
7. Geographical Landscape
7.1 Global Identity Governance and Administration Market, by Region
7.2 North America - Market Analysis (2018 - 2024)
7.2.1 By Country
7.2.2 By Material Type
7.2.3 By Vehicle Type
7.2.4 By End-User
7.3.1 By Country
220.127.116.11 Rest of Europe
7.3.2 By Material Type
7.3.3 By Vehicle Type
7.3.4 By End-User
7.4 Asia Pacific
7.4.1 By Country
18.104.22.168 South Korea
22.214.171.124 South East Asia
126.96.36.199 Australia & NZ
188.8.131.52 Rest of Asia-Pacific
7.4.2 By Material Type
7.4.3 By Vehicle Type
7.4.4 By End-User
7.5 Latin America
7.5.1 By Country
184.108.40.206 Rest of Latin America
7.5.2 By Material Type
7.5.3 By Vehicle Type
7.5.4 By End-User
7.6 Middle East and Africa
7.6.1 By Country
220.127.116.11 Middle East
7.6.2 By Material Type
7.6.3 By Vehicle Type
7.6.4 By End-User
8. Key Player Analysis
8.1.1 Business Description
8.1.4 SWOT Analysis
8.1.5 Recent Developments
8.1.6 Analyst Overview
8.2 Superior Industries International
8.3 Accuride Corporation
8.4 Steel Strips Wheels
8.5 Hitachi Metals
8.7 Citic Dicastal
8.8 Zhejiang Wanfeng Auto Wheel
8.9 Mangels Industrial
8.10 Euromax Wheel
9. Market Outlook & Investment Opportunities
List of Tables
List of Figures