The Global Automotive Wheel Aftermarket Market was worth US$ 3.11 billion in 2022 and is anticipated to reach a valuation of US$ 3.87 billion by 2028 and is predicted to register a CAGR of 3.81% during 2023-2028.
The automotive wheel contains a rim, spoke, and hub. The wheel is an important part of an automobile, the demand for which is directly related to the automobile industry. It also provides a way to affix the tires. Wheels should be strong enough to touch the load of a vehicle and withstand forces caused by the operation.
Rising vehicle proprietorship and registrations across the world, due to rising income are playing a serious role in the industry expansion. Also, the high penetration of auto finance companies, with easier leasing and credit availability is 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.
Market Drivers:
Driving factors within the automotive wheel aftermarket business are rising miniaturization within the products. Significantly growing interest in the automotive industry, the increasing pollution levels, and the rising road congestion are inspiring numerous countries to heavily invest public transport systems. Large untouched markets in developing and underdeveloped countries and technological developments in tire manufacturing are opportunities within the market.
Market Restraints:
Moreover, volatility in staple prices hinders market growth. Additionally, the lack of standardization within the manufacturing processes of automotive wheels is predicted to limit the expansion of this market in the future.
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REPORT METRIC |
DETAILS |
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Market Size Available |
2022 – 2028 |
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Base Year |
2022 |
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Forecast Period |
2023 - 2028 |
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CAGR |
3.81% |
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Segments Covered |
By Material Type, Vehicle Type, End User, and Region. |
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Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities |
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Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
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Market Leaders Profiled |
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, and Others. |
Market Segmentation:
The growing adaption of carbon fiber within the automotive industry and the surge in investment in wheel layout for better aerodynamics offer profitable opportunities for the global automotive wheel aftermarket market.
The Aluminum automotive wheel aftermarket segment was 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 lightweight 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.
Passenger vehicles are facing a high interest for alloy wheels, as they're corrosion resistant, offer top good finish, and possess high esthetic appeal. An increase in the production of passenger vehicles is predicted to spice up the automotive wheel aftermarket business.
LCVs were valued for a revenue share of around 20% in 2017. The arrival of the hub & spoke model in emerging economies is providing a profitable opportunity for the sales of products carriage and transportation vehicles. However, the need to sustain the effect of the potholes and unevenness will approve the deployment of strong and robust automotive wheels within the LCV segment.
Original equipment manufacturers within 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 an increase in urbanization alongside a rise in population drive the demand for vehicles among consumers. The growing average vehicle age and the proliferation of online B2C automotive parts and accessories sales are among the major factors increasing the aftermarket growth.
Market Regional Analysis:
The Global Automotive Wheel Aftermarket Market Report includes the segmentation of regions:
North America was valued at around 15% volume of shares in the review period. The existence of various automobile OEMs offering a good range of models including Ford, Toyota, Volkswagen, Hyundai, and Honda is supporting the regional growth. Intense competition among vehicle manufacturers successively will drive the need for investment in 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. Vehicle manufacturing in 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 their manufacturing plants within the area.
The coronavirus pandemic had its worst impact on several end-user verticals, including automobiles. The lockdown conditions implemented in various nations has resulted in the 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.
Market Key Players:
Market Key Developments:
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