Automotive Wheel Market Size, Trends & Growth (2021 - 2026)
The increasing demand for lightweight materials, rising production of vehicles, and improvisation of vehicles dynamics are the primary factors that drive the global automotive wheel market in the near future. Automotive wheels are made with the help of a mold. The mold comprises molten metal. Therefore, as the metal cools, the wheel becomes solid and rigid. Automotive wheels are made up of various casting processes, including low-pressure casting and gravity casting. The different types of automotive wheels include steel wheels, alloy wheels, split rim wheels, forged and cast wheels. The most commonly used in the market are alloy wheels. These are considered more expensive than steel wheels due to the lighter and fuel economy of the vehicle. These were manufactured in various designs. Therefore, steel wheels are more cost-efficient compared to other wheels. In addition, steel wheels can stand up in the worst climatic conditions. These are some of the characteristics of wheels that boost the global automotive market growth.
Automotive Wheel Market Drivers:
The increasing production of vehicles, rising prices of raw materials, and growing adoption of carbon fiber in the automotive industry are the major drivers that fuel the global automotive wheel market growth during the forecast period. The developing economies' manufacturers, including China, Japan, and India, adapt to the regional and segment supply and demand patterns. Furthermore, increasing population along with rising urbanization boosts the demand for vehicles among consumers globally. In recent years, the need for various materials attributed the steady growth leading to the increasing raw materials prices. In addition, many of the industries were adopting carbon fiber since it possesses less weight and high stiffness. These factors play a crucial role in holding the most prominent global automotive wheel market revenue.
Automotive Wheel Market Restraints:
The fluctuation in raw materials prices and lack of standardization play a predominant role in slowing down the global automotive wheel market growth. The supply of raw materials that produce the automotive component, including aluminum, steel, magnesium, and others, keeps fluctuating owing to the excess utilization of raw materials in the automotive wheel firms. Moreover, the weight of automotive gradually increases the vehicle's fuel consumption, which majorly hampers the global automotive wheel market growth.
Recent Developments in the Automotive Wheel Market:
Hitachi Metals introduced SCUBA aluminum wheels that aim at superior design, reduce weight, and high precision CAE technology.
Steel Strips Wheels declared that it tends to manufacture steel wheel rims catering to various segments of the automobile industry and its geographical segments include India and Overseas.
Challenges in the Automotive Wheel Market:
The massive, unorganized aftermarket for wheels, engineering barriers, and maintain a balance among performance, cost and weight are the prominent factors that push back the growth and revenue of the global automotive wheel market.
Automotive Wheel Market Segmentation:
By Vehicle type:
Depending on vehicle type, the global automotive wheel market is categorized into commercial vehicles and passenger vehicles. Besides commercial vehicles, passenger vehicles play the dominant role in the global automotive wheel market and are yet to continue their dominance during the forecast period. Most mid version and premium passenger vehicles, which provide comfort and convenience, utilize alloy wheels. On the other hand, the rising demand for luxury vehicles, the growing purchasing power of consumers, and the increasing demand for safety features and comfort in vehicles tend the passenger vehicles segment to hold the largest share, thus driving the global automotive wheel market in the near future.
By Material type:
The global automotive wheel market is segmented into alloy, carbon fiber, and steel based on material type. The alloy wheel segment holds the largest market due to the increasing demand for lightweight vehicles and improved vehicle dynamics with lightweight alloy wheels. On the other hand, carbon fiber is anticipated to be the fastest-growing segment during 2021-2026 due to the rising demand for vehicles with high performance and technological innovations in material composition.
By End-user:
Based on end-user, the global automotive wheel market is divided into aftermarket and original equipment manufacturers. The global automotive wheel market for original equipment manufacturers is projected to be the largest and fastest-growing, with an increasing CAGR in the upcoming years. This is because wheels are designed in such a way that the vehicle's life is long-lasting. These are changes in case of damage. Thus, the demand for wheels is more in original equipment manufacturers than aftermarket and propels the global automotive wheel market growth in the next six years.
Automotive Wheel Market Regional Analysis:
The Global Automotive Wheel Market Report includes the segmentation of Regions:
North America
Europe
Asia Pacific
Latin America
Middle East & Africa
The Asia Pacific predominantly held the most significant global automotive wheel market share and is estimated to sustain its dominance in the near future, owing to the increasing demand for vehicle performance and fuel economy. Moreover, the increasing purchase power of the consumers in the emerging economies led the Asia Pacific region to have a massive automotive wheel market share. Furthermore, North America and Europe hold the second and third largest global automotive wheel market share. Apart from this, the Middle East & Africa automotive wheel market is estimated to have a significant CAGR respectively during the forecast period.
Impact of COVID-19 on Global Automotive Wheel Market:
The COVID-19 pandemic has devastated many lives and the industrial sector across the globe. It had made the government impose worldwide lockdown and made many of the firms shut down. COVID-19 had changed people's norms like maintaining social distancing, wearing a mask, and frequent sanitization. Coming to the industrial sector, the automotive industry was negatively impacted during the crisis. It has faced several supply chain disruptions due to the imposition of lockdown across the globe. However, the market is anticipated to recover and rise with profits amid COVID.
Automotive Wheel Market Key Players:
The companies covered in the report include:
1. Introduction
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
4.1.1 Drivers
4.1.2 Restaints
4.1.3 Opportunities
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
5.1.2 Products/Service
5.1.3 Regional Presence
5.2 Mergers & Acquistion Landscape
5.3 Joint Ventures & Collaborations
6. Market Segmentation
6.1 Automotive Wheel Market , By Vehicle Type
6.1.1 Commercial Vehicle
6.1.2 Passenger Vehicle
6.1.3 Market Size Estimations & Forecasts (2021-2026)
6.1.4 Y-o-Y Growth Rate Analysis
6.1.5 Market Attractiveness Index
6.2 Automotive Wheel Market , By Material Type
6.2.1 Alloy
6.2.2 Carbon Fibre
6.2.3 Steel
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 Market , By End User
6.3.1 Aftermarket
6.3.2 Original Equipment Manufacturer
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 (2021 - 2026)
7.2.1 By Country
7.2.1.1 USA
7.2.1.2 Canada
7.2.2 By Vehicle Type
7.2.3 By Material Type
7.2.4 By End User
7.3 Europe
7.3.1 By Country
7.3.1.1 UK
7.3.1.2 France
7.3.1.3 Germany
7.3.1.4 Spain
7.3.1.5 Italy
7.3.1.6 Rest of Europe
7.3.2 By Vehicle Type
7.3.3 By Material Type
7.3.4 By End User
7.4 Asia Pacific
7.4.1 By Country
7.4.1.1 China
7.4.1.2 India
7.4.1.3 Japan
7.4.1.4 South Korea
7.4.1.5 South East Asia
7.4.1.6 Australia & NZ
7.4.1.7 Rest of Asia-Pacific
7.4.2 By Vehicle Type
7.4.3 By Material Type
7.4.4 By End User
7.5 Latin America
7.5.1 By Country
7.5.1.1 Brazil
7.5.1.2 Argentina
7.5.1.3 Mexico
7.5.1.4 Rest of Latin America
7.5.2 By Vehicle Type
7.5.3 By Material Type
7.5.4 By End User
7.6 Middle East and Africa
7.6.1 By Country
7.6.1.1 Middle East
7.6.1.2 Africa
7.6.2 By Vehicle Type
7.6.3 By Material Type
7.6.4 By End User
8. Key Player Analysis
8.1 Iochpe-Maxion
8.1.1 Business Description
8.1.2 Products/Service
8.1.3 Financials
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
8.6 Enkei
8.7 Citic Dicastal
8.8 Zhejiang Wanfeng Auto Wheel
8.9 Borbet
8.10 Mangels Industrial
8.11 Mefro Wheels
9. Market Outlook & Investment Opportunities
Appendix
List of Tables
List of Figures
