The Automotive Wheel Rims Market Size was valued at USD 45.83 billion in 2023 and is expected to reach USD 72.5 billion by 2031 and grow at a CAGR of 5.9% over the forecast period 2024-2031.
The wheel is an important component of a vehicle, and its demand is directly linked to the automotive industry. Wheels must be strong enough to support a vehicle's weight and withstand the forces imposed by the operation. The automobile wheel is a rotating component that distributes power from the axle to the road. It also serves as a technique for securing the tires. Wheel rims are cylindrical rings that hold an automobile tires in place. The rims ensure that the tires are properly aligned and that the air pressure inside tubeless tires is maintained. Wheel rims must be able to support the vehicle's weight as well as withstand the forces imposed by vehicle operation.
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The outer circular elements of the wheels are styled by the rims. Steel, non-ferrous alloys, aluminum, and magnesium are among the materials utilized to create intricate rim designs. Alloy wheels are becoming more popular as a result of their attractive appearance and lower weight as compared to steel wheels. The braking system of a vehicle is primarily affected by wheel rims. Larger diameter wheel rims allow more air to flow towards the braking system. Wheel rims can withstand significant bending and torsional loads and serve as a support link for the vehicle's suspension system.
Rio Tinto created Revolution-Al, a new high-strength aluminum alloy developed to make lighter-weight automotive wheels, in February 2021. In order to improve the vehicle's fuel efficiency or battery range, a 7% weight reduction in the wheel can be achieved.
KEY DRIVERS:
Due to increased vehicle production and the continued trend of vehicle weight reduction
The need for lightweight wheels to reduce vehicle weight and improve fuel efficiency
Industry expansion has been aided by technological advancements and product breakthroughs
Increased consumer expenditure on automobiles, combined with population expansion, boosts the market
RESTRAINTS:
By fluctuating raw material prices in the EV battery production process
The market is projected to be constrained by a lack of standardization in automobile wheel production methods
OPPORTUNITIES:
Carbon fibre is being more widely used in the automotive industry
The increased investment in wheel design to improve aerodynamics presents attractive potential
Wheels with advanced materials and innovative compositions
CHALLENGES:
Engineering stumbling blocks
Wheels have a wide, unstructured aftermarket
Keeping a balance between performance, cost, and weight is essential
Initial manufacturing setup expenses are high, as are trade tariffs
Manufacturing facilities will be temporarily closed due to COVID-19
The global COVID-19 had an impact on the global Automotive Wheels market. The supply chain has been disrupted by factors such as decreased vehicle sales, the temporary closure of manufacturing facilities and raw material-providing firms, and the closure of international borders. The market is likely to recover and grow positively during the forecast period as the situation returns to normal. The industry demand will be negatively impacted by the temporary closure of manufacturing facilities to minimize the spread of the COVID-19 virus.
Based on the material segment, the global market has been divided into Steel, Alloy, and carbon fibre. The alloy wheel sector is expected to have the biggest market share in the world. Improved vehicle dynamics with lightweight alloy wheels, as well as the rising need for lightweight materials to meet severe emission requirements, are driving market expansion in this sector. Carbon fibre and other categories are expected to be the market's fastest-growing section.
The global market has been divided into Passenger cars and commercial vehicles based on the vehicle type segment. Due to an increase in passenger vehicle sales and production over the projection period, the passenger car sector is expected to dominate the market. Alloy wheels are standard on the majority of premium and mid-sized luxury automobiles to increase the vehicle owner's visual appearance and comfort.
The global market has been divided into 13”-15”, 16”-18”, 19”-21”, and above 21” based on the rim size segment. It's projected that the 13"-15" segment will increase significantly in the next years, making up a considerable share of the overall market.
By Material:
Steel
Alloy
Carbon Fibre
By Vehicle Type:
Passenger cars
Commercial vehicles
By Rim Size:
13”-15”
16”-18”
19”-21”
Above 21”
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North America, Western Europe, Latin America, Eastern Europe, Asia-Pacific Excluding Japan, and the Middle East and Africa are the seven primary regions that make up the global market. Because of the rising disposable income of the population in the United States and Canada, North America is expected to have the largest market share in the worldwide car wheel rims market. Due to the severe change in Asian countries' economies as well as the trending living style in the region, particularly in countries like larger Japan, China, and India, Asia Pacific trails North America in terms of market share in the worldwide car wheel rims market. Due to its use in commercial sectors and the ever-increasing vehicle industry, Europe plays a significant role in the global automotive wheel rims market. In the worldwide vehicle wheel rims market, the Middle East and Africa are at a very early stage.
REGIONAL COVERAGE:
North America
The USA
Canada
Mexico
Europe
Germany
The UK
France
Italy
Spain
The Netherlands
Rest of Europe
Asia-Pacific
Japan
south Korea
China
India
Australia
Rest of Asia-Pacific
The Middle East & Africa
Israel
UAE
South Africa
Rest of Middle East & Africa
Latin America
Brazil
Argentina
Rest of Latin America
TSW Alloy Wheels (US), Fuel Offroad Wheels (US), CLN Group, Maxion Wheels Inc. (US), Euromax Wheel (US), VOXX International Corporation (US), Sota Offroad (US), Mobile Hi-Tech Wheels Inc. (US), Status Wheels (TUFF A.T) (US), Wheel Pros Holdings, LLC (US), and Topy Industries Limited (Japan) are some of the affluent competitors with significant market share in the Automotive Wheel Rims Market.
| Report Attributes | Details |
|---|---|
| Market Size in 2023 | US$ 45.83 Billion |
| Market Size by 2031 | US$ 72.5 Billion |
| CAGR | CAGR of 5.9% From 2024 to 2031 |
| Base Year | 2023 |
| Forecast Period | 2024-2031 |
| Historical Data | 2020-2022 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • by Material (Steel, Alloy, Carbon Fibre) • by Vehicle Type (Passenger cars, Commercial vehicles) • by Rim Size (13”-15”, 16”-18”, 19”-21”, Above 21”), |
| Regional Analysis/Coverage | North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (Japan, South Korea, China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America) |
| Company Profiles | TSW Alloy Wheels (US), Fuel Offroad Wheels (US), CLN Group, Maxion Wheels Inc. (US), Euromax Wheel (US), VOXX International Corporation (US), Sota Offroad (US), Mobile Hi-Tech Wheels Inc. (US), Status Wheels (TUFF A.T) (US), Wheel Pros Holdings, LLC (US), and Topy Industries Limited (Japan) |
| Key Drivers | •Due to increased vehicle production and the continued trend of vehicle weight reduction. •The need for lightweight wheels to reduce vehicle weight and improve fuel efficiency. |
| RESTRAINTS | •By fluctuating raw material prices in the EV battery production process. •The market is projected to be constrained by a lack of standardization in automobile wheel production methods. |
Ans:- The market size is expected to reach USD 72.5 billion by 2031.
Ans:- Material, Vehicle Type, and Rim Size are the different segments of the market.
Ans:- Yes.
Ans:- Asia pacific region is anticipated to be the primary driver of the market.
Ans:- Raw material vendors, Distributors/traders/wholesalers/suppliers, Regulatory authorities, government agencies and NGOs, Trade/Industrial associations, and End-use industries are the stakeholder of this report.
Table of Contents
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of ongoing Recession
4.3.1 Introduction
4.3.2 Impact on major economies
4.3.2.1 US
4.3.2.2 Canada
4.3.2.3 Germany
4.3.2.4 France
4.3.2.5 United Kingdom
4.3.2.6 China
4.3.2.7 Japan
4.3.2.8 South Korea
4.3.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Global Automotive Wheel Rims Market Segmentation, By Material
8.1 Steel
8.2 Alloy
8.3 Carbon Fibre
9. Global Automotive Wheel Rims Market Segmentation, By Vehicle Type
9.1 Passenger cars
9.2 Commercial vehicles
10. Global Automotive Wheel Rims Market Segmentation, by Rim Size
10.1 13”-15”
10.2 16”-18”
10.3 19”-21”
10.4 Above 21”
11. Regional Analysis
11.1 Introduction
11.2 North America
11.2.1 the USA
11.2.2 Canada
11.2.3 Mexico
11.3 Europe
11.3.1 Germany
11.3.2 the UK
11.3.3 France
11.3.4 Italy
11.3.5 Spain
11.3.6 The Netherlands
11.3.7 Rest of Europe
11.4 Asia-Pacific
11.4.1 Japan
11.4.2 South Korea
11.4.3 China
11.4.4 India
11.4.5 Australia
11.4.6 Rest of Asia-Pacific
11.5 The Middle East & Africa
11.5.1 Israel
11.5.2 UAE
11.5.3 South Africa
11.5.4 Rest
11.6 Latin America
11.6.1 Brazil
11.6.2 Argentina
11.6.3 Rest of Latin America
12. Company Profiles
12.1 Topy Industries Limited (Japan),
12.1.1 Financial
12.1.2 Products/ Services Offered
12.1.3 SWOT Analysis
12.1.4 The SNS view
12.2 TSW Alloy Wheels (US)
12.3 Fuel Offroad Wheels (US)
12.4 CLN Group
12.5 Maxion Wheels Inc. (US)
12.6 Euromax Wheel (US)
12.7 VOXX International Corporation (US)
12.8 Sota Offroad (US)
12.9 Mobile Hi-Tech Wheels Inc. (US)
12.10 Status Wheels (TUFF A.T) (US)
12.11 Wheel Pros Holdings
12.12 LLC (US)
13. Competitive Landscape
13.1 Competitive Benchmarking
13.2 Market Share analysis
13.3 Recent Developments
14. Conclusion
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