Automotive Wheel Rims Market Size, Share and Segmentation by Material (Steel, Alloy, Carbon Fibre), by Vehicle Type (Passenger cars, Commercial vehicles), by Rim Size (13”-15”, 16”-18”, 19”-21”, Above 21”), by Regions and Global Market Forecast 2023-2030
Report Id: SNS/AUTO/1615 | June 2022 | Region: Global | 125 Pages
Report Scope & Overview:
Automotive Wheel Rims Market Size was valued at USD 43.28 billion in 2022 and is expected to reach USD 68.46 billion by 2030 and grow at a CAGR of 5.9% over the forecast period 2023-2030.
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's 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.
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 percent weight reduction in the wheel can be achieved.
MARKET DYNAMICS:
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.
IMPACT OF 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.
KEY MARKET PLAYERS:
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.
MARKET ESTIMATION:
Market, By Material:
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.
Market, By Vehicle Type:
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.
Market, By Rim Size:
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.
MARKET SEGMENTATION:
By Material:
-
Steel
-
Alloy
-
Carbon Fibre
By Vehicle Type:
-
Passenger cars
-
Commercial vehicles
By Rim Size:
-
13”-15”
-
16”-18”
-
19”-21”
-
Above 21”
.jpg)
REGIONAL ANALYSIS:
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
-
| Report Attributes | Details |
|---|---|
| Market Size in 2022 | US$ 43.28 Billion |
| Market Size by 2030 | US$ 68.46 Billion |
| CAGR | CAGR of 5.9% From 2023 to 2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2020-2021 |
| 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. |
Frequently Asked Questions (FAQ) :
What is the size of the market by 2028?
Ans:- The market size is expected to reach USD 61.05 billion by 2028.
What are the different segments of the market?
Ans:- Material, Vehicle Type, and Rim Size are the different segments of the market.
During the period covered by the forecast, which region is anticipated to be the primary driver of the market?
Ans:- Asia pacific region is anticipated to be the primary driver of the market.
Who are the main stakeholders in 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
An accurate research report requires proper strategizing as well as implementation. There are multiple factors involved in the completion of good and accurate research report and selecting the best methodology to compete the research is the toughest part. Since the research reports we provide play a crucial role in any company’s decision-making process, therefore we at SNS Insider always believe that we should choose the best method which gives us results closer to reality. This allows us to reach at a stage wherein we can provide our clients best and accurate investment to output ratio.
Each report that we prepare takes a timeframe of 350-400 business hours for production. Starting from the selection of titles through a couple of in-depth brain storming session to the final QC process before uploading our titles on our website we dedicate around 350 working hours. The titles are selected based on their current market cap and the foreseen CAGR and growth.
The 5 steps process:
Step 1: Secondary Research:
Secondary Research or Desk Research is as the name suggests is a research process wherein, we collect data through the readily available information. In this process we use various paid and unpaid databases which our team has access to and gather data through the same. This includes examining of listed companies’ annual reports, Journals, SEC filling etc. Apart from this our team has access to various associations across the globe across different industries. Lastly, we have exchange relationships with various university as well as individual libraries.
Step 2: Primary Research
When we talk about primary research, it is a type of study in which the researchers collect relevant data samples directly, rather than relying on previously collected data. This type of research is focused on gaining content-specific facts that can be sued to solve specific problems. Since the collected data is fresh and first-hand therefore it makes the study more accurate and genuine.
We at SNS Insider have divided Primary Research into 2 parts.
Part 1 wherein we interview the KOLs of major players as well as the upcoming ones across various geographic regions. This allows us to have their view over the market scenario and acts as an important tool to come closer to the accurate market numbers. As many as 45 paid and unpaid primary interviews are taken from both the demand and supply side of the industry to make sure we land at an accurate judgement and analysis of the market.
This step involves the triangulation of data wherein our team analyses the interview transcripts, online survey responses and observation of on filed participants. The below mentioned chart should give a better understanding of the part 1 of the primary interview.
Part 2: In this part of primary research the data collected via secondary research and the part 1 of the primary research is validated with the interviews from individual consultants and subject matter experts.
Consultants are those set of people who have at least 12 years of experience and expertise within the industry whereas Subject Matter Experts are those with at least 15 years of experience behind their back within the same space. The data with the help of two main processes i.e., FGDs (Focused Group Discussions) and IDs (Individual Discussions). This gives us a 3rd party nonbiased primary view of the market scenario making it a more dependable one while collation of the data pointers.
Step 3: Data Bank Validation
Once all the information is collected via primary and secondary sources, we run that information for data validation. At our intelligence centre our research heads track a lot of information related to the market which includes the quarterly reports, the daily stock prices, and other relevant information. Our data bank server gets updated every fortnight and that is how the information which we collected using our primary and secondary information is revalidated in real time.
Step 4: QA/QC Process
After all the data collection and validation our team does a final level of quality check and quality assurance to get rid of any unwanted or undesired mistakes. This might include but not limited to getting rid of the any typos, duplication of numbers or missing of any important information. The people involved in this process include technical content writers, research heads and graphics people. Once this process is completed the title gets uploader on our platform for our clients to read it.
Step 5: Final QC/QA Process:
This is the last process and comes when the client has ordered the study. In this process a final QA/QC is done before the study is emailed to the client. Since we believe in giving our clients a good experience of our research studies, therefore, to make sure that we do not lack at our end in any way humanly possible we do a final round of quality check and then dispatch the study to the client.
