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Automotive Wheel Rims Market

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 2022-2028

Report Id: SNS/AUTO/1615 | June 2022 | Region: Global | 125 Pages

Report Scope & Overview:

Automotive Wheel Rims Market Size was valued at USD 40.87 billion in 2021 and is expected to reach USD 61.05 billion by 2028 and grow at a CAGR of 5.9% over the forecast period 2022-2028.

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.

Automotive Wheel Rims Market Revenue Graph

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”

Automotive Wheel Rims Market Segment Chart

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

Automotive Wheel Rims Market Report Scope:
Report Attributes Details
Market Size in 2021 US$ 40.87 Billion
Market Size by 2028 US$ 61.05 Billion
CAGR CAGR of 5.9% From 2022 to 2028
Base Year 2021
Forecast Period 2022-2028
Historical Data 2017-2020
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) :

Ans:- The market size is expected to reach USD 61.05 billion by 2028.

Ans:- Material, Vehicle Type, and Rim Size are the different segments of the market.

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 the Ukraine-Russia War

 

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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Secondary Research

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