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Wednesday, 30 November 2022 08:47 GMT

Automotive Wheel Market Size: Industry Development Scenario And Forecast 2022-2031


(MENAFN- America News Hour)

The global automotive wheel rims market size was USD 19.18 billion in 2022 and is projected to reach USD 33.33 billion by 2031, exhibiting a CAGR of 8.2% during the forecast period.Read
The global COVID-19 pandemic has devastated economies worldwide and the impact is felt by all the industries but the automotive industry has been negatively impacted particularly hard. Challenges that emerged from the worldwide lockdown are immense and insurmountable in many areas. The automotive industry has faced many supply chain disruptions owing to lockdowns. As the situation is coming back to normalcy, it is expected that the market will recover and grow positively during the forecast period.
The major driver of the automotive wheels market is the sales of passenger cars. Due to COVID-19, the automotive wheel market has seen a decline in sales. It is expected to get back on the growth track in the post-pandemic period.

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Alloy wheels are becoming popular due to their aesthetic appeal. They are lightweight and dissipate heat from tires and brakes more effectively as compared to steel wheels. Moreover, an increase in capital investment and R&D spending by OEMs, particularly on passenger cars boosts the market growth.
Key Market Trends
Passenger Car Captures Major Market Share

Among vehicle types, the passenger car segment is expected to dominate the market owing to the increase in passenger car sales and production during the forecast period. Majority of premium vehicles and mid-sized luxury vehicles are equipped with alloy wheels, to improve the visual appearance and comfort for the vehicle owner. The demand for premium and luxury vehicles are increasing in developing economies like China and India. This is majorly because of the increase in spending power of people living in the region.
There are many players in the market who are spending heavily to increase their reach to supply their products to OEMs and are locating their manufacturing units near the OEM facilities, so that they can understand the OEM requirement and the regional market can be analyzed better. Hence they are also setting up new manufacturing facilities in the region. For instance,
In October 2020, Wheels India Ltd. commissioned a new cast aluminium wheel plant with an investment of INR 177 crore. The facility, located at Thervoy Kandigai, Tamil Nadu, will have an annual production capacity of 7.5 lakh wheels.
In March 2020, Chinese wheel manufacturer Zhejiang Jinfei Kaida invested 600 million yuan in a new aluminum wheel project with intelligent manufacturing technology and set up a new plant in Jinhua economic development zone.
Asia Pacific Remains as the Market Leader
Asia-Pacific region is expected to dominate the automotive wheels market during the forecast period. This growth is mainly attributed to China and India. With almost 60% of vehicles of the world in the region, it is expected that during the forecast period the demand of automobiles in the region will be the highest in the world, owing to the highest population percentage in the world as the region consists of two densely populated nation China and India. Also, the income level of the people in this region is also growing on a very rapid pace as the major developing economies of the world. The region accounts for a large share of mid-income level people and is concerned with the fuel economy of vehicles. With the reduction in the overall weight of the vehicle, the fuel economy is expected to go up. So, with the demand for automobiles, the wheels market is also expected to boost during the forecast period.
China, being the largest automotive market in the world, is also expected to play a crucial role in pushing the market forward. This is primarily due to the manpower and manufacturing capabilities of the country coupled with manufacturing friendly governmental laws is expected to augment the market growth
Automotive wheel market in India has been growing at a steady pace with the growth expected to accelerate in the coming years.In India, growth rate of alloy wheels is more than the growth in the automotive wheel market average. The passenger cars have been growing at a rate of approx. 9 percent per annum whereas; growth rate of alloy wheels has been more than 15 percent and it is expected to grow at 20 percent in the coming years. India manufactures alloy wheels of sizes ranging from 12 to 18 inches but the largest share goes to 14 to 16 inches alloy wheels which cover approx. 70% of the market. This is mainly due to components sector is in a strong position to cash-in on India's cost-effectiveness, profitability and globally-recognised engineering capabilities.
Competitive Landscape
The Automotive Wheels market is fragmented, with several players accounting for significant amounts of shares in the market. Some of the prominent companies in the automotive wheels market are Thyssenkrupp, Superior Industries, Enkei Wheels, HRE Wheels, and others. Companies are investing heavily in research and development for the innovation of new and advanced products and technologies.
Technical advancements in materials and manufacturing technologies are helping the manufacturers to bring the latest features in wheels. Companies in the automotive wheel market are adopting new design tools and materials such as high-strength steel to innovate wheels. Many wheel makers are adopting structural analysis techniques and simulation software to develop high-performance automotive wheels.

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In March 2020, EDAG Group together with eight partners announced that they have developed an aluminum alloy for use in the car, which is able to provide both higher strengths and higher elongations at the break as part of the BMBF-backed“CustoMat_3D” research project.
In February 2020, Rio Tinto developed new alloy for high strength car wheels, Revolution-Al™, a new high strength aluminum alloy developed to make lighter weight car wheels. The wheel's increased strength, in turn, enables a 7% weight reduction that can help achieve better fuel efficiency or battery range in the vehicle.

1 INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Driver
4.2 Market Restraint
4.3 Porters Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
5.1 Vehicle Type
5.1.1 Passenger Car
5.1.2 Commercial Vehicle
5.2 Material Type
5.2.1 Steel
5.2.2 Alloy
5.2.3 Carbon Fibre
5.3 End Market Typre
5.3.1 OEM
5.3.2 Aftermarket
5.4 Geography
5.4.1 North America
5.4.1.1 United States
5.4.1.2 Canada
5.4.1.3 Rest of North America
5.4.2 Europe
5.4.2.1 Germany
5.4.2.2 United Kingdom
5.4.2.3 France
5.4.2.4 Rest of Europe
5.4.3 Asia-Pacific
5.4.3.1 India
5.4.3.2 China
5.4.3.3 Japan
5.4.3.4 South Korea
5.4.3.5 Rest of Asia-Pacific
5.4.4 Rest of the World
5.4.4.1 Brazil
5.4.4.2 United Arab Emirates
5.4.4.3 Other Countries
6 COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles
6.2.1 Thyssenkrupp
6.2.2 Iochpe-Maxion
6.2.3 Superior Industries International
6.2.4 Accuride
6.2.5 Steel Strips Wheels
6.2.6 Enkei wheels
6.2.7 Zhejiang Wanfeng Auto Wheel
6.2.8 Borbet wheels
6.2.9 HRE Wheels
6.2.10 Rays wheels
7 MARKET OPPORTUNITIES AND FUTURE TRENDS

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