Automotive wheel plays a crucial role in the functioning of the global automotive sector. Automotive wheels are a vital component of any vehicle, providing essential support, stability, and motion for the vehicle to move efficiently on the road. The wheel market is highly competitive and dynamic, driven by technological advancements, changing consumer preferences, and increasing demand for fuel-efficient and lightweight vehicles.
One of the key drivers of the automotive wheel market is the increasing demand for vehicles, particularly in emerging economies such as China and India. According to the International Trade Administration, China is the world’s largest vehicle market by manufacturing output and annual sales. The growing middle class in these countries is driving demand for cars and light trucks, which is expected to fuel the wheel market growth. Additionally, the increasing adoption of electric vehicles (EVs) is creating opportunities for manufacturers to develop innovative and lightweight wheel designs that can help improve EVs’ overall performance and range. For instance, in April 2023, the International Energy Agency announced that global electric vehicle sales reached more than 10 million cars sold in 2022, and sales are expected to reach 14 million by 2023.
Another significant trend in the automotive wheel market is the evolution towards lightweight materials such as carbon fiber and aluminum. Lightweight wheels help to reduce fuel consumption and emissions while improving vehicle performance. Using lightweight materials is also becoming increasingly popular in the high-performance and luxury vehicle segments, providing a competitive edge in handling, acceleration, and overall driving experience.
The aftermarket segment of the wheel market is also a significant driver, as consumers seek to upgrade and customize their vehicles with high-quality wheels that can enhance the performance and appearance of the cars. The aftermarket segment includes a wide range of products, from essential steel wheels to premium alloy and forged wheels designed to fit specific makes and models of vehicles.
Asia-Pacific is expected to be the fastest-growing market for automotive wheels, driven by the increasing demand for vehicles in China and India. North America and Europe are also significant markets for automotive wheels, with a strong focus on the luxury and high-performance vehicle segments.
By Vehicle Type
By Vehicle Class
By Rim Size
Superior Industries International
ACCURIDE INTERNATIONAL INC.
STEEL STRIPS WHEELS LIMITED
Enkei International, Inc.
Zhejiang Wanfeng Auto Wheel Co., Ltd.
RAYS Co. Ltd
ALCAR HOLDING GMBH
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