Automotive Wheel Global Market Report 2021: COVID-19 Impact and Recovery

Automotive Wheel Global Market Report 2021: COVID-19 Impact and Recovery

  • August 2021 •
  • 175 pages •
  • Report ID: 6130532 •
  • Format: PDF
Major players in the automotive wheel market are IOCHPE Maxion, Superior Industries International, Accuride Corporation, Steel Strips Wheels, Hitachi Metals, Citic Dicastal, Zhejiang Wanfeng Auto Wheel, Borbet, Mangels Industrial, Mefro Wheels, Ronal Group, CLN Group, Wanfeng Auto Holding Group, Foshan Nanhai Zhongnan Aluminum Wheel Co, and Super Alloy Industries.

The global automotive wheel market is expected to grow from $29.37 billion in 2020 to $30.41 billion in 2021 at a compound annual growth rate (CAGR) of 3.5%. The growth is mainly due to the growing demand for vehicles fueled by growing urbanization. The market is expected to reach $44.28 billion in 2025 at a CAGR of 9.8%.

The automotive wheel market consists of sales of automotive wheels by entities (organizations, sole traders, and partnerships) that manufacture automotive wheels.The wheel is an essential component of every vehicle.

It counteracts all of the forces that the vehicle is subjected to during operation, balancing the entire weight of a vehicle.A spoke, rim, and hub are essential parts of an automobile wheel.

It is responsible for turning, operating, and directing the direction and speed of the vehicle.

The main material types of automotive wheel are steel, alloy, carbon fiber, and others.Steel wheels are constructed from an iron-carbon alloy.

The alloy wheels refers to wheels cast from a mixture of aluminum which makes the tires light weight.Carbon fiber wheels are made of carbon fiber which reduce rotational inertia and combined mass of the vehicle.

The different vehicle types include passenger vehicle, light commercial vehicle, heavy commercial vehicle and are available in various rim sizes such as 13""-15"", 16""-18"", 19""-21"", above 21"". The different classes of a vehicle include economy, mid-priced, luxury-priced and is implemented in various verticals such as original equipment and aftermarket.

Asia Pacific was the largest region in the automotive wheel market in 2020. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

Advancements in technology are shaping the automotive wheels market.Major players operating in the sector of the automotive wheel are focused on developing technologically advanced solutions for automotive wheels to strengthen their position in the industry.

For instance, in April 2021, Bucci Composites, a manufacturer of composite materials and structures for automotive, marine, aerospace, and industrial applications announced the completion of the construction of a 22-inch fully carbon fiber automotive wheel rim based on high-pressure resin transfer molding (HP-RTM) technology. The process was optimized and the technology employed was of a high grade, resulting in significant cost savings while still meeting the production rates of the automobile sector.

In December 2020, Wheel Pros, a US-based automotive aftermarket wheels manufacturer acquired TSW Alloy Wheels for an undisclosed amount.Through this acquisition, TSW Alloy wheels provided a great opportunity for Wheel Pros to expand their customer relationships with new and exciting products.

TSW Alloy Wheels is a US-based manufacturer of high-end luxury wheels for the automotive aftermarket.

Growing vehicle production is expected to propel the growth of the automotive wheel market.The wheel is an important component of a car, and its demand is directly related to the automobile industry.

The increased production of vehicles year by year will increase the demand for automotive wheels. According to the International Organization of Motor Vehicle Manufacturers (OICA), the production of all vehicles increased from 18.03 million during January to March 2020 to 21.08 million during January to March 2021. Thus, the rising vehicle production is expected to boost the demand for automotive wheels during the forecast period.

The countries covered in the automotive wheel market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.