PUBLISHER: The Business Research Company | PRODUCT CODE: 1662530
PUBLISHER: The Business Research Company | PRODUCT CODE: 1662530
Automotive alloy wheels are wheel rims manufactured using a blend of alloys such as aluminum and nickel. Renowned for their appealing aesthetics and lightweight construction, these wheels offer enhanced attractiveness compared to steel wheels. Additionally, they possess superior heat resistance and provide improved traction.
The primary finishing options for automotive alloy wheels encompass powder coating or painted lacquered finishes, diamond-cut designs, split wheel structures, chrome wheel coatings, anodized treatments, among others. Powder coating, a prevalent customization method, enables individuals to alter their vehicle's appearance by applying various colors and finishes such as matte, gloss, or shine effects to the alloy wheels. These wheels are composed of diverse materials such as aluminum alloy, titanium alloy, and magnesium alloy, available in an array of sizes ranging from compact to mid-size and full-size. Catering to various vehicle types including passenger cars and commercial vehicles, these alloy wheels are retailed through different sales channels such as original equipment manufacturers (OEMs) and aftermarket distributors.
The automotive alloy wheels market research report is one of a series of new reports from The Business Research Company that provides automotive alloy wheels market statistics, including automotive alloy wheels industry global market size, regional shares, competitors with an automotive alloy wheels market share, detailed automotive alloy wheels market segments, market trends, and opportunities, and any further data you may need to thrive in the automotive alloy wheels industry. This automotive alloy wheels market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The automotive alloy wheels market size has grown strongly in recent years. It will grow from $20.26 billion in 2024 to $22.05 billion in 2025 at a compound annual growth rate (CAGR) of 8.9%. The growth in the historic period can be attributed to rising demand for lightweight materials, aesthetic appeal and customization, performance and durability, increasing vehicle production, rising disposable income.
The automotive alloy wheels market size is expected to see strong growth in the next few years. It will grow to $32.13 billion in 2029 at a compound annual growth rate (CAGR) of 9.9%. The growth in the forecast period can be attributed to stringent fuel efficiency standards, growing electric vehicle (EV), increasing focus on sustainable materials, innovation in design and finishing, global urbanization trends. Major trends in the forecast period include material innovation, design customization, electric vehicles (EVs) impact, smart and connected features, sustainability focus.
The growth trajectory of the automotive alloy wheels market is expected to be propelled by the expanding automotive industry. This industry encompasses the development, production, marketing, and design of motor vehicles. The distinctive feature of automotive alloy wheels, known for their lighter weight, contributes to reduced overall vehicle weight, extended tire life, and lower fuel consumption. The burgeoning automotive industry is driving increased demand for automotive alloy wheels. Notably, in October 2022, the US automobile industry demonstrated substantial growth, increasing from $82.6 billion in 2021 to $100.9 billion in 2022, marking a significant 22% rise. This expansion underscores the escalating demand for automotive alloy wheels within the automotive sector.
The rise in urbanization is projected to drive the growth of the automotive alloy wheels market in the future. Urbanization refers to the migration of populations from rural to urban areas, resulting in the expansion and development of cities. Urban lifestyles are increasingly associated with a desire for stylish and high-performance vehicles, making alloy wheels a prominent aesthetic and functional feature. The trend towards modern and visually appealing vehicles in urban settings has led to a significant increase in the adoption of alloy wheels. For example, in 2024, the United Nations Population Fund, a U.S.-based human rights organization, reported that over half of the global population lives in urban areas, with expectations that this number will reach approximately 5 billion by 2030, largely driven by growth in Africa and Asia. Thus, the ongoing urbanization is fueling the growth of the automotive alloy wheels market.
A noteworthy trend in the automotive alloy wheels market is the emphasis on product innovations. Major companies operating in this sector are introducing innovative products to maintain their market position. In November 2022, Ronal Group, a Switzerland-based company in the automotive alloy wheels industry, unveiled the R70-blue aluminum wheel-an environmentally conscious product made from carbon-neutral recycled aluminum. This innovation aligns with the industry's commitment to environmentally friendly solutions, contributing to reduced greenhouse gas emissions. The pursuit of such product innovations reflects the dynamic landscape of the automotive alloy wheels market and the industry's responsiveness to evolving consumer preferences and sustainability considerations.
Leading players in the automotive alloy wheels market are actively engaging in product innovation, introducing premium ranges of alloy wheels to fortify their market presence. The premium range of alloy wheels offers diverse sizes and designs, compatible with both radial and regular tube tires. An illustrative example is Uno Minda, an India-based manufacturer of automotive solutions and systems, which unveiled a premium range of alloy wheels in September 2023. This collection includes categories such as Sharp, Space, Wonder, Wave, Shark, and Vega, meticulously designed to comply with quality regulations. Utilizing advanced manufacturing technologies such as Low-Pressure Die Casting (LPDC) and Gravity Die Casting (GDC), these wheels are engineered to address the evolving safety needs of vehicle owners, providing a robust and stylish solution.
In August 2024, Borbet GmbH, a Germany-based manufacturer of light alloy wheels, acquired the trade and assets of Dymag Group Limited for an undisclosed amount. This acquisition enables Borbet to enhance its portfolio by incorporating Dymag's manufacturing of BX-F wheels and motorcycle rims, facilitating the seamless delivery of innovative carbon hybrid technology to both original equipment manufacturers (OEMs) and aftermarket customers. Dymag, a UK-based company, specializes in the production of lightweight automotive alloy wheels.
Major companies operating in the automotive alloy wheels market include Alcoa Corporation, Arconic Corporation, BBS Kraftfahrzeugtechnik AG, Borbet GmbH, Enkei Corporation, Foshan Nanhai Zhongnan Aluminum Wheel Co. Ltd., MHT Luxury Alloys, Maxion Wheels Inc., Ronal AG, Superior Industries International Inc., Topy Industries Limited, TSW Alloy Wheels, Washi Beam Co. Ltd., Wheel Pros LLC, Kosei Aluminum Co. Ltd., OZ S.p.A., HRE Performance Wheels, American Racing LLC, YHI International Limited, Advanti Racing USA, Vossen Wheels Inc., Rotiform Wheels LLC, Forgeline Motorsports Inc., Weld Racing LLC, Project Fifteen52 LLC, Fastco Canada Limited, VCT Wheels, Status Alloy Wheels Inc., SOTA Offroad Inc., Asanti Inc., Lexani Corporation, KMC Wheels Inc., Moto Metal Wheels
North America was the largest region in the automotive alloy wheels market in 2024. The regions covered in the automotive alloy wheels market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the automotive alloy wheels market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The automotive alloy wheels market consists of sales of spoke wheels, teledial wheels, turbine wheels, and concave wheels. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Automotive Alloy Wheels Global Market Report 2025 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on automotive alloy wheels market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for automotive alloy wheels ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The automotive alloy wheels market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The forecasts are made after considering the major factors currently impacting the market. These include the Russia-Ukraine war, rising inflation, higher interest rates, and the legacy of the COVID-19 pandemic.