PUBLISHER: The Business Research Company | PRODUCT CODE: 1674413
PUBLISHER: The Business Research Company | PRODUCT CODE: 1674413
An automotive wheel is a circular part that rotates on an axle to facilitate vehicle movement. It consists of a rim that holds the tire and a hub that connects it to the axle. The wheel is designed to support the vehicle's weight and transmit forces while complying with safety regulations. Typically, it is made from materials like steel or aluminum, with alloy wheels being preferred for their lightweight characteristics and aesthetic appeal.
Automotive wheels are crafted from various material types including steel, alloy, carbon fiber, and others. Steel wheels are made from an iron-carbon alloy, offering sturdiness and ease of repair despite being heavier. They can be repaired and refinished more easily. These wheels cater to diverse vehicle types such as passenger vehicles, light commercial vehicles, and heavy commercial vehicles, available in different rim sizes including 13'-15', 16'-18', 19'-21', and above 21'. The classification of vehicles includes economy, mid-priced, and luxury-priced segments, utilized across multiple sectors including Original Equipment (OE) and aftermarket markets.
The automotive wheel market research report is one of a series of new reports from The Business Research Company that provides automotive wheel market statistics, including automotive wheel industry global market size, regional shares, competitors with an automotive wheel market share, detailed automotive wheel market segments, market trends and opportunities, and any further data you may need to thrive in the automotive wheel industry. This automotive wheel market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The automotive wheel market size has grown strongly in recent years. It will grow from $39.76 billion in 2024 to $42.93 billion in 2025 at a compound annual growth rate (CAGR) of 8.0%. The growth in the historic period can be attributed to growth in regional automotive markets, global economic factors, safety standards and testing, regulatory standards, consumer preferences.
The automotive wheel market size is expected to see strong growth in the next few years. It will grow to $57.69 billion in 2029 at a compound annual growth rate (CAGR) of 7.7%. The growth in the forecast period can be attributed to continued material innovations, autonomous vehicle development, sustainability considerations, globalization of automotive manufacturing, urbanization and compact cars. Major trends in the forecast period include advanced manufacturing technologies, customization and personalization options, aerodynamic wheel designs, intelligent and sensor-embedded wheels, carbon fiber composite wheels.
The growing production of vehicles is anticipated to drive the growth of the automotive wheel market. Wheels are a crucial component of cars, and their demand is closely tied to the automobile industry. As vehicle production increases year by year, the demand for automotive wheels is expected to rise accordingly. For instance, in November 2023, the International Trade Administration, a U.S.-based government agency, reported that the automotive sector is one of Mexico's most vital industries, contributing 3.6% to the nation's Gross Domestic Product (GDP) and 18% to manufacturing GDP. In 2022, the electric vehicle (EV) and hybrid market totaled only 51,065 units, marking an 8.5% growth compared to 2021. Within this market, hybrid vehicles comprised 3.75% of the total EV market, with electric vehicles at 0.51% and plug-in hybrids at 0.42%. Consequently, the increase in vehicle production is expected to enhance the demand for automotive wheels during the forecast period.
A rise in disposable income is projected to boost the growth of the automotive wheel market in the future. Disposable income refers to the total income that households and individuals have available for spending and saving after taxes. This income level significantly affects the automotive wheel industry by influencing consumers' purchasing power, determining their ability to invest in aftermarket wheel upgrades, and shaping the demand for aesthetic and customized options in the automotive sector. For example, in January 2023, the Office for National Statistics, a Wales-based government organization, indicated that the median disposable income for the wealthiest fifth of individuals increased by 1.6%, reaching $66,000. Between 2020 and 2022, median household disposable income grew at an average rate of 0.9% per year, compared to a longer-term average increase of 1.7% per year over the previous decade leading up to 2022. Therefore, the rise in disposable income is driving the growth of the automotive wheel market.
Technological advancements are influencing the automotive wheels market. Key players in the automotive wheel sector are concentrating on creating technologically advanced solutions to enhance their market position. For example, in September 2022, Maxion Wheels, a leading manufacturer based in Brazil known for producing steel and aluminum wheels for various vehicles, introduced the next generation of lightweight steel truck wheels. These wheels are designed for diverse applications within the commercial vehicle sector. Specifically, the 22.5 x 11.75 size wheels are engineered to significantly decrease weight-by about 4 kg compared to current models-enabling an increased payload capacity of 40 kg or more. This reduction in weight is vital for fleet operators, as lighter wheels lead to enhanced fuel efficiency and overall vehicle performance.
Major players in the automotive wheel market are strategically prioritizing the introduction of alloy wheels as a key initiative to enhance their competitive position. Alloy wheels, composed of a blend of metals such as aluminum or magnesium along with other elements, offer distinct advantages in terms of performance and aesthetics. In September 2023, Uno Minda, an India-based company, took a significant step by launching a new range of alloy wheels. This premium range encompasses various sizes, spanning from 13 to 17 inches, indicating a versatile offering to cater to diverse vehicle types. The focus on alloy wheels aligns with the industry's emphasis on delivering enhanced performance, durability, and aesthetic appeal to meet the evolving needs of the automotive market.
In June 2022, Wheel Pros, a prominent US-based manufacturer specializing in automotive aftermarket wheels and accessories, successfully acquired Transamerican Auto Parts for an undisclosed sum. This strategic acquisition is pivotal for Wheel Pros as it enables the establishment of a vertically integrated omnichannel platform for aftermarket automotive parts and accessories. Transamerican Auto Parts, based in the United States, is recognized for its expertise in manufacturing off-road wheels and rims.
Major companies operating in the automotive wheel market include Continental AG, Aisin Seiki Co. Ltd., Michelin Group, Wheel Solutions Limited, Goodyear Tire & Rubber Company, Tenneco Inc., Alcoa Corporation, Hitachi Metals Ltd., Pirelli & C. S.p.A., Carlisle Companies Inc., Toyo Tire & Rubber Co. Ltd., Zhongding Group Inc., Superior Industries International Inc., IOCHPE-Maxion SA, Steel Strips Wheels Ltd., Wheel Pros LLC, Super Alloy Industrial Co. Ltd., Hayes Lemmerz International Inc., American Eagle Wheels Corp., Dana Incorporated, OZ Group, Accuride Corporation, Topy Industries Limited, Foshan Nanhai Zhongnan Aluminum Wheel Co., BBS Kraftfahrzeuge GmbH, CLN Group, Mangels Industrial SA, Zhejiang Wanfeng Auto Wheel Co. Ltd., BORBET GmbH, Bridgestone Corporation, CIE Automotive Inc.
Asia-Pacific was the largest region in the automotive wheel market in 2024. The regions covered in the automotive wheel market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the automotive wheel market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The automotive wheel market consists of sales of steel wheels, forged and cast wheels, and split rim 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 Wheel 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 wheel 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 wheel ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The automotive wheel 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.