Global Automotive Wheel Rims market – Industry Trends and Forecast to 2029

Automotive Wheel Rims market Analysis and Size

The automotive wheel rims market has experienced a healthy growth in recent years globally. This has resulted in the growth of the market at a moderate and steady pace. The development of the market can be mainly attributed to the growing disposable income and rapid urbanisation overall the globe. The alloy based wheel rims” is the highest growing product type segment due to their lightweight and better handling property over the forecast period. Furthermore, the stringent implementation of these safety standards not only in the people lives but across several industries has also been quite helpful in the overall development of the automotive wheel rims market globally during forecast period.

Data Bridge Market Research analyses that the automotive wheel rims market was valued at USD 20.8 billion in 2021 and is expected to reach USD 39.25 billion by 2029, registering a CAGR of 8.26% during the forecast period of 2022 to 2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, The market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.     

Automotive Wheel Rims market Scope and Segmentation

Market Definition

Automotive wheel rims are cylindrical rings which hold tires in an automobile. These rims maintain the air pressure inside tubeless tires and ensure the proper alignment of the tires. Automotive wheel rims must be strong enough to sustain the vehicle's weight and withstand forces applied by vehicle operation.

Global Automotive Wheel Rims market Dynamics

Drivers

• Increasing demand of alloy-based automotive wheel rims

The demands of the alloy-based automotive wheel rims are increasing due to their lightweight properties to provide better handling, making them perfect for both sedans and small cars. Moreover, the lightweight of alloys decrease the wheel rim's mass, improving the fuel economy and leading to significant cost savings. Hence, the vehicle with alloy wheels rims are expected to witness a heathy demand among the consumers during the forecast period and are expected to drive the growth rate of the automotive wheel rims market.

• Expansion of automotive industry

Rising production of vehicles is one of the major factors which is attributed to the growth of the market worldwide. For instance, according to the International Organization of Motor Vehicle manufacturers, the total number of vehicles produced in 2016 was 95 million units, which augmented to 97 million units in 2017, globally. Therefore, growing number of vehicles on road is dominating to increasing the demand for automotive wheel rims which are expected to increase the growth of the automotive wheel rims market.

Moreover, rising preferences of the luxury car owners for rim with various design, growing willingness to pay of the consumer rising production of the vehicle are some of the major factors which are also anticipated to boost the growth of the automotive wheel rims market during the forecast period of 2022-2029. 

Opportunities

• Surging investments for new machineries and facilities

Manufacturers are aiming to invest in state-of-the-art TUV-approved facilities to gain global recognition in the market landscape. They are investing in brand-new machineries which provide tinted gloss black and other finishes to automotive wheel rims. The concept of the Fine Element Analysis (FEA) is mounting popular among the manufacturers of automotive wheel rims who aim to gain a competitive edge over other major market players in upcoming years.

Furthermore, rising number of innovations in automotive wheel rims along with growing awareness among the consumer will further create several opportunities for the growth of the automotive wheel rims market during the forecast period of 2022-2029.

Restraints/ Challenges

• High Cost associated with product

However, the high cost associated with the automotive wheel rims raw material and growing replacement cost due to the accidents will restraint the demand of the automotive wheel rims and may hamper the growth of the automotive wheel rims market during the forecast period of 2022-2029.

This automotive wheel rims market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the automotive wheel rims market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

COVID-19 Impact on Automotive Wheel Rims market

The outbreak of covid-19 pandemic has slowed down the global economy. Although this coronavirus has posed a major effect on human health globally, the market for automotive wheel rims are also negatively affected during this pandemic. On the other hand, it is expected that the market will improve again as trade borders are opened and rules are eased. The automobile industry has been one of the most hit industry during the pandemic due to this automotive wheel rims market also adversely affected but the major market players are relying on contingency planning to handle, supply chain and inventory management issues related to the automotive wheel rims industry

Global Automotive Wheel Rims market Scope

The automotive wheel rims market is segmented on the basis of product type, vehicle type, material type, rim size and end user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Product Type

• Wire Spoke Wheel Rims
• Steel Disc Wheel Rims
• Light Alloy Wheel Rims
• Aluminium Alloy Wheel Rims
• Magnesium Alloy Wheel Rims
• Titanium Alloy Wheel Rims
• Chrome Wheel Rims
• Teflon Wheel Rims

Vehicle Type

• Passenger Cars
• Commercial Vehicles

 Material Type

• Alloy
• Steel
• Carbon Fiber

Rim Size

• 13”-15”
• 16”-18”
• 19”-21”
• Above 21”

End User

• OEM
• Aftermarket

Automotive Wheel Rims market Regional Analysis/Insights

The automotive wheel rims market is analysed and market size insights and trends are provided by country, product type, vehicle type, material type, rim size and end user as referenced above.

The countries covered in the automotive wheel rims market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

North America dominates the automotive wheel rims market in terms of market share. This is due to the growing disposable income of the consumers along with the growth of the automotive sector in this region.

Asia-Pacific is expected to be the fastest developing regions during the forecast period of 2022-2029 due to the changing lifestyle of the people in this region.

The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Automotive Wheel Rims market Share Analysis

The automotive wheel rims market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to automotive wheel rims market.

Some of the major players operating in the automotive wheel rims market are:

• IOCHPE (Brazil)
• Superior Industries Inc, (U.S.)
• Accuride Corporation (U.S.)
• STEEL STRIPS WHEELS LIMITED (India)
• Hitachi Metals Ltd, (Japan)
• Enkei International, Inc. (Japan)
• CITIC Dicastal Wheel Manufacturing Co., Ltd (China)
• Wanfeng Group Co., Ltd. (China)
• BORBET GmbH (Germany)
• Mangels Industrial S.A. (Brazil)
• Mefro Wheels GmBH (Germany)
• TSW Alloy Wheels (U.S.)
• Euromax International (U.S.)
• Maxion Wheels (Germany)
• VOXX International Corp, (U.S.)
• MHT Luxury Wheels. (U.S.)
• Status Wheels (U.S.)
• Fuel Off-Road Wheels (U.S.)
• Wheel Pros Holdings, LLC (U.S.)
• Topy Industries Limited (Japan)

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