According to Data Bridge Market Research new Market report, global automotive wheels aftermarket market will account to an estimated USD 3.47 billion in 2018 growing at a CAGR of 3.75% during the forecast period of 2019 to 2026.
Automotive wheels aftermarkets are circular objects that are used to support the axels of the vehicle and are the objects on which the tires are fitted on. The wheels available in the aftermarket are usually lighter in weight than the ones that a vehicle usually comes fitted in without compensating on the strength of the wheels. In comparison to the original wheels they have significantly enhanced aesthetic appeal.
Global automotive wheels aftermarket market is segmented on the basis of aftermarket, vehicle, coating, material, rim-size and geography.
By Aftermarket (New Wheel Replacement, Refurbished Wheel Fitment), Vehicle (PC, CV), Coating (Liquid, Powdered), Material (Alloy, Steel, Others), Rim-Size (13-15 inch, 16-18 inch, 19-21 inch, Above 21 inch) and Geography (North America, South America, Europe, Asia-Pacific, Middle East & Africa)
FACTORS DRIVING GROWTH IN AUTOMOTIVE WHEELS AFTERMARKET MARKET
Rapid rise in demand of vehicles
According to International Organization of Motor Vehicle Manufacturers, in 2015 the total sales of vehicles amounted up to an estimated 89 million, where passenger car vehicles amounted up to 66 million of those sales and 23 million of commercial vehicles. This number rose to an estimated 94 million in 2016, where passenger car vehicles amounted to 70 million and 24 million of commercial vehicles sales. In 2017, this number rose to an estimated 97 million in 2017, 71 million of those sales in passenger car vehicles and 26 million in commercial vehicle sales. This rise in demand of vehicles bodes well for the growth of automotive wheels aftermarket as these products are basis for the working operations of the vehicle.
Few of the major competitors currently working in the automotive wheels aftermarket market are AEZ Leichtmetallräder GmbH, ALLOY WHEEL REPAIR SPECIALISTS, LLC, Arconic, Automotive Wheels Ltd, BBS Kraftfahrzeugtechnik, Beyern Wheels, Borbet GmbH, CMWheels, ENKEI CORPORATION, Forgiato, Jian Sin Industrial Co. Ltd., KONIG AMERICAN, LKQ Corporation, MAXION Wheels Inc., O.Z. S.p.A., RAYS Co. Ltd, RONAL GROUP, Tanabe USA Inc., Status Wheels and TSW Alloy Wheels.
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