Global Automotive Wheels Aftermarket Market, By Material (Aluminum, Steel, Magnesium, Carbon Fiber), Product (Regular, High Performance), End-use (OEM, Aftermarket), Vehicle (Passenger Cars, Lightweight Commercial Vehicles, Heavy Trucks, Buses & Coaches, Trailers), Country (U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa) Industry Trends and Forecast to 2028.
Automotive wheels aftermarket market will reach at an estimated value of USD 5.01 billion and grow at a CAGR of 3.75% in the forecast period of 2021 to 2028. Rising vehicle dynamics and increased demand is the main driving factor for the automotive wheels aftermarket market.
Wheel is defined as a circular object which enables a vehicle or any other object to move easily. They revolve in an axle and the material used in the wheel is hard and durable. Good wheel provide stability and traction to the vehicle. Three important components of wheels are camber, caster and toe. There are alloy wheels that are made of alloy of magnesium and aluminium and are the combination of different metals and elements. They are very light as compared to the steel wheels and people use them to improve the appearance of their vehicle.
Growing vehicle production is a crucial factor accelerating the market growth, also alloys can improve the breaking performance, which in turn increases the product demand, recent rising trend of aluminum vehicles in low commercial vehicles, rising sales of passenger cars with the changing preferences of consumers, increasing proliferation of hybrid electric automobile models, rising stringent vehicle efficiency norms, rising demand for small and mid-sized SUVs, increasing emergence of product manufacturers and development of lightweight wheels and rising leasing and rental automotive services demand are the major factors among others boosting the automotive wheels aftermarket market. Moreover, rising advanced materials and new compositions in wheels, rising research and development activities and rising modernization and technological advancements in the products offered in the market will further create new opportunities for automotive wheels aftermarket market in the forecast period mentioned above.
However, rising volatility in raw material prices and increasing decline in enthusiast segment are the major factors among others restraining the market growth, and will further challenge the automotive wheels aftermarket market in the forecast period mentioned above.
This automotive wheels aftermarket market report provides details of new recent developments, trade regulations, import export analysis, production analysis, value chain optimization, market share, impact of domestic and localised 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 automotive wheels aftermarket market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Automotive Wheels Aftermarket Market Scope and Market Size
Automotive wheels aftermarket market is segmented on the basis of material, product, end-use and vehicle. The growth among segments helps you analyse niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.
- On the basis of material, automotive wheels aftermarket market is segmented into aluminum, steel, magnesium and carbon fiber.
- Based on product, the automotive wheels aftermarket market is segmented into regular and high performance.
- Based on end-use, the automotive wheels aftermarket market is segmented into OEM and aftermarket.
- The automotive wheels aftermarket market is also segmented on the basis of vehicle into passenger cars, lightweight commercial vehicles, heavy trucks, buses & coaches and trailers.
Automotive Wheels Aftermarket Market Scope Country Level Analysis
Automotive wheels aftermarket market is analysed and market size, volume information is provided by country, material, product, end-use and vehicle as referenced above.
The countries covered in the automotive wheels aftermarket market report are U.S., Canada and Mexico in North America, Brazil, Argentina and Rest of South America as part of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, 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).
North America dominates the automotive wheels aftermarket market due to increasing adoption of luxury wheels in various passenger car segment, recent rising trend of aluminum vehicles in low commercial vehicles, rising sales of passenger cars with the changing preferences of consumers, increasing proliferation of hybrid electric automobile models and rising stringent vehicle efficiency norms in this region. Asia-Pacific is the expected region in terms of growth in automotive wheels aftermarket market due to rising favorable government regulations and the growing automotive industry in this region.
The country section of the automotive wheels aftermarket market report also provides individual market impacting factors and changes in regulation in the market domestically that impacts 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 Wheels Aftermarket Market Share Analysis
Automotive wheels aftermarket 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, regional presence, 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 wheels aftermarket market.
The major players covered in automotive wheels aftermarket market report are AEZ Leichtmetallräde, 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. among other domestic and global players. Market share data is available for global, North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South America separately. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.