Automotive Wheel Market: Competitive Insights, Trends and Demand Growth to 2026
The Automotive Wheel Market from carbon fiber segment is poised to register a CAGR of nearly 6% through 2026, owing to high stiffness, tensile strength, and reduced weight. As compared to aluminum wheels, automotive wheels from the carbon fiber segment offer consistent performance, enhanced braking, & acceleration.
The global automotive wheel market from the heavy trucks segment is likely to observe a burgeoning demand stemming from rapid urbanization and industrialization over the predicted timeframe. Changing consumer preferences, alongside material development that provides high load-bearing capacities are anticipated to bolster the automotive wheels’ demand for heavy commercial vehicles. Government regulations on the fuel emission levels are supporting the adoption of lighter automotive wheels in heavy commercial vehicles, without compromising on their rigidity and strength.
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Ongoing innovations to reduce vehicle downtime, increase cost-effectiveness and enhance vehicle performance will positively impact developments in automotive wheels. Auto manufacturers are focused on innovating materials for wheels offering high load bearing capacities for heavy commercial vehicles. Increased demand for luxury, premium vehicles and high performance vehicles is further prompting manufacturers to incorporate innovative material and technology in new models.
Growing consumer spending on vehicle customization along with demand for lightweight and corrosion resistant wheels is likely to drive global automotive wheel market outlook. There is large-scale usage of distinct forms of alloys including steel, magnesium and aluminum to provide improved heat conduction and better aesthetics over conventional steel-made wheels.
Shifting trends towards customized wheels for better output and aesthetics, available at lower prices is driving the sales of wheels in aftermarket. Manufacturers in the automotive aftermarket offer high quality products conforming with the standards enforced by OEMs. Assured reliability and functionality of the products available in aftermarket at lower price points is resulting in increased product consumption.
Technological advancements in handling capacities of lighter wheels by cutting down unwanted mass and aiding suspension to follow the terrain more carefully with improving grip will fuel product demand in the coming years. It is projected that automotive wheel market will reach USD 120 billion in terms of annual remunerations by 2026.
The North America automotive wheel market is poised to observe massive growth primarily due to the presence of prominent industry players across the region. U.S. Wheel Corporation, Wheel Pros, Maxion Wheels, and Superior Industries are some of the key regional wheel manufacturers.
Major automotive wheel industry participants include Borbet GmbH, Zhejiang Wanfeng Auto Wheel, Topy Industries Ltd., Ronal Group, and Maxion Wheels, among others. Key growth strategies adopted by these industry players are portfolio expansion and product innovation. They are focusing on enhancing the solutions and production facilities to have a distinct advantage over their competitors.
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Some Point from Table of Contents:
Chapter 5 Global Automotive Wheel Market, By Product
5.1. Global automotive wheel industry share by product, 2019 & 2026
5.2. Regular
5.2.1 Automotive wheel industry estimates and forecast, 2016 - 2026, (Thousand units) (USD Million)
5.2.2 Automotive wheel industry estimates and forecast, by region, 2016 - 2026, (Thousand units) (USD Million)
5.3. High performance
5.3.1 Automotive wheel industry estimates and forecast, 2016 - 2026, (Thousand units) (USD Million)
5.3.2 Automotive wheel industry estimates and forecast, by region, 2016 - 2026, (Thousand units) (USD Million)
Chapter 6 Global Automotive Wheel Market, By End-Use
6.1. Global automotive wheel industry share by end-use, 2019 & 2026
6.2. OEM
6.2.1 Automotive wheel industry estimates and forecast, 2016 - 2026, (Thousand units) (USD Million)
6.2.2 Automotive wheel industry estimates and forecast, by region, 2016 - 2026, (Thousand units) (USD Million)
6.3. Aftermarket
6.3.1 Automotive wheel industry estimates and forecast, 2016 - 2026, (Thousand units) (USD Million)
6.3.2 Automotive wheel market estimates and forecast, by region, 2016 - 2026, (Thousand units) (USD Million)
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