Automotive Wheel Market; Highlights Recent Trends, Regional Outlook & Competitive Analysis Report To 2026
North America automotive wheel market size is forecast to showcase growth rate of more than 6% through 2026 due to the presence of major wheel manufacturers in the region, including U.S. Wheel Corporation, Wheel Pros, Maxion Wheel and Superior Industries.
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.
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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.
For instance, the current hyper sports cars by Bugatti, Chiron and Divo are incorporated with very sturdy and light weight wheels made of a specially forged aluminum alloy as these wheels & tires are subject to extreme loads and g-forces at speeds beyond 400 kilometer per hour. Both sides of the cavities and wheels are finely milled as part of a unique process to produce wheels with minimum weight for maximum rigidity and stability along with delivering an aesthetically appealing design.
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.
Carbon fiber automotive wheel market share is estimated to grow at 6% CAGR up to 2026 on account of high tensile strength, lower weight and robust strength traits of carbon fibers. Incorporation of carbon fiber wheel in vehicles offers improved acceleration, braking as well as consistent performance as compared to aluminum wheels.
Demand for heavy load bearing trucks is increasing in commercial applications due to rapid industrialization and urbanization trends. However, strict environmental regulations governing the fuel emission levels is promoting the utilization of lighter vehicle parts and wheels without compromising on rigidity, strength and overall safety. Increased freight demand with expansion of e-commerce along with ongoing development of materials for bearing high load carrying capacities will provide impetus to wheel manufacturers.
Some industry players are acquiring other wheel manufacturing companies to strengthen their regional presence. For instance, Superior Industries International Inc acquired Uniwheels AG in 2017, with an ownership of 61% shares.
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Some Point from Table of Contents:
Chapter 4 Global Automotive Wheel Market, By Material
4.1. Global automotive wheel market share by material, 2019 & 2026
4.2. Aluminum
4.2.1 Automotive wheel industry estimates and forecast, 2016 - 2026, (Thousand units) (USD Million)
4.2.2 Automotive wheel industry estimates and forecast, by region, 2016 - 2026, (Thousand units) (USD Million)
4.3. Steel
4.3.1 Automotive wheel industry estimates and forecast, 2016 - 2026, (Thousand units) (USD Million)
4.3.2 Automotive wheel market estimates and forecast, by region, 2016 - 2026, (Thousand units) (USD Million)
4.4. Magnesium
4.4.1 Automotive wheel industry estimates and forecast, 2016 - 2026, (Thousand units) (USD Million)
4.4.2 Automotive wheel industry estimates and forecast, by region, 2016 - 2026, (Thousand units) (USD Million)
4.5. Carbon fibre
4.5.1 Automotive wheel market estimates and forecast, 2016 - 2026, (Thousand units) (USD Million)
4.5.2 Automotive wheel industry estimates and forecast, by region, 2016 - 2026, (Thousand units) (USD Million)
Chapter 5 Global Automotive Wheel Market, By Product
5.1. Global automotive wheel market 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)
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