The automotive wheel market is set to grow from its current market value of more than USD 121.12 billion to over USD 144.6 billion. Rising demand for corrosion resistant, lightweight wheels is projected to drive global automotive wheel industry size through 2026. Rise in production of alloy wheels using materials like steel, aluminum, and magnesium to offer enhanced aesthetics is likely to provide impetus to the industry.

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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.

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.

Increasing production of fuel-efficient cars requiring light weight material like carbon fiber wheel will support product demand. For instance, BMW introduced M Carbon compound wheels for the M4 GTS model in 2016. The new compound aided in reducing the weight of rotational and unsprung masses, further resulting in improved steering response as well as vibration levels.

Rapid urbanization and industrialization are projected to drive the demand for heavy trucks over the coming years. Introduction of environmental regulations due to increasing concerns about fuel emissions is proliferating the use of light weight wheels in trucks.

Rigidity and strength are some of the key parameters considered while making truck wheels. Adoption of raw materials that support high load carrying capacity will support segment growth through 2026. While surge in freight demand would augment the deployment of heavy trucks over the years.

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.

Companies are opting various strategic moves such as acquisitions, collaborations, and investment rounds to enhance business reach. Taking March 2017 for instance, Superior Industries International Inc purchased Uniwheels AG, acquiring 61% shares in the firm. While in 2019, Wheel Pros acquired MHT Luxury Wheels to strengthen its position in the industry. 

On a global scale, the market is inclusive of players such as Topy Industries Limited, Borbet GmbH, Zhejiang Wanfeng Auto Wheel, Titan International, Inc., and Ronal Group among others.

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Data Tables

TABLE 1. Automotive wheel industry 360⁰ synopsis, 2016 - 2026

TABLE 2. Automotive wheel market estimates and forecast, 2016 – 2019, (Thousand units) (USD Million)

TABLE 3. Automotive wheel industry estimates and forecast, 2020 – 2026, (Thousand units) (USD Million)

TABLE 4. Automotive wheel industry revenue, by material, 2016 – 2019, (Thousand units)

TABLE 5. Automotive wheel industry revenue, by material, 2020 – 2026, (Thousand units)

TABLE 6. Automotive wheel industry revenue, by material, 2016 – 2019, (USD Million)

TABLE 7. Automotive wheel market revenue, by material, 2020 – 2026, (USD Million)

TABLE 8. Automotive wheel industry revenue, by product, 2016 – 2019, (Thousand units)

TABLE 9. Automotive wheel industry revenue, by product, 2020 – 2026, (Thousand units)

TABLE 10.   Automotive wheel market revenue, by product, 2016 – 2019, (USD Million)

TABLE 11.   Automotive wheel market revenue, by product, 2020 – 2026, (USD Million)

TABLE 12.   Automotive wheel market revenue, by end-use, 2016 – 2019, (Thousand units)

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