Automotive Wheels Market Growth, Industry Outlook and Opportunities 2022-2029 | DataM Intelligence

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The global automotive wheels market is estimated to reach a high CAGR during the forecast period (2022-2029).

Market overview

A car wheel is a hoop-shaped factor that wraps around the rim of a wheel to transfer vehicle load from the axle through the wheel to the ground and provide traction to the surface over which the wheel is traveling. Additionally, the wheels are pneumatically augmented systems that provide an adjustable skid that retains the stun because the tire spins over harsh characteristics to a superficial degree. Additionally, it offers an imprint, known as a contact fix, which is believed to accommodate the heaviness of the car with the load-bearing electricity from the ground that it returns giving a heading constraint that does not disfigure the surface unreasonably.

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Market dynamics

An increase in stringent vehicle performance standards is expected to increase the length of the automotive wheel market at some point in the forecast period due to the current trend of weight loss in cars as per CAFE requirements notified in 2017 by the Union Department of Energy (MoP) under the Energy Conservation Act 2001. The law falls short of the 2015 gas intake standards to increase vehicle gas efficiency by using 35% by 2030. In addition, the regulations have been added to two target levels: a carbon dioxide emission target of 129 grams/kilometres until 2022-23 and 112.5 g/km from 2022-23. Moreover, technological advancements and product improvements in fabric, design, and aerodynamics have further desirable the growth of the industry. Furthermore, the growing inclination of car owners towards quieter and environment-friendly engines and increasing R&D sports through OEMs are expected to drive the market growth. Additionally, growing consumer demand and spending for aesthetically pleasing automobiles and rims is expected to put pressure on the market over the forecast span.

However, commodity price volatility is holding back market growth. Additionally, the lack of standardization in automotive wheel production strategies is expected to limit the market. Additionally, the growth in the adoption of carbon fiber in the automotive industry and an increase in wheel design funding for superior aerodynamics are providing profitable opportunities for the automotive wheel market. Additionally, the car wheel market reached a size of approximately $33 billion in 2017 and is expected to grow at a CAGR of 5.50% at some point in the forecast span.

Market segmentation

By type

Alloy Wheels

l Split rim wheels

l Forged and cast wheels

l Steel wheels

The Conclusion

theOther

By material

steel

l Alloy (aluminum, magnesium and others)

lCarbon fiber

theOther

By rim size

12″-16″

l 17″-19″

l More than 20″

By type of vehicle

l Passenger vehicles

l Light commercial vehicles

l Heavy-duty vehicles

By region

North America

Europe

South America

Asia-Pacific

the Middle East and Africa

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Competitive landscape

The automotive wheel market is fragmented with the presence of regional and global players. The competitive outline lies in increasing regional enterprise and growing investment in upstream application. Ronal AG, CITIC DICATAL Co. Ltd, Superior Industries International, Borbet, Hitachi Metals, BBS Kraftfahrzeugtechnik AG, Euromax Wheel, MHT Luxury Wheels, LIZHONG WHEEL GROUP, Topy Industries are the major players in the wheel market. The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, contributing to the growth of the global automotive wheels market.

Ronal AG, CITIC DICASTAL Co. Ltd, Superior Industries International, Borbet, Hitachi Metals, BBS Kraftfahrzeugtechnik AG, Euromax Wheel, MHT Luxury Wheels, LIZHONG WHEEL GROUP, Topy Industries

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