According to the report, the global automotive wheel market is projected to surpass US$ 43.7 Bn by 2030, expanding at a CAGR of ~4% during the forecast period. Rise in demand for vehicles across the globe is likely to boost the automotive wheel market across the globe. Moreover, increase in preference for utility vehicles and luxury vehicles in conjunction with rise in the demand for comfort and luxury vehicles among consumers globally, is anticipated to propel the automotive wheel market.
Automotive Wheel Market: Introduction
According to the report, the global automotive wheel market is projected to surpass US$ 43.7 Bn by 2030, expanding at a CAGR of ~4% during the forecast period. Rise in demand for vehicles across the globe is likely to boost the automotive wheel market across the globe. Moreover, increase in preference for utility vehicles and luxury vehicles in conjunction with rise in the demand for comfort and luxury vehicles among consumers globally, is anticipated to propel the automotive wheel market. The global automotive wheel market is anticipated to expand during the forecast period, owing to an increase in average size of wheels. The standard size of wheel rims, which was earlier 15’’-16’’, is moving to 17’’ and above. Preference for larger wheels is rising among consumers. Sales of vehicles with high ground clearance, such as SUVs, are rising, which in turn utilize large alloy wheels. For instance, after a global slowdown in the automobile industry, several governments have reduced taxes on automobiles to encourage sale of vehicles. This is likely to propel the automotive wheel market across the globe.
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Expansion of Automotive Wheel Market
The change in trade policies by the Trump Administration, such as withdrawal of trade agreement with South Korea and continuous fluctuation on tariff with import and export to China, is likely to affect the market during the forecast period. However, the U.S.-China trade has witnessed a positive turnaround and the relation between the countries is anticipated to get better. Surge in trade volume, owing to rising bilateral trade among countries is projected to boost the automotive wheel market during the forecast period. China witnessed an increase in both general trade volume and proportion, escalating to Yuan 15.66 Trn. China trade volume accounted for 56.4% of total foreign trade. Major trading partners of China are the U.S., the European Union, and ASEAN. Exports of China to the U.S. further rose by 15.2% year-on-year.
Based on vehicle type, the global automotive wheel market has been segmented into passenger vehicle and commercial vehicle. Passenger vehicle is likely to be a highly lucrative segment during the forecast period. This is primarily due to rise in the production of passenger vehicles across the globe. The expansion of the ride-hailing industry across the globe, where passenger vehicles are widely used for transportation, is expected to propel the automotive wheel market across the globe. In terms of material, the alloy wheel segment dominated the market, owing to a rise in the demand for lightweight materials in the vehicle to enhance vehicle fuel efficiency. This, in turn, is anticipated to boost the automotive wheel market across the globe. Moreover, major vehicle manufacturers are emphasizing on investment for the innovation in material composition, which is likely to further fuel the automotive wheel market.
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Regional Analysis of Automotive Wheel Market
In terms of region, the global automotive wheel market has been segregated into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Asia Pacific dominated the global automotive wheel market in 2019. It is anticipated to hold a leading share during the forecast period due to rise in production and sale of vehicles in China and countries in ASEAN. The major presence of automotive component manufacturers across Asia Pacific further boosts the automotive wheel market across the globe. Followed by Asia Pacific, Europe also held a major share of the global automotive wheel market due to the presence of a large number of tier-1 suppliers who have advanced research and development facilities for wheels, which in turn is likely to boost the automotive wheel market across the globe.
Key Players
Prominent players operating in the global automotive wheel market include ARCONIC, BBS Alloy Wheel, BORBET GmbH., CITIC Dicastal Wheel Manufacturing Co., Enkei, Fuel Off Road Wheels, Foshan Nanhai Zhongnan Aluminum Wheel Co., Ltd., MAXION Wheels, MHT Luxury Wheels., RONAL Group, TSW Wheels, WHEELPROS LLC, and Superior Industries International Inc.