Automotive Wheel Market Share, Reaching USD 47,355.3 Million by 2025: Insights from Allied Market Research
The global automotive wheel market size was valued at USD 32,627.9 million in 2018 and is projected to reach USD 47,355.3 million by 2025, registering a CAGR of 5.2% from 2019 to 2025. The report segments the market based on vehicle type, material, diameter, sales channel, and region.
Factors Driving Growth:
The increasing demand for passenger vehicles and rising sales of new vehicles are driving the growth of the automotive wheel market. Other key factors driving the growth include the increasing demand for fuel-efficient vehicles, rising adoption of lightweight materials for automotive parts, and growing investments in developing smart cities. The growing demand for customized and personalized vehicles, and the growing demand for automotive wheels with safety features, are also expected to contribute to the growth of the automotive wheel market in the future.
Market Segmentation Analysis:
By Vehicle Type:
Based on vehicle type, the global automotive wheel market is segmented into passenger cars, light commercial vehicles, heavy commercial vehicles, and others. The passenger car segment accounted for the largest share of the automotive wheel market in 2018. This growth is attributed to the increasing demand for passenger vehicles due to the growing disposable incomes, the rising population, and urbanization. However, the commercial vehicle segment is projected to witness the fastest growth during the forecast period. This is mainly driven by the increasing investment in the development of new vehicles for logistic operations and fleet modernization initiatives.
By Material:
Based on material, the global automotive wheel market is segmented into steel, aluminum, and others. The steel segment accounted for the largest share of the market in 2018. However, the aluminum segment is projected to witness the fastest growth during the forecast period, driven by its lightweight properties, corrosion resistance, and enhanced fuel efficiency benefits. The adoption of aluminum wheels is also gaining traction due to the increasing use of aluminum wheels in performance and high-end vehicles.
By Diameter:
Based on diameter, the global automotive wheel market is segmented into less than 16 inches, 16-18 inches, 19-21 inches, and more than 21 inches. The 16-18 inches segment accounted for the largest share of the market in 2018. This segment is popular for its affordability and versatility across different vehicle models. However, the 19-21 inches segment is projected to witness the fastest growth during the forecast period. This segment is gaining popularity due to the increasing preference for larger diameter wheels for aesthetic appeal and better road grip.
By Sales Channel:
Based on sales channel, the global automotive wheel market is segmented into OEM and aftermarket. The OEM segment accounted for the largest share of the market in 2018. However, the aftermarket segment is projected to witness the fastest growth during the forecast period. This growth is attributed to the increasing demand for personalized customization, upgrades, and replacements. The growing trend of customizing and personalizing vehicles is also expected to drive the growth of the aftermarket segment.
Regional Market Analysis:
The global automotive wheel market is analyzed based on regions namely, North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific held the largest share of the market in 2018, followed by Europe, and North America. The rapid growth of the automotive industry in emerging economies, such as India, China, and Southeast Asian countries, is driving the growth of the market in Asia-Pacific. Furthermore, the high volume of production and strong presence of OEMs and Tier 1 players contribute to the regional dominance of the market in Asia-Pacific. The North American market is projected to witness a significant growth due to the increasing adoption of lightweight materials for automotive parts and rising adoption of new technologies in automotive manufacturing.
Competitive Landscape:
The automotive wheel market is highly competitive with several players such as:
* Alcoa Inc.
* AkzoNobel NV
* Arconic Inc.
* Brose Fahrzeugteile GmbH & Co. KG
* Bosch GmbH
* Continental AG
* Dana Incorporated
* Federal-Mogul LLC
* Ford Motor Company
* General Motors
* Honda Motor Co., Ltd.
* Hyundai Motor Company
* Magna International Inc.
* Mitsubishi Motors Corporation
* Nissan Motor Co., Ltd.
* PPG Industries, Inc.
* Toyota Motor Corporation
* Valeo SA
* Volkswagen AG
These players are focusing on various strategies to increase their market share, including mergers and acquisitions, partnerships, and product launches. Key players are also investing heavily in R&D to develop innovative and lightweight materials for automotive wheels. Additionally, they are expanding their distribution networks to enhance their market penetration and increase customer satisfaction.
The market is further expected to be driven by a few emerging trends. The demand for electric vehicles is growing at a steady pace. Electric vehicles have lighter chassis, leading to the demand for aluminum and other lightweight wheels. Furthermore, the rise of self-driving cars is another prominent factor that can bring a substantial change to the automotive wheel industry. As these vehicles have lesser need for driver interference, the focus on driver control becomes minimal. Therefore, design innovation and aesthetic improvement are likely to witness an upward trend. The demand for lighter and stronger wheel designs is also growing due to the development of automated driving systems and driver assistance features, which require robust components.
This study focuses on global Automotive Wheel market. Its objective is to determine the future trends and forecast the sales volume for the key players during the period 2020-2025, considering both current and anticipated future market trends.
