The anticipated size of the automotive wheel rims market in 2022 was USD 44.5 billion and is estimated to be USD 46.2 billion in 2023. Growth in the popularity of new vehicles among various age groups helps in driving global market growth. Future Market Insights has mentioned in its reports that the automotive wheel rims market will expand at a CAGR of 6.01% between 2023 and 2033, totaling around USD 82.83 billion by 2033.
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| Attributes | Details |
|---|---|
| Projected Forecast Value (2022) | USD 44.5 billion |
| Projected Forecast Value (2023) | USD 46.2 billion |
| Projected Forecast Value (2033) | USD 82.83 billion |
| Growth rate | 6.01% CAGR |
| Forecast period | 2023 to 2033 |
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Global automotive wheel rims market grew at a CAGR of 5.45% between 2017 and 2022. Growth forecasts remain optimistic, with the market predicted to exhibit a CAGR of 6.01% between 2023 and 2033.
Growing demand for lightweight vehicles in response to increased fuel efficiency, as well as rising consumer demand and spending on automobiles, are expected to drive the automotive wheel rims market in the coming years.
Increasing penetration of alloy wheels in mid-spec car models globally, as well as the introduction of diamond-cut/dual-tone alloy wheels as standard even in economic variants of car models in developing countries such as India, are expected to positively influence the automotive wheel rims market over the forecast period.
Escalating Preference for Light-weight Vehicles to Boost Market Growth
Rigorous emission and fuel economy standards are influencing the requirement for lightweight component integration in vehicles.
Growing consumer preference for car customization is driving the demand for additional surface treatments such as diamond cuts and high gloss paints. Growing preferences for specific wheels in terms of diameter and material for various vehicles will spur the development of the automotive wheel rims market.
Increasing Preference for Environmentally Friendly Vehicles to Drive Demand
Growing preference of vehicle owners for more silent and environmentally friendly vehicles, as well as increased Research and Development activities by OEMs, is expected to boost the market in the coming years.
Rising consumer demand along with spending on automobiles, technological advancements in products, and visually appealing wheels are expected to propel the market during the forecasted period.
Low Adoption in Developing Regions to Stifle Market Growth
Adoption of automotive wheel rims has been observed to be quite low in lower and middle-income countries due to low awareness and less disposable income, which may limit the global automotive wheel rims market. Volatility of raw material prices is a major impediment to global market growth. Automotive wheel rims manufacturers must create lightweight, regulatory-compliant wheels.
Although the prices of wheels have decreased in recent years, the higher wheel versions remain more expensive. Moreover, increasing replacement costs due to accidents, as well as fluctuating raw material prices, are acting as market restraints for the automotive wheel rims market during the forecasted period.
Up-to-date Technological Advancements are Creating Opportunities for Key Market Players
Market is likely to benefit greatly from manufacturers' increasing attention to technologically upgraded components. The OEMs similarly produce parts to fulfill the emission criteria established by governing authorities. The industry will continue to grow as a result of major manufacturers investing heavily in Research and Development to create affordable automobiles to establish themselves as industry leaders on a worldwide scale, manufacturers seek to invest in cutting-edge, TUV-approved facilities. They are spending money on brand-new equipment that gives vehicle wheel rims coatings like tinted gloss black and others.
Manufacturers of car wheel rims that want to obtain a competitive edge over other big market participants in the next years are becoming more and more familiar with the Fine Element Analysis (FEA) concept.
Better understand OEM requirements and the local market, several market participants are investing extensively to expand their distribution networks to provide their goods to OEMs as they are also positioning their manufacturing operations close to OEM facilities.
Increasing consumer willingness to pay, rising preferences of luxury car owners for rims with various designs, and rising vehicle production globally are some of the factors that will likely boost the expansion of the automotive wheel rims market during the forecast period.
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Increased Disposable Income to Create Opportunities for Automotive Wheel Rims Manufacturers
North America is predicted to have the largest market share in the global automotive wheel rims market due to increased disposable income in the United States and Canada.
Owing to the presence of several well-established players in countries such as the United States and Canada, North America is expected to provide profitable growth opportunities for the automotive wheel rims market in the coming years.
Due to the aforementioned reasons, North America is expected to possess a 43.5% market share for the automotive wheel rims market in the assessment period.
Growing Automotive Industry to Favor market growth
Europe contributes significantly to the global automotive wheel rims market due to its use in commercial sectors and the ever-growing automobile sector.
Owing to the presence of several well-established players in countries such as Germany and the United Kingdom, Europe is expected to provide profitable growth opportunities for the wheel rim market in the coming years. Europe is expected to hold 32% of the market share for the automotive wheel rims market.
Drastic Changes in Asia Economies to Fuel Rapid Adoption
Asia Pacific trails North America in terms of market share in the global automotive wheel rims market, owing to drastic changes in Asian economies and lifestyle trends, particularly in countries such as Greater Japan, China, and India.
The Asia Pacific automotive wheel rims market is forecasted to grow significantly. Rapid urbanization rates, combined with the rising spending power of citizens in China, India, Thailand, and Indonesia, are projected to boost regional market penetration.
Availability of low-cost labor and support for automotive manufacturing activities is boosting demand for wheels. Asia Pacific is expected to procure a 25% market share for the automotive wheel rims market while growing at a CAGR of 7.9% in the assessment period.
Aluminium Alloy Wheel Rims are in High Demand due to their Lightweight Properties
Aluminium alloy wheel rims demand accounted for approximately 55% of the automotive wheel rims market share, to reduce cracking in the event of extreme loads/pressure, aluminium alloy wheel rims are either cast or forged.
Aluminium alloy wheel rims are manufactured using two processes: casting and forging as they are available in bare-metal finishes, which eliminate the need for paint. Easy availability of commodity materials, combined with corrosion resistance, will provide the market with strong growth prospects.
Changes in regulatory policies to encourage the production of fuel-efficient vehicle parts have increased the demand for lightweight wheels over steel alternatives. Characteristics such as lightweight, improved heat conductivity, and anti-corrosive properties will boost aluminum alloy wheel rims demand.
Some of the key players are-
Recent Developments in the Automotive Wheel Rims Market:
| Report Attribute | Details |
|---|---|
| Market Value in 2023 | USD 46.2 billion |
| Market Value in 2033 | USD 82.83 billion |
| Growth Rate | CAGR of 6.01% from 2023 to 2033 |
| Base Year for Estimation | 2022 |
| Historical Data | 2017 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | Revenue in USD billion and CAGR from 2023 to 2033 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered | Product Type, Size, End User, Region |
| Regions Covered | North America, Latin America, Western Europe, Eastern Europe, South Asia and Pacific, East Asia, Middle East and Africa |
| Key Countries Profiled | United States of America, Canada, Brazil, Mexico, Germany, United Kingdom, France, Spain, Italy, Poland, Russia, Czech Republic, Romania, India, Bangladesh, Australia, New Zealand, China, Japan, South Korea, GCC Countries, South Africa, Israel |
| Key Companies Profiled | TSW Alloy Wheels; Euromax Wheel; Maxion Wheels; Voxx Wheel; MHT Luxury Wheels; Sota Offroad; Status Wheels (TUFF A.T); Fuel Offroad Wheels; Wheel Pros LLC |
| Customization & Pricing | Available upon Request |
The anticipated growth of the automotive wheel rims market until 2033 can be USD 82.83 billion.
The estimated market value of the automotive wheel rims market expected in 2022 was USD 44.5 billion.
Estimated market value of the automotive wheel rims market expected in 2023 can be 46.2 billion.
Aluminium alloy wheel rims are considered to be the most lucrative for automotive wheel rims market.
| Market Estimated Size in 2023 | USD 1,446.20 million |
|---|---|
| Projected Market Value in 2033 | USD 2,147.80 million |
| Value-based CAGR from 2023 to 2033 | 4% |
| Market Estimated Size in 2023 | USD 759.6 million |
|---|---|
| Projected Market Size in 2033 | USD 1,163.83 million |
| Value-based CAGR from 2023 to 2033 | 3.1% |
| Projected Forecast Value (2023) | USD 3,866.7 million |
|---|---|
| Projected Forecast Value (2033) | USD 6,322.1 million |
| CAGR (2023 to 2033) | 5.04% |
| Estimated Market Size (2023E) | USD 1,114.2 million |
|---|---|
| Projected Market Size (2033F) | USD 1,810.7 million |
| Value CAGR (2023 to 2033) | 5.0% |
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Automotive Wheel Rims Market
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