0
2018
Automotive Wheel Market

Automotive Wheel Market

by Material type (Alloy, Steel, and Carbon Fiber), Vehicle Type (Passenger Car, Light Commercial Vehicle, and Heavy Commercial Vehicle), and End User (OEM and Aftermarket): Global Opportunity Analysis and Industry Forecast, 2018 - 2025
Update Available On-Demand

Report Code: A04322
Pages: 235
Oct 2018 | 18222 Views
Author(s) : Akshay Jadhav & Divyanshi Tewari
Tables: 89
Charts: 60
  • Formats*:

  • Single User License, Five User
    License & Enterprise User License

  • Data Pack Excel License

  • It comes with the additional cost
    of $2500.00 contact sales.

 

COVID-19

Pandemic disrupted the entire world and affected many industries.

Get detailed COVID-19 impact analysis on the Automotive Wheel Market

Request Now !

Automotive Wheel Market Statistics - 2025

The global automotive wheel market was valued at $30,011.3 million in 2017, and is projected to reach $47,355.3 million by 2025, registering a CAGR of 5.7% from 2018 to 2025. Asia-Pacific is the highest contributor to the global market, registering a CAGR of 6.0% during the forecast period.

Wheel is an essential part of a motor vehicle, whose demand is directly connected to the automotive industry. Wheels should be strong enough to bear the weight of a vehicle and withstand forces caused by operation. The automotive wheel is a component that rotates and transmits the drive from the axle to the road. It also provides a means to affix the tires. The automotive wheel comprises a rim, spoke, and hub.

Alloy wheels are becoming popular due to their aesthetic appeal. They are light weight and dissipate heat from tires and brakes more effectively as compared to steel wheels. Moreover, increase in capital investment and R&D spending by OEMs, particularly on passenger cars boosts the market growth. The automotive wheel market is powered by shifting trend toward light weighted aesthetically appealing cars and has witnessed considerable growth in the developed as well as developing regions. Automotive giants are increasingly focusing on manufacturing light weight vehicles in response to growth in concern for environmental pollution.

global automotive wheel market

Get more information on this report: 

Increase in vehicle production and ongoing trend of weight reduction in vehicles drive the growth of the automotive wheel market. Necessity for lightweight wheels to reduce the vehicle weight and enhance fuel efficiency propel the automotive wheel market. Technological advancement and product innovations in material, design, and aerodynamics have further enhanced the industry growth. In addition, increase in consumer spending on vehicle along with growth in population further enhances the market growth.

However, volatility in raw material prices hinders the market growth.  In addition, lack of standardization in the manufacturing processes of automotive wheel is expected to restrict the market.

Furthermore, increase in adoption of carbon fiber in the automotive industry and surge in investment on wheel design for better aerodynamics offer lucrative opportunities for the automotive wheel market.
The major players operating in the global automotive wheel market are Iochpe-Maxion, CITIC Dicastal Wheel Manufacturing, Hitachi Metals, Steel Strips Wheels, American Eagle Wheels, United Wheels Group, CLN Group, Borbet, Topy Industries Limited, and Accuride Corporation.

The automotive wheel market is segmented based on material type, vehicle type, end user, and region. Alloy, steel, and carbon fiber are studied under the material segment. Based on the vehicle type, the market is divided into passenger car, light commercial vehicle, and heavy commercial vehicle. Based on end user, the market is classified into original equipment manufacturer (OEM) and aftermarket. Based on region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

automotive wheel market top impacting factors

Get more information on this report: 

Increase in vehicle production, rise in trends toward weight reduction, technological advancements, and volatility in raw material prices are the significant factors that affect the growth of the global automotive wheel market. These factors are anticipated to either drive or hamper the market growth.

Increase in vehicle production

The automotive market is on to the reach the 100 million units milestone in 2019. Original equipment manufacturers in the developing regions such as China, India, and Japan adapt to the changes in regional and segment patterns of supply and demand, with respect to their production and supply base footprints, supply chains, and product portfolio. Factors such as rise in urbanization along with increase in population boost the demand for vehicles among consumers. For Instance, North America is the home for largest vehicle producers in the world, including General Motors and Ford, which account for 25% of the global vehicle production.

Volatility in raw material prices

There is an increase in the volatility in raw material prices for tire, wheels, and rubber goods. The demand for various materials used in automotive wheel manufacturing have registered a considerable growth in the years. The supply of raw materials that make up the automotive component such as aluminum, steel, magnesium and others, keeps fluctuating. The excessive usage of the raw materials used in the automotive wheel manufacturing lead to its shrinkage. For instance, the fluctuating prices of the raw materials in the EV battery manufacturing hamper the growth of the market.

Increased adoption of carbon fiber in the automotive industry

Weight of automotive increases the fuel consumption capacity of the vehicle. It also hinders its speed capacity. These factors in turn hamper the growth of the automotive industry. Steel was first substituted by aluminum, but OEM are now adopting carbon fiber-reinforced plastics (CFRP) technologies for automotive equipment manufacturing, since these materials offer further weight reduction with higher specific stiffness. Many leading automotive manufacturers, such as BMW and Mercedes, are planning or have already started to scale-up their production of fuel-efficient cars through weight reduction by using carbon fibers. For instance, Mitsubishi Chemical Holdings, through its subsidiary Mitsubishi Rayon's US unit, said it would acquire a carbon fiber plant SGL Carbon Fibers LLC (SCF) in the U.S. The acquisition of SCF, currently run by Germany's SGL Group, will add 1,000 tons of annual output capacity and will help the company address the rise in demand for the material.

Key Benefits for Automotive Wheel Market:

  • tytical depiction of the global automotive wheel market along with the current trends and future estimations to depict the imminent investment pockets.This study comprises an anal
  • The overall market potential is determined to understand the lucrative trends to gain a stronger foothold in the automotive wheel industry.
  • The report includes information related to key drivers, restraints, and opportunities with a detailed impact analysis.
  • The current market is quantitatively analyzed from 2017 to 2025 to highlight the financial competency of the global automotive wheel market.
  • Porter’s Five Forces analysis illustrates the potency of the buyers and suppliers in this global market.

Automotive Wheel Market Report Highlights

Aspects Details
By Material Type
  • ALLOY (ALUMINUM & MAGNESIUM)
  • Steel
  • Carbon Fiber
By Vehicle Type
  • PASSENGER CAR
  • Light Commercial Vehicle (LCV)
  • Heavy Commercial Vehicle (HCV)
By End User
  • ORIGINAL EQUIPMENT MANUFACTURER
  • Aftermarket
By Region
  • NORTH AMERICA  (U.S., Canada, Mexico)
  • EUROPE  (U.K., Germany, France, Spain, Rest of Europe)
  • ASIA-PACIFIC  (China, Japan, India, South Korea, Rest of Asia-Pacific)
  • LAMEA  (Latin America, Middle East, Africa)
Key Market Players IOCHPE-MAXION, CITIC DICASTAL WHEEL MANUFACTURING, HITACHI METALS, STEEL STRIPS WHEELS, AMERICAN EAGLE WHEELS, SUPERIOR INDUSTRIES, CLN GROUP, BORBET, TOPY INDUSTRIES, ACCURIDE CORPORATION
 

Loading Table Of Content...


 
 

The automotive wheel market is powered by shifting trend toward light weight aesthetically appealing cars and has witnessed considerable growth in the developed and the developing regions. Automotive giants are highly focused on the production of light weight vehicles in response to growing concerns of environmental pollution. For instance, the Government of China views its automotive industry, including the auto parts sector, as one of the country’s pillar industries.

China continues to be the world’s largest vehicle market with sales of over 28 million units in 2016, a year-on-year growth of 9% from 2015. The Chinese Central Government expects that China’s automobile output will reach 30 million units by 2020 and 35 million by 2025. Positive government support in framing new standards and safety regulations regarding manufacturing and implementation of these components propel the industry growth.

Increase in vehicle production and rise in trends of weight reduction in vehicles drive the growth of the automotive wheel market. Necessity for lightweight wheels to reduce the vehicle weight and enhance fuel efficiency and technological advancement and product innovations in material, design, and aerodynamics are the factors that boost the market growth. In addition, increase in consumer spending on vehicle along with growth in population further enhances the market growth.

Iochpe-Maxion, CITIC Dicastal Wheel Manufacturing, Hitachi Metals, Steel Strips Wheels, American Eagle Wheels, United Wheels Group, CLN Group, Borbet, Topy Industries Limited, and Accuride Corporation are the key players that have a significant revenue share in the global automotive wheel market.

 

PURCHASE OPTIONS

Call or Email us

U.S.-Canada Toll-free: +1-800-792-5285
Int'l : +1-503-894-6022
Europe : + 44-845-528-1300
Email : help@alliedmarketresearch.com

Looking for Customization?

 Customization Request

Have a Question?

 Speak with Analyst

Any Confusion?

 Inquire Before Buying

Have a glance of the Report

  Request Free Sample
RELATED TAGS
 

HAVE QUESTIONS?
SPEAK WITH ANALYST

 

FREQUENTLY ASKED
QUESTIONS?

 

DID YOU MISS ANYTHING?
DO YOU HAVE SPECIFIC REQUIREMENTS?

 

Download Free Sample

OR

Purchase Full Report of
Automotive Wheel Market

Start reading instantly.
This Report and over 18,881+ more Reports, Available with Avenue Library. T&C*.

  • Online Only
  • $3,456
  • Online cloud access only
  • Restricted print, copy, paste & download
  • Read only
  • Free industry update
    (Within 180 days)
  • Free report update in next update cycle
    (Oct 2019 - Oct 2020)
  • Data Pack
  • $3,840
  • Restricted to one authorized user
  • One print only
  • Available in
    Excel
  • Free industry update
    (Within 180 days)
  •   Free report update in next update cycle
    (Oct 2019 - Oct 2020)
  • Single User
  • $5,769
  • Restricted to one authorized user
  • One print only
  • Available in
    PDF
  • Free industry update
    (Within 180 days)
  •   Free report update in next update cycle
    (Oct 2019 - Oct 2020)
  • Five Users
  • $6,450
  • Limited to five authorized users
  • Print upto five copies
  • Available in
    PDF
  • Free industry update
    (Within 180 days)
  •   Free report update in next update cycle
    (Oct 2019 - Oct 2020)
  • Enterprise
    License/PDF

  • $10,995
  • Unlimited
    within
    company/enterprise
  • Available in Excel & PDF
  • Free industry update
    (Within 180 days)
  •   Free report update in next update cycle
    (Oct 2019 - Oct 2020)
  • Library
    Membership

  • $ 999
    Per User/ Per month/ Billed annually
  • Published Content
    E-access
  • Company Profiles
    E-access
  • Newly Added Content Access
  • 10 PDF
    Downloads
  • 5 Excel Data
    Pack Downloads
  • 250 Company Profiles PDF Downloads
  • Buy Now

*Taxes/Fees, if applicable will be added during checkout. All prices in USD

 

Why Allied Market Research?

 

Infallible Methodology

To ensure high-level data integrity, accurate analysis, and impeccable forecasts

Analyst Support

For complete satisfaction

Customization

On-demand customization of scope of the report to exactly meet your needs

TARGETED MARKET VIEW

Targeted market view to provide pertinent information and save time of readers

Get fresh content delivered

Get insights on topics that are crucial for your business. Stay abreast of your interest areas.

Get Industry Data Alerts

Why Allied Market Research?

Infallible Methodology

To ensure high-level data integrity, accurate analysis, and impeccable forecasts

Analyst Support

For complete satisfaction

Customization

On-demand customization of scope of the report to exactly meet your needs

TARGETED MARKET VIEW

Targeted market view to provide pertinent information and save time of readers