Market Size of Automotive Wheel Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 37.94 Billion |
| Market Size (2029) | USD 51.97 Billion |
| CAGR (2024 - 2029) | 6.50 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Automotive Wheel Market Analysis
The Automotive Wheel Market size is estimated at USD 37.94 billion in 2024, and is expected to reach USD 51.97 billion by 2029, growing at a CAGR of 6.5% during the forecast period (2024-2029).
Over the long term, alloy wheels have been gaining popularity due to their attractive appearance. They are lighter in weight and can dissipate heat more effectively from tires and brakes than steel wheels. Additionally, the market growth of alloy wheels is being driven by an increase in capital investment and research and development spending by original equipment manufacturers (OEMs), particularly in the passenger car segment.
The market for automotive wheels is expected to grow over the coming years due to the rising popularity of alloy wheels in mid-specification car models worldwide. Even in developing nations such as India, diamond-cut and dual-tone alloy wheels are being introduced as standard features in economical car models, further driving the demand for alloy wheels.
An increase in the sales of electric vehicles is expected to boost the demand for automotive wheels in the coming years. Asia-Pacific is currently the major player in the market, followed by Europe. Asia-Pacific is anticipated to register the highest growth rate, while Japan and South Korea are expected to contribute significantly to its revenue growth over the following years.
Automotive Wheel Industry Segmentation
A wheel with a tire, rim, and hubcap propels the car. Automotive wheels are manufactured using steel, carbon fiber, or a composite of lightweight metal alloys, such as aluminum or magnesium.
The automotive wheel market is segmented by vehicle type, material type, sales channel, and geography. By vehicle type, the market is segmented into passenger cars and commercial vehicles. By material type, the market is segmented into steel, alloy, and carbon fiber. By sales channel, the market is segmented into original equipment manufacturers (OEMs) and aftermarket. By geography, the market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World. For each segment, the market sizing and forecasts have been done based on value (USD).
| By Vehicle Type | |
| Passenger Car | |
| Commercial Vehicle |
| By Material Type | |
| Steel | |
| Alloy | |
| Carbon Fiber |
| By Sales Channel | |
| Original Equipment Manufacturer | |
| Aftermarket |
| By Geography | ||||||||
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Automotive Wheel Market Size Summary
The automotive wheel market is poised for significant growth, driven by the increasing demand for alloy wheels and the rising production of passenger cars globally. The market is experiencing a shift towards alloy wheels due to their lightweight nature, aesthetic appeal, and superior heat dissipation compared to steel wheels. This trend is further supported by the growing penetration of alloy wheels in mid-specification car models and the introduction of advanced designs like diamond-cut and dual-tone alloy wheels, even in economic variants, particularly in developing countries such as India. The market is also benefiting from increased capital investment and R&D spending by original equipment manufacturers, which is expected to bolster the demand for wheels. Additionally, the active involvement of vehicle maintenance companies and MRO service providers is creating lucrative opportunities for market players, as aftermarket maintenance and service activities for both commercial and passenger vehicles continue to rise.
The Asia-Pacific region is anticipated to dominate the automotive wheel market, with China and India playing pivotal roles due to their large vehicle populations and rapid economic growth. The region's focus on fuel economy and the reduction of vehicle weight are expected to further drive market expansion. China, as the largest automotive market globally, is set to contribute significantly to the market's growth, supported by its robust manufacturing capabilities and favorable governmental policies. In India, the alloy wheel segment is experiencing accelerated growth, outpacing the overall market average, driven by the country's cost-effective manufacturing and engineering prowess. The market is characterized by the presence of key players such as Superior Industries, Enkei Wheels, and HRE Wheels, who are investing in innovative technologies and materials to enhance their product offerings. These developments, along with strategic investments in manufacturing facilities, are expected to propel the automotive wheel market forward during the forecast period.
Automotive Wheel Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Driver
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1.1.1 Vehicle Sales to Fuel Automotive Wheel Demand
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1.2 Market Restraint
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1.2.1 Fluctuating Raw Material Prices
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1.3 Porter's Five Forces Analysis
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1.3.1 Threat of New Entrants
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1.3.2 Bargaining Power of Buyers/Consumers
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1.3.3 Bargaining Power of Suppliers
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1.3.4 Threat of Substitute Products
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1.3.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION (Market Size in Value (USD))
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2.1 By Vehicle Type
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2.1.1 Passenger Car
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2.1.2 Commercial Vehicle
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2.2 By Material Type
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2.2.1 Steel
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2.2.2 Alloy
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2.2.3 Carbon Fiber
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2.3 By Sales Channel
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2.3.1 Original Equipment Manufacturer
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2.3.2 Aftermarket
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2.4 By Geography
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2.4.1 North America
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2.4.1.1 United States
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2.4.1.2 Canada
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2.4.1.3 Rest of North America
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2.4.2 Europe
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2.4.2.1 Germany
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2.4.2.2 United Kingdom
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2.4.2.3 France
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2.4.2.4 Italy
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2.4.2.5 Spain
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2.4.2.6 Rest of Europe
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2.4.3 Asia-Pacific
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2.4.3.1 India
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2.4.3.2 China
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2.4.3.3 Japan
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2.4.3.4 South Korea
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2.4.3.5 Rest of Asia-Pacific
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2.4.4 Rest of the World
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2.4.4.1 South America
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2.4.4.2 Middle East and Africa
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Automotive Wheel Market Size FAQs
How big is the Automotive Wheel Market?
The Automotive Wheel Market size is expected to reach USD 37.94 billion in 2024 and grow at a CAGR of 6.5% to reach USD 51.97 billion by 2029.
What is the current Automotive Wheel Market size?
In 2024, the Automotive Wheel Market size is expected to reach USD 37.94 billion.
