The automotive wheel rims market demand is anticipated to exhibit opulent growth over the assessment period from 2022 to 2032 with a healthy CAGR of 6.20%. The market is expected to reach a valuation of US$ 44,944.6 Million in 2022 and is expected to surpass US$ 82,020.5 million by 2032. According to the Future Market Insights (FMI) reports, in the historical forecast period from 2016 to 2021 sales witnessed significant growth, registering a CAGR of 3.4%.
The outer edges of a wheel, or the rims, are designed to securely hold the tyre in place. The strength of wheel rims determines their capacity to support the weight of the vehicle and withstand operational forces. Among the most common materials used to make wheel rims are aluminium, alloys, steel, magnesium, and nonferrous alloys.
Alloy wheels are gradually gaining in favour due to their attractive shape and lighter weight than steel wheels. Alloy wheels absorb heat from tyres and brakes perform better than they do on steel wheels because aluminium conducts heat well. The braking mechanism of an automobile is greatly influenced by the rims of the wheels. A wheel’s rim with a larger circumference provides for greater airflow to the braking system.
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Key Takeaways
- An increase in consumer willingness to pay has been witnessed along with surging preferences of luxury car owners for a variety of designs in rims and a considerable hike in vehicle production globally are some of the prominent reasons for bolstering the expansion of the automotive wheel rims Market across the estimation period from 2022 to 2032.
- Weight plays a vital role in a vehicle, and it affects the handling of the vehicle. Tremendous growth is witnessed in the wheel rims industry over the years as lightweight vehicles can effectively handle tires motion. Owing to the technological advancements and latest innovations in the automotive wheel rims mark, lucrative opportunities have been created for automobile companies. As per FMI predictions, the global automotive wheel rims market will be profitable in the coming years.
- A heightened surge in the demand for lightweight vehicles is witnessed all over the market due to increased fuel efficiency. In addition to that, a rise in consumer demand and increased spending in the automobile industry is witnessed which is anticipated to drive the automotive wheel rims market in the forthcoming years.
- The surge in penetration of alloy wheels in mid-spec car models all over the world paired with the emergence of diamond-cut/dual-tone alloy wheels are giving consumers a large variety of options to choose from, hence, propelling the market growth. In developing countries like India, the economic variants of car models are contributing to cast a positive influence on the automotive wheel rims market over the forecast period from 2022 to 2032.
- The requirement for lightweight component integration in vehicles is rigorously escalating due to fluctuations in the fuel economy standards. Recently the European Union has committed to reducing carbon emissions by 20% in 2022 and reducing it to the level found in 1990.
- The need for car customization is gaining immense traction which is driving the demand for additional surface treatments such as diamond cuts and high gloss paints. Moreover, a surge in preference for specific kinds of wheels on the basis of diameter and material of a vehicle is fueling growth in the automotive wheel rims market.
- Consumers are increasingly spending on automobiles, visually appealing wheels, and technological advancements in products which are predicted to propel the market during the forecasted period.
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Competitive Landscape
An impeccable rise in the preference of vehicle owners for more silent and environment-friendly vehicles is witnessed in the global market. Furthermore, leading market players are focusing on research and development activities by ORMs which is expected to fuel growth in the upcoming years.
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.
More Insights into the Automotive Wheel Rims Market
The North American market is predicted to have the largest market share in the global automotive wheel rims market accounting for 25% of the total market share in 2022. It has registered a skyrocketing growth with a CAGR of 6% over the assessment period from 2022 to 2032.
Due to the rise in disposable income in the United States and Canada, there is a surge in the global market. North America is projected to provide profitable growth opportunities for the automotive wheel rims market in the coming years.
Europe is predicted to offer profitable growth opportunities in the global market since there are various well-established players in the country such as the United Kingdom and Germany. As per FMI analysis, Europe is accountable for 12% of the total market share in 2022 with a robust CAGR of 5.7% throughout the forecast period.
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Key Segments Profiled in The Automotive Wheel Rims Industry Survey
Automotive Wheel Rims Market by Product Type:
- Wire Spoke Wheel Rims
- Steel Disc Wheel Rims
- Light Alloy Wheel Rims
- Aluminium Alloy Wheel Rims
- Magnesium Alloy Wheel Rims
- Titanium Alloy Wheel Rims
- Chrome Wheel Rims
- Teflon Wheel Rims
Automotive Wheel Rims Market by Size:
- Automotive Wheel Rims measuring 13”-20”
- Automotive Wheel Rims measuring 21”-25”
- Automotive Wheel Rims measuring 25”-30”
Automotive Wheel Rims Market by End User:
- Automotive Wheel Rims for Manufacturing Industry
- Automotive Wheel Rims for Workshops
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