In 2022, the global automotive wheel rims market was valued at USD 44.5 billion, with projections indicating a rise to USD 46.2 billion by 2023. According to Future Market Insights, the market is anticipated to grow at a 6.01% CAGR from 2023 to 2033, reaching around USD 82.83 billion by 2033.
Wheel rims, which form the outer edge of a wheel, play a vital role in securing the tire. They are engineered for durability to support the vehicle’s weight and handle operational stresses.
Alloy wheels are becoming more popular due to their aesthetic appeal and lighter weight compared to steel wheels. Aluminum alloy wheels, in particular, offer improved heat dissipation from tires, which contributes to enhanced braking performance.
In-Depth Market Analysis: A Complete Report
Key Insights from the Automotive Wheel Rims Market Report:
- From 2017 to 2022, the global automotive wheel rims market saw a CAGR of 5.45%.
- North America is forecasted to hold a 43.5% share of the automotive wheel rims market during the forecast period.
- Europe is expected to capture 32% of the global market share for automotive wheel rims.
- Aluminum alloy wheel rims represent about 55% of the market share in terms of product type.
- The Asia Pacific region is projected to hold 25% of the market share, with an anticipated growth rate of 7.9% CAGR over the forecast period.
“Escalating preference for light-weight vehicles to boost market growth is considered one of the major drivers of the automotive wheel rims market”, – comments a Future Market analyst.
Competition Landscape
Leading players operating in the global automotive wheel rims market are focusing on launching novel products to expand their product portfolio and strengthen their market footprint. Some of the other players are aiming at expanding their global presence to increase their market share. For instance,
- Maxion Wheels, has set a goal of becoming a carbon-neutral supplier by 2040 as this target, ROADMAP ZERO, is considered to be the focal point of all global Tier One sustainability developments.
- Euromax Resources Ltd announced its approval of the merger of the Company’s Ilovica 6 and Ilovica 11 exploitation concessions, based on the announcement in the Official Gazette no. 141.
Top key players in Automotive Wheel Rims Market are:
- 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.
Key Segments Profiled in the Automotive Wheel Rims Industry Survey
By Product Type
- Wire Spoke
- Steel Disc
- Light Alloy
- Aluminium Alloy
- Magnesium Alloy
- Titanium Alloy
- Chrome
- Teflon
By Size
- Measuring 13-20
- Measuring 21-25
- Measuring 25-30
By End User
- Manufacturing Industry
- Workshops
By Region
- North America
- Latin America
- Western Europe
- Eastern Europe
- East Asia
- South Asia & Pacific
- Middle East and Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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