Global Automotive Wheel Rims Market- Overview
The global automotive wheel rim market size was valued at USD 22.17 billion in 2020. The market is expected to grow at a compound annual growth rate (CAGR) of 4.9% from 2023 to 2033. It makes up the outer circular design of the wheel on which the inside edge of the tire is mounted on vehicles such as automobiles.
Report Scope
Report Attributes | Description |
Market Size in 2022 (Value) | USD 22,170 million |
Market Forecast in 2033 (Value) | USD 30,250 million |
CAGR % 2023-2033 | 4.9% |
Base Year | 2022 |
Historic Data | 2019-2021 |
Forecast Period | 2023-2033 |
Report USP | Production, Consumption, company share, company heatmap, company production capacity, growth factors and more |
Segments Covered | Material type, channel type and vehicle type |
Regional Scope | North America, Europe, APAC, South America and Middle East and Africa |
Country Scope | U.S.; Canada; U.K.; Germany; France; Italy; Spain; Benelux; Nordic Countries; Russia; China; India; Japan; South Korea; Australia; Indonesia; Thailand; Mexico; Brazil; Argentina; Saudi Arabia; UAE; Egypt; South Africa; Nigeria |
Key Companies | Maxion Wheels, Steel Strip Wheels, ESE Carbon, Accuride Corporation, Superior Industries International, Ronal Group, and Telleborg AB, among others. |
Global Automotive Wheel Rims Market- Growth Factors
The growing number of automobiles around the globe is the major factor that is boosting the growth of the market during the forecast period. Owing to the hectic schedule of the members of the family there exist more than one automobile in the houses of a majority of the families around the globe. The rising disposable income of the people is the major factor for the growth of the automobile sector and this factor is boosting the growth of the market during the forecast period. Apart from this, the growing population around the globe is also a factor for the growth of the market during the forecast period. However, the rising prices of the vehicles around the globe is estimated to hamper the growth of the market during the forecast period.
Global Automotive Wheel Rims Market – Market Trends
• The growing number of automobiles around the globe is the major factor that is boosting the growth of the market during the forecast period.
• The rising disposable income of the people is the major factor for the growth of the automobile sector and this factor is boosting the growth of the market during the forecast period.
• However, the rising prices of the vehicles around the globe is estimated to hamper the growth of the market during the forecast period.
Global Automotive Wheel Rims Market – Segmentation
The global automotive wheel rims market is segmented based on material type, sales channel type and vehicle type.
The demand for carbon fiber wheel rims has been increasing in recent years, driven by several factors such as the lightweight and high-strength properties of carbon fiber, improved manufacturing processes, and the growing demand for high-performance vehicles. Here are some trends related to the demand for carbon fiber wheel rims:
Growing Market: The global carbon fiber wheel rim market size was valued at USD 180 million in 2020 and is expected to grow at a CAGR of 25.9% from 2023 to 2033. The increasing demand for lightweight and high-performance vehicles, as well as the adoption of carbon fiber in other industries such as aerospace and defense, are driving the market growth.
Performance Vehicles: Carbon fiber wheel rims are increasingly being used in high-performance vehicles such as sports cars and supercars. The lightweight properties of carbon fiber reduce the unsprung weight of the vehicle, which leads to improved handling and acceleration.
Customization: The trend of vehicle customization is driving the demand for carbon fiber wheel rims. Custom wheel rims made of carbon fiber offer a unique look and enhance the overall aesthetic appeal of the vehicle.
Improved Manufacturing: The manufacturing processes for carbon fiber wheel rims have improved in recent years, which has led to a reduction in the cost of production. Additionally, the use of advanced simulation software and robotics in the manufacturing process has improved the quality and consistency of carbon fiber wheel rims.
Environmental Concerns: The use of carbon fiber in wheel rims reduces the overall weight of the vehicle, which in turn reduces fuel consumption and carbon emissions. This makes carbon fiber wheel rims an attractive option for environmentally conscious consumers.
Overall, the demand for carbon fiber wheel rims is expected to continue growing in the coming years, driven by the increasing demand for high-performance vehicles, customization, and the adoption of lightweight materials in the automotive industry.
While the adoption of carbon fiber wheel rims has been primarily limited to high-performance vehicles such as sports cars and supercars, there is growing interest in using carbon fiber in commercial vehicles as well. Here are some trends related to the adoption of carbon fiber wheel rims in commercial vehicles:
Lightweighting: The primary driver for using carbon fiber in commercial vehicle wheel rims is to reduce the weight of the vehicle. This leads to improved fuel efficiency and lower carbon emissions. Additionally, the reduced weight of the vehicle can increase payload capacity, leading to greater operational efficiency.
Improved Durability: Carbon fiber is known for its high strength-to-weight ratio, which makes it a desirable material for wheel rims. Commercial vehicles often face harsh operating conditions, and the use of carbon fiber wheel rims can improve the durability and reliability of the vehicle.
Increased Cost Savings: While carbon fiber wheel rims are more expensive than traditional steel or aluminum wheel rims, they can lead to cost savings in the long run. The improved fuel efficiency and reduced maintenance costs of the vehicle can offset the higher initial cost of the carbon fiber wheel rims.
Customization: Customization is a growing trend in the commercial vehicle industry, and the use of carbon fiber wheel rims can offer a unique look and enhance the overall aesthetic appeal of the vehicle.
Improved Manufacturing: The manufacturing processes for carbon fiber wheel rims have improved in recent years, which has led to a reduction in the cost of production. Additionally, the use of advanced simulation software and robotics in the manufacturing process has improved the quality and consistency of carbon fiber wheel rims.
Overall, the adoption of carbon fiber wheel rims in commercial vehicles is still in its early stages, but there is growing interest in using carbon fiber to improve the fuel efficiency, durability, and overall performance of commercial vehicles.
Global Automotive Wheel Rims Market – Regional Analysis
It is estimated for the region of US to drive the growth of the market during the forecast period. The growing in the technological advancements in the food sector in the region is estimated to foster the growth of the market during the forecast period. The region of Europe is estimated to witness growth at a healthy rate during the forecast period. The Asia Pacific region is also estimated to witness a notable growth rate in the market.
Japan is one of the leading automotive manufacturing countries in the world, and it has been at the forefront of the adoption of carbon fiber in the automotive industry. Here are some trends related to the demand for carbon fiber automotive wheel rims in Japan:
Increasing Market: The demand for carbon fiber automotive wheel rims in Japan has been increasing in recent years, driven by the growing demand for lightweight and high-performance vehicles. According to our estimates, the Asia Pacific carbon fiber automotive parts market is expected to grow at a CAGR of 15% from 2023 to 2033, with Japan being one of the major markets in the region.
High-Performance Vehicles: Carbon fiber wheel rims are increasingly being used in high-performance vehicles in Japan, such as sports cars and supercars. The lightweight properties of carbon fiber reduce the unsprung weight of the vehicle, which leads to improved handling and acceleration.
Automotive Industry Collaboration: The automotive industry in Japan has been collaborating with carbon fiber manufacturers to develop new applications for carbon fiber in automotive parts, including wheel rims. This has led to the development of new manufacturing processes and materials, which has improved the quality and consistency of carbon fiber wheel rims.
Customization: Customization is a growing trend in the automotive industry in Japan, and the use of carbon fiber wheel rims can offer a unique look and enhance the overall aesthetic appeal of the vehicle.
Environmentally Conscious Consumers: Japan has been at the forefront of promoting environmental sustainability in the automotive industry, and the use of carbon fiber in wheel rims can reduce the overall weight of the vehicle, which leads to improved fuel efficiency and lower carbon emissions.
Overall, the demand for carbon fiber automotive wheel rims in Japan is expected to continue growing in the coming years, driven by the increasing demand for lightweight and high-performance vehicles, the collaboration between the automotive industry and carbon fiber manufacturers, and the growing trend of customization and environmental sustainability.
Global Automotive Wheel Rims Market – Key Market players Strategies
BBS Kraftfahrzeugtechnik AG: BBS is a German manufacturer of high-performance alloy wheels for the automotive industry. Its strategy includes product innovation, as it develops new wheel designs that offer superior performance and visual appeal. BBS also has a strong focus on quality control and production processes to ensure consistency and reliability.
Enkei Corporation: Enkei is a Japanese manufacturer of alloy wheels for the automotive industry. Its strategy includes geographic expansion, as it has established manufacturing facilities and distribution channels in various regions around the world. Enkei also invests heavily in research and development to create new wheel designs that meet the changing demands of the industry.
Momo Srl: Momo is an Italian manufacturer of alloy wheels for the automotive industry. Its strategy includes branding and marketing, as it has developed a strong brand identity and is associated with high-performance and luxury vehicles. Momo also invests in research and development to create innovative wheel designs that offer improved performance and visual appeal.
Ronal Group: Ronal is a Swiss manufacturer of alloy wheels for the automotive industry. Its strategy includes strategic partnerships, as it has formed alliances with other companies in the industry to leverage their strengths and expertise. Ronal also invests in manufacturing processes and technology to improve efficiency and reduce costs.
Superior Industries International Inc.: Superior is an American manufacturer of aluminum wheels for the automotive industry. Its strategy includes acquisitions and mergers, as it has acquired other wheel rim companies to expand its product offerings and increase its market share. Superior also invests in research and development to create new designs and materials that offer improved performance and reduced weight.
Overall, these major companies in the automotive wheel rim industry have different strategies that focus on product innovation, geographic expansion, branding and marketing, strategic partnerships, and acquisitions and mergers. These strategies are designed to help them remain competitive in a highly dynamic and evolving market.
Why to buy this Report?
The report provides quantitative and qualitative aspect for the market in terms of value and volume, along with supporting market trends, challenges, restraints.
The report provides an in depth analysis from both production and consumption point of view at the regional and country level. Key Factors considered within the report scope are Production capacity by countries/regions, average price, consumption ratio, revenue earned and gross margin.
The report provides competitive analysis of around 30-50 companies operated in the market, these companies are bifurcated into niche players, the leaders and major contenders. The companies are analyzed in terms of following factors such as:
§ Business Model
§ Production Capacity, Revenue, Sales, Gross Margin
§ Key Business Strategy
§ SWOT Analysis
In terms of competitive landscape, the report provides distinctive factors that would help the end user in taking a key decision within the business:
§ Company Share Analysis from 2018-2022
§ Company Analysis by Revenue and Sales
§ Company Production Capacity, Gross Margin
§ Company Share Analysis by Application/End Use
§ Company Share Analysis by Product/Specification
Based on material type, the market is segmented into
• Alloys
• Steel
• Carbon Fibre
Based on sales channel type, the market is segmented into,
• OEM
• Aftermarket
Based on vehicle type, the market is segmented into,
• Passenger Cars
• Commercial Vehicles
Companies
Maxion Wheels
Steel Strip Wheels
ESE Carbon
Accuride Corporation
Superior Industries International
Ronal Group
Telleborg AB
By Region
· North America
o U.S.
o Canada
o Mexico
· Europe
o Germany
o France
o UK
o Italy
o Spain
o Russia
o Rest of Europe
· Asia Pacific
o China
o Japan
o India
o Australia
o South Korea
o ASEAN
o Rest of APAC
· South America
o Brazil
o Argentina
o Chile
o Rest of South America
· Middle East and Africa
o Saudi Arabia
o UAE
o South Africa
o Rest of MEA
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Market Research Process
We Market Research monitors 3 important attributes during the QA process- Cost, Schedule & Quality. We believe them as a critical benchmark in achieving a project’s success.
One of the key manufacturers of automotive had plans to invest in electric utility vehicles. The electric cars and associated markets being a of evolving nature, the automotive client approached We Market Research for a detailed insight on the market forecasts. The client specifically asked for competitive analysis, regulatory framework, regional prospects studied under the influence of drivers, challenges, opportunities, and pricing in terms of revenue and sales (million units).
The overall study was executed in three stages, intending to help the client meet its objective of precisely understanding the entire market before deciding on an investment. At first, secondary research was conducted considering political, economic, social, and technological parameters to get a gist of the various aspects of the market. This stage of the study concluded with the derivation of drivers, opportunities, and challenges. It also laid substantial emphasis on understanding and collecting data not only on a global scale but also on the regional and country levels. Data Extraction through Primary Research
The second stage involved primary research in which several market players and automotive parts suppliers were contacted to study their viewpoint concerning the development of their market and production capacity, clientele, and product line. This stage concluded in a brief understanding of the competitive ecosystem and also glanced through the strategies and pricing of the companies profiled.
In the final stage of the study, market forecasts for the electric utility were derived using multiple market engineering approaches. This data helped the client to get an overview of the market and accelerate the process of investment.
Business process outsourcing, being one of the lucrative markets from both supply- and demand- side, has appealed to various companies. One of the prominent corporations based out of Japan approached us with their requirements regarding the scope of the procurement outsourcing market for around 50 countries. Additionally, the client also sought key players operating in the market and their revenue breakdown in terms of region and application.
Business Solution
An exhaustive market study was conducted based on primary and secondary research that involved factors such as labor costs in various countries, skilled and technical labors, manufacturing scenario, and their respective contributions in the global GDP. A comparative study of the market was conducted from both supply- and demand side, with the supply-side comprising of notable companies, such as GEP, Accenture, and others, that provide these services. On the other hand, large manufacturing companies from them demand-side were considered that opt for these services.
Conclusion
The report aided the client in understanding the market trends, including country-level business scenarios, consumer behavior, and trends in 50 countries. The report also provided financial insights of crucial players and detailed market estimations and forecasts till 2033.
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