PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1485808
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1485808
Automotive Wheel Rim Market size was valued at USD 40,100.43 Million in 2023, expanding at a CAGR of 9.20% from 2024 to 2032.
The automotive wheel rim market is defined by the global industry involved in manufacturing and supplying wheel rims, critical components supporting tires, and enhancing vehicle aesthetics and performance. Increasing vehicle production globally, a rising preference for lightweight materials like aluminum alloys, and growing aftermarket demand for replacement and customization are driving the market growth. However, the market faces restraints due to volatility in raw material prices, stringent regulations impacting design choices, and limited availability of skilled labor. Despite these challenges, market opportunities lie in technological advancements such as integrating smart features like TPMS into wheel rims, a focus on sustainable manufacturing practices, and the potential for expansion into emerging markets with growing automotive industries.
Automotive Wheel Rim Market- Market Dynamics
The Surge of Automotive Wheel Rim Market in the Growing Automotive Industry
The surge of the automotive wheel rim market within the growing automotive industry is propelled by several key factors. According to the International Organization of Motor Vehicle Manufacturers (OICA), worldwide vehicles manufactured reached more than 90 million units in 2023, reflecting a significant increase compared to previous years. With global vehicle production on the rise, there is a corresponding increase in demand for wheel rims, especially those made from lightweight materials like aluminum alloys. Innovative rim designs and customization options are gaining traction among consumers, driving aftermarket sales. Moreover, advancements in technology, such as integrating tire pressure monitoring systems (TPMS) into wheel rims, are enhancing both safety and convenience for vehicle owners. This surge in demand is indicative of the automotive industry's ongoing evolution towards more efficient and environmentally conscious solutions.
Automotive Wheel Rim Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 9.20% over the forecast period (2024-2032)
Based on Material Type segmentation, Aluminum Alloy was predicted to show maximum market share in the year 2023
Based on Rim Size segmentation, 17-19 inches was the leading type in 2023
Based on Design Type segmentation, Alloy Spoked was the leading type in 2023
On the basis of region, North America was the leading revenue generator in 2023
The Global Automotive Wheel Rim Market is segmented on the basis of Material Type, Rim Size, Design Type, End-User, and Region.
The market is divided into four categories based on Material Type: Aluminum Alloy, Steel, Carbon Fiber Composite, and Magnesium Alloy. Aluminum Alloy is highly favored for its lightweight properties and versatility, followed by Steel for its durability and cost-effectiveness. Carbon Fiber Composite is sought after for high-performance applications, and Magnesium Alloy is utilized for its lightweight and strength characteristics.
The market is divided into four categories based on Rim Size: 12-16 inches, 17-19 inches, 20-22 inches, and Above 22 inches. 17-19 inches holds the highest preference due to its balance between aesthetics and performance, followed by 20-22 inches favored for larger vehicles. 12-16 inches are commonly used for compact and economy vehicles, while rims above 22 inches cater to luxury and custom applications.
Automotive Wheel Rim Market- Geographical Insights
Asia-Pacific dominates the market due to its burgeoning automotive manufacturing sector, particularly in countries like China, Japan, and India, where robust vehicle production drives the demand for wheel rims. North America follows closely, led by the United States, with a strong emphasis on lightweight materials and innovative rim designs to meet fuel efficiency regulations. Europe showcases a thriving aftermarket segment, with a focus on high-performance vehicles and customized rim options. In Europe, BORBET GmbH, based in Germany, is a leading manufacturer of aluminum alloy wheels. BORBET is known for its premium wheel designs and technological advancements, serving major automakers in Europe and beyond. Emerging markets in Latin America and the Middle East & Africa exhibit growth potential, driven by increasing vehicle ownership and infrastructure development.
Major global manufacturers such as Maxion Wheels, Ronal Group, and CITIC Dicastal Co., Ltd. dominate the market with their extensive product portfolios and strong presence across regions. These players focus on continuous research and development to introduce lightweight and durable wheel rim designs, meeting evolving automotive trends and regulatory requirements. Additionally, regional and local players like Superior Industries International, Inc. (USA), MHT Luxury Alloys (USA), and Borbet GmbH (Germany) cater to specific market segments with customized offerings and aftermarket solutions. Collaborations and strategic partnerships with automotive OEMs and aftermarket distributors further enhance the competitive landscape, fostering innovation and market expansion in the automotive wheel rim industry. For instance, BORBET collaborates closely with BMW to develop and supply customized alloy wheels for various BMW vehicle models, including high-performance and luxury vehicles. This collaboration showcases the synergistic relationship between a premium automaker and a specialized wheel manufacturer, leveraging BORBET's expertise in wheel design and manufacturing to meet BMW's stringent quality and performance standards.
In September 2022, Maxion Wheels launched a new steel truck wheel with significant weight savings of 3 kg per wheel compared to current steel truck wheels. This weight reduction can increase payload by 40 kg or more, benefiting fuel efficiency and overall fleet performance while maintaining safety and quality standards.
In December 2023, Advantec Wheels announced a Rs 100 crore investment in a new manufacturing facility in Jammu & Kashmir for producing flow-forged alloy wheels. The plant, set to launch by Q1 2025, will have an annual capacity of 200,000 units.
GLOBAL AUTOMOTIVE WHEEL RIM MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
Accuride Corporation
Alcoa Wheels
BBS GmbH
Borbet GmbH
CITIC Dicastal Co., Ltd.
CM Wheels
Enkei Corporation
Foshan Nanhai Zhongnan Aluminum Wheel Co., Ltd.
Maxion Wheels
Mefro Wheels GmbH
Ronal Group
Steel Strips Wheels Ltd.
Superior Industries International
Topy Industries Limited
Weds Co., Ltd.
YHI International Limited
Others