Automotive Metal Wheel Market

Automotive Metal Wheel Market Outlook till 2032

The global automotive metal wheel market industry analysis by Fact.MR reveals that the market is expected to be valued at US$ 45.2 Billion in 2022, and is likely to reach US$ 79.91 Billion by 2032, registering a CAGR of 5.9% during the forecast period (2022-2032).

Automotive metal wheel is a component that rotates and transmits the drive of the axle to the road. It also provides a means to affix the tires. The automotive wheel is made up of a rim, spoke, and hub. The demand for automotive metal wheels is high in cold countries, owing to their ability to provide traction, dampen acceleration, and minimize the possibility of skidding. Steel metal wheels contract less in cold temperatures and hence, do not face inconsistent loss of tire pressure.

Demand for steel metal wheels in cold regions such as North America and Europe is anticipated to drive the Automotive metal wheel market in these regions. Increment in number of first-time vehicle buyers in developing regions has fueled the demand for low-cost wheels, such as metal wheels, thereby driving their demand.

Low-end segment of vehicles witnesses an increase in preference for automotive metal wheels, thus fuelling their demand. Development of high strength steel wheels, as a result of advancements in technology and design, has led to an increase in demand for automotive metal wheels, globally.

Report Attributes	Details
Estimated Base Year Value (2022)	US$ 45.2 Billion
Expected Market Value (2032)	US$ 79.91 Billion
Projected Growth Rate (2022-2032)	5.9% CAGR
Market Share of the Asia-pacific (2021)	US$ 4.5 Billion
Major Automotive Metal Wheel Suppliers	Iochpe-Maxion CITIC Dicastal Borbet Superior Industries Topy Accuride Lizhong Group Jingu Group ALCAR Enkei Wheels

What are the Key Growth Factors of Automotive Metal Wheel Market?

Increase in Automotive Manufacturing Encouraging Market Growth

The automotive wheel market is growing due to growth in automobile production and a continuing trend of vehicle weight reduction. The automotive wheel market is fueled by the need for light weight wheels to reduce vehicle weight and improve fuel efficiency.

The industry’s growth has been boosted by technological advancements and product developments in design and material. Furthermore, the rising consumer expenditure on vehicles, together with rising population, boosts the automotive wheel market growth.

The increasing in middle-class people’s disposable income is driving the demand for the automotive wheel in the market. Furthermore, the rising vehicle demand from nations such as Germany, China, the U.S., and India is driving the growth of the automotive wheel market.

In cold nations, the demand for automobiles with heavy metal wheels is growing since these wheels effectively resist sliding during snow or hail. This aspect is expected to stifle the market for automotive wheel in the coming years.

What are the Challenges Faced by the Automotive Metal Wheel Market?

The demand for automotive wheels will be challenged by the extension of component life through repair and maintenance, as this serves to extend the life of a component and so reduces the demand for new components.

The new and innovative technologies are being introduced to the automotive wheel market that will allow customers to fix their wheel components without having to replace them. As more firms enter the automotive wheel market, the demand for new components, particularly wheels, will decline in both the local and regional markets.

The automotive wheel market’s growth would be hampered by the high prices of raw materials for high-performance wheels, as well as the limitations associated with inaccurate sensor input created as a result of aftermarket wheel integration. The manufacturing costs, on the other hand, will continue to be a huge obstacle to market profitability and economic viability, as will technological developments to boost performance while decreasing vehicle weight for better fuel efficiency.

Comparative View of Adjacent Automotive Metal Wheel Markets

Automotive Metal Wheel Market :

Attributes	Automotive Metal Wheel Market
CAGR (2022-2032)	5.9%
Market Value (2032)	US$ 79.91 Billion
Growth Factor	Improved vehicle dynamics and increasing demand for light weight materials is propelling the demand for automotive wheels, hence driving the market growth.
Opportunity	Use of advanced materials and adoption of new composition in wheels will present several opportunities for this market.

Alloy Wheel Market :

Attributes	Alloy Wheel Market
CAGR (2022-2032)	9.4%
Market Value (2032)	US$ 32 Billion
Growth Factor	Superior thermal conductivity compared to Steel, more structural endurance, improved grip on tough terrains, and better corrosion resistance are some key properties pushing the demand for Aluminium alloy wheels.
Opportunity	With the growth in the transportation sector, production of passenger cars and commercial vehicles has sky rocketed, which is opening many opportunistic doors for the alloy wheel market.

Automotive Wheel Rims Market :

Attributes	Automotive Wheel Rims Market
CAGR (2022-2032)	8.1%
Market Value (2032)	US$ 38 Billion
Growth Factor	Manufacturers are inclined towards developing technological advanced components in order to cope with the emission standards. This factor is driving the market growth.
Opportunity	Increased supply of superior rim components is anticipated to present opportunistic prospects for this market.

Which region is anticipated to offer the Biggest Opportunity for Automotive Metal Wheel Market?

Asia Pacific is projected to offer biggest opportunity owing to the high growth rate of urbanization and industrialization in developing countries across the region which will offer plentiful growth opportunities for the automotive metal wheel market.

The automotive metal wheel market in APAC is expected to grow from US$ 4.5 Billion in 2022 to US$ 6.7 Billion by 2032. It is estimated to grow at a CAGR of 4% from 2022-2032.

Growth in logistic industry has been seen in Asia pacific due to the growth of e-commerce industry. The presence of a large number of developing countries and positive economic outlook coupled with high industrial presence and huge population are going to maintain dominance of APAC in automotive metal wheel market.

Country-wise Analysis

Demand for wheels from OEMs, AM and export are driving the growth in China

China's output of automotive wheel rose 7.1% year on year to about 270 million units, with the CAGR of 14.2% between 2009 and 2017. The automotive metal wheel industry grows steadily in pace with the automobile industry. the automotive wheel industry will see a CAGR of 6% from 2022-2032. With at least 70% of the world's wheels produced in China, it has become the global production center for automotive metal wheels.

Europe will witness fastest growth in Automotive Metal Wheel Market in the forecast period

The factors such as infrastructural development, consumer’s purchasing power, and shift in lifestyle of consumers are driving the automobile and automotive demand, which, in turn, is driving demand for automotive metal wheel market in Europe. According to Fact.MR, a CAGR of 6.2% has been anticipated for the industry across the continent.

Technological Innovations are setting the pace for the growth of automotive metal wheels in Japan

With constant evolution of R&D activities to devise the latest and highest production techniques as well as to explore the strongest but lightest-weight material options are expanding the growth potential of Japan in automotive wheel market. Expansion of e-commerce and logistic industry in Japan are also assisting in driving the demand for automotive wheels resulting in market expansion.

Country-wise Forecast CAGRs for the Automotive Metal Wheel Market

Country	CAGR
China	6%
Europe	6.2%
U.S.	7%
Japan	4.9%

Category-wise Insights

OEMs are dominating the Automotive Metal Wheel Market

OEMs is the leading segment in the automotive metal wheel market. The-use consumers demanding lighter and performance-efficient wheels, manufacturers in the global automotive metal wheel market are investing in a broad range of product simulations during the wheel development phase. This is leading to the expansion of OEM in this market. Fact.MR expects OEMs to account for nearly 60% of total automotive metal wheel sales.

Aluminium Alloy Metal in for a Bright Future in the Global Automotive Metal Wheel Market

Superior thermal conductivity compared to Steel, more structural strength, improved grip on difficult terrains, and better corrosion resistance are some key properties pushing the demand for aluminium alloy wheels through 2022. Enhanced scope for multiple design innovations along with better fuel economy will result in widespread consumption of alloys wheels.

However, heavy steel wheels are likely to witnessed increased adoption in cold regions considering better vehicular stability in extreme winter conditions. Additionally, steel is likely to remain the most metal in the automotive metal wheel market considering its affordability. A market share of 44% is anticipated for aluminium wheels in 2022.

Manufacturers experimenting with Titanium for More Lightweight Wheels

Manufacturers of automotive metal wheels have been experimenting with titanium alloy-especially in electric vehicles, by replacing aluminium wheel centres with titanium alloys for light weight wheels. Additionally, manufacturers are also using carbon fiber band instead of aluminium for a significant reduction in weight and rotational inertia in automotive metal wheels.

Moreover, Fact.MR also predicts growing demand for carbon fiber reinforced polymer (CFRP) for wheel rims to deliver critical thermal and mechanical performance, resulting in reduced energy consumption. The ongoing light weighting trend in the automotive metal wheel market is pushing OEMs and manufacturers to strengthen their R&D along material innovations.

Market Competition

Iochpe-Maxion, CITIC Dicastal, Borbet, Superior Industries, Accuride, and Jingu Group are some key companies profiled by Fact.MR in its report on global automotive metal wheel market. Key manufacturers are adoption a slew of expansion strategies- from introducing new product lines to expanding production and distribution capabilities. Additionally, they are collaborating with automotive component manufacturers to strengthen their global presence. Some key developments in this industry are as follows:

• In September 2021, Borbet introduced its CWZ five double-spoke wheel rim design, suitable for vehicles with wheel loads of up to 1,250 kilograms, such as the VW Crafter, Amarok, T5 and T6, Mercedez V-Class, and the EQV all-electric people carrier. The Borbet CWZ, which is based upon the Borbet Z design, is available in a 7.5×18-inch size for various bolt circles from 112/5 to 130/5.
• As one of the world's leading comprehensive wheel makers, Topy manufactures wheels of all types for a variety of purposes - passenger cars, trucks, buses, and small and large construction vehicles - to meet the diverse needs of the automotive and construction machinery industries.
• In January 2022, Superior Industries Inc. announced a partnership expansion with General Aggregate Equipment Sales, which would represent the company’s full-line of equipment in Manitoba and Saskatchewan. General Aggregate Equipment Sales will sell, service and support Superior’s crushing, screening, washing and conveying equipment in Manitoba and Saskatchewan as well.
• In November 2022, Maxion Wheels was selected by Wabash, a pioneer in commercial trailers and truck bodies, as their steel wheel standard position supplier until 2027. Maxion Wheels, a division of Iochpe-Maxion S.A., is the world’s leading steel and aluminum wheel supplier. Maxion Wheels works with global vehicle manufacturers on wheels for personal mobility, transportation, agriculture, defense, and off-highway applications.

Key Segments Profiled in the Automotive Metal Wheel Market :

• By Material :

  • Steel
  • Aluminum
  • Composite
  • Magnesium
  • Composites
  • Others

• By Technology :

  • Casting
  • Forging
  • Others

• By Sales Channel :

  • OEMs
  • Aftermarket

• By Vehicle Type :

  • HCVs
  • LCVs
  • Compact Cars
  • Midsized Cars
  • Premium Cars
  • Luxury Cars

• By Region :

  • North America
  • Latin America
  • Europe
  • Japan
  • APEJ
  • Middle East & Africa