Automotive Wheel Market

Automotive Wheel Market Outlook (2024 to 2034)

The global automotive wheel market has been studied by Fact.MR and is forecasted to reach US$ 34.42 billion in 2024, further increasing at a CAGR of 6.4% to end up at US$ 63.95 billion by 2034.

The market for automotive wheels has seen substantial evolution of the past decades. With people are taking more care of car mechanical parts such as automotive wheels, these serve as a supporting section between the vehicle frame and its tires. They distribute the weight evenly across the tires and axles, ensuring that the vehicle remains stable. While driving, the driver looks for a comfortable and safe journey accompanied by a faster commute. Innovative rims have become substantially popular due to their aesthetic enhancement contributing to the visual appeal of a vehicle. These rims could easily be customized, giving car lovers a chance to customize them according to their preferences.

Automotive wheels also help in dissipating heat generated by friction between the brake pads and rotors. This prevents overheating of the braking system and maintains its effectiveness and longevity. These rims are typically constructed from various materials such as aluminum alloy, magnesium alloy, and more significantly carbon fiber. Each material has its advantages and features in terms of weight, strength, cost, and manufacturing complexity.

The design of wheels varies significantly across car models and sizes, with popular options including spoke wheels, alloy wheels, steel wheels, and custom aftermarket wheels. Wheel design significantly affects weight, strength, aerodynamics, and heat dissipation properties.

With more innovations and technological advancements on the horizon, the global automotive wheel market size has been projected to expand around 1.8X over the next ten years (2024 to 2034).

Report Attributes	Details
Automotive Wheel Market Size (2024E)	US$ 34.42 Billion
Forecasted Market Value (2034F)	US$ 63.95 Billion
Global Market Growth Rate (2024 to 2034)	6.4% CAGR
Canada Market Growth Rate (2024 to 2034)	4.5% CAGR
China Market Value (2034F)	US$ 16.98 Billion
North America Market Share (2024E)	25.7%
East Asia Market Share (2034F)	37%
Key Companies Profiled	Hitachi Metals Citic Dicastal Enkei Accuride Corporation HRE Wheels Maxion Wheels Uniwheels Vossen Wheels Mangels Industrials Forgiato Wheels

Which Automotive Wheel Market Trends are Manufacturers Eyeing?

“Rising Demand for Customization and Preference for Lightweight Materials”

Production of cars is increasing at a tremendous pace. Drivers are nowadays looking for ways to differentiate their vehicles and are seeking unique designs, finishes, and sizes. Manufacturers have also positively responded to this demand by introducing a wide range of customizable options for automotive wheels in the market, allowing customers to tailor their wheels to their specific preferences. This includes a variety of spoke patterns, rim designs, and color finishes, as well as the option to choose from different materials such as aluminum alloy, carbon fiber, or forged steel.

Customized wheels not only enhance the aesthetic appeal of a vehicle but also serve as a form of self-expression for owners, reflecting their personality and style. This customization trend has very positively impacted the demand for rims in the market giving a profitable edge to automotive wheel manufacturers. This trend is predicted to consistently drive automotive wheel market growth in the coming years, generating opportunities for new key players to enter the market.

“Demand for Automotive Wheels That Weight Support and Force Transmission”

The primary function of automotive wheels is to support the weight of the vehicle and facilitate the transmission of driving and braking forces. These rims bear the vehicle and occupants' weight, providing structural integrity and ensuring even distribution of the load across all tires and axles. This prevents any single tire from bearing excessive load, thereby extending tire life.

Wheel rims aid in transferring the driving forces generated by the vehicle's engine or motor to the tires, enabling forward or backward propulsion as required. They play a crucial role when the driver applies brakes, transmitting braking forces from the brake system to the tires for effective deceleration and stopping of the vehicle. These mitigations of forces directly influence the car's performance and contribute to an extended lifespan, providing customers with a valuable advantage.

What are the Challenges Faced by Rim Manufacturers in the Market?

“High Initial Investment and Heavy Supplier Dependence”

The manufacturing process of rim wheels includes substantial upfront investment. The materials used by the manufacturers include aluminum alloy or carbon fiber, which incur high costs. This makes it challenging for the manufacturers to manage profit margins while offering low-cost rim wheels.

To tackle the cost pressures, automotive wheel manufacturers focus on optimizing production processes to reduce waste and improve efficiency, negotiating favorable contracts with suppliers to secure stable pricing for raw materials, and implementing lean manufacturing principles to perfect operations and eliminate unnecessary expenses.

The automotive industry is among the most dynamic industries with rapid technological advancements, which results in a major challenge for manufacturers to constantly upskill their production techniques to survive in the market.

Country-wise Evaluation

What Attracts Automotive Wheel Manufacturers to the United States?

“Advanced Transportation Infrastructure Network”

Attribute	United States
Market Value (2024E)	US$ 7.58 Billion
Growth Rate (2024 to 2034)	5.4% CAGR
Projected Value (2034F)	US$ 12.82 Billion

The United States is home to many key automotive original equipment manufacturers including General Motors, Ford, and Fiat Chrysler. Proximity to OEM assembly plants enable manufacturers to optimize their supply chain, resulting in reduced transit times, improved operational efficiency, and decreased expenses associated with logistics.

The country also has one of the most advanced transportation infrastructure networks comprising highways, railways, ports, and airports, which facilitate the movement of goods across the country. This enables manufacturers to increase their sales volume, thus making the country an attractive and profitable choice.

What is Driving Market Growth in China?

“Cost-Effective Manufacturing and Efficient Supply Chain”

Attribute	China
Market Value (2024E)	US$ 9.05 Billion
Growth Rate (2024 to 2034)	6.5% CAGR
Projected Value (2034F)	US$ 16.98 Billion

China has established its image as a cost-effective manufacturing hub, contributing to lower production costs for automotive wheels. Firstly, the country has comparatively lower labor costs, which allows automotive wheel manufacturers to achieve cost savings in workforce expenses. China has access to abundant and affordable raw materials and components, including metals used in manufacturing processes.

Manufacturers can benefit from bulk purchasing of materials, shared infrastructure, and efficient production processes. All these factors are projected to enable them to achieve cost-effectiveness and produce wheels at competitive prices.

Category-wise Insights

Which Automotive Wheel Size is Most Widely Preferred?

“Adequate Grip and Traction Offered by Mid-Size Wheels at High Speeds”

Attribute	Mid-Size (17 to 21 inch)
Segment Value (2024E)	US$ 14.21 Billion
Growth Rate (2024 to 2034)	6.6% CAGR
Projected Value (2034F)	US$ 26.92 Billion

Mid-size wheels primarily refer to wheel diameters ranging from 17 to 21 inches. These wheel sizes, which occupy a dominant automotive wheel market share, strike the perfect balance between aesthetics, performance, and practicality, making them a preferred choice among a broad range of customers.

Compact wheels may result in harsher car rides due to less tire sidewall to absorb bumps and shocks. Contrary to this, mid-size wheels serve comfort and ease of handling by providing a larger sidewall to absorb bumps and shocks while the vehicle is at a higher pace. They provide a sufficient contact area for adequate grip and traction while maintaining agility and responsiveness, especially when paired with high-quality tires.

Which Vehicle Type Accounts for Higher Revenue Generation?

“Passenger Vehicles Account for High Sales of Customized Automotive Wheels”

Attribute	Passenger Vehicles
Segment Value (2024E)	US$ 21.92 Billion
Growth Rate (2024 to 2034)	7.2% CAGR
Projected Value (2034F)	US$ 43.95 Billion

Passenger vehicle owners often desire to customize their vehicles in their own way, and thus they often approach aftermarket rim wheel suppliers to enhance the appearance of their vehicles, whether sporty, luxurious, or rugged. Rim wheels come in a variety of designs, finishes, and sizes, providing owners with various options to customize their vehicles according to their desired style.

Upgrading to lightweight or alloy rim wheels can bring down the weight of cars, improving handling, acceleration, and fuel efficiency. Automotive trends and fashion also play an important role in the rising demand for automotive wheels. Driven by popular culture, social media, and the passion of automotive enthusiasts, trends in wheel designs, finishes, and sizes have the potential to swiftly capture the attention of passenger car owners.

Industry Competition

Key players in the automotive wheel market such as Hitachi Metals, Citic Dicastal, and Enkei are persistently investing in testing and exploration to understand the market and find out the keyholes through which they could find their golden sales. As the market is highly dynamic, suppliers need to constantly advance their techniques of production so that they can survive in the market.

Few manufacturing giants in the market account for a leading market share and lead as far as production and sales are concerned. Smaller companies are partnering with one another to strengthen their leg in the market and tackle the attacks from bigger companies.

Key Segments of Automotive Wheel Market Research

• By Finish :

  • Painted & Polished
  • Machined Alloys
  • Two-Tone Alloys
  • Chromed Alloys
  • Anodized

• By Wheel Size :

  • Compact Size (Up to 16 Inches)
  • Mid-Size (17 to 21 Inches)
  • Large Size (21 Inches and More)

• By Sales Channel :

  • OEMs
  • Aftermarket

• By Vehicle Category :

  • Passenger Cars
  • Light Commercial Vehicles (LCVs)
  • Heavy Commercial Vehicles (HCVs)

• By Material :

  • Alloy
    • Aluminum
    • Magnesium
    • Composites
  • Aluminum
  • Magnesium
  • Steel
  • Chromed
  • Carbon Fiber

• By Region :

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia & Oceania
  • Middle East & Africa