Global Automotive Wheel Market Outlook, Opportunities And Strategies
Learn about the global automotive wheel market through The Business Research Company, which provides information on automotive wheel market size, automotive wheel market drivers and restraints, automotive wheel market players, the COVID-19 impact on the automotive wheel market, and more.
The global automotive wheel market is expected to grow from $29.37 billion in 2020 to $30.41 billion in 2021 at a compound annual growth rate (CAGR) of 3.5%. The growth in the automotive wheel market is mainly due to the growing demand for vehicles fueled by growing urbanization. The market is expected to reach $44.28 billion in 2025 at a CAGR of 9.8%.
Growing vehicle production is expected to drive innovation in automotive wheel manufacturing, thus driving the market during the forecast period.
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The automotive wheel market consists of sales of automotive wheels by entities (organizations, sole traders, and partnerships) that manufacture automotive wheels. The wheel is an essential component of every vehicle. It counteracts all of the forces that the vehicle is subjected to during operation, balancing the entire weight of a vehicle. A spoke, rim, and hub are essential parts of an automobile wheel. It is responsible for turning, operating, and directing the direction and speed of the vehicle.
Global automotive wheel market segments include:
By Material: Steel, Alloy, Carbon Fiber, Others
By Vehicle Class: Economy, Mid-Priced, Luxury-Priced
By Vehicle Type: Passenger Vehicle, Light Commercial Vehicle, Heavy Commercial Vehicle
By Rim Size: 13-15″, 16″-18″, 19″-21″, Above 21″
By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Asia Pacific was the largest region in the automotive wheel market in 2020.
Advancements in technology are shaping the automotive wheels market. Major players operating in the sector of the automotive wheel are focused on developing technologically advanced solutions for automotive wheels to strengthen their position in the industry.
TBRC’s automotive wheel market report covers:
Major Market Players: IOCHPE Maxion, Superior Industries International, Accuride Corporation, Steel Strips Wheels, Hitachi Metals, Citic Dicastal, Zhejiang Wanfeng Auto Wheel, Borbet, Mangels Industrial, Mefro Wheels, Ronal Group, CLN Group, Wanfeng Auto Holding Group, Foshan Nanhai Zhongnan Aluminum Wheel Co, and Super Alloy Industries.
Regions: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
Countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Time Series: Five years historic (2015-20) and ten years forecast (2021-2025-2030)
The Automotive Wheel Global Market Report 2021: COVID-19 Impact and Recovery to 2030 is one of a series of new reports from The Business Research Company that provides automotive wheel market overviews, analyzes and forecasts market size, share, automotive wheel market players, automotive wheel market segments and geographies, leading competitor revenues, profiles and market shares.
TBRC’s automotive wheel market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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