Automotive Wheel Market Trends Report 2025 – For Business Development and Strategy Teams
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#What Is the Forecast for the Automotive Wheel Market Growth in 2025?#_x000D_
The industry of automotive wheels has seen a robust growth in the recent past. The market’s worth is projected to increase from $39.76 billion in 2024 to $42.93 billion in 2025, implying a Compound Annual Growth Rate (CAGR) of 8.0%. The expansion during the historic duration was influenced by the development of local automotive markets, worldwide economic elements, safety regulations and evaluations, regulatory norms, and customer choices._x000D_
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#What Is the Forecast for the Automotive Wheel Market Size Through 2029?#_x000D_
The market for automotive wheels is predicted to witness significant expansion in the upcoming years, reaching a valuation of $57.69 billion by 2029, advancing at a compound annual growth rate (CAGR) of 7.7%. This formidable growth forecasted within the period can be credited to continued advancements in material science, development of self-driving vehicles, sustainability factors, the globalization of car manufacturing, rising urbanization, and the prevalence of compact cars. Key trends projected for the forecast period encompass sophisticated manufacturing techniques, a range of customization and personalization, aerodynamic wheel structures, smart wheels equipped with sensors, and wheels made from carbon fiber composites._x000D_
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#What are the Key Market Players in Automotive Wheel Market and How They’re Evolving?#_x000D_
Major companies operating in the automotive wheel market include Continental AG, Aisin Seiki Co. Ltd., Michelin Group, Wheel Solutions Limited, Goodyear Tire & Rubber Company, Tenneco Inc., Alcoa Corporation, Hitachi Metals Ltd., Pirelli & C. S.p.A., Carlisle Companies Inc., Toyo Tire & Rubber Co. Ltd., Zhongding Group Inc., Superior Industries International Inc., IOCHPE-Maxion SA, Steel Strips Wheels Ltd., Wheel Pros LLC, Super Alloy Industrial Co. Ltd., Hayes Lemmerz International Inc., American Eagle Wheels Corp., Dana Incorporated, OZ Group, Accuride Corporation, Topy Industries Limited, Foshan Nanhai Zhongnan Aluminum Wheel Co., BBS Kraftfahrzeuge GmbH, CLN Group, Mangels Industrial SA, Zhejiang Wanfeng Auto Wheel Co. Ltd., BORBET GmbH, Bridgestone Corporation, CIE Automotive Inc._x000D_
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#What Are the Primary Growth Drivers in the Automotive Wheel Market?#_x000D_
The anticipated surge in vehicle production is predicted to fuel the expansion of the automotive wheel market. The necessity of a wheel in a car, and its directly proportional relation to the car industry, suggests that the burgeoning manufacture of vehicles will augment the demand for automotive wheels. For example, in November 2023, the automotive sector was highlighted as central to Mexico’s prosperity by the International Trade Administration, a U.S. government agency. It made up 3.6% of the country’s overall Gross Domestic Product (GDP) and 18% of manufacturing GDP. Despite the electric vehicles (EVs) and hybrids market touching only 51,065 units in 2022, an 8.5% growth was observed in contrast to 2021. Within the same market, hybrid vehicles constituted 3.75%, followed by electric vehicles marking 0.51%, and plug-in hybrids standing at 0.42% of the total EV market. Therefore, the escalation in the production of vehicles will likely enhance the demand for automotive wheels through the projection period._x000D_
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#What Are the Leading Segments in the Global Automotive Wheel Industry?#_x000D_
The automotive wheel market covered in this report is segmented –_x000D_
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1) By Material: Steel, Alloy, Carbon Fiber, Other Materials_x000D_
2) By Vehicle Class: Economy, Mid-Priced, Luxury-Priced_x000D_
3) By Vehicle Type: Passenger Vehicle, Light Commercial Vehicle, Heavy Commercial Vehicle_x000D_
4) By Rim Size: 13″-15″, 16″-18″, 19″-21″, Above 21″_x000D_
5) By End-Use: OE, After market_x000D_
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Subsegments:_x000D_
1) By Steel: Standard Steel Wheels, Spoke Steel Wheels, Steel Rims_x000D_
2) By Alloy: Cast Alloy Wheels, Forged Alloy Wheels, Multi-piece Alloy Wheels_x000D_
3) By Carbon Fiber: Single-piece Carbon Fiber Wheels, Multi-piece Carbon Fiber Wheels_x000D_
4) By Other Materials: Magnesium Wheels, Composite Wheels, Specialty Materials_x000D_
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#Which Industry Trends Are Shaping the Future of the Automotive Wheel Market?#_x000D_
Technological progression is molding the future of the automotive wheels market. Key players in the industry are concentrating on the creation of technology-enhanced solutions for automotive wheels to solidify their standing in the business. For example, in September 2022, Maxion Wheels, an industry leader hailing from Brazil that manufactures steel and aluminium wheels for a multitude of vehicles, initiated the launching of the succeeding generation of lightweight steel truck wheels. These wheels are crafted for an array of applications pertinent to the commercial vehicle industry. Specifically, the 22.5 x 11.75 size wheels are designed to achieve a notable weight reduction — by around 4 kg compared to traditional models — leading to a potential payload capacity surge of 40 kg or higher. Such a reduction in weight plays a pivotal role for fleet managers, given that lighter wheels lead to enhanced fuel efficiency and augmented vehicle performance overall._x000D_
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#What Is the Regional Outlook for the Automotive Wheel Market?#_x000D_
Asia-Pacific was the largest region in the automotive wheel market in 2024. The regions covered in the automotive wheel market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa._x000D_
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#This Report Delivers Insight On: #_x000D_
1. How big is the automotive wheel market, and how is it changing globally?_x000D_
2. Who are the major companies in the automotive wheel market, and how are they performing?_x000D_
3. What are the key opportunities and risks in the automotive wheel market right now?_x000D_
4. Which products or customer segments are growing the most in the automotive wheel market?_x000D_
5. What factors are helping or slowing down the growth of the automotive wheel market?_x000D_
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