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The automotive wheel market is projected to grow by USD 11.20 billion with a CAGR of 4.57% during the forecast period 2021 to 2026.
This automotive wheel market research report provides valuable insights on the post-COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers automotive wheel market segmentation by vehicle type (commercial vehicles and passenger cars) and geography (Europe, North America, APAC, the Middle East and Africa, and South America). The automotive wheel market report also offers information on several market vendors, including Accuride Corp., BBS GmbH, BORBET GmbH, Central Motor Wheel of America Inc., CITIC Ltd., CLN Coils Lamiere Nastri Spa, Enkei Corp., Foshan Nanhai Zhongnan Aluminum Wheel Co. Ltd., Fuel Off-Road Wheels, Hitachi Metals Ltd., Iochpe Maxion SA, Klassic Wheels Ltd., Mangels Industrial SA, RONAL AG, Steel Strips Wheels Ltd., Topy Industries Ltd., Trelleborg AB, TSW Group, Wanfeng Group Co. Ltd., and Wheel Pros LLC among others.
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The research studied the historical data considered for years, with 2021 as the base year and 2022 as the estimated year, and produced drivers, trends, and challenges market.
Key Automotive Wheel Market Driver
The increasing number of vehicles globally is one of the key drivers supporting the automotive wheel market growth. Modern vehicles have more rigid construction and a long-lasting and highly durable engine and undergo maintenance at regular intervals. This is leading to an increase in the lifespan of vehicles. Hence, the demand for automotive wheels is rising globally. Moreover, passenger cars and utility vehicles, such as sports-utility vehicles (SUVs), multi-purpose vehicles (MPVs), crossovers, and pickup trucks, are popular in the global automotive market. Furthermore, these vehicles are used for a longer duration by the user, which creates a high demand for preventive maintenance services of essential automotive components. Such factors will positively impact the growth of the market during the forecast period.
Key Automotive Wheel Market Trend
The development of ultra-lightweight automotive wheels for CVs is one of the key automotive wheel market trends contributing to the market growth. Vehicle lightweighting has been a key area of focus for automotive OEMs for several years. Therefore, the development of lightweight automotive wheels is proving to be highly beneficial. In addition to the reduction of carbon emissions, such automotive wheel designs improve the fuel efficiency of vehicles, which further leads to improved energy efficiency. Thus, the development and adoption of ultra-lightweight automotive wheels are expected to positively impact the sales of automotive wheels during the forecast period.
Key Automotive Wheel Market Challenge
Limitations of steel wheels are one of the factors hindering the automotive wheel market growth. The fitment of steel wheels is associated with compatibility issues. Steel wheels are not compatible with vehicles that have large wheels. They also cannot replace large alloy wheels. Steel wheels are not suitable for performance vehicles, such as performance sedans, sports cars, supercars, and hypercars. They cannot provide the intended performance that is demanded by the powerful powertrain of such performance vehicles, owing to rapid acceleration and deceleration. In terms of looks, steel wheels are not aesthetic. Hence, several car owners replace them with alloy wheels. Such limitations of steel wheels pose a challenge to the growth of the market during the forecast period
This automotive wheel market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global automotive wheel market as a part of the global automotive components and accessories market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the automotive wheel market during the forecast period.
The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
This statistical study of the automotive wheel market encompasses successful business strategies deployed by the key vendors. The automotive wheel market is fragmented, and the vendors are deploying organic and inorganic growth strategies to compete in the market.
To make the most of the opportunities and recover from the post-COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments while maintaining their positions in the slow-growing segments.
The automotive wheel market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our In-house experts produce extensive information on the value chain and parent market of the automotive wheel market, which vendors can leverage to gain a competitive advantage during the forecast period. The Value Chain information provides an end-end understanding of product insight and profit and also optimization and evaluation of business strategies The players across the value chain includes selective data and analysis from entire research findings as per the scope of the report.
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35% of the market’s growth will originate from Europe during the forecast period. Germany, Italy, and France are the key markets for the automotive wheel market in Europe. Market growth in this region will be faster than the growth of the market in North America.
Technological advancements in automotive components will facilitate the automotive wheel market growth in Europe over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID-19 Impact and Recovery Analysis
The outbreak of COVID-19 had a negative impact on the regional market. However, owing to the initiation of vaccination drives by the governments of various countries such as Germany, France, and Italy in Europe, automotive production sites reopened in 2021, with a rise in vehicle sales. Thus, the increase in vehicle sales will boost the growth of the regional market during the forecast period.
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The automotive wheel market share growth in the commercial vehicles segment will be significant during the forecast period. Commercial vehicles, particularly medium and heavy-duty commercial vehicles, travel a significantly greater distance than passenger cars. Therefore, users of commercial vehicles prefer in-vehicle comfort. Considering this, commercial vehicle manufacturers are focusing on integrating advanced wheels in their vehicles. The expansion of the construction and e-commerce sectors and the increase in mining output are anticipated to fuel the demand for commercial vehicles during the forecast period.
This report provides an accurate prediction of the contribution of all the segments to the growth of the automotive wheel market size and actionable market insights on the post-COVID-19 impact on each segment.
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Automotive Wheel Market Scope |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2021 |
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Forecast period |
2022-2026 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 4.57% |
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Market growth 2022-2026 |
$11.20 billion |
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Market structure |
Fragmented |
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YoY growth (%) |
4.2 |
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Regional analysis |
Europe, North America, APAC, the Middle East and Africa, and South America |
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Performing market contribution |
Europe at 35% |
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Key consumer countries |
US, Canada, Japan, Germany, Italy, and France |
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Competitive landscape |
Leading companies, Competitive Strategies, Consumer engagement scope |
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Key companies profiled |
Accuride Corp., BBS GmbH, BORBET GmbH, Central Motor Wheel of America Inc., CITIC Ltd., CLN Coils Lamiere Nastri Spa, Enkei Corp., Foshan Nanhai Zhongnan Aluminum Wheel Co. Ltd., Fuel Off-Road Wheels, Hitachi Metals Ltd., Iochpe Maxion SA, Klassic Wheels Ltd., Mangels Industrial SA, RONAL AG, Steel Strips Wheels Ltd., Topy Industries Ltd., Trelleborg AB, TSW Group, Wanfeng Group Co. Ltd., and Wheel Pros LLC |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Vehicle Type
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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