Automotive Wheel Market by Vehicle Type and Geography - Forecast and Analysis 2022-2026
| Published: Sep 2022 | Pages: 119 | SKU: IRTNTR74405 |
Automotive Wheel Market Forecast 2022-2026
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.
The market report also offers information on several market players, 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.
What will the Automotive Wheel Market Size be During the Forecast Period?
Download Report Sample to Unlock the Market Size for the Forecast Period and Other Important Statistics
Market Dynamics
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 Driver
The increasing number of vehicles globally is one of the key drivers supporting the 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 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 market during the forecast period.
Key Trend
The development of ultra-lightweight automotive wheels for CVs is one of the key trends contributing to the market growth. Vehicle light-weighting has been a key area of focus for automotive OEMs for several years. Therefore, the development of lightweight automotive technology is proving to be highly beneficial. In addition to the reduction of carbon emissions, such designs improve the fuel efficiency of vehicles, which further leads to improved energy efficiency. Thus, the development and adoption of ultra-lightweight wheels are expected to positively impact sales during the forecast period.
Key Challenge
Limitations of steel wheels are one of the factors hindering the growth. The fitment of steel products is associated with compatibility issues. Steel products are not compatible with vehicles that have large items. They also cannot replace large alloy products. They 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, they are not aesthetic. Hence, several car owners replace them with alloy ones. Such limitations of steel pose a challenge to the demand of the market during the forecast period
This market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market demand. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Who are the Major Companies?
The report analyzes the market’s competitive landscape and offers information on several market players, 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.
- Wheel Pros LLC
This statistical study of the market encompasses successful business strategies deployed by the key players. The market is fragmented, and the vendors are deploying organic and inorganic growth strategies to compete in the market.
Product Insights and News
- RONAL AG - The company offers automotive wheels such as SL6, R70, and R66.
The 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.
Market Value Chain Analysis
Our In-house experts produce extensive information on the value chain and parent market of the 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.
Which are the Key Regions for Market?
For more insights on the market share of various regions Request PDF Sample now!
35% of the market’s growth will originate from Europe during the forecast period. Germany, Italy, and France are the key markets for the market in Europe. The demand of this market in this region will be faster than the growth of the market in North America.
Technological advancements in automotive components will facilitate the demand of the market 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.
What are the Revenue-generating Vehicle Type Segments in the Market?
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The 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.
Market Analyst Overview
The Market sees robust revenue amidst the digital era's transformation in the automotive industry, emphasizing connectivity, mobility, and autonomy. Despite financial and manufacturing constraints, new rivals and technologies drive innovation. Report Scope covers rim size, material, and end-users, highlighting growth factors and core application areas. Key players like Iochpe-Maxion and Superior Industries International engage in mergers, acquisitions, and strategic alliances to navigate market dynamics, focusing on product innovation and addressing challenges like galvanic corrosion. Regional insights from PwC Autofacts indicate investment in R&D, software solutions, and mobility services, enhancing manufacturing capacity amid evolving market demands.
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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 |
USD11.20 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 forecasting, 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 market growth and trends report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
What are the Key Data Covered in this Market Report?
- CAGR of the market during the forecast period
- Detailed information on factors that will drive the market growth and forecasting of the market between 2023 and 2027
- Precise estimation of the size of the market size and its contribution to the parent market
- Accurate predictions about upcoming market trends and analysis and changes in consumer behavior
- Growth of the market industry across Europe, North America, APAC, South America, and Middle East and Africa
- Thorough market growth analysis of the market’s competitive landscape and detailed information about vendors
- Comprehensive market analysis and report on the factors that will challenge the market research and growth of market vendors
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
- 1.1 Market overview
- Exhibit 01: Executive Summary – Chart on Market Overview
- Exhibit 02: Executive Summary – Data Table on Market Overview
- Exhibit 03: Executive Summary – Chart on Global Market Characteristics
- Exhibit 04: Executive Summary – Chart on Market by Geography
- Exhibit 05: Executive Summary – Chart on Market Segmentation by Vehicle Type
- Exhibit 06: Executive Summary – Chart on Incremental Growth
- Exhibit 07: Executive Summary – Data Table on Incremental Growth
- Exhibit 08: Executive Summary – Chart on Vendor Market Positioning
2 Market Landscape
- 2.1 Market ecosystem
- Exhibit 09: Parent market
- Exhibit 10: Market Characteristics
3 Market Sizing
- 3.1 Market definition
- Exhibit 11: Offerings of vendors included in the market definition
- 3.2 Market segment analysis
- Exhibit 12: Market segments
- 3.3 Market size 2021
- 3.4 Market outlook: Forecast for 2021-2026
- Exhibit 13: Chart on Global - Market size and forecast 2021-2026 ($ million)
- Exhibit 14: Data Table on Global - Market size and forecast 2021-2026 ($ million)
- Exhibit 15: Chart on Global Market: Year-over-year growth 2021-2026 (%)
- Exhibit 16: Data Table on Global Market: Year-over-year growth 2021-2026 (%)
4 Five Forces Analysis
- 4.1 Five forces summary
- Exhibit 17: Five forces analysis - Comparison between 2021 and 2026
- 4.2 Bargaining power of buyers
- Exhibit 18: Chart on Bargaining power of buyers – Impact of key factors 2021 and 2026
- 4.3 Bargaining power of suppliers
- Exhibit 19: Bargaining power of suppliers – Impact of key factors in 2021 and 2026
- 4.4 Threat of new entrants
- Exhibit 20: Threat of new entrants – Impact of key factors in 2021 and 2026
- 4.5 Threat of substitutes
- Exhibit 21: Threat of substitutes – Impact of key factors in 2021 and 2026
- 4.6 Threat of rivalry
- Exhibit 22: Threat of rivalry – Impact of key factors in 2021 and 2026
- 4.7 Market condition
- Exhibit 23: Chart on Market condition - Five forces 2021 and 2026
5 Market Segmentation by Vehicle Type
- 5.1 Market segments
- Exhibit 24: Chart on Vehicle Type - Market share 2021-2026 (%)
- Exhibit 25: Data Table on Vehicle Type - Market share 2021-2026 (%)
- 5.2 Comparison by Vehicle Type
- Exhibit 26: Chart on Comparison by Vehicle Type
- Exhibit 27: Data Table on Comparison by Vehicle Type
- 5.3 Commercial vehicles - Market size and forecast 2021-2026
- Exhibit 28: Chart on Commercial vehicles - Market size and forecast 2021-2026 ($ million)
- Exhibit 29: Data Table on Commercial vehicles - Market size and forecast 2021-2026 ($ million)
- Exhibit 30: Chart on Commercial vehicles - Year-over-year growth 2021-2026 (%)
- Exhibit 31: Data Table on Commercial vehicles - Year-over-year growth 2021-2026 (%)
- 5.4 Passenger cars - Market size and forecast 2021-2026
- Exhibit 32: Chart on Passenger cars - Market size and forecast 2021-2026 ($ million)
- Exhibit 33: Data Table on Passenger cars - Market size and forecast 2021-2026 ($ million)
- Exhibit 34: Chart on Passenger cars - Year-over-year growth 2021-2026 (%)
- Exhibit 35: Data Table on Passenger cars - Year-over-year growth 2021-2026 (%)
- 5.5 Market opportunity by Vehicle Type
- Exhibit 36: Market opportunity by Vehicle Type ($ million)
6 Customer Landscape
- 6.1 Customer landscape overview
- Exhibit 37: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria
7 Geographic Landscape
- 7.1 Geographic segmentation
- Exhibit 38: Chart on Market share by geography 2021-2026 (%)
- Exhibit 39: Data Table on Market share by geography 2021-2026 (%)
- 7.2 Geographic comparison
- Exhibit 40: Chart on Geographic comparison
- Exhibit 41: Data Table on Geographic comparison
- 7.3 Europe - Market size and forecast 2021-2026
- Exhibit 42: Chart on Europe - Market size and forecast 2021-2026 ($ million)
- Exhibit 43: Data Table on Europe - Market size and forecast 2021-2026 ($ million)
- Exhibit 44: Chart on Europe - Year-over-year growth 2021-2026 (%)
- Exhibit 45: Data Table on Europe - Year-over-year growth 2021-2026 (%)
- 7.4 North America - Market size and forecast 2021-2026
- Exhibit 46: Chart on North America - Market size and forecast 2021-2026 ($ million)
- Exhibit 47: Data Table on North America - Market size and forecast 2021-2026 ($ million)
- Exhibit 48: Chart on North America - Year-over-year growth 2021-2026 (%)
- Exhibit 49: Data Table on North America - Year-over-year growth 2021-2026 (%)
- 7.5 APAC - Market size and forecast 2021-2026
- Exhibit 50: Chart on APAC - Market size and forecast 2021-2026 ($ million)
- Exhibit 51: Data Table on APAC - Market size and forecast 2021-2026 ($ million)
- Exhibit 52: Chart on APAC - Year-over-year growth 2021-2026 (%)
- Exhibit 53: Data Table on APAC - Year-over-year growth 2021-2026 (%)
- 7.6 Middle East and Africa - Market size and forecast 2021-2026
- Exhibit 54: Chart on Middle East and Africa - Market size and forecast 2021-2026 ($ million)
- Exhibit 55: Data Table on Middle East and Africa - Market size and forecast 2021-2026 ($ million)
- Exhibit 56: Chart on Middle East and Africa - Year-over-year growth 2021-2026 (%)
- Exhibit 57: Data Table on Middle East and Africa - Year-over-year growth 2021-2026 (%)
- 7.7 South America - Market size and forecast 2021-2026
- Exhibit 58: Chart on South America - Market size and forecast 2021-2026 ($ million)
- Exhibit 59: Data Table on South America - Market size and forecast 2021-2026 ($ million)
- Exhibit 60: Chart on South America - Year-over-year growth 2021-2026 (%)
- Exhibit 61: Data Table on South America - Year-over-year growth 2021-2026 (%)
- 7.8 US - Market size and forecast 2021-2026
- Exhibit 62: Chart on US - Market size and forecast 2021-2026 ($ million)
- Exhibit 63: Data Table on US - Market size and forecast 2021-2026 ($ million)
- Exhibit 64: Chart on US - Year-over-year growth 2021-2026 (%)
- Exhibit 65: Data Table on US - Year-over-year growth 2021-2026 (%)
- 7.9 Germany - Market size and forecast 2021-2026
- Exhibit 66: Chart on Germany - Market size and forecast 2021-2026 ($ million)
- Exhibit 67: Data Table on Germany - Market size and forecast 2021-2026 ($ million)
- Exhibit 68: Chart on Germany - Year-over-year growth 2021-2026 (%)
- Exhibit 69: Data Table on Germany - Year-over-year growth 2021-2026 (%)
- 7.10 Italy - Market size and forecast 2021-2026
- Exhibit 70: Chart on Italy - Market size and forecast 2021-2026 ($ million)
- Exhibit 71: Data Table on Italy - Market size and forecast 2021-2026 ($ million)
- Exhibit 72: Chart on Italy - Year-over-year growth 2021-2026 (%)
- Exhibit 73: Data Table on Italy - Year-over-year growth 2021-2026 (%)
- 7.11 Japan - Market size and forecast 2021-2026
- Exhibit 74: Chart on Japan - Market size and forecast 2021-2026 ($ million)
- Exhibit 75: Data Table on Japan - Market size and forecast 2021-2026 ($ million)
- Exhibit 76: Chart on Japan - Year-over-year growth 2021-2026 (%)
- Exhibit 77: Data Table on Japan - Year-over-year growth 2021-2026 (%)
- 7.12 Canada - Market size and forecast 2021-2026
- Exhibit 78: Chart on Canada - Market size and forecast 2021-2026 ($ million)
- Exhibit 79: Data Table on Canada - Market size and forecast 2021-2026 ($ million)
- Exhibit 80: Chart on Canada - Year-over-year growth 2021-2026 (%)
- Exhibit 81: Data Table on Canada - Year-over-year growth 2021-2026 (%)
- 7.13 France - Market size and forecast 2021-2026
- Exhibit 82: Chart on France - Market size and forecast 2021-2026 ($ million)
- Exhibit 83: Data Table on France - Market size and forecast 2021-2026 ($ million)
- Exhibit 84: Chart on France - Year-over-year growth 2021-2026 (%)
- Exhibit 85: Data Table on France - Year-over-year growth 2021-2026 (%)
- 7.14 Market opportunity by geography
- Exhibit 86: Market opportunity by geography ($ million)
8 Drivers, Challenges, and Trends
- 8.1 Market drivers
- 8.2 Market challenges
- 8.3 Impact of drivers and challenges
- Exhibit 87: Impact of drivers and challenges in 2021 and 2026
- 8.4 Market trends
9 Vendor Landscape
- 9.1 Overview
- 9.2 Vendor landscape
- Exhibit 88: Overview on Criticality of inputs and Factors of differentiation
- 9.3 Landscape disruption
- Exhibit 89: Overview on factors of disruption
- 9.4 Industry risks
- Exhibit 90: Impact of key risks on business
10 Vendor Analysis
- 10.1 Vendors covered
- Exhibit 91: Vendors covered
- 10.2 Market positioning of vendors
- Exhibit 92: Matrix on vendor position and classification
- 10.3 Accuride Corp.
- Exhibit 93: Accuride Corp. - Overview
- Exhibit 94: Accuride Corp. - Product / Service
- Exhibit 95: Accuride Corp. - Key offerings
- 10.4 BORBET GmbH
- Exhibit 96: BORBET GmbH - Overview
- Exhibit 97: BORBET GmbH - Product / Service
- Exhibit 98: BORBET GmbH - Key offerings
- 10.5 CITIC Ltd.
- Exhibit 99: CITIC Ltd. - Overview
- Exhibit 100: CITIC Ltd. - Business segments
- Exhibit 101: CITIC Ltd. - Key offerings
- Exhibit 102: CITIC Ltd. - Segment focus
- 10.6 Hitachi Metals Ltd.
- Exhibit 103: Hitachi Metals Ltd. - Overview
- Exhibit 104: Hitachi Metals Ltd. - Business segments
- Exhibit 105: Hitachi Metals Ltd. - Key offerings
- Exhibit 106: Hitachi Metals Ltd. - Segment focus
- 10.7 Iochpe Maxion SA
- Exhibit 107: Iochpe Maxion SA - Overview
- Exhibit 108: Iochpe Maxion SA - Product / Service
- Exhibit 109: Iochpe Maxion SA - Key offerings
- 10.8 Mangels Industrial SA
- Exhibit 110: Mangels Industrial SA - Overview
- Exhibit 111: Mangels Industrial SA - Product / Service
- Exhibit 112: Mangels Industrial SA - Key offerings
- 10.9 RONAL AG
- Exhibit 113: RONAL AG - Overview
- Exhibit 114: RONAL AG - Product / Service
- Exhibit 115: RONAL AG - Key offerings
- 10.10 Steel Strips Wheels Ltd.
- Exhibit 116: Steel Strips Wheels Ltd. - Overview
- Exhibit 117: Steel Strips Wheels Ltd. - Product / Service
- Exhibit 118: Steel Strips Wheels Ltd. - Key offerings
- 10.11 Topy Industries Ltd.
- Exhibit 119: Topy Industries Ltd. - Overview
- Exhibit 120: Topy Industries Ltd. - Business segments
- Exhibit 121: Topy Industries Ltd. - Key offerings
- Exhibit 122: Topy Industries Ltd. - Segment focus
- 10.12 Wanfeng Group Co. Ltd.
- Exhibit 123: Wanfeng Group Co. Ltd. - Overview
- Exhibit 124: Wanfeng Group Co. Ltd. - Product / Service
- Exhibit 125: Wanfeng Group Co. Ltd. - Key offerings
11 Appendix
- 11.1 Scope of the report
- 11.2 Inclusions and exclusions checklist
- Exhibit 126: Inclusions checklist
- Exhibit 127: Exclusions checklist
- 11.3 Currency conversion rates for US$
- Exhibit 128: Currency conversion rates for US$
- 11.4 Research methodology
- Exhibit 129: Research methodology
- Exhibit 130: Validation techniques employed for market sizing
- Exhibit 131: Information sources
- 11.5 List of abbreviations
- Exhibit 132: List of abbreviations
- Cooling systems parts o
- Vehicle body and chassis o
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
- Manufacturers and suppliers
- Channel partners
- Industry experts
- Strategic decision makers
Secondary sources
- Industry journals and periodicals
- Government data
- Financial reports of key industry players
- Historical data
- Press releases
DATA ANALYSIS
Data Synthesis
- Collation of data
- Estimation of key figures
- Analysis of derived insights
Data Validation
- Triangulation with data models
- Reference against proprietary databases
- Corroboration with industry experts
REPORT WRITING
Qualitative
- Market drivers
- Market challenges
- Market trends
- Five forces analysis
Quantitative
- Market size and forecast
- Market segmentation
- Geographical insights
- Competitive landscape
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automotive wheel market
Key Questions Answered
- What are the key global market and the regional market share?
- What are the revenue-generating key market segments?
- What are the key factors driving and challenging this market’s growth?
- Who are the key market vendors and their growth strategies?
- What are the latest trends influencing the growth of this market?
- What are the variables influencing the market growth in the primary regions?
- What are the factors influencing the growth of the parent market?
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