The new report by Expert Market Research titled, ‘Global Automotive Wheel Rims Market Growth, Share, Analysis Report and Forecast 2023-2028’, gives an in-depth analysis of the automotive wheel rims market, assessing the market based on its segments like material type, sales channel, vehicle type, and regional markets among others.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
Automotive Wheel Rims Market Size, Share, Trends, Industry Report, Key Player, Major Segments, and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2022): USD 20.8 billion
- Forecast CAGR (2023-2028): 8.21%
- Forecast Market Size (2028): USD 33.4 billion
Automotive wheel rims made of alloy are lightweight and give superior handling, making them excellent for both compact cars and sedans. Furthermore, the lightweight of alloys minimises unsprung mass, improving fuel efficiency and resulting in substantial cost savings.
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As a result, cars with alloy wheels and rims are expected to see strong demand from the working-class population over the projection period. Furthermore, customisation is available in the alloy sector, which is anticipated to drive demand for the product among consumers who choose efficient and appealing vehicles.
Automotive Wheel Rims Industry Definition and Major Segments
The outside edge of an automobile wheel on which the inside edge of the tire is mounted is referred to as an automotive wheel rim. Rims are tough and sturdy, allowing the wheel to carry the weight of cars. In addition, the rim supports the tire shape, and its dimensions are one of the significant factors in the handling characteristics of a vehicle. The wheel rim can be built of a variety of materials, including alloys, steel, carbon fibre, etc.
Based on material type, the market can be segmented into:
• Carbon Fibre
The bifurcation of market based on sales channel includes:
By vehicle type, the market has been divided into:
• Passenger Cars
• Commercial Vehicles
The major regional markets of the automotive wheel rims market are:
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
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Automotive Wheel Rims Market Trends
Factors such as the growing automotive industry, expanding demand for passenger automobiles, rising disposable income, and fast urbanisation are driving the market.
The rising popularity of fuel-efficient automobiles among the working class is expected to boost demand for the product throughout the projected period.
Additionally, the growth of the transportation industry in emerging nations is expected to increase demand for commercial vehicles, giving the market a boost. Additionally, government laws promoting the use of lightweight automobiles to conserve fuel are projected to help the industry.
Key Market Players
The major players in the market are:
- Maxion Wheels
- Steel Strip Wheels
- ESE Carbon
- Accuride Corporation
- Superior Industries International
- Ronal Group
- Telleborg AB
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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