The automotive wheel is a component that rotates and transmits the drive from the axle to the road. It also provides a means to affix the tires. The automotive wheel comprises a rim, spoke, and hub.
Increasing emphasis by consumers on the esthetic appeal of the vehicle has prompted automakers to develop superior design for automotive wheels in order to improve vehicle sales. Rise in demand for esthetics is estimated to fuel the demand for automotive wheels. Several aftermarket operators are also offering custom wheels due to the high demand from youth consumers, as customized automotive wheels are esthetically appealing. This, in turn, is boosting the automotive wheel market. Rise in the number of industries in Asia Pacific and Latin America is driving commercial vehicle sales, which in turn is boosting the demand for automotive wheel. Increase in sales of SUVs, globally, has boosted the demand for wheels with higher rim sizes. The trend of bigger wheels is driving the demand for wheels with 18 inch rims. This, in turn, is propelling the automotive wheel market.
OEMs are consistently focusing on the reduction of rolling resistance of the wheel. High performance wheels developed by Forgeline Motorsports and Emergent Carbon Wheels are two-piece wheels made of forged aluminum and carbon fiber. The two–piece wheels offer weight advantage of carbon fiber and strength of aluminum and hence, are considered high performance wheels. Demand for two-piece wheels is estimated to increase during the forecast period owing to the emphasis of the auto industry on reduction of carbon emissions. The high price of carbon fiber is a key factor restraining the carbon wheel segment.
Passenger vehicles are witnessing a high demand for alloy wheels, as they are corrosion resistant, offers good surface finish, and possess high esthetic appeal.
The global automotive wheel market can be segmented based on material, wheel size, sales channel, vehicle, and region. In terms of wheel size, the automotive wheel market can be classified into 12’’ to 17’’, 18’’ to 20’’, more than 20’’. Rising trend of higher rim size wheels is expected to drive the 18’’-20’’ segment.
Based on material, the automotive wheel market can be divided into carbon, aluminum, and steel. The carbon segment is expected to expand at a prominent growth rate during the forecast period. OEMs have stated offering carbon fiber wheels on high-end vehicles such as Ford GT. The aluminum segment is estimated to expand at a steady pace, aluminum is an affordable material.
In terms of sales channel, the automotive wheel market can be classified into OEM and aftermarket. The OEM segment is anticipated to hold a major market share as the wheel is a standard fitment in all vehicles. Rise in demand for customized automotive wheels is expected to fuel the aftermarket segment.
Based on vehicle, the automotive wheel market is split into passenger vehicle and commercial vehicle. Rise in production of passenger vehicles is expected to boost the automotive wheel market.
In terms of region, the automotive wheel market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific is likely to dominate the global market as the region witnesses a considerably high production of vehicles.
Key manufacturers operating in the global automotive wheel market include MAXION Wheels, Vossen Wheels, Automotive Wheels Ltd., Steel Strip Wheels, HRE Wheels, Superior Industries International, Accuride, Zhejiang Wanfeng Auto Wheel, and Mangles Industrial S.A.
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