Wheel Rim Market

Wheel Rim Market-An Overview

The global wheel rim market is expected to witness strong growth during the forecast period between 2021 and 2031.

A rim is the outside edge of a vehicle's wheel, which holds the tire. Apart from that, rims also function as a supporting link to any vehicle's suspension unit.  The selection of any wheel rim is done based on parameters such as design, diameter, and width.

The COVID-19 outbreak negatively impacted the global wheel rim market. With governments imposing strict lockdowns and social distancing regulations, manufacturing facilities were forced to shut down, temporarily or permanently

This led to a decrease in wheel rim production in most parts of the world and, in turn, hampered the wheel rim market.

However, with the availability of vaccines and a subsequent reduction in cases, manufacturing units are expected to start operations with near-full capacity in future, which could help the wheel rim market grow steadily. 

Wheel Rim Market-Trends and Opportunities

Rising adoption of lightweight materials in automotive manufacturing is the key growth driver for the global wheel rim market.

In addition to this, the ability of any wheel rim to protect a tire from any external damage is also expected to drive the wheel rim demand, in the years ahead.

Innovations in wheel rim manufacturing are expected to fuel the wheel rim demand in future and propel the overall wheel rim market.

The alloy wheel rim product segment is expected to make the largest contribution to the overall wheel rim market, since wheel rims, especially made from aluminum alloys are lighter than steel wheel rims and have a colorful appearance to them, too.

The passenger vehicle type segment is expected to contribute the most to the wheel rim market owing to increased wheel rim deployment in passenger vehicles, globally.

Wheel Rim Market-Competitive Landscape

The global wheel rim market comprises several well-known players, many of whom are expected to account for a large share in the overall wheel rim market, in the years ahead.

Prominent players in the global wheel rim market could invest heavily in research and development activities in a bid to produce improved quality wheel rims, which would meet customer requirements and help increase the overall consumer base.

R&D undertakings could be a crucial growth strategy for the players in the wheel rim market, in future.

Leading players in the global wheel rim market could also make huge investments to improve their manufacturing facilities in future, which could help produce improved quality of wheel rims.

Some of the leading players in the global wheel rim market include MAXION Wheels, Superior Industries International Inc., Ronal Group, Steel Strips Wheels Ltd., and ESE Carbon. 

Wheel Rim Market-Regional Assessment

The global wheel rim market is divided into four regions, namely, North America, Asia Pacific, Europe, and rest of the world.

Asia Pacific is expected to be the dominant region in the global wheel rim market in the coming years owing to the extensive growth witnessed in the automotive industry in countries such as India and China.

Also, rising disposable income for families residing in developing economies such as India is expected to contribute to the growth of the overall wheel rim market, in the region.

North America is anticipated to provide profitable growth opportunities for the wheel rim market in the years ahead owing to the presence of several well-established players in countries such as the U.S and Canada.

Europe is expected to witness substantial growth in the global wheel rim market in future owing to the rapid growth witnessed in the automotive industries in countries such as UK and Germany, in the last few years.

The rest of the world is expected to witness moderate growth in the wheel rim market, in future.