Automotive Wheel Market Technological Advancement, Drivers and Market Restraints Forecast To 2029

Automotive Wheel Market Overview:

The digital era, also known as the 4.0 industry, is present in all sectors of the economy and is contributing significantly to its growth. The automotive industry is changing, and this is affecting all of its sub-industries, including the automotive tyre industry. The industry is witnessing a transformation in which large corporations no longer offer simple vehicles or tyres, but instead use new technology and digitalization to sell complex services tailored to the needs of their customers. Connectivity, mobility, and autonomy have emerged as critical pillars in the development of such integrated market solutions.

The tyre industry is now classified as volatile, owing to its strong ties to automotive manufacturing, as well as other variables such as raw materials, their availability, and their volatile prices. Companies now operating in the sector face not only financial and manufacturing constraints, but also a large influx of new Asian competitors, primarily from China. This industry's ambitions, the most recent generation of techniques used, and the implementation of vehicle tyre production processes all highlight the importance of this field. As a result, new technology and innovation are increasingly important in the automotive industry as a whole, compelling companies to reconsider their business strategies.

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Automotive Wheel Market Dynamics:

Top-selling passenger vehicles in Europe have 16- and 17-inch wheels, whereas 18- and 19-inch wheels are more common in the US market. Because competition is currently limited in India, the continuous premiumization trend will be a significant impetus for alloy wheel companies and an important opportunity for overseas manufacturers. The F-150 has up to five alloy wheel options in the United States, where it has been the best-selling vehicle for 44 years in a row. Sizes range from 17 to 22 inches. Other OEMs prefer silver-painted aluminium wheels, and machined aluminium wheels are becoming more popular. Because sedans are more popular in China, 14-16-inch silver painted alloy wheels are more common in the top ten best-selling vehicles.

Because of the high proportion of kei cars, 14-16 inch wheels are found on more than 90% of the top-selling automobiles in Japan. 17-inch wheels are common on MPVs and SUVs like the Toyota Vellfire and Subaru Forester. In response to the increased use of onboard telematics by fleets, wheel manufacturers are developing solutions that integrate with tyres and vehicle systems.

Automotive Wheel Market Segment:

The alloy segment is expected to grow at a 4.8% CAGR during the forecast period. Even though the lesser alloys used are typically not corrosion-resistant, alloy wheels are frequently purchased for cosmetic purposes (visible repairs). Alloys allow for the use of attractive bare-metal finishes, which must be sealed with paint or wheel covers. The wheels in use will rust after 3 to 5 years, even if they are well covered; however, refurbishment is now widely available at a cost. If proper precautions are not taken, alloy wheels are prone to galvanic corrosion, which can lead to tyre air leaks. Furthermore, when bent, alloy wheels are more difficult to repair than steel wheels, even though their higher price makes repairs less expensive than replacement.

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Automotive Wheel Market Key players:

• Borbet GmbH (Germany)
• Uniwheels (Germany)
• BBS Kraftfahrzeugtechnik AG. (Germany)
• Thyssenkrupp AG (Germany)
• CITIC Dicastal Co., Ltd. (China)
• Zhejiang Wanfeng Auto Wheel (China)
• LIZHONG WHEEL GROUP (China)
• Superior Industries International (US)
• Accuride Corporation (US)
• MHT Luxury Wheels (US)
• Status Wheels, Inc. (US)
• Wheel Pros, LLC (US)
• Fuel Off-Road Wheels (US)
• SOTA Offroad (US)
• Forgiato Wheels (US)
• KONIG AMERICAN (US)
• LKQ Corporation (US)
• HRE Performance Wheels (US)
• Vossen Wheels (US)

Regional Analysis:

The five primary geographical regions of the Automotive Wheel market are North America, Europe, Asia Pacific, the Middle East & Africa, and South America.

Research methodology:

• Top-down and bottom-up methods are used to estimate and validate the size of the worldwide Automotive Wheel market. Participants diligently adhere to the many classification requirements set forth by the firm to compile a comprehensive list of notable and active players. The businesses that are most relevant to the market under consideration are chosen after a thorough validation procedure.
• Preference lists are arranged using commercial databases like Factiva, Bloomberg, and others in accordance with the revenue generated in the most recent quarter.
• In addition, the questionnaire was created expressly to meet all requirements for appointment-only primary data collection based on the key target categories. This facilitates our ability to gather data on a variety of topics, including player earnings, operating costs, profit margins, and the expansion of various commodities and services. The World Bank, associations, business websites, SEC filings, OTC BB, USPTO, EPO, annual reports, press releases, and other sources are used to verify about 70-80% of the data before usage.

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