Automotive Wheel Rims Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented By Vehicle Type (Passenger Car, Commercial Vehicle), By Material (Alloy, Steel, Carbon Fiber), By Sales Channel (OEM, Aftermarket), By Region, By Competition.
Published Date: April - 2025 | Publisher: MIR | No of Pages: 320 | Industry: Automotive | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request Customization| Forecast Period | 2024-2028 |
| Market Size (2022) | USD 60 billion |
| CAGR (2023-2028) | 9.2% |
| Fastest Growing Segment | Commercial Vehicle |
| Largest Market | Asia-Pacific |
Download Sample Ask for Discount Request Customization
Market Overview
Global Automotive Wheel Rims Market worth USD 60 billion in 2022 and is expected to forecast strong growth in the forecast period with a CAGR of 9.2% during 2028.
Demand for lightweight vehicle wheel rims is increasing along with the demand for powerful and efficient vehicles. The ride quality and performance of the car are enhanced by lightweight rims of wheels, which also play a part in enhancing the power-to-weight ratio of the vehicle. Additionally, heavy-duty wheel rims make a vehicle more stable, enabling the wheel to perform accurate rolling, braking, and other vital functions. Rims not only improve the look of a vehicle but also performance. The market is saturated with a wide range of automobile wheel rims with distinct designs and coatings, which will enhance the look of the car. Because of this, the world market is increasing with new cars becoming increasingly popular among individuals from all ages. The majority of automobile rims are constructed from conventional materials such as steel and alloys. Yet, high-performance cars such as sports cars have been adopting the utilization of wheel rims made of state-of-the-art materials such as carbon fiber, which possesses a number of beneficial properties such as high tensile strength, thermal & chemical resistance, light weight, stiffness, and others.
Key Market Drivers
Expansion in the International Automotive Sector
The automotive sector is the backbone of the Global Automotive Wheel Rims market. The ever-growing and developing nature of the automotive industry, fueled by the increasing population, urbanization, and growing disposable income, directly influences the demand for wheel rims. With more and more vehicles being added to the roads, the demand for wheel rims, both as original equipment and replacement, keeps growing.
Growing Vehicle Production
Global production of automobiles has been increasing. The developing economies of China and India have emerged as major automobile manufacturing hubs, while the traditional markets of the United States and Europe also produce large volumes of automobiles. The increase in automobile output is directly driving the demand for wheel rims, as every automobile needs these parts.
Focus on Lightweighting
Automakers are continually looking to minimize vehicle weight to improve fuel efficiency and lower emissions. This has resulted in the use of lightweight materials for wheel rims, including aluminum and magnesium alloys, instead of conventional steel rims. Consequently, there is increasing demand for specialized lightweight wheel rims, providing opportunities for manufacturers to respond to this changing demand.
Growing Use of Alloy Wheel Rims
Alloy wheel rims have become highly popular because of their good looks, enhanced performance, and lighter weight in comparison to steel alternatives. The market is witnessing a growing demand for alloy wheel rims as an aftermarket installation, and manufacturers are fitting them as original equipment for their vehicles. This increases the demand for alloy wheel rims in the market.
Increased Demand for Personalization
Consumer demand for car customization is increasing. Vehicle owners, especially enthusiasts, seek means to individualize their cars and express themselves. Customized wheel rims present a great means of personalization, and therefore, there is an increased demand for distinctive and attention-grabbing designs.
Technological Advancements
Technological advancements in wheel rim manufacturing have made it possible to manufacture high-performance and precision-engineered rims. Computer-aided design (CAD) and computer-aided manufacturing (CAM) techniques have enhanced the accuracy and longevity of wheel rims. Other technologies such as 3D printing are also being researched for manufacturing complex and lightweight rim designs, further fueling market growth.
Download Sample Ask for Discount Request Customization
Safety and Performance Enhancement
Wheel rims play a crucial role in a vehicle's safety and performance. As consumers become more safety-conscious, they look for wheel rims that not only enhance aesthetics but also contribute to the overall safety and performance of their vehicles. This has led to the development of advanced rim designs that improve handling, braking, and overall vehicle stability.
Key Market Challenges
Fluctuating Raw Material Prices
The volatility in raw material prices is one of the major issues facing the Global Automotive Wheel Rims market. Wheel rim manufacturing depends greatly on steel, aluminum, and magnesium alloy materials. Prices for these raw materials are fluctuating due to factors such as global demand and supply, geopolitics, and trade tariffs. Sharp fluctuations in material prices can substantially affect the cost of production for wheel rims, which can result in lower profit margins for manufacturers.
Intense Competition
The automotive wheel rims market is highly competitive, with numerous manufacturers and suppliers vying for market share. This competition is driven by the ever-growing demand for wheel rims, both in the original equipment manufacturer (OEM) and aftermarket segments. Established players face competition not only from domestic manufacturers but also from international companies, leading to pricing pressures and the need for continuous innovation to differentiate products.
Regulatory Compliance
The auto industry is regulated by a myriad of regulations and standards, most notably safety and environmental standards. Wheel rim manufacturers have to guarantee that their products meet these standards, which differ from region to region. Meeting the standards typically involves huge research and development expenditures, testing, and certification procedures, which increase the cost of production.
Technological Advancements
While technology growth can be a market driver, it is also a challenge. As car technology changes, wheel rims must keep up with shifting vehicle designs and specifications. This calls for continuous investment in research and development to make wheel rims that not only look good but are also lightweight, strong, and in step with sophisticated braking and suspension systems.
Counterfeit Products
Fake and inferior wheel rims are a great challenge to the market. Having fake wheel rims in the aftermarket market can result in compromising performance and safety, causing accidents and harming vehicles. Customers are attracted to cheaper counterfeit products without being aware of their dangers. A solution to this challenge is raised by heightened vigilance, education of customers, and protection of intellectual property rights.
Environmental Concerns
The car industry is coming under growing pressure to minimize its environmental impact. This involves minimizing emissions in production processes and using environmentally friendly materials. The production of wheel rims, particularly alloy rims, can be energy-intensive processes that produce greenhouse gas emissions. Manufacturers are challenged with embracing greener production processes and materials while being cost competitive.
Supply Chain Disruptions
The COVID-19 crisis exposed the fragility of supply chains around the world. Interruptions in the supply of raw materials, parts, and logistics could have a devastating effect on the manufacturing and delivery of wheel rims. Natural disasters, trade wars, and geopolitical tensions can interrupt the supply chain, resulting in production slowdown and higher expenses. The manufacturers need to create robust supply chain solutions to counter these adversities.
Key Market Trends
Growing Need for Lightweight Wheel Rims
Lightweighting is a pervasive trend in the automotive sector, fueled by aggressive fuel efficiency and emissions regulations. Consequently, lightweight wheel rims constructed of materials such as aluminum and magnesium alloys are gaining popularity. These materials are significantly lighter than conventional steel rims, making them an improvement in fuel efficiency and overall vehicle performance. Lightweight wheels are especially desirable to manufacturers because they can help improve handling and decrease unsprung weight, both of which have a beneficial effect on ride quality and responsiveness.
Emergence of Electric and Hybrid Vehicles
The worldwide automotive sector is undergoing a significant transition towards electric and hybrid cars. Electric and hybrid cars need lightweight parts to achieve maximum driving range and efficiency. Lightweight alloy wheel rims have become a common option for electric and hybrid cars, which matches the industry's drive to shed weight and increase overall efficiency. With electric cars gaining market share, the need for lightweight wheel rims will continue to grow.
Customization and Personalization
People are looking to personalize their cars more and more, hence making customization a strong trend in the automobile sector. The wheel rims provide an eye-catching platform for personalization, where automobile owners can unveil their personality and taste. With diverse designs, finishes, and sizes available, aftermarket wheel rims are highly sought after as consumers want to personalize their car's looks. The trend goes beyond mere looks, as customized wheel rims can also meet certain performance needs.
Advances in Rim Design
Rim design has made tremendous improvements to satisfy both form and functionality requirements. Innovative rim designs bring more than just the appearance factor, with features enhancing performance and efficiency. Intricate and sophisticated designs not only add the car's style but also serve the purpose of brake cooling as well as aerodynamics. They tend to incorporate light materials and cutting-edge manufacturing techniques to create an exquisite harmony between form and function.
Increased Usage of Alloy Wheel Rims
Alloy wheel rims have achieved significant market share because of their better attributes than conventional steel rims. Alloy rims provide enhanced performance, superior heat dissipation, and corrosion resistance. Their good looks, marked by different finishes and designs, also add to their popularity. Automakers more and more put alloy wheel rims as original equipment on their cars, and consumers choose alloy rims when they are upgrading their vehicles in the aftermarket market.
Digitalization and E-commerce
Digitalization in the automotive sector has revolutionized distribution channels for wheel rims. Online shopping sites have emerged as a major way to buy wheel rims, giving customers ample choice and the advantage of online purchasing. Online sites give customers rich product information, reviews, and comparison ease, allowing them to make informed purchases. With increasing digitalization, wheel rim sales online are projected to increase, transforming the method of accessing and buying automotive parts.
Environmentally Conscious Manufacturing
Segmental Insights
Vehicle Type Analysis
The market is divided into passenger automobiles and commercial vehicles based on the kind of vehicle.
Material Type Analysis
In 2022, the alloy segment dominated the market, and it is further expected that this will continue during the forecast period. The market is growing due to the increasing demand for aluminum alloys because of their outlook and lightness. In order to boost the efficiency and performance of the vehicle, nearly all automobile companies prefer using aluminum alloy wheels. Throughout the forecast period, it is expected that the carbon fiber segment will expand at the highest rate. Segment growth is expected to be driven by increasing consumer demand for advanced materials such as carbon fiber that are light in weight and possess beneficial properties for the production of rims for sports cars and high-performance vehicles. Between 2023 and 2030, the market for carbon fiber is expected to grow at the highest CAGR. The car's massive weight results in more fuel consumption, which slows the expansion of the market. In a bid to save on unnecessary fuel consumption, the big manufacturers such as Mercedes and BMW have focused on fitting light Carbon Fiber Reinforced Plastic (CFRP) wheel rims into the majority of luxury and top-of-the-line cars.
Sales Channel Type Analysis
The market is divided into aftermarket and OEM segments based on sales channel.
By 2030, the OEM segment is predicted to continue its market leadership that it enjoyed in 2022. Sales of such rims have been primarily done to OEMs because of the low replacement rate of wheel rims and the continuous production of automobiles. In addition, the demand for these rims with varying designs, coatings, advanced materials, and more is being fueled by car manufacturers' attempts to innovate continually for higher performance, ride comfort, and aesthetics, thereby driving the segment growth in the coming years. As a result of demand from customers for adding their own wheel rims, the aftermarket segment is expected to grow at the fastest rate. The growing need for passenger vehicles with customized individualizations is expected to raise demand for aftermarket wheels.
Regional Insights
Download Sample Ask for Discount Request Customization
As far as market share for car wheel rims is concerned, Asia Pacific dominated in 2022. It is projected that increasing car sales in India and China will drive regional market growth. For example, vehicle sales in China are the highest globally compared to all other countries combined. Also, positive government regulations in China and the government's focus on outdated car prohibitions will affect the demand for wheel rims in the region. Asia Pacific is a center for electric vehicles as well as traditional vehicles. China produces more than any other country a significant number of electric cars. The market will grow due to increased demand for lightweight rims in these EVs.
The North American region accounted for the second-largest market share in 2022. The North American region is the most technologically advanced globally, where new technologies are extensively applied and developed. Therefore, North American manufacturers are investing considerably in employing the latest lightweight materials for their components. Just as the market growth in North America is being supported by increasing demand for carbon fiber and aluminum alloy wheels for sports cars. Also, the burgeoning automobile industry of the U.S. is driving market growth in the region.
During the forecast period, there is likely to be a high growth rate in Europe. The demand for lightweight car components by the region's leading automakers is the primary driver powering the growth. In an effort to enhance the performance of their next-generation vehicles, major players such as Volkswagen, Mercedes-Benz, Renault, and others are focusing intensely on the use of lightweight car parts. Latin America, the Middle East, and Africa comprise the rest of the world. The fast-growing automobile sector in these markets is expected to fuel market growth.
Recent Developments
- Ford made the announcement that it wouldoffer carbon fiber wheels for its top-tier cars, including the GT Supercar,Mustang Shelby GT500, and Mustang Shelby GT350R, in February 2023.Additionally, the business announced that it would soon offer carbon fiberwheels in its entry-level performance model.
- One of the top wheel manufacturers,Maxion Wheels, stated in September 2022 that its new manufacturing facility inTurkey is prepared for opening in collaboration with INCI Holdings. Accordingto the firm, the new facility would specialize on producing steel truck wheelrims.
- On September 20, 2022, the IAATransportation exhibition saw the announcement of a strategic investment inManisa OIP by the Maxion inci Wheel Group, a joint venture between Maxion Inciand Maxion Jantas.
- 2020 October Manufacturer of automotivecomponents Wheels India Ltd. stated that the new aluminum wheel plant wouldfirst concentrate on serving foreign markets.
- Maxion Wheels and ZF Openmaticscooperated on wheel connectivity solutions in September 2019. Thiscollaboration is anticipated to be the first completely integrated wheelconnection solution in the globe.
- In July 2022, Euromax Resources Ltd.disclosed that it had agreed to provide one of its current shareholders, GalenaResource Equities Limited (Galena), an organization controlled and managed byGalena Asset Management S.A., an affiliate of Trafigura Pte Ltd., with anon-interest-bearing, unsecured, convertible promissory note in the principalamount of USD$1,000,000 (the Private Placement). Short-term working capitalwill be given to the company with a share of the private placement's profits.The current Promissory Note issued to Galena in the amount of US$500,000 datedFebruary 23, 2022 is totally replaced and superseded by the ConvertiblePromissory Note, creating an additional US$500,000 in funding for the business.
- The Ferrari 296 GT3 is the most recentfactory race car to come out of Maranello, and in July 2022, Rotiform Wheels, aWheel Pros brand, announced its continued collaboration with Ferrari as theexclusive wheel provider. For the 296 GT3 factory racecar, Rotiform hasdeveloped a whole new forged wheel. Prior to entering racing in 2023, the carwill make its public premiere with the custom Rotiform wheels at the 2022 24Hours of Spa.
- Maxion Wheels, the top manufacturer ofwheels and structural components in the Americas, said in April 2022 that itwould aim to achieve carbon neutrality by the year 2040. The primary aim isROADMAP ZERO the focal point of all international Tier One sustainabilitydevelopments,
Key Market Players
- MAXION Wheels
- Steel Strips Wheels Ltd
- ESE Carbon
- Accuride Corporation
- Superior IndustriesInternational, Inc.
- Ronal Group
- Trelleborg AB
- BORBET GmbH
- Enkei International, Inc.
- Alcoa Wheels
|
By Vehicle Type |
By Material Type |
By Sales Channel |
By Region |
|
|
|
|
Related Reports
FAQ'S
For a single, multi and corporate client license, the report will be available in PDF format. Sample report would be given you in excel format. For more questions please contact:
Within 24 to 48 hrs.
You can contact Sales team (sales@marketinsightsresearch.com) and they will direct you on email
You can order a report by selecting payment methods, which is bank wire or online payment through any Debit/Credit card, Razor pay or PayPal.
Discounts are available.
Hard Copy