Canada Automotive Wheel Market Size By Vehicle Type (Passenger Cars, Light Commercial Vehicle), By Material (Alloy, Carbon Fiber), By Rim Size (Below 15” Rim Size, 16”-18 Rim Size), By Geographic Scope And Forecast

Canada Automotive Wheel Market Size And Forecast

Canada Automotive Wheel Market size was valued is projected to reach USD 906.03 Million by the end of 2030, growing at a CAGR of 3.24% from 2023 to 2030.

Rising focus on production and sales of electric vehicles have further bolstered the investment, thus eventually driving the demand for automotive wheels in Canada. The Canada Automotive Wheel Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

Canada Automotive Wheel Market Definition

Picture a wheel – you know, the whole shebang that makes your car go, with the tire, rim, and maybe even a cool hubcap. You can find these bad boys in all sorts of awesome designs and sizes for everything from souped-up tuner cars to super-posh luxury rides, even electric vehicles and tough light-trucks and SUVs. They’re crafted from all kinds of materials, like trusty steel, gleaming alloys, and even crazy-light carbon fiber. Now, a little inside scooplots of people get "wheel" and "rim" mixed up. While they're often used interchangeably, they're not quite the same. Since the rim and the wheel are often one solid piece of metal, people sometimes just call the whole thing a "wheel" when they really mean the part where the tire sits. And get thisalloy wheels are getting seriously trendy because they make any car look amazing. Plus, they're lighter than steel wheels and help keep your brakes and tires nice and cool. Car companies are also investing big-time in making alloy wheels even more stylish, especially for regular cars, which is why you see them everywhere now.

Canada Automotive Wheel Market Overview

All this talk about electric vehicles? It's definitely got people investing, which means a higher demand for automotive wheels up here in Canada. Remember when the Prime Minister announced that federal funding for Stellantis to upgrade their plants and start making more EVs? Well, the Canadian government is throwing in up to USD 423 million! And get this, Ontario is pitching in up to USD 380.37 million as well. It's a big deal! With more and more of us switching to electric cars, the Canadian auto market is transforming super fast. Check out the numbersnew zero-emission vehicle (ZEV) registrations hit 5.2% in 2021 – finally a milestone! Out of all the new cars registered in Canada's biggest provinces that year (around 1.6 million!), Quebec accounted for 42.8% of the new ZEVs, British Columbia had 27.7%, and Ontario came in with 22.9%. Pretty interesting, right?

Canadians are really digging Electric Vehicles (EVs) and lighter cars these days, mostly 'cause we're thinking about the planet. And get this – that's supposed to send demand for car wheels soaring! But here's the catchgrabbing the raw stuff to actually make those wheels – things like aluminium, steel, and magnesium – is becoming a real headache. The supply just isn't as steady as we'd like. Plus, because we're using so much of these materials for car wheels, there's less to go around. Steel? Its price doubled in 2021, shooting up from $700 per tonne to about $1,300, and the auto industry eats up a ton of it. These factors are definitely putting a strain on the Original Equipment Manufacturers (OEMs) that make car wheels in Canada, that's for sure.

Porter’s Five Forces

The image provided would further help to get information about Porter’s five forces framework providing a blueprint for understanding the behavior of competitors and a player’s strategic positioning in the respective industry. The porter’s five forces model can be used to assess the competitive landscape in Canada Automotive Wheel Market, gauge the attractiveness of a certain sector, and assess investment possibilities.

Canada Automotive Wheel Market Segmentation Analysis

The Canada Automotive Wheel Market is Segmented on the basis of Vehicle Type, Material, Rim Size, and Geography.

Canada Automotive Wheel Market, By Rim Size

• Below 15” Rim Size
• 16”-18 Rim Size
• 19”-21” Rim Size
• Above 21” Rim Size

So, rims, huh? Here's how it all shakes out in terms of sizeyou've got the tiny ones, Below 15”, then the mid-range 16”-18”, followed by 19”-21”, and finally the big boys, Above 21”. And get this16”-18” rims totally dominated back in 2021, snagging almost half the market (46.51%!), and they're still expected to grow around 3.49% annually. What's the deal? Well, those slightly larger rims in the 16"-18" bracket can really give your car some extra style, and those lower profile tires that go with them add a sporty vibe – think tighter turns and better control. Just keep in mind that added weight can slow you down a bit. On the plus side, you get a little more cushion in the tire, which makes those rough roads a bit smoother. And because they don't make much noise, everyone gets to enjoy a quieter ride, particularly on those long highway trips.

Canada Automotive Wheel Market, By Material

• Alloy
• Carbon Fiber
• Steel

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So, what are these things even made of? Well, the market's pretty much split between Alloy, Carbon Fiber, and Steel. And get this – back in 2021, Alloy was the king, making up a huge 87.50% of the market! They're even expected to keep growing, with a predicted CAGR of 3.20%. Why are they so popular? Think about itthey're lightweight, which means less unsprang mass, and that boosts fuel economy. Plus, that lighter frame is easier on your suspension, letting you accelerate faster. And let's be real, style matters! You can customize alloy wheels way more easily, and honestly, they just look better than those plain old steel wheels. Oh, and one more thingAluminium alloys are super corrosion resistant, so you don't have to worry about rust eating away at your nice new alloy wheels like you might with others.

Canada Automotive Wheel Market, By Vehicle Type

• Passenger Cars
• Light Commercial Vehicle
• Heavy Commercial Vehicles

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Okay, so the market's divided up based on Vehicle Type, and we're talking about Passenger Cars, Light Commercial Vehicles, and Heavy Commercial Vehicles. But here's the thingLight Commercial Vehicles (LCVs) are totally dominating right now – they snagged a huge 70.46% of the market in 2021! And they're predicted to keep climbing, with a CAGR of 3.17%. Now, wheels are essential for LCVs. They need to be strong to handle the weight and the pressure from the axle. That’s why you often see super durable steel wheels, spinning to transfer power from the engine and get the vehicle going. Of course, the tires are fitted on those rims – that’s your light commercial vehicle steel wheel right there! And when those commercial wheels are aligned perfectly, it's a total game changersafer drivers, lower expenses, and improved efficiency all around.

Canada Automotive Wheel Market, By Geography

• Ontario
• British Columbia
• Quebec
• Alberta

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So, if you're wondering where car wheels are being sold across Canada, it's largely divided by provinceOntario, British Columbia, Quebec, and Alberta. Ontario is currently the dominant force, fueled by automated manufacturing. The car and auto parts biz remains a massive part of Ontario's economy, with jobs and ripple effects everywhere. But, Ontario has its work cut out for it to stay on top, especially with outdated manufacturing methods. The shifting sands of buyer preferences, trade regulations, factory investments and locations, and the race to build autonomous vehicles are really shaking things up.

Key Players

The “Canada Automotive Wheel Market” study report will provide a valuable insight with an emphasis on the global market. The major players in the market are KX Wheels, Fastco Canada, RWC Wheels, Maxion Wheels, TSW Alloy Wheels, Rim Alloy Canada, RTX Wheels, RIMEX, Accuride Canada Inc, JC Custom Forged Wheels, and Vossen Wheels among others.

Our market analysis also entails a section solely dedicated for such major players wherein our analysts provide an insight to the financial statements of all the major players, along with its product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share and market ranking analysis of the above-mentioned players globally.

Key Developments

• 2021 Expansion • Year after year, RIMEX’s growth and global reach have grown, reaching more than 500,000 square feet globally.

Ace Matrix Analysis

The Ace Matrix provided in the report would help to understand how the major key players involved in this industry are performing as we provide a ranking for these companies based on various factors such as service features & innovations, scalability, innovation of services, industry coverage, industry reach, and growth roadmap. Based on these factors, we rank the companies into four categories as Active, Cutting Edge, Emerging, and Innovators.

Report Scope

Research Methodology of Market Research