“Increase in demand for lightweight materials and improved vehicle dynamics is expected to propel the market for automotive wheel in the coming years”
The global automotive wheel market is estimated to be USD 32.87 billion in 2017 and is projected to reach USD 50.54 billion by 2025, at a CAGR of 5.52% from 2017 to 2025. The market growth is primarily driven by the increasing demand for vehicle weight reduction and growing vehicle production. However, engineering barriers can restrain the growth of the global automotive wheel market.
“Construction and mining equipment constitute the largest off-highway wheel market globally”
The construction equipment constitutes various types of vehicles such as articulated dump truck, backhoe loader, motor grader, motor scraper, and others. The construction industry has witnessed a boom in the recent decades. Post the 2008 recession, there has been a significant improvement in the economy. With increase in population and improved standard of living, an increasing number of people are migrating to urban areas and spending on housing. The construction of commercial buildings, which include factories, manufacturing facilities, hospitals, schools, colleges, and others, grew by 10-12% in 2016 as compared to 2015. Hence, the demand for construction equipment is increasing, which in turn leads to the increased sales of construction and mining equipment wheels.
“The passenger vehicles segment is estimated to be the largest segment, in terms of value, in the automotive wheel market”
The passenger vehicles segment is estimated to hold the largest market share during the forecast period. Passenger vehicles account for the largest share of the total vehicle production. Also, the increase in R&D investment by OEMs and Tier 1 players to improve the drive quality and efficiency of passenger vehicles will drive the automotive wheel market in this segment. Moreover, the rise in disposable income, particularly in developing countries such as China, India, Mexico, and others, will drive the automotive wheel market in the passenger vehicle segment.
“Asia Pacific: Largest wheel market in Original Equipment (OE)”
The Asia Pacific region leads the automotive wheel market, owing to increasing vehicle production in countries such as China and India. The vehicle production in these countries is projected to grow at >6.0% CAGR over the period of next five years. Increasing vehicle production has, in turn, increased the demand for wheels in this region. Many wheel manufacturers have set up their manufacturing plants in the region. These include Iochpe-Maxion (Brazil), Steel Strips Wheels (India), Hitachi Metals (Japan), Enkei (Japan), Citic Dicastal (China), and Zhejiang Wanfeng Auto Wheel (China).
The study contains insights provided by various industry experts, ranging from automotive wheel manufacturers to automobile OEMs and various automotive associations.
The break-up of the primaries is as follows:
- By Company Type: Tier I–60%, Tier II–13% and OEMs–27%
- By Designation: C Level–25%, D Level–40% and Other –35%
- By Region: Asia Pacific–38%, Europe–12%, North America–25%, RoW– 25%
Players profiled in the report are:
• Iochpe-Maxion (Brazil)
• Superior Industries International (US)
• Accuride Corporation (US)
• Steel Strips Wheels (India)
• Hitachi Metals (Japan)
• Enkei (Japan)
• Citic Dicastal (China)
• Zhejiang Wanfeng Auto Wheel (China)
• Borbet (Germany)
• Mangels Industrial (Brazil)
• Mefro Wheels (Germany)
• Alcar (Austria)
• Kalink (South Korea)
• Ronal (Switzerland)
• ThyssenKrupp (Germany)
• Vossen Wheels (US)
• HRE Wheels (US)
• Rays (Japan)
• Weds (Japan)
• Topy Industries (Japan)
The report covers the automotive wheel market, in terms of volume (million units) and value (USD million). It explains the qualitative and quantitative aspects of the automotive wheel market, which is segmented by material (steel, alloy, carbon fiber, and others), vehicle type (passenger, light commercial, and heavy commercial vehicles), vehicle class (economy, mid-priced, and luxury-priced), rim size (13"-15", 16"-18", 19"-21", & above 21"), end-use (OE and aftermarket), off-highway (construction and mining, and agriculture tractors) and region (Asia Pacific, Europe, North America, and Rest of the World).
Reasons To Buy the Report:
The report provides insights into the following points:
- Market Penetration: The report provides comprehensive information on wheels offered by the top players in the industry for the automotive market.
- Product Development/Innovation: The report provides detailed insights into upcoming technologies, R&D activities, and new product launches in the automotive wheel market.
- Market Development: The report offers comprehensive information about the wheel market for automotive. The report analyzes the market for automotive wheels across regions and provides comprehensive information about lucrative emerging markets.
- Market Diversification: The report provides exhaustive information about emerging trends, market dynamics, and investments in the global automotive wheel market.