“Strict government regulation regarding fuel efficiency and carbon emissions and increase in sales of passenger cars and commercial vehicles have driven the automotive wheels aftermarket globally.”
The global automotive wheels aftermarket market is estimated to grow from USD 3.5 billion in 2018 at a CAGR of 3.53% to reach USD 4.5 billion by 2025. Increased demand for lightweight materials will boost the automotive wheels aftermarket. However, maintaining a balance between performance, cost, and weight creates a hurdle for the growth of the automotive wheels aftermarket.
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“Stringent environmental regulations for zero or non-VOC coatings will propel the growth of powdered coating during the forecast period.”
The powdered coating segment is the fastest and largest growing segment of the automotive wheels aftermarket. Powdered coatings are ecofriendly and are anticipated to experience rapid growth because of unique features such as high corrosion resistance, chipping, high-quality finish, and abrasion. It also offers protection from moisture, heat, and chemicals. Further, these powdered coatings emit only a small amount of VOCs.
“North America is expected to record the largest market during the forecast period.”
North America is the largest automotive wheels aftermarket, followed by Europe. North America is home to leading vehicle manufacturers such as Ford Motor Company, General Motors, and Tesla. The North American automotive industry has witnessed rapid development because of favorable policies adopted by the governments in the manufacturing sector. The US is estimated to account for the largest share of the North American automotive wheels aftermarket during the forecast period. The US automotive industry is highly inclined toward innovation, technology, and development of high-performance and fuel-efficient vehicles. Factors such as stringent emission norms and rising demand for vehicle dynamics are expected to propel the automotive wheels aftermarket in North America.
In-depth interviews were conducted with CEOs, marketing directors, other innovation and technology directors, and executives from various key organizations operating in the wheels aftermarket.
- By Company Type: Tier I - 42%, Tier II - 40%, and Tier III - 18%,
- By Designation: C Level - 57%, D Level - 29%, and Others - 14%
- By Region: North America - 29%, Europe - 30%, Asia Pacific - 28%, Rest of the World- 13%
The automotive wheels aftermarket comprises major manufacturers such as RONAL Group (Switzerland), BORBET Gmbh (Germany), Enkei Corporation (Japan), Carlstar (US), and Maxion Wheels (US).
- The market study covers the wheels aftermarket across segments. It aims at estimating the market size and future growth potential of this market across different segments such as by aftermarket type, vehicle type, coating type, material type, rim size, and region.
- The study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key Benefits of Buying the Report:
- The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall automotive wheels aftermarket and the subsegments.
- This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies.
- The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.