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The global Automotive Wheels Aftermarket is projected to grow at a CAGR of 3.53% during the forecast period to reach USD 4.5 billion by 2025 from an estimated USD 3.5 billion in 2018. The automobile industry has witnessed a continuous increase in the average weight of the vehicle owing to the rising demand for safety and comfort features. This has led to huge innovations and R&D efforts from both the OEMs and aftermarket players in increasingly using lightweight materials to reduce the overall weight of the vehicle and comply with government regulations pertaining to vehicular fuel consumption and emissions which will boost the demand for aftermarket wheels.
Passenger cars estimated to account for the largest market size during the forecast period
Passenger cars estimated to account for the largest market size during the forecast period
The passenger cars segment is estimated to be the largest of the global automotive wheels aftermarket in 2018. The rising number of enthusiasts and growing demand for passenger vehicles in emerging and developed countries have contributed to the growth of the automotive wheels aftermarket for passenger vehicles. Carbon fiber wheels are widely used in high-performance vehicles and racing cars. These are now gaining popularity in the luxury vehicle segment because of their lightweight, strength, and rigidity, which helps enhance vehicle performance and fuel efficiency.
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In material type, alloy is expected to grow at the fastest rate during the forecast period
In material type, alloy is expected to grow at the fastest rate during the forecast period
The alloy is the largest and the fastest growing segment for material type in the global automotive wheels aftermarket as it offers high durability and tensile strength. An alloy is a mixture of multiple metals or metals with non-metals which are mixed in pre-determined proportions to achieve desirable properties such as corrosion resistance, durability, tensile strength, density, ductility, and malleability. The two major or commonly used components in the making of alloy wheels are aluminum and magnesium.
North America is expected to account for the largest market size during the forecast period
North America is expected to account for the largest market size during the forecast period
North America is the largest automotive wheels aftermarket. Technological advancements and regulations to reduce emissions have increased the use of lightweight materials in the manufacturing of automotive wheels. There has been an increasing popularity of wheels with bigger rim diameters in the aftermarket as it lends the car a more appealing look along with improved stability and shorter braking distance. Additionally, stringent fuel efficiency norms are leading wheel manufacturers to focus on reducing the wheel weight for better vehicle dynamics and fuel efficiency. Such factors are driving the automotive wheels aftermarket in the North American region.
Key market players
Key market players
The global automotive wheels aftermarket is dominated by major players such as RONAL Group (Switzerland), BORBET Gmbh (Germany), Enkei Corporation (Japan), Carlstar (US), and Maxion Wheels (US). These companies have strong distribution networks at the global level. In addition, these companies offer an extensive product range in the aftermarket. The key strategies adopted by these companies to sustain their market position are new product developments, collaborations, and contracts & agreements.
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