According to MarketsandMarkets analysis, the Automotive Wheels Aftermarket, by volume, is estimated to reach 29.9 million units in 2018 and projected to grow at a CAGR of 4.07% during the forecast period. The major factors driving this growth are increasing vehicle sales and cost-effective pricing.
The heavy investments in R&D by wheel manufacturers worldwide in the aftermarket has led to continuous advancements in wheel technologies. The growing trend of using lightweight materials and continued improvement of vehicle dynamics are among the major factors responsible for the expected advancements in the automotive wheel’s aftermarket. The global wheels aftermarket is expected to show growth at a CAGR of 3.53% from USD 3.5 billion in 2018 to reach USD 4.5 billion by 2025. The continuous growth in the use of advanced materials and new compositions in wheels by manufacturers and OEMs is further anticipated to boost the automotive wheels aftermarket. In 2018, BORBET introduced the new Hyundai Santa Fe with BORBET V. The light alloy wheel from the ‘Classic’ category binds dynamic appearance with a classical and stylish alignment. The 10 spokes lead in a straight line from the outer rim to the wheel center, ending slightly displaced at the wheel hub.
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The passenger car segment is estimated to be the largest in the automotive wheels’ aftermarket. The rising number of enthusiasts and growing demand for passenger vehicles in emerging and developed countries have contributed to the growth of the automotive wheel’s aftermarket for passenger cars. Various aftermarket players are taking initiatives to improve public transportation. For instance, in January 2017, Maxion Wheels developed the forged aluminum commercial vehicle wheel product in line to the market’s growing need for lighter vehicles, which, in turn, reduces fuel consumption and greenhouse gas emissions. The new 22.5 x 8.25 aluminum commercial wheel weighs around 45 lbs.
Recent developments
· In January 2018, Carlstar introduced a new Cragar S/S wheel, which was also known as the “King of the Road” in the past. The mission is to produce a wheel that honored the Cragar reputation of premium quality that performed at the racing level.
· In September 2018, the RONAL R56 was offered as an ECE wheel for the new BMW X3/X4. The RONAL R56 will also be offered as an ECE wheel in crystal silver, matt black, and matt black front copied surfaces in 7.5×19-inch size and 5×112 mounting hole diameter for the new BMW X3 and X4.
· In August 2018, RONAL R64 was offered for light commercial vehicles. The RONAL R64 design is a powerful light truck wheel for heavy payloads up to 1,400 kg. This wheel has a graphic design with a special structure on the spokes. The R64 is not only convincing with its striking, eye-catching appearance but this five-spoke wheel is also very robust.
· In March 2018, the Ronal Group used top motorsport technology wheels in the development of Speedline Corse to provide a sporty driving experience and better braking characteristics. The 5 double spoke design of the SL6 Vettore is convincing and exciting in equal measure because of its very sporty and dynamic appearance.
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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Critical Questions:
· Where will vehicle sales take the industry in the long term?
· Will the industry cope with the challenge of high standards of automotive wheels?
· How do you see the impact of government regulations in the automotive wheel’s aftermarket?
· What are the upcoming trends in the automotive wheel’s aftermarket? What impact do they make post 2020?
· What are the key strategies adopted by top players to increase their revenue?