The automotive wheel rims market is anticipated to exhibit opulent growth over the assessment period from 2022 to 2032 with a healthy CAGR of 6.20%. The market is expected to reach a valuation of US$ 44,944.6 Million in 2022 and is expected to surpass US$ 82,020.5 million by 2032. According to the Future Market Insights (FMI) reports, in the historical forecast period from 2016 to 2021 sales witnessed significant growth, registering a CAGR of 3.4%.
The outer edges of a wheel known as wheel rims are designed in such a way that it efficiently holds the tire in place. It is crucial for wheel rims to be strong enough in order to support vehicle weight and withstand operating forces. Some of the most used materials to make wheel rims are aluminum, alloys, steel, magnesium, and nonferrous alloys.
Alloy wheels are rapidly becoming a more popular choice owing to their attractive appearance and lighter weight than steel wheels. Heat is dissipated from tires in alloy wheels and brakes are more effective as compared to steel wheels because aluminum conducts heat. There is a significant impact of wheel rims on a vehicle’s braking system. The larger diameter of the rim of the wheel allows for more airflow to the braking system.
Vehicle wheel rims are an important component of a car's overall appearance and performance. Rims are the circular metal structure that surrounds the tire and connects to the vehicle's hub, providing the car with stability and support. The demand for wheel rims has grown significantly in recent years, with drivers looking to enhance their vehicle's aesthetics and performance.
Key Takeaways
An increase in consumer willingness to pay has been witnessed along with surging preferences of luxury car owners for a variety of designs in rims and a considerable hike in vehicle production globally are some of the prominent reasons for bolstering the expansion of the automotive wheel rims Market across the estimation period from 2022 to 2032.
Weight plays a vital role in a vehicle, and it affects the handling of the vehicle. Tremendous growth is witnessed in the wheel rims industry over the years as lightweight vehicles can effectively handle tires motion. Owing to the technological advancements and latest innovations in the automotive wheel rims mark, lucrative opportunities have been created for automobile companies. As per FMI predictions, the global automotive wheel rims market will be profitable in the coming years.
A heightened surge in the demand for lightweight vehicles is witnessed all over the market due to increased fuel efficiency. In addition to that, a rise in consumer demand and increased spending in the automobile industry is witnessed which is anticipated to drive the automotive wheel rims market in the forthcoming years.
The surge in penetration of alloy wheels in mid-spec car models all over the world paired with the emergence of diamond-cut/dual-tone alloy wheels are giving consumers a large variety of options to choose from, hence, propelling the market growth. In developing countries like India, the economic variants of car models are contributing to cast a positive influence on the automotive wheel rims market over the forecast period from 2022 to 2032.
The requirement for lightweight component integration in vehicles is rigorously escalating due to fluctuations in the fuel economy standards. Recently the European Union has committed to reducing carbon emissions by 20% in 2022 and reducing it to the level found in 1990.
The need for car customization is gaining immense traction which is driving the demand for additional surface treatments such as diamond cuts and high gloss paints. Moreover, a surge in preference for specific kinds of wheels on the basis of diameter and material of a vehicle is fueling growth in the automotive wheel rims market.
Consumers are increasingly spending on automobiles, visually appealing wheels, and technological advancements in products which are predicted to propel the market during the forecasted period.
For more information: https://www.futuremarketinsights.com/reports/automotive-wheel-rims-market
Competitive Landscape
An impeccable rise in the preference of vehicle owners for more silent and environment-friendly vehicles is witnessed in the global market. Furthermore, leading market players are focusing on research and development activities by ORMs which is expected to fuel growth in the upcoming years.
Key Companies Profiled
TSW Alloy Wheels
Euromax Wheel
Maxion Wheels
Voxx Wheel
MHT Luxury Wheels
Sota Offroad
Status Wheels (TUFF A.T)
Fuel Offroad Wheels
Wheel Pros LLC.