Automotive Wheel Rims Market Key Opportunity, Analysis, Growth, Trends 2033
The global automotive wheel rims market in 2022 was US$ 44.5 billion and is estimated to be US$ 46.2 billion in 2023. Future Market Insights has mentioned in its reports that the automotive wheel rims market will expand at a CAGR of 6.01% between 2023 and 2033, totaling around US$ 82.83 billion by 2033.
The outer edges of a wheel are named wheel rims and are mainly designed in such a way that it firmly holds the tire in place as it is important for wheel rims to be strong enough for supporting vehicle weight that can also withstand operating forces.
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Alloy wheels are becoming a more popular choice as it owes to their attractive appearance and comparatively lighter weight than steel wheels. Heat, thus, when dissipates from tires in alloy wheels and brakes are considerably more effective as compared to steel wheels because aluminum conducts heat, therefore has a significant impact of wheel rims on a vehicle’s braking system.
Key Takeaways from the Automotive Wheel Rims Market Study
Global automotive wheel rims market grew at a CAGR of 5.45% between 2017 and 2022.
North America is expected to possess a 43.5% market share for the automotive wheel rims market in the assessment period.
Europe is anticipated to hold 32% of the market share for the automotive wheel rims market.
Under Product type, aluminium alloy wheel rims demand accounted for approximately 55% of the automotive wheel rims market share.
Asia Pacific is expected to procure a 25% market share for the automotive wheel rims market
Asia Pacific expands at a CAGR of 7.9% in the assessment period.
“Escalating preference for light-weight vehicles to boost market growth is considered one of the major drivers of the automotive wheel rims market”, comments a Future Market analyst.
Read more: https://www.futuremarketinsights.com/reports/automotive-wheel-rims-market
Competition Landscape
Leading players operating in the global automotive wheel rims market are focusing on launching novel products to expand their product portfolio and strengthen their market footprint. Some of the other players are aiming at expanding their global presence to increase their market share. For instance,
Maxion Wheels, has set a goal of becoming a carbon-neutral supplier by 2040 as this target, ROADMAP ZERO, is considered to be the focal point of all global Tier One sustainability developments.
Euromax Resources Ltd announced its approval of the merger of the Company’s Ilovica 6 and Ilovica 11 exploitation concessions, based on the announcement in the Official Gazette no. 141.
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