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Automotive Wheel Market to hit USD 91.6 Billion by
2024: Global Market Insights Inc.
A new report covers Automotive Wheel Market outlook providing historical facts,
current status and future development trends information along with data on leading
players and regions. Automotive Wheel Market size will be worth USD 91.6 billion by
2024; according to a new research report by Global Market Insights, Inc.
Increasing investments on budget cars by OEM’s in emerging countries will drive the
industry growth. Factors such as advancement in technology, tax incentives along
with rise in sales of passenger cars will propel automotive wheel market size.
Shift in consumer preference on improved driving including enhanced acceleration,
quick braking and better performance will support the automotive wheel market
growth. Necessity to enhance fuel efficiency due to increasing emission standards
will remain key factors driving product demand.
Enhanced promotions on budget cars by manufacturers will create new opportunities
in the forecast year. Global automotive industry witnessed significant growth with
vehicle production over 95 million units in 2016.
Regular automotive wheel contributes for over 90% of overall industry share in 2016.
Strong demand for cost effective passenger cars and commercial vehicles are
expected to propel the industry growth. Technological advancement accompanied by
rising demand for corrosion resistance components will drive automotive wheel
Introduction of online portals for vehicle component sales at reasonable price will
impact automotive wheel price trend. Stringent regulations on carbon emissions
encouraged the OEMs to manufacture lightweight vehicles. High initial investment
along with low adoption of the high-performance products may restrain the industry
Passenger cars dominated the overall automotive wheel industry share accounting
for more than 80% in 2016. China is among the key contributors with over 24 million
units passenger car production in 2016.
Aluminum automotive wheel market will value over USD 76 billion by 2024.
Lightweight and innovative designs delivering higher performance is expected to
drive product demand. Steel market size is driven by competitive pricing and
convenient manufacturing process.
Trailer market will observe growth over 2.5% through 2024. Road transportation
industry expansion due to limited railway network particularly in Nordic countries will
drive product demand. In addition to this, improved aftersales services to customers
will drive the overall industry growth.
Europe Automotive Wheel Market Size, By Vehicle, 2016 & 2024 (USD Million)
OEM automotive wheel market registered over 368 million units demand in 2016.
Development in internal combustion engine with introduction of V2V technology are
the factors driving the industry demand. Increasing vehicle customization and
component replacement due to increasing accident, corrosion and scratches will
propel the aftermarket industry.
The U.S. automotive wheel market was worth over USD 10 billion in 2016. Stringent
vehicle safety norms associated to efficient braking system will stimulate product
Asia Pacific automotive wheel market, led by China, India and Japan will witness
growth over 5% up to 2024. Increasing manufacturing facilities owing to favorable
government policies and availability of resources will propel the regional demand.
The region expects high growth in buses and coaches segment due to rising
government focus on better transportation services.
Global industry share is fragmented in nature with presence of substantial number of
domestic players. Key industry players in terms of revenue generation and
geographical presence in the automotive wheel market include Magnetto, Ronal
Group, Enkei, UNI Group, Borbet, Alcoa, Maxion and Mefro. Other manufacturers
include Saint Jean, Alcar, Fondmetals, Otto Fuchs, HRE and Breyton.
Segmentation of Automotive Wheels Market:
Automotive wheel market research report includes in-depth coverage of the
industry with estimates & forecast in terms of volume in Million Units, revenue in
USD Million from 2013 to 2024, for the following segments:
Automotive Wheel Market, By Material
Automotive Wheel Market, By Product
Automotive Wheel Market, By End-use
Automotive Wheel Market, By Vehicle
Buses & coaches
The above information has been provided on a regional and country basis for the
• Czech Republic
• South Korea
Middle East and Africa
• South Africa
Browse Related Report:
High Performance Wheels Market Size By Material (Aluminum, Steel,
Magnesium, Carbon Fiber), By Vehicle (Premium compact, Entry-level luxury,
Mid-size luxury), By End-use (OEM, Aftermarket), Regional Outlook (U.S.,
Canada, Germany, UK, France, Italy, Spain, Poland, Russia, China, Japan,
India, South Korea, Thailand, Brazil, Argentina, Mexico, GCC, Turkey, South
Africa), Growth Potential, Price Trend, Competitive Market Share & Forecast,
2017 – 2024
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market
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