Based on MarketsandMarkets analysis, the Automotive Wheel Market is projected to grow at a CAGR of 5.52% from 2017 to 2025. The market for automotive wheels is estimated to be USD 32.87 billion in 2017 and is projected to reach USD 50.54 billion by 2025.The increasing vehicle production and demand for improved vehicle dynamics are the key factors driving the automotive wheel market. Also, the rising demand for fuel efficiency is pushing original equipment manufacturers to switch to lightweight materials. This upcoming trend is supporting the growth of automotive wheels.
The growing vehicle production and the rising demand for improved vehicle dynamics are expected to drive the automotive wheel market.
The alloy wheel segment is estimated to be the largest segment in the Automotive Wheel Market
The alloy wheel is estimated to be the largest segment of the automotive wheel market during the forecast period. The rise in demand for reducing vehicle weight and improved vehicle dynamics for complying with stringent emission norms has fueled the demand for the alloy wheel segment.
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OE segment is estimated to be the largest and fastest growing segment in the Automotive Wheel Market
The OE segment is estimated to be the largest and fastest growing market during the forecast period. Wheels are designed to last long with the vehicle life and are replaced or changed in case of accidental damage or by an enthusiast. So, the demand for the wheel is low in the aftermarket as compared to the OE market.
The luxury priced vehicle segment is estimated to be the largest and fastest growing segment of automotive wheel market in terms of value
The automotive wheel market for luxury priced vehicle is estimated to grow at the highest rate during the forecast period. Luxury-priced vehicles include premium sports vehicle variants, which use high-performance wheels. These vehicles are performance-oriented, and wheels play a vital role in improving the vehicle dynamics. Due to increasing competition in the automotive industry, luxury and premium car manufacturers have increased their focus on high-performance vehicles. These companies along with wheels manufacturers are investing heavily in R&D to develop lightweight and high-strength wheels, which will help boost the car performance.
Asia Pacific: Largest regional market for Automotive wheels
Asia Pacific is estimated to be the largest market for automotive wheels. The Asia Pacific region accounts for about ~49% of the global automobile production. The region comprises emerging economies such as China and India along with developed nations such as Japan and South Korea. The increase in sales of vehicles can be attributed to various factors such as increasing per capita income, increased infrastructure spending, attractive FDI from governments, economic production cost, lenient environment regulations, and so on. Additionally, the number of vehicles on the road is increasing owing to the improving road infrastructure and increase in disposable income.
Key Market Players:
The report covers all the major players in the automotive wheel market, including Iochpe-Maxion (Brazil), Superior Industries International (US), Accuride Corporation (US), Steel Strips Wheels (India), Hitachi Metals (Japan), Enkei (Japan), Citic Dicastal (China), Zhejiang Wanfeng Auto Wheel (China), Borbet (Germany), Mangels Industrial (Brazil), and Mefro Wheels (Germany).
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