The global automotive wheels aftermarket is expected to show growth at a CAGR of 3.5% from USD 3.4 billion in 2022 to reach USD 4.1 billion by 2027. 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. Aftermarket players across the world are focusing on improving fuel economy and the overall vehicle performance. This trend is more evident in developed economies where governments have stringent emission regulations, and consumers have a higher purchasing power.
According to MarketsandMarkets analysis, the wheels aftermarket, by volume, is estimated to reach 35.8 million units in 2027 and projected to grow at a CAGR of 4% during the forecast period. The major factors driving this growth are increasing vehicle sales and cost effective pricing.
The Asia Pacific region is home to key suppliers of automotive wheels such as Enkei Corporation (Japan) and Zhejiang Wanfeng Auto Wheel (China), Maxion Wheels, Central Motor Wheels of America, etc. are the key players present in the market that offer wheels to OEMs such as Hyundai, Nissan, Toyota, Tata Motors, Kia, etc. across the region. Factors such as the availability of cheap labor and favorable government policies help undertake mass production of automotive components in Asia Pacific, which results in lower prices of automotive components. In addition, high investments by major OEMs in advanced technologies are providing growth opportunities for the automotive wheels aftermarket manufacturers in this region. For instance, MaxionWheels formed a joint venture with Dongfeng Motor Parts and Components Group to produce aluminum wheels for passenger cars, starting with a new plant in Hubei Province in China. The low-pressure diecasting plant will produce 2 million wheels/year plant. Hence, the abovementioned factors would drive the automotive wheels aftermarket in Asia Pacific.
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Europe is a huge market in terms of potential for the sale of automotive wheels. Europe has stringent regulations to tackle rising emission levels. It has implemented The EU Sustainable and Smart Mobility Strategy and Action Plan were initiated in December 2020 which will have a major impact on the market. Government mandates for increasing fuel efficiency of vehicles which will drive the demand for fuel-efficient vehicles and promote use of advanced lightweight materials for manufacturing of wheels in vehicles which will play a key role in driving the automotive wheels aftermarket. European countries are focusing on the fuel efficiency of vehicles by implementing technological advancements with respect to materials. The European region is known for advanced automotive technologies and mandates regarding safety imposed by the Euro NCAP. The region comprises technologically advanced markets such as France, Germany, Italy, Spain, and the UK. Vehicle manufacturers in Europe are consistently engaged in developing advanced automotive technologies to meet the stringent safety norms regulated by several governments.
North America comprises developed countries such as the US, Mexico, and Canada. North America is home to leading vehicle manufacturers such as Ford Motor Company, General Motors, and Tesla. Besides there are global leading manufacturers of automotive wheels in the North America. Players such as Maxion Wheels, Superior Industries, Accuride Corporation, Howmet Aerospace, Central Motor Wheels of America, Prime Wheel Corporation, Topy America, Inc etc are few of the key and leading automotive wheel manufacturers across the globe. The automotive wheel manufacturers in the market have adopted various strategies for organic and in organic growth and are poised to demonstrate significant growth over the forecast period. Companies such as Maxion wheels have announced partnerships with REE Automotive (REE), the electric platform provider for e-Mobility, and Iochpe-Maxion, announced a partnership to co-develop and manufacture an exclusive wheel design and chassis solution for REE’s corner modules and electric vehicle platform. Besides the company has also launched its Tough and Light steel truck wheel in 2021.
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Rest of the World comprises countries such as the Brazil and Iran. These countries have a moderate level of automobile production due to the absence of large-scale manufacturing hubs. However, some countries such as Brazil have witnessed steady growth in the automobile sector in the recent past. The market in Brazil has the potential to grow due to rising demand for automobiles. In Brazil players like Maxion Wheels are also focusing on improving efficiency at their local manufacturing facilities. For instance, Maxion Wheels, announced it is creating a virtual replica of its light vehicle aluminum wheel production process in Limeira, Brazil, using Digital Twin technology. With the twin digital model, the Company can anticipate how its physical assets are performing under certain conditions ensuring the highest levels of efficiency. Vehicle manufacturers worldwide have started to recognize the untapped market and are focusing on expanding their reach in these countries, thereby flourishing the automobile business environment globally.
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