The globalautomotive wheelmarketsize was USD 25.2 Billion in 2022 and is expected to register a revenue CAGR of 3.2% over the forecast period, according to the latest report by Reports and Data.

Rising demand for lightweight wheels, which are more fuel-efficient and provide better handling and braking performance, is one of the primary reasons driving revenue growth in the automotive wheel market. As a result, new manufacturing processes and materials have been developed, such as aluminum and carbon fiber composite wheels, which are both stronger and lighter than traditional steel wheels.

The automotive wheel market's revenue growth is fueled by several key factors. Firstly, the increasing popularity of electric and hybrid vehicles necessitates lighter and more efficient wheels to enhance their range and overall performance. As these eco-friendly cars gain traction in the market, the demand for lightweight wheels is expected to surge.

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The Automotive Wheel Market is experiencing revenue growth due to various factors. One significant driver is the increasing demand for high-performance Alloy Wheels that enhance handling and provide a more comfortable ride, particularly in luxury and premium vehicles. As these high-end cars become more popular in developing countries like China and India, the need for premium Alloy Wheels is expected to rise, further boosting the market's revenue.

Moreover, there is a growing trend among consumers to customize their vehicles with aftermarket Alloy Wheels that not only offer improved performance but also provide a more stylish and fashionable appearance. This consumer preference for custom Alloy Wheels is contributing to the revenue growth in the aftermarket segment of the Automotive Wheel Market.

An additional favorable trend for the aftermarket industry is the shift towards larger Alloy Wheel sizes. Larger Alloy Wheels not only offer improved handling capabilities but also give vehicles a more aggressive and eye-catching look. As a result, the demand for larger Alloy Wheels is further fueling the revenue growth in the Automotive Wheel Market.

Overall, the combination of increasing popularity of luxury and premium vehicles in developing countries, consumer interest in custom Alloy Wheels for improved performance and aesthetics, and the trend towards larger Alloy Wheel sizes is positively impacting the revenue growth of the Automotive Wheel Market.

Product Type Outlook (Revenue, USD Billion; 2022 - 2032)

• Steel Wheels
• Alloy Wheels
• Carbon Fiber Wheels
• Others

End-use Outlook (Revenue, USD Billion; 2022 - 2032)

• OEMs
• Aftermarket

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Some Key Highlights from the Report

• In 2021, the alloy wheel segment had the biggest revenue share. This is explained by a variety of alloy wheel advantages, including increased heat dissipation, less weight, and improved performance. Alloy wheels, which are lighter than steel wheels, are made by combining aluminum, nickel, magnesium, or other lightweight metals. As a result, unsprung mass is reduced, which improves overall vehicle performance and fuel efficiency. Alloy wheels also provide greater heat dissipation, which is vital for high-performance vehicles because they generate a lot of heat when driven aggressively. These factors have raised the need for alloy wheels, which is driving sales development in the market.
• The OEM segment is expected to continue its dominant position during the forecast period. The OEM business is fuelled by factors such as increased worldwide automobile manufacture and sales, particularly in emerging markets. The need for lightweight, high-performance wheels, particularly in luxury and high-end automobiles, is also fueling development in the OEM category. Additionally, the rise of the construction industry and global infrastructure building activities are expected to stimulate demand for automotive wheels from OEMs.
• In the year 2021, the Asia Pacific region held the largest revenue share in the automotive wheel market among all the major geographical markets. The escalating demand for automobile wheels in the Asia Pacific region is propelled by the increasing auto sales, especially in developing nations like India and China. The growing affluence of the middle-class population in these countries has led to a higher demand for cars, consequently driving up the need for automobile wheels.

Regional Markets Highlighted in the Global Automotive Wheel Market Report:

• North America
  • S.
  • Canada
  • Mexico
• Europe
  • Germany
  • K.
  • Italy
  • France
  • BENELUX
  • Rest of Europe
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Rest of Latin America
• Middle East Africa
  • Saudi Arabia
  • A.E.
  • South Africa
  • Rest of Middle East Africa

Top Companies Profiled in the Report:

Alcoa Wheels, Borbet GmbH, CITIC Dicastal Wheel Manufacturing Co., Ltd., Enkei Corporation, Forgiato Wheels, HRE Performance Wheels, Mangels Industrial S.A., MAXION Wheels, Mille Miglia S.r.l., Ronal AG, TSW Alloy Wheels, and Wheelpros.

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