Automotive Wheel Market 2021: Competitive Insights, Trends and Demand Growth to 2026
In terms of segmentation by vehicle, the global automotive wheel market from the heavy trucks segment is likely to observe a burgeoning demand stemming from rapid urbanization and industrialization over the predicted timeframe. Changing consumer preferences, alongside material development that provides high load-bearing capacities are anticipated to bolster the automotive wheels’ demand for heavy commercial vehicles.
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With regards to the material spectrum, the carbon fiber segment is poised to register a CAGR of nearly 6% through 2026, owing to high stiffness, tensile strength, and reduced weight. As compared to aluminum wheels, automotive wheels from the carbon fiber segment offer consistent performance, enhanced braking, & acceleration. The global automotive wheel market size is expected to exceed $120 billion by 2026.
Rising demand for corrosion resistant and lightweight wheels is likely to boost the global automotive wheel market outlook over the forecast spell. Manufacturers are increasingly focusing on innovations to reduce downtime, improve performance, and produce cost-effective vehicles. On the other hand, the demand for premium and luxury vehicles is also witnessing a major upsurge, which will contribute to the rising popularity of the product.
The automotive wheel industry is witnessing a significant shift in consumer preferences to customized wheels, which in turn, will impel aftermarket growth. Additionally, manufacturers are emphasizing on conforming their products to the OEM standards while ensuring functionality and reliability. Rising improvement of economic conditions in emerging and developed nations is projected to propel the automotive wheel market expansion, owing to proliferating automotive demand.
On the regional front, North America automotive wheel market is anticipated to record a CAGR of 6% through 2026. This can be attributed to the presence of numerous wheel manufacturers such as Wheel Pros and U.S. Wheel Corporation, among others. These market players are entering acquisition deals to strengthen the regional presence. For example, Superior Industries acquired Uniwheels AG in March 2017, with 61% shares under its ownership.
Major automotive wheel industry participants include Borbet GmbH, Zhejiang Wanfeng Auto Wheel, Topy Industries Ltd., Ronal Group, and Maxion Wheels, among others. Key growth strategies adopted by these industry players are portfolio expansion and product innovation. They are focusing on enhancing the solutions and production facilities to have a distinct advantage over their competitors.
To illustrate, Maxion Wheels recently unveiled a series of new commercial vehicle wheels and other innovations at the NACV Show (North American Commercial Vehicle Show 2019), held in Atlanta. The new additions to the company's vast product portfolio included a lightweight & tough steel truck wheel, a Bluetooth-enabled smart wheel technology, and a novel aerodynamic wheel cover concept, among other innovations.
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Some Point from Table of Contents:
Chapter 5 Global Automotive Wheel Market, By Product
5.1. Global automotive wheel industry share by product, 2019 & 2026
5.2. Regular
5.2.1 Automotive wheel industry estimates and forecast, 2016 - 2026, (Thousand units) (USD Million)
5.2.2 Automotive wheel industry estimates and forecast, by region, 2016 - 2026, (Thousand units) (USD Million)
5.3. High performance
5.3.1 Automotive wheel industry estimates and forecast, 2016 - 2026, (Thousand units) (USD Million)
5.3.2 Automotive wheel industry estimates and forecast, by region, 2016 - 2026, (Thousand units) (USD Million)
Chapter 6 Global Automotive Wheel Market, By End-Use
6.1. Global automotive wheel industry share by end-use, 2019 & 2026
6.2. OEM
6.2.1 Automotive wheel industry estimates and forecast, 2016 - 2026, (Thousand units) (USD Million)
6.2.2 Automotive wheel industry estimates and forecast, by region, 2016 - 2026, (Thousand units) (USD Million)
6.3. Aftermarket
6.3.1 Automotive wheel industry estimates and forecast, 2016 - 2026, (Thousand units) (USD Million)
6.3.2 Automotive wheel industry estimates and forecast, by region, 2016 - 2026, (Thousand units) (USD Million)
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