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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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.

Rising demand for corrosion resistant and lightweight wheels is likely to boost the global automotive wheel industry 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 production of distinct alloy forms, including magnesium, steel, and aluminum, is on the rise, encouraging the delivery of enhanced heat conduction and aesthetic appeal over conventional steel wheels. These advancements will positively influence the automotive wheel market trends in the coming years.

For instance, Toyota revealed its new mid-size pickup truck in 2020, dubbed the Toyota Tacoma. The new truck features lightweight tires with a sheet-molded composite (SMC) deck inner bed, as well as more resilient walls that weight nearly 10% less than steel, making the new truck considerably lighter than its 2019 predecessor. This weight reduction, alongside other tweaks added by TRD engineers, has resulted in enhanced off-road capability and handling, allowing for superior performance on various terrains.

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.

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 Data Tables

TABLE 1. Automotive wheel industry 360⁰ synopsis, 2016 - 2026

TABLE 2. Automotive wheel market estimates and forecast, 2016 – 2019, (Thousand units) (USD Million)

TABLE 3. Automotive wheel industry estimates and forecast, 2020 – 2026, (Thousand units) (USD Million)

TABLE 4. Automotive wheel industry revenue, by material, 2016 – 2019, (Thousand units)

TABLE 5. Automotive wheel industry revenue, by material, 2020 – 2026, (Thousand units)

TABLE 6. Automotive wheel industry revenue, by material, 2016 – 2019, (USD Million)

TABLE 7. Automotive wheel industry revenue, by material, 2020 – 2026, (USD Million)

TABLE 8. Automotive wheel industry revenue, by product, 2016 – 2019, (Thousand units)

TABLE 9. Automotive wheel industry revenue, by product, 2020 – 2026, (Thousand units)

TABLE 10.   Automotive wheel industry revenue, by product, 2016 – 2019, (USD Million)

TABLE 11.   Automotive wheel market revenue, by product, 2020 – 2026, (USD Million)

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