Global Automotive Wheels Market to Reach Worth USD 46,173 Million by 2028
Published | 09 May 2022
The growth of the automotive wheels market can be primarily attributed Moreover, an increment in the demand for electric vehicles due to stringent pollution standards coupled with rising popularity of electric vehicles throughout the world is also expected to propel the growth rate of the global automotive wheel market…
Moreover, an increment in the demand for electric vehicles due to stringent pollution standards coupled with the rising popularity of electric vehicles throughout the world is also expected to propel the growth rate of the global automotive wheel market. These factors are driving the growth of the global automotive wheels market during the forecast period 2022-2028
Rising Demand for Automotives coupled with Emergence and Adoption of New Technologies in Wheel Manufacturing to Bolster Market Growth
The Consumer demand for vehicles has been surging due to factors like increased urbanization and population growth rise in disposable income of middle-class people. This demand, in turn, aggravates the need for automotive wheels. Moreover, the market players are coming up with enhanced technologies in wheel manufacturing, such as the deployment of lightweight materials such as carbon fibers for manufacturing advanced wheels.
Many top automakers, such as BMW and Mercedes, are considering or have already begun to scale up their production of fuel-efficient vehicles by employing carbon fibers to reduce weight. For instance, Mitsubishi Chemical Holdings announced the acquisition of a carbon fiber plant in the United States, SGL Carbon Fibers LLC (SCF), through its subsidiary Mitsubishi Rayon's US branch. These factors are expected to drive the growth of the automotive wheels market during the forecast period.
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OEM (Original Equipment Manufacturer) Segment to Grow at a Higher Growth Rate During Forecast Period
Impact of COVID-19 on Global Automotive Wheels Market
As a result of the COVID-19 pandemic, the world witnessed one of the worst recessions since WW2. The emergence of the COVID-19 pandemic has brutally impacted the global automotive wheels market. The COVID-19 pandemic significantly influenced every aspect of global vehicle production from sales, raw material availability, and even the export of vehicles in 2020. COVID-19 destabilized the supply networks, from raw material pricing to currency instability. With raw materials becoming more difficult to obtain, commodity price volatility affected the cost of manufacturing, and, as a result, the profitability of the players was also got involved. All this led to an overall decline in the growth of the global automotive wheels market. Nevertheless, with the improving market circumstances in the post covid era, the growth of the Automotive Wheels market is likely to recover during the forecast period.
Asia-Pacific Region to Grow at Highest CAGR in the Global Automotive Wheels Market
In terms of regional analysis, the global automotive wheels market has been classified into North America, Europe, the Asia-Pacific, Latin America and the Middle East and Africa. Amidst the segmentation, the Asia-Pacific region is expected to be the largest growing market in the region during the forecast period. This can be attributed to the rising demand for automobiles due to surging urbanization and growing personal disposable incomes. Moreover, the existence of key automobile OEMs, including Mazda, Honda, Suzuki, Ford, Renault Nissan, Hyundai Kia, Toyota, General Motors, and VW Group, will offer attractive market growth opportunities. Furthermore, the rising demand for enhanced fuel economy in automobiles across the region is also expected to unleash technological innovations in the automotive sector, thus bolstering the growth of the automotive wheels market during the forecast period.
The global automotive wheels market is quite fragmented. The key players operating in the global automotive wheels market are Hitachi Metals, Steel Strips Wheels, American Eagle Wheels, Arconic, CLN Group, Topy IndustriesSensus, BBS Alloy Wheel, BORBET GmbH., CITIC Dicastal Wheel Manufacturing Co., Thyssenkrupp, MAXION Wheels, Foshan Nanhai, Zhongnan Aluminum Wheel Co., Ltd, MHT Luxury Wheels., TSW Wheels and other prominent players. The players maintain their dominance in the market by enhancing their production capabilities, research and development activities, and launching improved products for the customers. Different strategies are adopted, like engaging in strategic alliances, agreements, mergers, and collaborations.
The report's in-depth analysis provides information about growth potential, upcoming trends, and the global Automotive Wheels market statistics. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the global automotive wheels market along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the market's growth drivers, challenges, and competitive dynamics.
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