Automotive Wheel Rims Market Report 2024

The automotive wheel rims market size has grown strongly in recent years. It will grow from $38.88 billion in 2023 to $41.87 billion in 2024 at a compound annual growth rate (CAGR) of 7.7%. The growth in the historic period can be attributed to several factors, increased demand for alloy-based wheel rims, growing demand for lightweight materials, a rise in electric vehicle adoption, increased production of hybrid vehicles, and the rise in global urbanization.

The automotive wheel rims market size is expected to see strong growth in the next few years. It will grow to $56.48 billion in 2028 at a compound annual growth rate (CAGR) of 7.8%. The growth in the forecast period can be attributed to several factors, rising vehicle production, increased preferences of luxury car owners for rims with various designs, growing automotive production, increasing disposable income, and the rising popularity of electric and hybrid vehicles. Major trends expected during this period include technological advancements, innovative rim designs, integration in vehicles, incorporation of smart technologies, aerodynamic designs, and the use of lightweight materials.

The increasing production of vehicles is expected to drive the growth of the automotive wheel rim market. Vehicle production is rising due to growing consumer demand, expanding markets, and technological advancements that spur automotive innovation. Automotive wheel rims are crucial components that provide a stable base for mounting tires, ensure an airtight seal, offer structural support, and help distribute the vehicle's weight evenly across the wheels, enhancing stability and handling. For example, according to the International Organization of Automobile Manufacturers, a France-based trade association, global motor vehicle production increased from 84.83 million in 2022 to 93.55 million in 2023. Thus, the rising production of vehicles is boosting the growth of the automotive wheel rim market.

Leading companies in the automotive wheel rims market are developing innovative products, such as aluminum alloy wheels, to better serve customers with advanced features. Aluminum alloy wheels, made from a combination of aluminum and other metals, enhance their properties for use in vehicles. These wheels are lighter and more durable than traditional steel wheels, offering benefits such as improved handling, fuel efficiency, and aesthetics. For instance, in September 2023, Uno Minda Limited, an India-based battery manufacturing company, collaborated with Kosei Aluminum Co., Ltd., a Japan-based manufacturer of aluminum wheels, to launch a new premium range of alloy wheels in India. These alloy wheels are designed to deliver enhanced vehicle handling and fuel efficiency, ensuring optimal performance on Indian roads. They also emphasize aesthetic appeal, offering a range of designs that cater to diverse tastes in the automotive enthusiast community.

In October 2023, Steel Strips Wheels Ltd., an India-based manufacturer of steel wheel rims, acquired AMW Auto Component Limited for $16.5 million. This acquisition aims to strengthen Steel Strips' position in the automotive components sector by leveraging AMW Auto Component's expertise and production capabilities. AMW Auto Component Limited, based in India, provides wheel rims for passenger, commercial, and agricultural vehicles.

Major companies operating in the automotive wheel rims market are Alcoa Wheels, Maxion Wheels, Wanfeng Auto Holding Group Co. Ltd., Superior Industries International Inc., Ronal AG, BORBET GmbH, Steel Strips Wheels Ltd., Wheel Pros LLC, Mangels Industrial SA, American Eagle Wheel Corporation, Enkei International Inc., Accuride Corporation, Team Dynamics Motorsport, TSW Alloy Wheels, Vossen Wheels, Fuel Off-Road Wheels, CITIC Dicastal Wheel Manufacturing Co. Ltd., Konig Wheels, SOTA Offroad, Euromax Corporation, MHT Luxury Alloys, CM Wheels Ltd., Uniwheels AG.

Asia-Pacific was the largest region in the automotive wheel rims market in 2023. The regions covered in the automotive wheel rims market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the automotive wheel rims market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Automotive wheel rims are circular metal components of a vehicle's wheel that provide structural support for the tire and connect the wheel to the vehicle's axle. They come in various sizes, designs, and materials, contributing to both the functionality and aesthetic appearance of the vehicle.

The main types of automotive wheel rims include wire spoke wheel rims, steel disc wheel rims, light alloy wheel rims, aluminum alloy wheel rims, magnesium alloy wheel rims, titanium alloy wheel rims, chrome wheel rims, and teflon wheel rims. Wire-spoke wheel rims, commonly used in motorcycles and classic cars, feature a central hub with spokes radiating outward to an outer rim. The materials used for these rims include alloy, steel, and carbon fiber. They are applied in various vehicles such as two-wheelers, cars, heavy vehicles, and buses. The end users of these rims include original equipment manufacturers and the aftermarket.

The automotive wheel rims market research report is one of a series of new reports that provides automotive wheel rims market statistics, including automotive wheel rims industry global market size, regional shares, competitors with an automotive wheel rims market share, detailed automotive wheel rims market segments, market trends, and opportunities, and any further data you may need to thrive in the automotive wheel rims industry. This automotive wheel rims research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The automotive wheel rims market consists of sales of split rims, beadlock rims, spoke rims, and forged rims. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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