Automotive Alloy Wheels Global Market Report 2024

The automotive alloy wheels market size has grown strongly in recent years. It will grow from $18.26 billion in 2023 to $20.54 billion in 2024 at a compound annual growth rate (CAGR) of 9.5%. During the historical period, growth in this sector can be attributed to several factors including the escalating demand for lightweight materials, the emphasis on aesthetic appeal and customization options, considerations of performance and durability, the overall increase in vehicle production, and the rise in disposable income among consumers.

The automotive alloy wheels market size is expected to see strong growth in the next few years. It will grow to $29.47 billion in 2028 at a compound annual growth rate (CAGR) of 9.4%. Anticipated growth in the forecast period is expected to be driven by several factors including the implementation of stringent fuel efficiency standards, the expanding market for electric vehicles (EVs), a heightened focus on sustainable materials, advancements in design and finishing innovations, and the ongoing global trend of urbanization. Key trends expected in this period encompass innovations in materials, customization in design, the influence of electric vehicles (EVs) on the market, the integration of smart and connected features, and an intensified emphasis on sustainability.

The growth trajectory of the automotive alloy wheels market is expected to be propelled by the expanding automotive industry. This industry encompasses the development, production, marketing, and design of motor vehicles. The distinctive feature of automotive alloy wheels, known for their lighter weight, contributes to reduced overall vehicle weight, extended tire life, and lower fuel consumption. The burgeoning automotive industry is driving increased demand for automotive alloy wheels. Notably, in October 2022, the US automobile industry demonstrated substantial growth, increasing from $82.6 billion in 2021 to $100.9 billion in 2022, marking a significant 22% rise. This expansion underscores the escalating demand for automotive alloy wheels within the automotive sector.

The automotive alloy wheels market is poised for growth due to the surge in urbanization. Urbanization, characterized by population migration from rural to urban areas, results in the growth and expansion of cities. Urban lifestyles are increasingly defined by a preference for stylish and high-performance vehicles, with alloy wheels emerging as a prominent aesthetic and functional feature. The demand for modern and visually appealing vehicles in urban environments has led to a notable increase in the adoption of alloy wheels. According to data from the United Nations Department of Economic and Social Affairs, the global urban population was 55% in 2018, projected to rise to 68% by 2050. Furthermore, as per the United Nations Conference on Trade and Development, the urban population share increased to 56.5% in 2021. This escalating urbanization trend is a significant driver for the growth of the automotive alloy wheels market.

A noteworthy trend in the automotive alloy wheels market is the emphasis on product innovations. Major companies operating in this sector are introducing innovative products to maintain their market position. In November 2022, Ronal Group, a Switzerland-based company in the automotive alloy wheels industry, unveiled the R70-blue aluminum wheel - an environmentally conscious product made from carbon-neutral recycled aluminum. This innovation aligns with the industry's commitment to environmentally friendly solutions, contributing to reduced greenhouse gas emissions. The pursuit of such product innovations reflects the dynamic landscape of the automotive alloy wheels market and the industry's responsiveness to evolving consumer preferences and sustainability considerations.

Leading players in the automotive alloy wheels market are actively engaging in product innovation, introducing premium ranges of alloy wheels to fortify their market presence. The premium range of alloy wheels offers diverse sizes and designs, compatible with both radial and regular tube tires. An illustrative example is Uno Minda, an India-based manufacturer of automotive solutions and systems, which unveiled a premium range of alloy wheels in September 2023. This collection includes categories such as Sharp, Space, Wonder, Wave, Shark, and Vega, meticulously designed to comply with quality regulations. Utilizing advanced manufacturing technologies such as Low-Pressure Die Casting (LPDC) and Gravity Die Casting (GDC), these wheels are engineered to address the evolving safety needs of vehicle owners, providing a robust and stylish solution.

In December 2021, Raffmetal, an Italy-based manufacturer of aluminum alloys, entered into a partnership with Cromodora Wheels, an Italian industrial engineering company specializing in automotive alloy wheels. Through this collaboration, Raffmetal aims to produce recycled aluminum alloy wheels using primary alloys from recycling processes, emphasizing the development of sustainable products with a low carbon footprint. The focus on promoting sustainable development aligns with Cromodora Wheels' commitment to providing automotive alloy wheels. This partnership highlights the industry's dedication to environmental responsibility, with a concerted effort to create innovative and sustainable solutions in the automotive alloy wheels market.

Major companies operating in the automotive alloy wheels market report are Alcoa Corporation, Arconic Corporation, BBS Kraftfahrzeugtechnik AG, Borbet GmbH, Enkei Corporation, Foshan Nanhai Zhongnan Aluminum Wheel Co. Ltd., MHT Luxury Alloys, Maxion Wheels Inc., Ronal AG, Superior Industries International Inc., Topy Industries Limited, TSW Alloy Wheels, Washi Beam Co. Ltd., Wheel Pros LLC, Kosei Aluminum Co. Ltd., OZ S.p.A., HRE Performance Wheels, American Racing LLC, YHI International Limited, Advanti Racing USA, Vossen Wheels Inc., Rotiform Wheels LLC, Forgeline Motorsports Inc., Weld Racing LLC, Project Fifteen52 LLC, Fastco Canada Limited, VCT Wheels, Status Alloy Wheels Inc., SOTA Offroad Inc., Asanti Inc., Lexani Corporation, KMC Wheels Inc., Moto Metal Wheels.

North America was the largest region in the automotive alloy wheels market in 2023. The regions covered in the automotive alloy wheels market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the automotive alloy wheels market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary finishing options for automotive alloy wheels encompass powder coating or painted lacquered finishes, diamond-cut designs, split wheel structures, chrome wheel coatings, anodized treatments, among others. Powder coating, a prevalent customization method, enables individuals to alter their vehicle's appearance by applying various colors and finishes such as matte, gloss, or shine effects to the alloy wheels. These wheels are composed of diverse materials such as aluminum alloy, titanium alloy, and magnesium alloy, available in an array of sizes ranging from compact to mid-size and full-size. Catering to various vehicle types including passenger cars and commercial vehicles, these alloy wheels are retailed through different sales channels such as original equipment manufacturers (OEMs) and aftermarket distributors.

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

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.


This product will be delivered within 3-5 business days.