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Automotive Aluminum Wheels Market Size, Share & Trends Analysis Report By Propulsion Type (ICE and Electric), By Wheel Size, By Vehicle Type, By Distribution Channel (Aftermarket and OEM), By Regional Outlook and Forecast, 2024 - 2031

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    Report

  • 366 Pages
  • May 2024
  • Region: Global
  • Marqual IT Solutions Pvt. Ltd (KBV Research)
  • ID: 5978631
The Global Automotive Aluminum Wheels Market size is expected to reach $32.2 billion by 2031, rising at a market growth of 7.6% CAGR during the forecast period.

European automotive manufacturers have been at the forefront of adopting lightweight materials to improve fuel efficiency and reduce emissions. Thus, Europe region acquired$5.18 billion revenue in 2023. Italy has a strong manufacturing base is known for its expertise in advanced manufacturing processes. Italian automotive companies leverage cutting-edge technologies such as CNC machining, flow forming, and forging to produce high-quality aluminum wheels with complex designs and superior mechanical properties.



The primary motivation behind the automotive industry's emphasis on vehicle weight reduction is to improve fuel efficiency and decrease emissions. This effort aligns with stringent regulatory requirements and consumer demand for more eco-friendly and cost-effective vehicles. Therefore, these factors can help in the growth of the market.

Additionally, the robust economic growth and rising disposable income observed in emerging markets have ushered in a new era of vehicle ownership and consumer preferences. As prosperity spreads across these regions, an increasing number of consumers are investing in personal mobility, driving the demand for vehicles equipped with aesthetically pleasing and high-performance aluminum wheels. Hence, owing to these factors, there will be enhanced demand for automotive aluminum wheels in the upcoming years.

However, Steel wheels are a traditional alternative to aluminum, offering durability and affordability. They are commonly used in entry-level vehicles or harsh operating conditions with critical impact resistance. Despite being heavier than aluminum, steel wheels are valued for their strength and resistance to deformation. Therefore, these factors will hamper the growth of the market.

Propulsion Type Outlook

Based on propulsion type, the market is segmented into ICE and electric. In 2023, the electric segment garnered a significant revenue share in the market. In terms of volume, the electric segment would utilize 59,283.6thousand units of automotive aluminum wheels by 2031. Electric vehicles are witnessing a surge in popularity among consumers and governments alike, who are increasingly attuned to the health risks associated with internal combustion engine vehicles and air pollution.

Wheel Size Outlook

On the basis of wheel size, the market is divided into less than 15, 16 to 20, and more than 21. The less than 15 segment recorded a48% revenue share in the market in 2023. In terms of volume, less than 15 segment would utilize 1,25,445.6 thousand units of automotive aluminum wheels by 2031. The ongoing urbanization and increasing traffic congestion in major cities have led to a higher demand for small and compact cars, which typically use less than 15-inch wheels. These vehicles are easier to maneuver and park in crowded urban environments. Thus, these factors can boost the demand in the segment.



Vehicle Type Outlook

Based on vehicle type, the market is segmented into passenger car, light commercial vehicle, bus, and trucks. In 2023, the light commercial vehicle segment garnered a 26.3% revenue share in the market. In terms of volume, the light commercial vehicle segment would utilize51.01 million units of automotive aluminum wheels by 2031. Heavy commercial vehicles, which are indispensable for last-mile delivery, are in greater demand due to the exponential expansion of e-commerce. In response to the increasing need for lightning-fast and effective delivery services, corporations such as Amazon, UPS, and FedEx are adding to their fleets. Hence, the segment will grow rapidly in the upcoming years.

Distribution Channel Outlook

Based on distribution channel, the market is bifurcated into OEM and aftermarket. In 2023, the aftermarket segment witnessed a 61% revenue share in the market. In terms of volume, the aftermarket segment would utilize 1,11,301.3 thousand units of automotive aluminum wheels by 2031. The popularity of automotive enthusiast culture, particularly among younger demographics, has fueled demand for aftermarket wheels. Tuner cars, modified imports, and performance vehicles often undergo extensive customization, including wheel upgrades. Thus, these factors can lead to enhanced demand in the segment.

Regional Outlook

By region, the market is segmented into North America, Europe, Asia Pacific, and LAMEA. The Asia Pacific segment procured a 39.4% share in the market in 2023. In terms of volume, the Asia Pacific region would utilize77.62 million units of automotive aluminum wheels by 2031. Asia Pacific has a large automotive industry characterized by strong consumer demand for vehicles. Despite occasional fluctuations, vehicle sales in the region have generally remained robust, driving the demand for aluminum wheels. Thus, the segment will expand rapidly in the coming years.

List of Key Companies Profiled

  • Wheel Pros, LLC
  • Howmet Aerospace Inc.
  • OTTO FUCHS KG (Otto Fuchs Beteiligungen KG)
  • BBS Japan Co., Ltd. (MAEDAKOSEN CO., LTD.)
  • Iochpe-Maxion S.A.
  • RONAL AG
  • Accuride Corporation (Crestview Advisors, L.L.C.)
  • CITIC Limited

Market Report Segmentation

By Propulsion Type (Volume, Thousand Units, USD Billion, 2020-2031)

  • ICE
  • Electric

By Wheel Size (Volume, Thousand Units, USD Billion, 2020-2031)

  • Less Than 15
  • 16 to 20
  • More than 21

By Vehicle Type (Volume, Thousand Units, USD Billion, 2020-2031)

  • Passenger Car
  • Light Commercial Vehicle
  • Bus
  • Trucks

By Distribution Channel (Volume, Thousand Units, USD Billion, 2020-2031)

  • Aftermarket
  • OEM

By Geography (Volume, Thousand Units, USD Billion, 2020-2031)

  • North America
  • US
  • Canada
  • Mexico
  • Rest of North America
  • Europe
  • Germany
  • UK
  • France
  • Russia
  • Spain
  • Italy
  • Rest of Europe
  • Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Singapore
  • Malaysia
  • Rest of Asia Pacific
  • LAMEA
  • Brazil
  • Argentina
  • UAE
  • Saudi Arabia
  • South Africa
  • Nigeria
  • Rest of LAMEA

Table of Contents

Chapter 1. Market Scope & Methodology
1.1 Market Definition
1.2 Objectives
1.3 Market Scope
1.4 Segmentation
1.4.1 Global Automotive Aluminum Wheels Market, by Propulsion Type
1.4.2 Global Automotive Aluminum Wheels Market, by Wheel Size
1.4.3 Global Automotive Aluminum Wheels Market, by Vehicle Type
1.4.4 Global Automotive Aluminum Wheels Market, by Distribution Channel
1.4.5 Global Automotive Aluminum Wheels Market, by Geography
1.5 Methodology for the research
Chapter 2. Market at a Glance
2.1 Key Highlights
Chapter 3. Market Overview
3.1 Introduction
3.1.1 Overview
3.1.1.1 Market Composition and Scenario
3.2 Key Factors Impacting the Market
3.2.1 Market Drivers
3.2.2 Market Restraints
3.2.3 Market Opportunities
3.2.4 Market Challenges
3.3 Porter Five Forces Analysis
Chapter 4. Global Automotive Aluminum Wheels Market by Propulsion Type
4.1 Global ICE Market by Region
4.2 Global Electric Market by Region
Chapter 5. Global Automotive Aluminum Wheels Market by Wheel Size
5.1 Global Less Than 15 Market by Region
5.2 Global 16 to 20 Market by Region
5.3 Global More than 21 Market by Region
Chapter 6. Global Automotive Aluminum Wheels Market by Vehicle Type
6.1 Global Passenger Car Market by Region
6.2 Global Light Commercial Vehicle Market by Region
6.3 Global Bus Market by Region
6.4 Global Trucks Market by Region
Chapter 7. Global Automotive Aluminum Wheels Market by Distribution Channel
7.1 Global Aftermarket Market by Region
7.2 Global OEM Market by Region
Chapter 8. Global Automotive Aluminum Wheels Market by Region
8.1 North America Automotive Aluminum Wheels Market
8.1.1 North America Automotive Aluminum Wheels Market by Propulsion Type
8.1.1.1 North America ICE Market by Region
8.1.1.2 North America Electric Market by Region
8.1.2 North America Automotive Aluminum Wheels Market by Wheel Size
8.1.2.1 North America Less Than 15 Market by Country
8.1.2.2 North America 16 to 20 Market by Country
8.1.2.3 North America More than 21 Market by Country
8.1.3 North America Automotive Aluminum Wheels Market by Vehicle Type
8.1.3.1 North America Passenger Car Market by Country
8.1.3.2 North America Light Commercial Vehicle Market by Country
8.1.3.3 North America Bus Market by Country
8.1.3.4 North America Trucks Market by Country
8.1.4 North America Automotive Aluminum Wheels Market by Distribution Channel
8.1.4.1 North America Aftermarket Market by Country
8.1.4.2 North America OEM Market by Country
8.1.5 North America Automotive Aluminum Wheels Market by Country
8.1.5.1 US Automotive Aluminum Wheels Market
8.1.5.1.1 US Automotive Aluminum Wheels Market by Propulsion Type
8.1.5.1.2 US Automotive Aluminum Wheels Market by Wheel Size
8.1.5.1.3 US Automotive Aluminum Wheels Market by Vehicle Type
8.1.5.1.4 US Automotive Aluminum Wheels Market by Distribution Channel
8.1.5.2 Canada Automotive Aluminum Wheels Market
8.1.5.2.1 Canada Automotive Aluminum Wheels Market by Propulsion Type
8.1.5.2.2 Canada Automotive Aluminum Wheels Market by Wheel Size
8.1.5.2.3 Canada Automotive Aluminum Wheels Market by Vehicle Type
8.1.5.2.4 Canada Automotive Aluminum Wheels Market by Distribution Channel
8.1.5.3 Mexico Automotive Aluminum Wheels Market
8.1.5.3.1 Mexico Automotive Aluminum Wheels Market by Propulsion Type
8.1.5.3.2 Mexico Automotive Aluminum Wheels Market by Wheel Size
8.1.5.3.3 Mexico Automotive Aluminum Wheels Market by Vehicle Type
8.1.5.3.4 Mexico Automotive Aluminum Wheels Market by Distribution Channel
8.1.5.4 Rest of North America Automotive Aluminum Wheels Market
8.1.5.4.1 Rest of North America Automotive Aluminum Wheels Market by Propulsion Type
8.1.5.4.2 Rest of North America Automotive Aluminum Wheels Market by Wheel Size
8.1.5.4.3 Rest of North America Automotive Aluminum Wheels Market by Vehicle Type
8.1.5.4.4 Rest of North America Automotive Aluminum Wheels Market by Distribution Channel
8.2 Europe Automotive Aluminum Wheels Market
8.2.1 Europe Automotive Aluminum Wheels Market by Propulsion Type
8.2.1.1 Europe ICE Market by Country
8.2.1.2 Europe Electric Market by Country
8.2.2 Europe Automotive Aluminum Wheels Market by Wheel Size
8.2.2.1 Europe Less Than 15 Market by Country
8.2.2.2 Europe 16 to 20 Market by Country
8.2.2.3 Europe More than 21 Market by Country
8.2.3 Europe Automotive Aluminum Wheels Market by Vehicle Type
8.2.3.1 Europe Passenger Car Market by Country
8.2.3.2 Europe Light Commercial Vehicle Market by Country
8.2.3.3 Europe Bus Market by Country
8.2.3.4 Europe Trucks Market by Country
8.2.4 Europe Automotive Aluminum Wheels Market by Distribution Channel
8.2.4.1 Europe Aftermarket Market by Country
8.2.4.2 Europe OEM Market by Country
8.2.5 Europe Automotive Aluminum Wheels Market by Country
8.2.5.1 Germany Automotive Aluminum Wheels Market
8.2.5.1.1 Germany Automotive Aluminum Wheels Market by Propulsion Type
8.2.5.1.2 Germany Automotive Aluminum Wheels Market by Wheel Size
8.2.5.1.3 Germany Automotive Aluminum Wheels Market by Vehicle Type
8.2.5.1.4 Germany Automotive Aluminum Wheels Market by Distribution Channel
8.2.5.2 UK Automotive Aluminum Wheels Market
8.2.5.2.1 UK Automotive Aluminum Wheels Market by Propulsion Type
8.2.5.2.2 UK Automotive Aluminum Wheels Market by Wheel Size
8.2.5.2.3 UK Automotive Aluminum Wheels Market by Vehicle Type
8.2.5.2.4 UK Automotive Aluminum Wheels Market by Distribution Channel
8.2.5.3 France Automotive Aluminum Wheels Market
8.2.5.3.1 France Automotive Aluminum Wheels Market by Propulsion Type
8.2.5.3.2 France Automotive Aluminum Wheels Market by Wheel Size
8.2.5.3.3 France Automotive Aluminum Wheels Market by Vehicle Type
8.2.5.3.4 France Automotive Aluminum Wheels Market by Distribution Channel
8.2.5.4 Russia Automotive Aluminum Wheels Market
8.2.5.4.1 Russia Automotive Aluminum Wheels Market by Propulsion Type
8.2.5.4.2 Russia Automotive Aluminum Wheels Market by Wheel Size
8.2.5.4.3 Russia Automotive Aluminum Wheels Market by Vehicle Type
8.2.5.4.4 Russia Automotive Aluminum Wheels Market by Distribution Channel
8.2.5.5 Spain Automotive Aluminum Wheels Market
8.2.5.5.1 Spain Automotive Aluminum Wheels Market by Propulsion Type
8.2.5.5.2 Spain Automotive Aluminum Wheels Market by Wheel Size
8.2.5.5.3 Spain Automotive Aluminum Wheels Market by Vehicle Type
8.2.5.5.4 Spain Automotive Aluminum Wheels Market by Distribution Channel
8.2.5.6 Italy Automotive Aluminum Wheels Market
8.2.5.6.1 Italy Automotive Aluminum Wheels Market by Propulsion Type
8.2.5.6.2 Italy Automotive Aluminum Wheels Market by Wheel Size
8.2.5.6.3 Italy Automotive Aluminum Wheels Market by Vehicle Type
8.2.5.6.4 Italy Automotive Aluminum Wheels Market by Distribution Channel
8.2.5.7 Rest of Europe Automotive Aluminum Wheels Market
8.2.5.7.1 Rest of Europe Automotive Aluminum Wheels Market by Propulsion Type
8.2.5.7.2 Rest of Europe Automotive Aluminum Wheels Market by Wheel Size
8.2.5.7.3 Rest of Europe Automotive Aluminum Wheels Market by Vehicle Type
8.2.5.7.4 Rest of Europe Automotive Aluminum Wheels Market by Distribution Channel
8.3 Asia Pacific Automotive Aluminum Wheels Market
8.3.1 Asia Pacific Automotive Aluminum Wheels Market by Propulsion Type
8.3.1.1 Asia Pacific ICE Market by Country
8.3.1.2 Asia Pacific Electric Market by Country
8.3.2 Asia Pacific Automotive Aluminum Wheels Market by Wheel Size
8.3.2.1 Asia Pacific Less Than 15 Market by Country
8.3.2.2 Asia Pacific 16 to 20 Market by Country
8.3.2.3 Asia Pacific More than 21 Market by Country
8.3.3 Asia Pacific Automotive Aluminum Wheels Market by Vehicle Type
8.3.3.1 Asia Pacific Passenger Car Market by Country
8.3.3.2 Asia Pacific Light Commercial Vehicle Market by Country
8.3.3.3 Asia Pacific Bus Market by Country
8.3.3.4 Asia Pacific Trucks Market by Country
8.3.4 Asia Pacific Automotive Aluminum Wheels Market by Distribution Channel
8.3.4.1 Asia Pacific Aftermarket Market by Country
8.3.4.2 Asia Pacific OEM Market by Country
8.3.5 Asia Pacific Automotive Aluminum Wheels Market by Country
8.3.5.1 China Automotive Aluminum Wheels Market
8.3.5.1.1 China Automotive Aluminum Wheels Market by Propulsion Type
8.3.5.1.2 China Automotive Aluminum Wheels Market by Wheel Size
8.3.5.1.3 China Automotive Aluminum Wheels Market by Vehicle Type
8.3.5.1.4 China Automotive Aluminum Wheels Market by Distribution Channel
8.3.5.2 Japan Automotive Aluminum Wheels Market
8.3.5.2.1 Japan Automotive Aluminum Wheels Market by Propulsion Type
8.3.5.2.2 Japan Automotive Aluminum Wheels Market by Wheel Size
8.3.5.2.3 Japan Automotive Aluminum Wheels Market by Vehicle Type
8.3.5.2.4 Japan Automotive Aluminum Wheels Market by Distribution Channel
8.3.5.3 India Automotive Aluminum Wheels Market
8.3.5.3.1 India Automotive Aluminum Wheels Market by Propulsion Type
8.3.5.3.2 India Automotive Aluminum Wheels Market by Wheel Size
8.3.5.3.3 India Automotive Aluminum Wheels Market by Vehicle Type
8.3.5.3.4 India Automotive Aluminum Wheels Market by Distribution Channel
8.3.5.4 South Korea Automotive Aluminum Wheels Market
8.3.5.4.1 South Korea Automotive Aluminum Wheels Market by Propulsion Type
8.3.5.4.2 South Korea Automotive Aluminum Wheels Market by Wheel Size
8.3.5.4.3 South Korea Automotive Aluminum Wheels Market by Vehicle Type
8.3.5.4.4 South Korea Automotive Aluminum Wheels Market by Distribution Channel
8.3.5.5 Singapore Automotive Aluminum Wheels Market
8.3.5.5.1 Singapore Automotive Aluminum Wheels Market by Propulsion Type
8.3.5.5.2 Singapore Automotive Aluminum Wheels Market by Wheel Size
8.3.5.5.3 Singapore Automotive Aluminum Wheels Market by Vehicle Type
8.3.5.5.4 Singapore Automotive Aluminum Wheels Market by Distribution Channel
8.3.5.6 Malaysia Automotive Aluminum Wheels Market
8.3.5.6.1 Malaysia Automotive Aluminum Wheels Market by Propulsion Type
8.3.5.6.2 Malaysia Automotive Aluminum Wheels Market by Wheel Size
8.3.5.6.3 Malaysia Automotive Aluminum Wheels Market by Vehicle Type
8.3.5.6.4 Malaysia Automotive Aluminum Wheels Market by Distribution Channel
8.3.5.7 Rest of Asia Pacific Automotive Aluminum Wheels Market
8.3.5.7.1 Rest of Asia Pacific Automotive Aluminum Wheels Market by Propulsion Type
8.3.5.7.2 Rest of Asia Pacific Automotive Aluminum Wheels Market by Wheel Size
8.3.5.7.3 Rest of Asia Pacific Automotive Aluminum Wheels Market by Vehicle Type
8.3.5.7.4 Rest of Asia Pacific Automotive Aluminum Wheels Market by Distribution Channel
8.4 LAMEA Automotive Aluminum Wheels Market
8.4.1 LAMEA Automotive Aluminum Wheels Market by Propulsion Type
8.4.1.1 LAMEA ICE Market by Country
8.4.1.2 LAMEA Electric Market by Country
8.4.2 LAMEA Automotive Aluminum Wheels Market by Wheel Size
8.4.2.1 LAMEA Less Than 15 Market by Country
8.4.2.2 LAMEA 16 to 20 Market by Country
8.4.2.3 LAMEA More than 21 Market by Country
8.4.3 LAMEA Automotive Aluminum Wheels Market by Vehicle Type
8.4.3.1 LAMEA Passenger Car Market by Country
8.4.3.2 LAMEA Light Commercial Vehicle Market by Country
8.4.3.3 LAMEA Bus Market by Country
8.4.3.4 LAMEA Trucks Market by Country
8.4.4 LAMEA Automotive Aluminum Wheels Market by Distribution Channel
8.4.4.1 LAMEA Aftermarket Market by Country
8.4.4.2 LAMEA OEM Market by Country
8.4.5 LAMEA Automotive Aluminum Wheels Market by Country
8.4.5.1 Brazil Automotive Aluminum Wheels Market
8.4.5.1.1 Brazil Automotive Aluminum Wheels Market by Propulsion Type
8.4.5.1.2 Brazil Automotive Aluminum Wheels Market by Wheel Size
8.4.5.1.3 Brazil Automotive Aluminum Wheels Market by Vehicle Type
8.4.5.1.4 Brazil Automotive Aluminum Wheels Market by Distribution Channel
8.4.5.2 Argentina Automotive Aluminum Wheels Market
8.4.5.2.1 Argentina Automotive Aluminum Wheels Market by Propulsion Type
8.4.5.2.2 Argentina Automotive Aluminum Wheels Market by Wheel Size
8.4.5.2.3 Argentina Automotive Aluminum Wheels Market by Vehicle Type
8.4.5.2.4 Argentina Automotive Aluminum Wheels Market by Distribution Channel
8.4.5.3 UAE Automotive Aluminum Wheels Market
8.4.5.3.1 UAE Automotive Aluminum Wheels Market by Propulsion Type
8.4.5.3.2 UAE Automotive Aluminum Wheels Market by Wheel Size
8.4.5.3.3 UAE Automotive Aluminum Wheels Market by Vehicle Type
8.4.5.3.4 UAE Automotive Aluminum Wheels Market by Distribution Channel
8.4.5.4 Saudi Arabia Automotive Aluminum Wheels Market
8.4.5.4.1 Saudi Arabia Automotive Aluminum Wheels Market by Propulsion Type
8.4.5.4.2 Saudi Arabia Automotive Aluminum Wheels Market by Wheel Size
8.4.5.4.3 Saudi Arabia Automotive Aluminum Wheels Market by Vehicle Type
8.4.5.4.4 Saudi Arabia Automotive Aluminum Wheels Market by Distribution Channel
8.4.5.5 South Africa Automotive Aluminum Wheels Market
8.4.5.5.1 South Africa Automotive Aluminum Wheels Market by Propulsion Type
8.4.5.5.2 South Africa Automotive Aluminum Wheels Market by Wheel Size
8.4.5.5.3 South Africa Automotive Aluminum Wheels Market by Vehicle Type
8.4.5.5.4 South Africa Automotive Aluminum Wheels Market by Distribution Channel
8.4.5.6 Nigeria Automotive Aluminum Wheels Market
8.4.5.6.1 Nigeria Automotive Aluminum Wheels Market by Propulsion Type
8.4.5.6.2 Nigeria Automotive Aluminum Wheels Market by Wheel Size
8.4.5.6.3 Nigeria Automotive Aluminum Wheels Market by Vehicle Type
8.4.5.6.4 Nigeria Automotive Aluminum Wheels Market by Distribution Channel
8.4.5.7 Rest of LAMEA Automotive Aluminum Wheels Market
8.4.5.7.1 Rest of LAMEA Automotive Aluminum Wheels Market by Propulsion Type
8.4.5.7.2 Rest of LAMEA Automotive Aluminum Wheels Market by Wheel Size
8.4.5.7.3 Rest of LAMEA Automotive Aluminum Wheels Market by Vehicle Type
8.4.5.7.4 Rest of LAMEA Automotive Aluminum Wheels Market by Distribution Channel
Chapter 9. Company Profiles
9.1 Wheel Pros, LLC
9.1.1 Company Overview
9.1.2 Recent strategies and developments:
9.1.2.1 Acquisition and Mergers:
9.2 Howmet Aerospace Inc.
9.2.1 Company Overview
9.2.2 Financial Analysis
9.2.3 Segmental and Regional Analysis
9.2.4 Research & Development Expenses
9.3 Otto Fuchs KG (Otto Fuchs Beteiligungen KG)
9.3.1 Company Overview
9.4 BBS Japan Co., Ltd. (Maedakosen Co., Ltd.)
9.4.1 Company Overview
9.4.2 Financial Analysis
9.5 Iochpe-Maxion S.A.
9.5.1 Company Overview
9.6 Accuride Corporation (Crestview Advisors, L.L.C.)
9.6.1 Company Overview
9.7 CITIC Limited
9.7.1 Company Overview
9.7.2 Financial Analysis
9.8 Ronal AG
9.8.1 Company Overview
Chapter 10. Winning Imperatives for Automotive Aluminum Wheels Market

Companies Mentioned

  • Wheel Pros, LLC
  • Howmet Aerospace Inc.
  • OTTO FUCHS KG (Otto Fuchs Beteiligungen KG)
  • BBS Japan Co., Ltd. (MAEDAKOSEN CO., LTD.)
  • Iochpe-Maxion S.A.
  • RONAL AG
  • Accuride Corporation (Crestview Advisors, L.L.C.)
  • CITIC Limited

Methodology

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