Automotive Wheel Rims Market Size to Value at $68.46 Billion, by 2031 with 5.9% CAGR: States SNS Insider

Automotive Wheel Rims Market Size, Share And Segmentation By Material, By Vehicle Type, By Rim Size, By Regions And Global Market Forecast 2023-2030

AUSTIN, TEXAS, UNITED STATES, March 14, 2024 /EINPresswire.com/ — The Automotive Wheel Rims Market is projected to reach 68.46 Bn by 2030, the market stands at the intersection of innovation and functionality, reflecting the evolving landscape of automotive design and engineering.

As the automotive industry continues to push boundaries in terms of performance, efficiency, and aesthetics, the demand for high-quality wheel rims remains robust. These components not only serve as structural elements but also contribute significantly to the overall appearance and performance of vehicles. The market encompasses a wide array of products, ranging from traditional steel rims to lightweight alloys and advanced composite materials, catering to diverse consumer preferences and industry requirements.

Market Size:

The Automotive Wheel Rims Market size was valued at USD 43.28 billion in 2022 and is expected to reach USD 68.46 billion by 2030 and grow at a CAGR of 5.9% over the forecast period 2023-2030.

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Market Scope:

The automotive wheel rims market is characterized by its vast scope, encompassing passenger cars, commercial vehicles, and off-road vehicles. With the growing emphasis on fuel efficiency and environmental sustainability, manufacturers are increasingly focusing on developing lightweight rims that enhance vehicle performance while reducing carbon emissions. Furthermore, the rise of electric vehicles (EVs) has spurred demand for specialized rims designed to accommodate the unique requirements of electric propulsion systems, such as regenerative braking and high torque output.

Opportunity Landscape:

The automotive wheel rims market presents numerous opportunities for innovation and growth. Advancements in manufacturing technologies, such as 3D printing and CNC machining, have enabled the production of intricately designed rims with superior strength and durability. Additionally, the expanding aftermarket segment offers a fertile ground for aftermarket customization and replacement, driven by consumer preferences for personalized vehicle aesthetics and performance enhancements. Moreover, the emergence of smart rims embedded with sensors and connectivity features opens up new avenues for data-driven insights and predictive maintenance, enhancing overall vehicle safety and efficiency.

Key Players:

Euromax Wheel (US), VOXX International Corporation (US), Sota Offroad (US), Mobile Hi-Tech Wheels Inc. (US), TSW Alloy Wheels (US), Fuel Offroad Wheels (US), CLN Group, Maxion Wheels Inc. (US), Status Wheels (TUFF A.T) (US), Wheel Pros Holdings, LLC (US), and Topy Industries Limited (Japan) are some of the affluent competitors with significant market share in the Automotive Wheel Rims Market.

Segment Analysis:

The automotive wheel rims market can be segmented based on material type, vehicle type, rim size, and sales channel. Material-wise segmentation includes steel rims, alloy rims, carbon fiber rims, and composite rims, each offering unique properties in terms of strength, weight, and cost-effectiveness. Vehicle type segmentation covers passenger cars, light commercial vehicles (LCVs), heavy commercial vehicles (HCVs), and off-road vehicles, reflecting the diverse applications of wheel rims across different automotive segments. Rim size segmentation ranges from standard sizes to oversized rims, catering to various vehicle designs and performance requirements. Furthermore, sales channel segmentation encompasses OEM (Original Equipment Manufacturer) and aftermarket channels, reflecting the distribution dynamics within the automotive supply chain.

By Material:

• Steel

• Alloy

• Carbon Fibre

By Vehicle Type:

• Passenger cars

• Commercial vehicles

By Rim Size:

• 13”-15”

• 16”-18”

• 19”-21”

• Above 21”

Regional Analysis:

The automotive wheel rims market exhibits regional variations driven by factors such as vehicle production, consumer preferences, and regulatory policies. North America and Europe dominate the market, fueled by a strong automotive manufacturing base and high consumer demand for premium vehicles. Asia-Pacific emerges as a lucrative market, propelled by rapid urbanization, rising disposable incomes, and the growing popularity of SUVs and electric vehicles. Meanwhile, Latin America and the Middle East & Africa present untapped opportunities for market expansion, driven by increasing vehicle ownership and infrastructure development initiatives.

Recent Developments:

• Recent developments in the automotive wheel rims market include strategic collaborations, technological innovations, and product launches aimed at enhancing performance, aesthetics, and sustainability.

• Leading companies such as BBS GmbH, Enkei Corporation, and Borbet GmbH have invested in advanced manufacturing processes and materials research to develop lightweight rims with superior strength and durability.

• Moreover, partnerships between automotive OEMs and rim manufacturers have led to the integration of smart technologies, such as tire pressure monitoring systems (TPMS) and anti-theft tracking, into wheel rims, enhancing vehicle safety and security.

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Key Takeaways:

• Manufacturers are under pressure to innovate and differentiate their offerings in terms of design, performance, and sustainability to stay competitive in the global marketplace.

• Collaboration across the automotive value chain, from material suppliers to OEMs and aftermarket distributors, is essential to drive innovation and meet evolving market demands.

• As the automotive industry continues to evolve, the wheel rims market is poised for continued growth and transformation, driven by the quest for excellence in both form and function.

Table of Contents

1. Introduction

1.1 Market Definition

1.2 Scope

1.3 Research Assumptions

2. Research Methodology

3. Market Dynamics

3.1 Drivers

3.2 Restraints

3.3 Opportunities

3.4 Challenges

4. Impact Analysis

4.1 COVID-19 Impact Analysis

4.2 Impact of Ukraine- Russia war

4.3 Impact of ongoing Recession

5. Value Chain Analysis

6. Porter’s 5 forces model

7. PEST Analysis

8. Global Automotive Wheel Rims Market Segmentation, By Material

8.1 Steel

8.2 Alloy

8.3 Carbon Fibre

9. Global Automotive Wheel Rims Market Segmentation, By Vehicle Type

9.1 Passenger cars

9.2 Commercial vehicles

10. Global Automotive Wheel Rims Market Segmentation, by Rim Size

10.1 13”-15”

10.2 16”-18”

10.3 19”-21”

10.4 Above 21”

11. Regional Analysis

Read More…!

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