Automotive Wheel Market will experience a dynamic growth between 2021 and 2027 led by growing consumer spending on vehicle customization along with demand for lightweight and corrosion resistant wheels.
— Automotive Wheel Market revenue is likely to witness exponential growth through 2026 driven by growing consumer spending on vehicle customization along with demand for lightweight and corrosion resistant wheels. There is large-scale usage of distinct forms of alloys including steel, magnesium and aluminum to provide improved heat conduction and better aesthetics over conventional steel-made wheels.
The automotive wheel market demand is projected to reach USD 144 billion in terms of annual remunerations by 2026, globally. Ongoing innovations to reduce vehicle downtime, increase cost-effectiveness and enhance vehicle performance will positively impact developments in automotive wheels. Auto manufacturers are focused on innovating materials for wheels offering high load bearing capacities for heavy commercial vehicles. Increased demand for luxury, premium vehicles and high performance vehicles is further prompting manufacturers to incorporate innovative material and technology in new models.
For instance, the current hyper sports cars by Bugatti, Chiron and Divo are incorporated with very sturdy and light weight wheels made of a specially forged aluminum alloy as these wheels & tires are subject to extreme loads and g-forces at speeds beyond 400 kilometer per hour. Both sides of the cavities and wheels are finely milled as part of a unique process to produce wheels with minimum weight for maximum rigidity and stability along with delivering an aesthetically appealing design.
Technological advancements in handling capacities of lighter wheels by cutting down unwanted mass and aiding suspension to follow the terrain more carefully with improving grip will fuel product demand in the coming years.
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Adoption of carbon fiber automotive wheels
Carbon fiber automotive wheel market share is estimated to grow at 6% CAGR up to 2026 on account of high tensile strength, lower weight and robust strength traits of carbon fibers. Incorporation of carbon fiber wheel in vehicles offers improved acceleration, braking as well as consistent performance as compared to aluminum wheels.
Increasing production of fuel-efficient cars requiring light weight material like carbon fiber will support automotive wheel market demand. For instance, BMW introduced M Carbon compound wheels for the M4 GTS model in 2016. The new compound aided in reducing the weight of rotational and unsprung masses, further resulting in improved steering response as well as vibration levels.
Consistent growth of the automotive aftermarket
Shifting trends towards customized wheels for better output and aesthetics, available at lower prices is driving the sales of wheels in aftermarket. Manufacturers in the automotive aftermarket offer high quality products conforming with the standards enforced by OEMs. Assured reliability and functionality of the products available in aftermarket at lower price points is resulting in increased product consumption.
Demand for high load bearing truck wheels
Demand for heavy load bearing trucks is increasing in commercial applications due to rapid industrialization and urbanization trends. However, strict environmental regulations governing the fuel emission levels is promoting the utilization of lighter vehicle parts and wheels without compromising on rigidity, strength and overall safety.
Increased freight demand with expansion of e-commerce along with ongoing development of materials for bearing high load carrying capacities will provide impetus to wheel manufacturers.
Prominent wheel manufacturers in North America
North America automotive wheel market size is forecast to showcase growth rate of more than 6% through 2026 due to the presence of major wheel manufacturers in the region, including U.S. Wheel Corporation, Wheel Pros, Maxion Wheel and Superior Industries.
Some industry players are acquiring other wheel manufacturing companies to strengthen their regional presence. For instance, Superior Industries International Inc acquired Uniwheels AG in 2017, with an ownership of 61% shares.
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