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Automotive Wheels Aftermarket Global Trends, Market Share, Industry Size, Growth, Opportunities, and Market Forecast 2019 to 2029

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Global Automotive Wheels Aftermarket is calculated to value over USD 4.2 billion by 2026 end and register at a CAGR of over 3% during the forecast period of 2019 to 2026. Automobiles are being manufactured heavier at the cost of making them safer a
Automotive Wheels Aftermarket Global Trends, Market Share, Industry Size,
Growth, Opportunities, and Market Forecast 2019 to 2029
Global Automotive Wheels Aftermarket is calculated to value over USD 4.2 billion by
2026 end and register at a CAGR of over 3% during the forecast period of 2019 to
2026.
Automobiles are being manufactured heavier at the cost of making them safer and
comfortable. Therefore there has been extensive research and development
conducted on various lightweight materials by aftermarket companies that would
not only reduce the weight of the automobile and maintain the performance of the
vehicle but also meet the government safety norms at the same time. This is the key
factor for the rising growth of the automotive wheels aftermarket.
There has been a rise in the number of aftermarkets for automobiles as there is a
rising demand for vehicle performance enhancement. So the demand for lightweight
materials is on a rise as well which drives the automotive wheels aftermarket further.
Additionally, wheel repairing is very cost-effective and this boosts the wheels
aftermarket even further. Furthermore, there has been an increase in the average
number of miles driven which causes wear and tear of the wheel thus propelling the
market further.
The instability in the pricing of raw materials required for wheel production might
negatively impact the aftermarket.
Advanced material research for the purpose of wheel manufacturing along with
innovative wheel compositions would open up newer opportunities for the
aftermarket.
On the other hand, it becomes difficult in maintaining a fine balance between cost,
weight and performance of the vehicle which poses a challenge to the automotive
wheels aftermarket.
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Insights on Global Automotive Wheels Aftermarket:
1. By Region
• Asia Pacific
• North America
• Europe
• Latin America
North America is the hub of the automotive industry with General Motors and Ford
comprising almost 25% of the global market. This is a key factor for aftermarket
companies as they expand their business in this region due to a rising demand for
performance-enhanced automobiles in this region which is why North America
dominates the global market.
Furthermore, wheels with bigger rims are gaining popularity, especially in the U.S as
it makes the automobile aesthetically appealing along with improved stability and
shortening the braking distance. Additionally, the government has implied strict fuel
efficiency regulations thus making the wheel manufacturers prioritize on reducing
the weight of the wheel. These factors are the reason why North America dominates
the global aftermarket and will continue to do the same during the forecast period.
The Asia Pacific is a fast-growing region due to the ever-growing economies like India
and China. Moreover, the availability of cheap labour and government policies
favourable to the industry helps in obtaining a positive market growth.
2. By Coating
• Powder Coating
• Liquid Coating
Rising environmental concerns and awareness for waste reduction have risen the
demand for non-VOC coatings and that is why powdered coatings dominate the
market segment as it is highly corrosion resistant, abrasion resistant, has a highquality finish and most importantly, it is eco-friendly and has low-level VOC emission.
3. By Material
• Alloys
• Steel
• Carbon fiber
The two commonly found components in alloy making are magnesium and
aluminium. Alloys offer high tensile strength and high durability and these are the
key factors that lead aftermarket companies to use alloys for making wheel spokes
thus expanding the market further and this trend will also be observed during the
forecast period as well.
4. By Vehicle
• Passenger Car
• Commercial Vehicle
The number of passenger cars is ever-increasing and this segment will bring most of
the business to the aftermarket companies.
5.
•
•
•
•
By Rim Size
Above 21 Inch
19-21 Inch
16-18 Inch
13-15 Inch
6. By Aftermarket
• Refurbished Wheel management
• New Wheel Replacement
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Competitive Landscape:
• RONAL Group
• BORBET Gmbh
• Enkei Corp.
• Carlstar
• Maxion Wheels
Carlstar introduced a new Cragar s/s wheel in January 2018 as a tribute to the
premium quality that the Cragar is known for. RONAL R56 was provided as an ECE
wheel for the BMW X3/X4 in September 2018. This collaboration with BMW helped
RONAL to gain significant market traction and this trend will continue during the
forecast period as well.
FutureWise Key Takeaways:
• Growth prospects
• SWOT analysis
• Key trends
• Key data-points affecting market growth
Objectives of the Study:
• To provide with an exhaustive analysis on the global automotive wheels
aftermarket by region, by coating, by material, by vehicle, by rim size, by aftermarket
• To cater comprehensive information on factors impacting market growth (drivers,
restraints, opportunities, and industry-specific restraints)
• To evaluate and forecast micro-markets and the overall market
• To predict the market size, in key regions (along with countries)— Asia Pacific,
North America, Europe and Latin America
• To record evaluate and competitive landscape mapping- product launches,
technological advancements, mergers and expansions
• Profiling of companies to evaluate their market shares, strategies, financials and
core competencies
Inquire further details about this report at: [email protected]
About FutureWise Research:
We specialise in high-growth niche markets, assuring flexibility, agility and
customised solutions for our clients. Through in-depth market insights and
consultancy, we present our clients with the tools they need to be at the forefront of
their industry – a position secured for far more than the near future.
Contact Us:
Company Name: FutureWise Research
Contact Person: Vinay Thaploo
Email: [email protected]
Phone: +44 141 628 9353 / +1 970 279 4295
City: Leeds
Country: United Kingdom
Website: www.futurewiseresearch.com
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