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Global Automotive Wheel Rims Market to Grow at a CAGR of 8.21% During 2022-2027, Aided by the Rising Demand for Passenger and Commercial Vehicles

According to a new report by EMR titled, ‘Global Automotive Wheel Rims Market Report and Forecast 2022-2027’, the market attained a value of nearly USD 20.8 billion in 2021. The global automotive wheel rims market is expected to grow at a CAGR of 8.21% between 2022 and 2027 to reach USD 33.4 billion by 2027.

The automotive wheel rims market is driven by the rising demand for commercial and passenger vehicles owing to the increasing necessity for automobiles to carry out routine tasks, rising disposable income, and increasing popularity of lightweight, attractive, and durable automobiles among the youth. In addition, the rising fuel prices in developing economies are anticipated to propel the demand for fuel-efficient cars, which will augment the automotive wheel rims market in the forecast period. The alloy-based rim is likely to witness significant demand in the forecast period owing to the material's high aesthetic appeal and ability to aid the acceleration of the automobile.

In September 2019, Maxion Wheels (OTCMKTS: IOCJY) announced a partnership with ZF Openmatics to provide wheel connectivity solutions. Under this agreement, the companies will focus on analysing and capturing vital data such as tire pressure, load on the wheel, and temperature to optimise the vehicle's performance.

In terms of region, North America is anticipated to witness considerable growth in the forecast period. The market in the region is expected to be driven by the advanced automotive infrastructure in countries like the United States of America and Canada. The growing expansion of the major automotive manufacturers and the development of wheel manufacturing plants in the region will likely foster market growth further. Moreover, the stringent government regulations in the region to encourage the use of lightweight vehicles to control fuel consumption is anticipated to augment the market in the forecast period.

Market Breakup by Material Type, Sales Channel, Vehicle Type and Region:

  • The market is segmented based on material type into alloys, steel, and carbon fibre.
  • The sales channel of the market includes OEM and aftermarket.
  • The market is divided into passenger and commercial vehicles by vehicle type.
  • Region-wise, the global market for automotive wheel rims can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The global market for automotive wheel rims is driven by the growing expansion and technological advancements in the automotive industry.
  • The rising demand for passenger vehicles among the working-class population is anticipated to bolster the market growth.
  • In addition, the changing consumer shift towards fuel-efficient and lightweight vehicles, coupled with the rising fuel prices, is likely to provide impetus to the market growth in the forecast period.
  • The market will further be aided by the rising investments by the major automotive manufacturers to expand their manufacturing facilities across the continents.

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for automotive wheel rims for the periods (2017-2021) and (2022-2027).
  • The report also offers historical (2017-2021) and forecast (2022-2027) market information for the material types, sales channels, vehicle types and regions of automotive wheel rims.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global automotive wheel rims market include Maxion Wheels, Steel Strip Wheels, ESE Carbon, Accuride Corporation, Superior Industries International, Ronal Group, and Telleborg AB, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

About Us:

Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

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