Originally published on Technavio: Automotive Wheel Market Analysis - Forecast and Insights 2022-2026

Automotive Wheel Market Forecast 2022-2026

The automotive wheel market is poised to grow by USD 11.20 billion at a CAGR of 4.57% during the forecast period from 2021 to 2026.

The market report provides insights into various market players, including Accuride Corp., BBS GmbH, BORBET GmbH, Central Motor Wheel of America Inc., CITIC Ltd., CLN Coils Lamiere Nastri Spa, Enkei Corp., Foshan Nanhai Zhongnan Aluminum Wheel Co.

Market Dynamics
The research considered historical data for years, using 2021 as the base year and estimating 2022 as the current year, presenting drivers, trends, and challenges in the market.

Key Driver
The increasing global vehicle count is a major driver supporting market growth. Modern vehicles boast robust construction, durable engines, and undergo regular maintenance, leading to an extended lifespan. This global surge in vehicle longevity, especially in passenger cars and utility vehicles like SUVs, MPVs, crossovers, and pickup trucks, fuels demand for preventive maintenance services. These factors contribute positively to the market during the forecast period.

Key Trend
The development of ultra-lightweight automotive wheels for Commercial Vehicles (CVs) stands out as a key trend fueling market growth. Automotive OEMs have prioritized vehicle lightweighting, making advancements in lightweight automotive technology highly beneficial. Besides reducing carbon emissions, lightweight designs enhance vehicle fuel efficiency, promoting energy efficiency. The adoption of ultra-lightweight wheels is anticipated to positively impact sales during the forecast period.

Key Challenge  
Limitations of steel wheels pose a significant growth hindrance. Fitment of steel products faces compatibility issues, especially with large items, and cannot replace large alloy products. Steel wheels are unsuitable for performance vehicles like sedans, sports cars, supercars, and hypercars, lacking the intended performance demanded by powerful powertrains in these vehicles. Aesthetically, steel wheels fall short, prompting many car owners to replace them with alloy counterparts. These limitations present a challenge to market demand during the forecast period.

The market analysis report also offers detailed insights into upcoming trends and challenges, providing actionable insights for companies to evaluate and develop growth strategies for 2022-2026.

Who are the Major Companies 
The report analyzes the competitive landscape, offering information on several market players, including:

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Product Insights and News 
RONAL AG - The company offers automotive wheels such as SL6, R70, and R66. The market forecast report provides in-depth insights into key vendor profiles, including information on production, sustainability, and prospects of leading companies.

Market Value Chain Analysis
Our in-house experts generate extensive information on the value chain and parent market, aiding vendors in gaining a competitive advantage during the forecast period. The Value Chain information provides an end-to-end understanding of product insight, profit, and optimization and evaluation of business strategies. Players across the value chain include selective data and analysis from entire research findings within the report's scope.

Key Regions for Market 

35% of the market’s growth is anticipated to originate from Europe during the forecast period. Germany, Italy, and France are key markets for the automotive wheel market in Europe. The demand in this region is expected to outpace the growth in North America.

Technological advancements in automotive components will drive market demand in Europe over the forecast period. The market research report provides detailed information on competitive intelligence, marketing gaps, and regional opportunities for vendors, aiding in efficient business planning.

Revenue-generating Vehicle Type Segments in the Market

Market share growth in the commercial vehicles segment is expected to be significant during the forecast period. Medium and heavy-duty commercial vehicles, traveling significantly longer distances than passenger cars, prioritize in-vehicle comfort. Commercial vehicle manufacturers are focusing on integrating advanced wheels into their vehicles, driven by the expansion of construction, e-commerce sectors, and increased mining output. This is anticipated to fuel demand for commercial vehicles during the forecast period.

To Learn deeper into this report , View Sample PDF  
The market experiences robust revenue amid the digital transformation in the automotive industry, emphasizing connectivity, mobility, and autonomy. Despite financial and manufacturing constraints, new rivals and technologies drive innovation. The report covers rim size, material, and end-users, highlighting growth factors and core application areas. Key players like Iochpe-Maxion and Superior Industries International engage in mergers, acquisitions, and strategic alliances to navigate market dynamics, focusing on product innovation and addressing challenges like galvanic corrosion. Regional insights from PwC Autofacts indicate investment in R&D, software solutions, and mobility services, enhancing manufacturing capacity amid evolving market demands.

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Technavio Research
Jesse Maida
Media & Marketing Executive
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