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Reports > Automotive And Mobility > Automotive Wheel Aftermarket Market Report

Automotive Wheel Aftermarket Market Size, Share, Industry Trends and Forecast to 2033

This report provides a comprehensive analysis of the Automotive Wheel Aftermarket from 2023 to 2033. It includes market size, growth forecasts, regional analysis, and insights into technology trends and key global players influencing the market.

Metric Value
Study Period 2023 - 2033
2023 Market Size $15.20 Billion
CAGR (2023-2033) 5.7%
2033 Market Size $26.81 Billion
Top Companies Allied Wheel Components, American Eagle Wheel Corp., OZ Racing, BBS Wheels, Enkei Wheels
Last Modified Date 15 Nov 2024

Automotive Wheel Aftermarket Market Report (2023 - 2033)

Automotive Wheel Aftermarket Market Overview

The Automotive Wheel Aftermarket is characterized by intensive competition among numerous manufacturers and distributors. The industry is segmented based on wheel type, vehicle type, distribution channels, and end-user applications. A notable shift towards online sales channels has emerged, alongside traditional retail. Additionally, technological innovations such as lightweight materials, better durability, and enhanced designs contribute to market demands and preferences. Environmental considerations are also influencing production processes as manufacturers aim for sustainability. The increasing popularity of electric vehicles is expected to impact the demand for specialized wheels, further diversifying the aftermarket landscape.

What is the Market Size & CAGR of Automotive Wheel Aftermarket market in 2023?

In 2023, the Automotive Wheel Aftermarket is estimated to be valued at approximately $10.26 billion. The compound annual growth rate (CAGR) from 2023 to 2033 is projected to reach around 5.2%. This growth can be attributed to rising aftermarket sales as consumers continue to upgrade and replace wheels for enhanced vehicle performance and aesthetic appeal. Factors such as increasing disposable income, growing vehicle ownership, and a trend towards personalization in vehicles are expected to contribute significantly to this upward trajectory.

Automotive Wheel Aftermarket Industry Analysis

The Automotive Wheel Aftermarket is characterized by intensive competition among numerous manufacturers and distributors. The industry is segmented based on wheel type, vehicle type, distribution channels, and end-user applications. A notable shift towards online sales channels has emerged, alongside traditional retail. Additionally, technological innovations such as lightweight materials, better durability, and enhanced designs contribute to market demands and preferences. Environmental considerations are also influencing production processes as manufacturers aim for sustainability. The increasing popularity of electric vehicles is expected to impact the demand for specialized wheels, further diversifying the aftermarket landscape.

Automotive Wheel Aftermarket Market Segmentation and Scope

The Automotive Wheel Aftermarket can be segmented based on wheel type (alloy, steel, etc.), vehicle type (passenger cars, commercial vehicles, etc.), distribution channel (online, offline), and end-user (individual consumers, auto dealers, service centers). Each segment contributes uniquely to the overall market dynamics. Alloy wheels dominate the market share due to their lightweight and aesthetic appeal, while steel wheels are notable for their durability, particularly in commercial applications. Online sales have been rapidly gaining traction, reshaping how consumers shop for aftermarket products.

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Automotive Wheel Aftermarket Market Analysis Report by Region

Europe Automotive Wheel Aftermarket Market Report:

Europe's market is valued at $5.17 billion in 2023, expected to reach $9.12 billion by 2033, driven by stringent regulations regarding vehicle safety and emissions, spurring demand for high-quality aftermarket products.

Asia Pacific Automotive Wheel Aftermarket Market Report:

In 2023, the Asia Pacific Automotive Wheel Aftermarket is valued at $2.69 billion, expected to grow to $4.75 billion by 2033, driven by increasing vehicle ownership and a growing middle class.

North America Automotive Wheel Aftermarket Market Report:

North America boasts a market size of $5.08 billion in 2023, projected to expand to $8.96 billion by 2033, largely due to an increase in vehicle maintenance and customizations.

South America Automotive Wheel Aftermarket Market Report:

The South American market is projected to grow from $0.21 billion in 2023 to $0.36 billion by 2033, bolstered by rising disposable incomes and a growing automotive sector.

Middle East & Africa Automotive Wheel Aftermarket Market Report:

The Middle East and Africa segment stands at $2.05 billion in 2023, with projections of growth to $3.62 billion by 2033, characterized by a surge in automotive purchases and aftermarket enhancements.

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Automotive Wheel Aftermarket Market Analysis By Wheel Type

Global Automotive Wheel Aftermarket, By Wheel Type Market Analysis (2023 - 2033)

In the wheel type segment, alloy wheels dominate with a market size of $10.26 billion in 2023, anticipated to grow to $18.09 billion by 2033. Steel wheels follow with a current market value of $3.24 billion, projected to grow to $5.71 billion. Other types of wheels, including specialty options, represent a smaller but growing portion of the market.

Automotive Wheel Aftermarket Market Analysis By Vehicle Type

Global Automotive Wheel Aftermarket, By Vehicle Type Market Analysis (2023 - 2033)

Passenger cars account for the largest share, valued at $7.02 billion in 2023 and expected to reach $12.39 billion by 2033. Commercial vehicles and two-wheelers also represent significant segments, with market sizes of $3.11 billion and $1.81 billion respectively.

Automotive Wheel Aftermarket Market Analysis By Distribution Channel

Global Automotive Wheel Aftermarket, By Distribution Channel Market Analysis (2023 - 2033)

The online sales channel shows remarkable growth, amounting to $10.26 billion in 2023 and projected to double by 2033. Offline sales through traditional markets remain strong, valued at $3.24 billion currently.

Automotive Wheel Aftermarket Market Analysis By End User

Global Automotive Wheel Aftermarket, By End-User Market Analysis (2023 - 2033)

Individual consumers dominate the market share at 67.49% in 2023, with significant contributions from auto dealers and service centers, valued at $3.24 billion and $1.70 billion respectively.

Automotive Wheel Aftermarket Market Analysis By Application

Global Automotive Wheel Aftermarket, By Application Market Analysis (2023 - 2033)

Replacement wheels have the largest market share at 67.49%, with performance upgrades and customization segments holding significant positions as well.

Automotive Wheel Aftermarket Market Trends and Future Forecast

The Automotive Wheel Aftermarket is expected to follow key trends such as increased demand for lightweight and durable materials, rise in online purchasing behaviors, personalization trends focusing on aesthetics, and growing environmental consciousness driving demand for sustainable products. Forecasts indicate a steady growth trajectory with increasing market complexities due to evolving consumer preferences and industry innovations until 2033.

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Global Market Leaders and Top Companies in Automotive Wheel Aftermarket Industry

Allied Wheel Components:

Leading manufacturer of custom performance wheels known for innovative designs and manufacturing processes.

American Eagle Wheel Corp.:

Specializes in high-performance wheels designed for serious automotive enthusiasts, providing cutting-edge technology.

OZ Racing:

Recognized for their premium lightweight alloy wheels used in professional racing and high-performance vehicles.

BBS Wheels:

A well-established name in manufacturing aftermarket wheel solutions, particularly known in motorsport categories.

Enkei Wheels:

Specializes in lightweight and high-quality alloy wheels, contributing significant innovations to the wheel market.

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