Automotive Wheel Market Size, Share, Industry Trends and Forecast to 2033
This report covers comprehensive insights into the Automotive Wheel market, highlighting current trends, market size, segmentation, and forecast data for the period 2023 to 2033.
| Metric | Value |
|---|---|
| Study Period | 2023 - 2033 |
| 2023 Market Size | $45.00 Billion |
| CAGR (2023-2033) | 5.2% |
| 2033 Market Size | $75.54 Billion |
| Top Companies | Alcoa Corporation, BBS Kraftfahrzeugtechnik AG, Contintental AG, Fuchs Petrolub SE, KMC Wheels |
| Last Modified Date | 15 Nov 2024 |
Automotive Wheel Market Report (2023 - 2033)
Automotive Wheel Market Overview
What is the Market Size & CAGR of Automotive Wheel market in 2023?
Automotive Wheel Industry Analysis
Automotive Wheel Market Segmentation and Scope
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Automotive Wheel Market Analysis Report by Region
Europe Automotive Wheel Market Report:
Europe's Automotive Wheel market is experiencing growth from USD 12.60 billion in 2023 to USD 21.15 billion by 2033, attributed to stringent environmental regulations and demand for electric vehicles. Countries like Germany, France, and the UK lead in adopting advanced wheel technologies.Asia Pacific Automotive Wheel Market Report:
In the Asia Pacific region, the Automotive Wheel market is expected to grow from USD 8.60 billion in 2023 to USD 14.44 billion by 2033. The rise in vehicle production and the increasing demand for lightweight wheels are significant drivers. China and India, as dominant players in the automotive sector, are contributing significantly to the market growth in this region.North America Automotive Wheel Market Report:
North America holds a substantial market share, with the Automotive Wheel market valued at USD 16.86 billion in 2023, expanding to USD 28.30 billion by 2033. The region is characterized by advanced automotive manufacturing technologies and a strong presence of key market players, enhancing product availability and innovation.South America Automotive Wheel Market Report:
The South American Automotive Wheel market, valued at USD 3.61 billion in 2023, is projected to reach USD 6.07 billion by 2033. The growth can be attributed to increasing disposable incomes and urbanization in countries like Brazil and Argentina, leading to higher vehicle sales.Middle East & Africa Automotive Wheel Market Report:
In the Middle East and Africa, the market is estimated to grow from USD 3.33 billion in 2023 to USD 5.59 billion by 2033. The region’s automotive sector is rapidly evolving, with a focus on high-quality products that can withstand extreme desert conditions.Request a custom research report for industry.
Automotive Wheel Market Analysis By Wheels Type
Global Automotive Wheel Market, By Wheel Type Market Analysis (2023 - 2033)
The wheel type segmentation shows that Steel Wheels dominate the market with a size of USD 30.82 billion in 2023 and projected to reach USD 51.74 billion by 2033, holding a 68.49% market share. Alloy Wheels follow with a market size of USD 11.74 billion in 2023, expected to grow to USD 19.71 billion by 2033, representing a 26.09% market share. Carbon Fiber Wheels have a smaller presence, valued at USD 2.44 billion in 2023, increasing to USD 4.09 billion by 2033, making up 5.42% of the market.
Automotive Wheel Market Analysis By Vehicle Type
Global Automotive Wheel Market, By Vehicle Type Market Analysis (2023 - 2033)
In terms of vehicle type, Passenger Vehicles dominate with a market size of USD 30.82 billion in 2023 and reaching USD 51.74 billion by 2033, maintaining a share of 68.49%. Commercial Vehicles are valued at USD 11.74 billion in 2023, expected to grow to USD 19.71 billion by 2033, securing a share of 26.09%. Electric Vehicles, while smaller, are growing from USD 2.44 billion in 2023 to USD 4.09 billion by 2033, representing a 5.42% share.
Automotive Wheel Market Analysis By Manufacturing Process
Global Automotive Wheel Market, By Manufacturing Process Market Analysis (2023 - 2033)
The manufacturing process segmentation reveals that Cast Wheels lead with a size of USD 30.82 billion in 2023, projected to grow to USD 51.74 billion by 2033, holding a 68.49% share. Following are Forged Wheels at USD 11.74 billion in 2023 and expected to reach USD 19.71 billion by 2033, maintaining a 26.09% share. Machined Wheels have a smaller segment, valued at USD 2.44 billion in 2023, climbing to USD 4.09 billion by 2033, making up 5.42% of the market.
Automotive Wheel Market Analysis By Application
Global Automotive Wheel Market, By Application Market Analysis (2023 - 2033)
The application segment shows that Original Equipment Manufacturers (OEM) dominate with a market size of USD 36.90 billion in 2023, projected to increase to USD 61.95 billion by 2033 with an 82.01% share. The Aftermarket segment has a size of USD 8.10 billion in 2023, expected to rise to USD 13.59 billion by 2033, accounting for 17.99% of the market.
Automotive Wheel Market Trends and Future Forecast
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Global Market Leaders and Top Companies in Automotive Wheel Industry
Alcoa Corporation:
Alcoa is a leading producer of aluminum products and has a significant footprint in the Automotive Wheel sector, focusing on lightweight wheel solutions for enhanced vehicle performance.BBS Kraftfahrzeugtechnik AG:
BBS is renowned for high-performance alloy wheels, especially in motorsports, pushing the boundaries of design and functionality.Contintental AG:
Continental not only produces tires but is involved in wheel manufacturing, focusing on integrated solutions for vehicle safety and performance.Fuchs Petrolub SE:
Fuchs is a global leader in lubricants, with a growing segment in automotive wheels, particularly in enhancing manufacturing efficiency.KMC Wheels:
KMC specializes in high-quality aftermarket wheels, known for customization and innovative designs that cater to individual consumer preferences.We're grateful to work with incredible clients.
