According to a recent report published by Allied Market Research, titled,” Global Automotive Wheel Market by Material Type, Vehicle Type, and End User: Global Opportunity Analysis and Industry Forecast, 2017 – 2025″, the global automotive wheel market was valued at $30,011.3 million in 2017 and is projected to reach at $47,355.3 million by 2025, growing at a CAGR of 5.7% from 2018 to 2025.
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Wheel is an essential part of a motor vehicle, whose demand is directly connected to the automotive industry. Wheels should be strong enough to bear the vehicle weight and withstand forces caused by operation. The automotive wheel market is in a growth phase due to increase in demand for light weight wheels that have the same strength as steel wheels alongside having high thermal stability & ductility. Strength-to-weight ratio and better fuel consumption are the factors that are considered during the production of automotive wheels.
At present, Asia-Pacific dominates the global automotive wheel market owing to the extensive growth of automobiles in the region. Passenger cars have greater penetration in this region, owing to an increase in the road infrastructure development in the region, which is expected to propel the market growth. Canada is the eleventh largest producer of vehicles, globally. In 2017, the sales of the smallest crossover in Canada increased to 66%, which was the largest increase in any vehicle segment for sub-compact and compact passenger car segment.
Alloy segment to contribute highest revenue share by 2025
The alloy segment contributed nearly half of the total market share in 2017 and is expected to maintain its dominance throughout the forecast period. This is due to its high demand as a substitute to steel and increase use of alloy wheels in passenger and commercial vehicles. However, the carbon fiber segment would grow at the fastest CAGR of 7.3% from 2018 to 2025, owing to growing adoption carbon fiber-reinforced plastics (CFRP) technologies in manufacturing processes to achieve reduction in weight and improve stiffness. The steel segment is expected to grow at a moderate rate during the forecast period.
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Passenger cars segment to generate the highest revenue, HCV segment to grow the fastest
The passenger car segment contributed more than one-third of the total market share in 2017 and is projected to maintain its lead by 2025, owing to increase in urbanization and rise in premium automobile production worldwide. However, the heavy commercial vehicle (HCV) segment would register the fastest CAGR of 7.2% from 2018 to 2025, owing to increase in usage of HCVs in supply chain and logistics. The light commercial vehicle (LCV) segment is expected to witness steady growth during the forecast period.
The major players operating in the global automotive wheel market include Iochpe-Maxion, CITIC Dicastal Wheel Manufacturing, Hitachi Metals, Steel Strips Wheels, American Eagle Wheels, United Wheels Group, CLN Group, Borbet, Topy Industries Limited, and Accuride Corporation.
Key Findings of the Automotive Wheel Market :
- In 2017, the alloy sub-segment generated the highest revenue in the global automotive wheel market.
- In 2017, the passenger car segment generated the highest revenue among the other vehicle types in the global automotive wheel market.
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