Westford, USA, June 15, 2023 (GLOBE NEWSWIRE) -- The global Automotive Wheel Rims market size is expected to reach USD 38.7 billion by 2030 and exhibit a CAGR of 4.3% in the forecast period (2023−2030), according to Skyquest's latest research report. The increasing demand for lightweight materials, growing automotive industry, rising disposable income and urbanization, technological advancements in manufacturing processes, increasing Demand for Customization, growing focus on vehicle aesthetics, higher vehicle sales and production, and rising demand for electric vehicles (EVs) are fueling the Market's growth
Rising Demand for Customization and Personalization to Promote the Use of Automotive Wheel Rims
At a global scale, the growing demand for high-performance and sports Cars, integration of advanced manufacturing technologies, increasing use of carbon fibre wheel rims, rising demand for customization and personalization, growing popularity of retro and vintage wheel rim designs, the emergence of sustainable and eco-friendly wheel rim materials, adoption of lightweight wheel rim designs are promoting the market growth.
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Several government initiatives, such as fuel economy standards, tax incentives, research and development grants, trade policy safety standards and infrastructure developmentare promoting the market growth for automotive wheel rims. For example, the United States government's Corporate Average Fuel Economy (CAFE) standards require automakers to meet a certain fuel efficiency level for their vehicles. This has led to the increased use of lightweight materials like aluminium and alloy in the manufacturing of wheel rims, as they improve fuel efficiency. As a result, the demand for lightweight wheel rims has increased, leading to market growth.
Alloy Material Type Demand to Grow Substantially in the Forecast Period
Alloy material type dominated the global market owing to its lightweight, stylish look, and superior performance as compared to steel. It also provides better fuel efficiency, improved handling, and better braking performance. Moreover, alloy wheel rims are corrosion-resistant and require less maintenance, making them a popular choice among vehicle owners.
Passenger car is the Leading Vehicle Type Segment
In terms of vehicle type, the passenger car segment is the leading segment due to the increasing demand for passenger cars. In addition, the rise in the purchasing power of consumers and the growing preference for personal mobility have led to an increase in the sales of passenger cars.
Asia-Pacific is the leading Market Due to the Growing Demand for Passenger Cars
Region-wise, Asia-Pacific is one of the largest growing markets due to the growing demand for passenger cars and commercial vehicles in countries like China, India, and Japan. The increasing focus of vehicle manufacturers on reducing vehicle weight and improving fuel efficiency in the region. In India, the government launched the "National Electric Mobility Mission Plan (NEMMP), under this initiative, the government provides various incentives and subsidies to manufacturers and consumers to encourage the adoption of electric vehicles. This has led to an increase in the demand for lightweight and eco-friendly materials for the production of electric vehicles.
Browse in-depth TOC on " Automotive Wheel Rims Market "
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Automotive Wheel Rims Market Report Suggests:
- Akzo Nobel to Expand Performance Coatings Portfolio with Acquisition of Lankwitzer Lackfabrik's Wheel Liquid Coatings Business.
- In terms of vehicle type, the passenger car segment dominates due to the increasing demand for passenger cars
- In terms of material type, the alloy material type segment is projected to gain more popularity due to its lightweight, stylish look, and superior performance.
- North America and Asia Pacific are leading markets and will continue to exhibit dominance in the global market mainly due presence of major market players
Automotive Wheel Rims Market Segmentation:
The global Automotive Wheel Rims market report is segmented based on Product type, application, and region.
By Material Type
- Steel
- Alloy
- Carbon Fiber
- Others
By Rim Size
- Less than 15 inches
- 15-16 inches
- 17-18 inches
- 19-20 inches
- Above 20 inches
By vehicle type
- Passenger Cars
- Commercial Vehicles
- Two-wheelers
By Region
- North America
- U.S
- Canada
- Europe
- Germany
- France
- UK
- Spain
- RoE
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
- Latin America
- Brazil
- RoLA
- Middle-East and Africa
- South Africa
- GCC Countries
- Rest of MEA
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Automotive Wheel Rims Market Major Company Profiles:
- MHT Luxury Alloys
- BBS Kraftfahrzeugtechnik AG
- Enkei Corporation
- OZ Group
- Ronal Group
- Vossen Wheels
- ADV.1 Wheels
- Forgeline Motorsports
- TSW Alloy Wheels
- HRE Performance Wheels
- American Racing Equipment
- Rays Engineering
- SSR Wheels
- Konig Wheels
- TSW Alloy Wheels
- Fuel Off-Road Wheels
- XD Series by KMC Wheels
- AEZ Wheels
- Fondmetal
- Taneisya Co., Ltd.
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