Pune, March 09, 2021 (GLOBE NEWSWIRE) -- 3D Printed Titanium Rims are Trending!!
The automotive wheel rims market is growing rapidly, mainly due to the continually rising vehicle production and sales worldwide. Besides, the strong economic growth and the spurring rise in the automotive industry create substantial market demand. Moreover, growing numbers of OEMs and increasing aftermarket activities across the globe escalate market growth.
According to Market Research Future (MRFR), the global automotive wheel rims market is projected to grow at a 4% CAGR during the forecast period (2020–2026). Automotive is one of the 13 industries that have been earmarked for extended financial support over the next five years via the Production-Linked Incentive (PLI schemes)
Relaxations in the automotive industry's tax structure in many emerging countries such as India are fostering the middle-class consumer base. Certain recommendations put forth by dealer federations encourage individuals to file IT returns for promoted growth in taxes, allowing income taxpayers to gain benefits of claiming depreciation on vehicles.
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Also, the reduction in compensation cess boosts luxury car manufacturers. Alongside the new vehicle production, rising spending on repairing damages also increases the automotive rim market share. According to AAA research, American drivers spend three billion dollars a year on vehicle repairs. Blown tires, dented rims, damaged wheels are costly common automotive issues.
Auto owners are focusing on improving vehicle aesthetics and performances. Advances in technologies and the relative efficacies of automotive rims are priorities that have already altered the market capitalization. The rapid expansion of automotive industries in emerging economies such as China, India, Thailand, Mexico, Indonesia, and Vietnam, fosters the automotive wheel rims market size.
The COVID-19 outbreak severely hit the automotive wheel rims industry. Manufacturers faced a number of problems ranging from obtaining raw materials to attracting workers from quarantines to delivering end products. Strict lockdown mandates halted production facilities and forced several manufacturers to cut down on their production output.
However, the automotive wheel rims market is rapidly returning to normal, witnessing the steadily increasing demand. The market demand would pick up further following the uplift of the lockdown in many countries.
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Industry Trends
The global automotive wheel rims market garners continual traction. The market growth attributes to the growing numbers of wheel repair service centers globally. 3D printed titanium rims that showcase a novel approach to bike design with their bony generative-design aesthetic are major trends influencing the market growth. Other prominent industry trends are lightweight rims and wheels and growing production & sales of electric vehicles.
Rapid advances in care & maintenance technologies and materials influence the growth of the market. Additionally, rising numbers of OEMs, aftermarket, and automotive care services foster the automotive wheel rims market shares. Conversely, price volatility and the demand-supply gap in raw materials essential for production are major factors impeding the growth of the market.
Segmentation
The automotive wheel rims market is segmented into material, rim size, vehicle type, end-use, and region.
The material segment is sub-segmented into steel, alloy, carbon fiber, and others. Among these, the alloy segment holds the largest market share. The segment is anticipated to record a significant CAGR during the coming years.
The rim size segment is sub-segmented into 13"-15", 16"-18", 19"-21", and above 21". Among these, the 13"-15" segment holds a sizeable market share. The segment is anticipated to record a significant CAGR during the coming years.
The vehicle type segment is sub-segmented into passenger cars and commercial vehicles. Among these, the passenger car segment holds a sizeable market share. The segment is anticipated to grow at a significant CAGR during the coming years.
The end-user segment is sub-segmented into OEM and aftermarket. Of these, the OEM segment holds a sizeable market share. The segment is anticipated to record a high CAGR in the coming years.
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Regional Analysis
The Asia Pacific region dominates the global automotive wheel rims market. The ample availability of key raw materials and cost-competitive workforces impacts market growth, increasing the number of RIM production plants and notable industry players. Besides, the increasing vehicle production and presence of prominent automakers in this region create substantial market demand.
Furthermore, the growing number of OEMs, increasing aftermarket activities, and rising automotive sales in the region impact the market growth positively. Also, the strong economic growth and burgeoning automotive industries in this region boost the market size, increasing vehicle sales. The APAC automotive wheel rims market is projected to maintain its market position throughout the review period.
North America acquires the second position in terms of automotive wheel rims market value. Continually shifting market dynamics, technological improvements, and changing preferences of vehicle owners are key trends substantiating the market size. Additionally, increasing sales of automobiles increase the production of vehicles and, thus, automotive rims. With the presence of several key industry players, such as VOXX International, TSW Alloy Wheels, Euromax Wheel, the US dominates the regional market.
Europe witnessed a spurring rise in the automotive wheel rims market value. The presence of major automotive manufacturers significantly contributes to the European automotive wheel rims market growth. Moreover, factors such as stringent safety regulations and increasing demand for environment-friendly vehicles boost the region's automotive wheel rims market revenue. The automotive wheel rims market in Europe is expected to grow significantly over the forecast period.
Competitive Analysis
The automotive wheel rims market witnesses significant strategic approaches, such as collaboration, mergers & acquisitions, expansion, and technology launch. Leading industry players make strategic investments to drive research and development activities and expansion plans.
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For instance, recently, on Nov. 02, 2020, Bechtel Corporation (the US), a leading engineering company, announced winning a tender launched by Egypt Aluminum Company for consultancy companies to work on the feasibility of execution of the car rims production line.
Egypt-based Arab Aluminum specializes in extruding aluminum profiles for architectural and industrial applications. The tender for developing the 7th production line of aluminum was launched in Oct.2020.
Key players involved in the market are Euromax Wheel (US), TSW Alloy Wheels (US), Maxion Wheels Inc. (US), Mobile Hi-Tech Wheels Inc. (US), VOXX International Corporation (US), Sota Offroad (US), Fuel Offroad Wheels (US), Status Wheels (TUFF AT) (US), Topy Industries Limited (Japan), and Wheel Pros Holdings, LLC (US), among others.
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