New York, Oct. 20, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Automotive Wheel Aftermarket Global Market Report 2022" - https://www.reportlinker.com/p06351336/?utm_source=GNW
, Lenso Wheels, MSW Wheels, and Zhejiang Jinxuan International Trade Co Ltd.
The global automotive wheel aftermarket is expected to grow from $4.23 billion in 2021 to $4.54 billion in 2022 at a compound annual growth rate (CAGR) of 7.4%. The automotive wheel aftermarket is expected to reach $5.28 billion in 2026 at a CAGR of 3.8%.
The automotive wheel aftermarket consists of sales of automotive wheels and related products by entities (organizations, sole traders, and partnerships) that are used to replace damaged parts in automobiles and other equipment.Aftermarket parts refer to replacement parts that are not manufactured by the original equipment manufacturer.
These are manufactured by a third party for every type of vehicle. These aftermarket parts are low in cost when compared to the original parts.
The main types of automotive wheels aftermarkets are new wheel replacement and refurbished wheel fitment.The new wheel replacement market is involved in the replacement of damaged wheels with new aftermarket wheels.
These are wheels that are exact replicas of the wheels that are made by independent manufacturers and made to fit multiple vehicles.The various materials used are alloys, steel and others.
The various types of liquid coatings are liquid coatings and powdered coatings that are used in different vehicle types, including passenger cars, lightweight commercial vehicles, heavy trucks, buses and coaches, and trailers. It is distributed through several channels, such as retail, wholesalers, and distributors.
North America was the largest region in the automotive wheels aftermarket in 2021. The regions covered in the automotive wheel aftermarket report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The automotive wheels aftermarket research report is one of a series of new reports that provides automotive wheel aftermarket statistics, including automotive wheels aftermarket industry global market size, regional shares, competitors with an automotive wheels aftermarket share, detailed automotive wheel aftermarket segments, market trends and opportunities, and any further data you may need to thrive in the automotive wheel aftermarket industry. This automotive wheel aftermarket research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
Increasing sales of passenger cars are expected to propel the growth of the automotive aftermarket going forward.Cars are four-wheeled vehicles used for transportation.
Aftermarket wheels are available for a wide range of vehicles and are less expensive.They are in high demand for automobiles and are used as replacement wheels more frequently in cars.
For instance, according to the Federation of Automobile Dealers Associations (FADA), an India-based apex national body of the automobile retail industry, for the year 2021, passenger car sales increased annually by 39%, that is, from 1,82,651 units in 2020 to 2,53,363 units in 2021 India.In addition, commercial vehicle sales increased 98% annually, from 26,851 units in 2020 to 53,150 units in 2021.
Therefore, the increasing sales of passenger cars are driving the growth of the automotive aftermarket.
New product innovations have emerged as the key trend gaining popularity in the automotive aftermarket.Major companies in the automotive aftermarket sector are focused on introducing advanced products to increase their market coverage.
For instance, in September 2021, Borbet, a Germany-based company that manufactures light alloy wheels, launched new rims with a unique CWZ design that contains five double-spoke designs.It is suitable for vehicles with wheel loads of up to 1,250 kilograms.
Vehicles such as VW Crafter, Amarok, T5 and T6, and Mercedes V-Class are suitable for this type of rim. These are durable and can run for a long period of time.
In August 2020, Wheel Pros, a US-based manufacturer of automotive aftermarket wheels and accessories, acquired Borbet GmbH for a deal amount of $3.35 billion. This acquisition helps Wheel Pros in the manufacturing of new model light-alloy wheels and wheel rims and also helps to expand its business all over Germany. Borbet GmbH is a German-based company that manufactures light-alloy wheels.
The countries covered in the automotive wheel aftermarket report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Read the full report: https://www.reportlinker.com/p06351336/?utm_source=GNW
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