Rockville, Dec. 09, 2022 (GLOBE NEWSWIRE) -- The automotive metal wheel market industry analysis by Fact.MR reveals that the market is likely to reach US$ 45.2 Billion in 2022, anticipated to reach a market value of US$ 79.91 Billion by 2032, registering a CAGR of 5.9% during the forecast period (2022-2032). Automotive metal wheel is component that rotates and transmits the drive of the axle to the road. It also provides a means to affix the tires. The automotive wheel is made up of a rim, spoke, and hub.
Steel and aluminium metal wheels contract less in cold temperatures and hence, do not go through inconsistent loss of tire pressure. Demand for steel metal wheels in cold regions such as North America and Europe is expected to fuel the growth the Automotive metal wheel market in these regions. Growth in number of first-time vehicle buyers in developing regions has driven the demand for low-cost wheels, such as metal wheels, thereby driving their demand. Low-end segment of vehicles witness an increase in preference for automotive metal wheels, thus propelling their demand. Development of high strength steel wheels, as a result of advancements in technology and design, has led to an increase in demand for automotive wheels, globally.
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The industry’s growth has been skyrocketed by technological advancements and product developments in design and material. Furthermore, the rising consumer expenditure on vehicles, coupled with rising population, boosts the automotive wheel market growth. The increase in middle-class purchasing power is fueling the demand for the automotive wheel in the market. Furthermore, the rising vehicle demand from nations such as Germany, China, the U.S., and India is driving the growth of the automotive wheel market.
Key Takeaways from the Market Study-
- Asia pacific is the largest market for automotive metal wheel market with a CAGR of 5.9%
- Europe is the fastest growing market for automotive metal wheel market.
- The estimated base year value of automotive metal wheel market is US$ 45.2 billion in 2022.
- The projected market value of automotive metal wheel market is US$ 79.91 billion by the end of the forecast period.
- The market share of the Asia pacific region was US$ 4.5 Billion in 2021.
- The passenger car segment to grow at a faster rate owing to rising production of passenger vehicles.
Key Segments Profiled in the Automotive Metal Wheel Market :
- By Material :
- Steel
- Aluminum
- Composite
- Magnesium
- Composites
- Others
- By Technology :
- Casting
- Forging
- Others
- By Sales Channel :
- OEMs
- Aftermarket
- By Vehicle Type :
- HCVs
- LCVs
- Compact Cars
- Midsized Cars
- Premium Cars
- Luxury Cars
- By Region :
- North America
- Latin America
- Europe
- Japan
- APEJ
- Middle East & Africa
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Competitive Landscape-
Iochpe-Maxion, CITIC Dicastal, Borbet, Superior Industries, Accuride, and Jingu Group, Thyssenkrupp AG, CITIC Dicastal Co., Ltd., IOCHPE, Central Motor Wheel of America, Inc., and Topy Industries Limited are some key companies operating in the global automotive metal wheel market.
- In September 2021, Borbet introduced its CWZ five double-spoke wheel rim design, suitable for vehicles with wheel loads of up to 1,250 kilograms, such as the VW Crafter, Amarok, T5 and T6, Mercedez V-Class, and the EQV all-electric people carrier. The Borbet CWZ, which is based upon the Borbet Z design, is available in a 7.5×18-inch size for various bolt circles from 112/5 to 130/5.
- In January 2022, Superior Industries Inc. announced a partnership expansion with General Aggregate Equipment Sales, which would represent the company’s full-line of equipment in Manitoba and Saskatchewan. General Aggregate Equipment Sales will sell, service and support Superior’s crushing, screening, washing and conveying equipment in Manitoba and Saskatchewan as well.
- In November 2022, Maxion Wheels was selected by Wabash, a pioneer in commercial trailers and truck bodies, as their steel wheel standard position supplier until 2027. Maxion Wheels, a division of Iochpe-Maxion S.A., is the world’s leading steel and aluminum wheel supplier.
Major Automotive Metal Wheel Suppliers
- Iochpe-Maxion
- CITIC Dicastal
- Borbet
- Superior Industries
- Topy
- Accuride
- Lizhong Group
- Jingu Group
- ALCAR
- Enkei Wheels
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More Valuable Insights
Fact.MR, in its new offering, presents an unbiased analysis of the automotive metal wheel market, presenting historical demand data (2017-2021) and forecast statistics for the period of 2022-2032.
The study indulges essential insights on the market on the basis of steel, aluminum, composite, magnesium, composites, others), by sales channel (OEMs and aftermarket), by vehicle type (compact passenger car, mid-sized passenger cars, premium passenger cars, luxury passenger cars, LCVs, HCVs) and by technology (casting, forging and others) across seven major regions (North America, Latin America, Europe, APEJ, Japan and Middle East & Africa).
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