Automotive Wheel Market for Regular wheel segment is expected to register over 2% CAGR in terms of revenue up to 2024. Continuous demand for economical commercial and passenger vehicles is propelling the segment growth. OEMs dominated the overall end-use segment and generated over USD 65 billion revenue in 2018. Increasing automobile sales due to rising consumer affordability in developing nations have promulgated the demand in this segment. Also, rising commercial transportation sector due to globalization has also resulted in higher sale of commercial vehicles.
Asia Pacific automotive wheel market will observe more than 4% growth up to 2024. High urbanization rate coupled with the increased consumer spending in China, India, Thailand, and Indonesia will propel the regional industry growth. The region holds the highest potential in the industry due to its large scale production and sales ratio in the automotive industry.
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Passenger cars are expected to register over 3% CAGR up to 2024. Increasing personal car ownerships owing to the urbanization and changing consumer lifestyle are supporting the segment growth. For instance, the European Automobile Manufacturers’ Association (ACEA) announced around 12 million new passenger car vehicle registrations with a growth rate of 2.5% in 2018.
Aluminum dominated the material segment and were valued over USD 45 billion in 2018. Manufacturers are anticipated to expand their production capacities to meet the increasing product demand mainly from passenger cars. For instance, in February 2018, Maxion announced to set up new aluminum wheel manufacturing plant in Pune, India with an investment worth USD 50 million with an aim to produce over 2 lakh units annually.
Proliferation of luxury and sport cars which requires high-performance components will stimulate the demand for magnesium and carbon fiber automotive wheels. For instance, in 2018, British based Rolls-Royce announced the highest sales record with a sale of around 4,107 units in more than 50 countries.
Shifting consumer preference towards enhanced driving experience coupled with the rising need for lightweight vehicles to curb emission will drive the automotive wheel market growth. Rising trends towards material advancement to offer benefits such as corrosion resistance, fuel efficiency, and component durability have resulted in the new product development scope in the automotive wheel market.
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Technological developments in the automotive wheel sector with respect to the vehicle weight reduction and aesthetic appeal have positively influenced the business expansion. Industry participants are actively investing in R&D to introduce advanced solutions that prevent the vehicle’s assembly damage from potholes. In 2017, Maxion and Michelin have developed MICHELIN ACORUS technology, which has two rubber expanders that extend whenever the vehicle undergoes a rugged road impact.
Key players in the automotive wheel industry share include CLN Group, Mefro, Maxion, Trelleborg AB, Titan Europe, Otto Fuchs, Jantsa, Starco, and ALCAR Holding. Joint ventures and partnerships are among the key strategies adopted by the industry players to improve market share and advanced product development.