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Automotive Wheels Aftermarket Size is set to Value $4.5 Billion by 2025
The report Automotive Wheels Aftermarket by Aftermarket (New Wheel Replacement & Refurbished Wheel Fitment), Vehicle (PC, CV), Coating (Liquid, Powdered), Material, Rim Size (13-15 Inch, 16-18 Inch, 19-21 Inch, Above 21 Inch), and Region - Global Forecast to 2025
The global automotive wheels aftermarket is projected to grow at a CAGR of 3.53% during the forecast period to reach USD 4.5 billion by 2025 from an estimated USD 3.5 billion in 2018. The automobile industry has witnessed a continuous increase in the average weight of the vehicle owing to the rising demand for safety and comfort features. This has led to huge innovations and R&D efforts from both the OEMs and aftermarket players in increasingly using lightweight materials to reduce the overall weight of the vehicle and comply with government regulations pertaining to vehicular fuel consumption and emissions which will boost the demand for aftermarket wheels.
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Browse 65 market data Tables and 44 Figures spread through 150 Pages and in-depth TOC on "Automotive Wheels Aftermarket by Aftermarket (New Wheel Replacement & Refurbished Wheel Fitment), Vehicle (PC, CV), Coating (Liquid, Powdered), Material, Rim Size (13-15 Inch, 16-18 Inch, 19-21 Inch, Above 21 Inch), and Region - Global Forecast to 2025"
Key Players of Automotive Wheels Aftermarket:
The major aftermarket wheels players are RONAL Group (Switzerland), BORBET Gmbh (Germany), Enkei Corporation (Japan), Carlstar (US), and Maxion Wheels (US).
Passenger Cars: Increased passenger car sales and better vehicle handling is expected to drive the automotive wheels aftermarket
The passenger cars segment is the largest of all segments of the automotive wheels aftermarket and is expected to witness significant growth during the forecast period. The growing trend of engine downsizing and vehicle weight reduction without compromising vehicle performance has accentuated the need for wheels made of advanced materials. Passenger cars are now using lightweight alloy wheels that improve the performance of the vehicle. Also, the use of lightweight wheels has resulted in improved vehicle dynamics and performance compared to conventional wheels.
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Alloy: Improves the appearance of the wheels
Alloy is expected to be the fastest market for global automotive wheels aftermarket. The growth is due to factors such as corrosion resistance, durability, high tensile strength, density, ductility, and malleability. The two major or commonly used components in the making of alloy wheels are aluminum and magnesium. Aluminum is a lightweight material and is ductile, durable, and corrosion-resistant. Cars manufactured using aluminum are lightweight, fuel efficient, and emission efficient.
Asia Pacific: China is expected to lead the Asia Pacific market
The Asia Pacific region is estimated to be the fastest growing market. The region comprises some of the fastest developing economies of the world such as China and India. The Asia Pacific region is home to key suppliers of automotive wheels such as Enkei (Japan) and Zhejiang Wanfeng Auto Wheel (China). Factors such as the availability of cheap labor and favorable government policies help undertake mass production of automotive components in Asia Pacific, which results in lower prices. In addition, high investments by major OEMs in advanced technologies are providing growth opportunities for the aftermarket wheels manufacturers in this region.
Mr. Shelly Singh
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MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their pain points around revenues decisions.