Global Automotive Metal Wheel Market Size, Share and Trends Analysis Report, By Type (Alloy Wheels, Steel Wheels, and Others), By Sales Channel (OEM and Aftermarket), By Vehicle (Passenger Vehicle, Light Commercial Vehicle, and Heavy Commercial Vehicle) Forecast Period (2022-2028)

The global Automotive Metal Wheel market is anticipated to grow at a CAGR of 5.1 % during the forecast period (2022-2028). One of the major factors driving the growth of the automotive in wheel market is the increase in vehicle production across the globe. The increased preference for alloy wheels over steel wheels due to their light weight and resistance to heat from tires and brakes accelerates market growth during the forecast period. The increase in capital investment, growing R&D spending by OEMs particularly on passenger cars, changes in lifestyle, increased sales of electric vehicles, rapid urbanization, government standards for components and structures, and an increase in disposable income are the factors impacting positively in the automotive metal wheel market. Furthermore, advanced materials and new wheel compositions provide profitable opportunities to market participants during the forecast period.

Furthermore, raw material price volatility and a decline in the enthusiast segment  the millennial effect are expected to stymie market growth. The automotive in wheel market is expected to face challenges in the forecast period due to a large unorganised aftermarket for wheels and issues with maintaining a balance between performance, cost, and weight.

Due to the high demand for passenger cars, the Asia-Pacific region is expected to hold a remarkable share in the automotive metal wheel market during the forecast period. The North American region is expected to grow rapidly during the forecast period due to an increase in demand for lightweight and fuel-efficient vehicles in the region.

Some major players in the market include Iochpe-Maxion, CITIC Dicastal, Hitachi Metals, Steel Strips Wheels, American Eagle Wheels, United Wheels Group, and others. The market players are contributing significantly to the growth of the market by the adoption of various strategies including mergers & acquisitions, geographical expansion, partnerships and collaborations, and new launches, to stay competitive in the market. For instance, in November 2018, HRE Performance Wheels and GE Additive launched 3D-printed titanium wheels in the development of performance-oriented cars. This new set of titanium alloy wheels called HRE3D+ is made using a special type of 3D printing called electron beam melting (EBM) that involves the melting of titanium powered on each layer with electron beams.

Market Coverage

• The market number available for – 2021-2028
• Base year- 2021
• Forecast period- 2022-2028
• Segment Covered-
  • By Type
  • By Sales Channel
  • By Vehicle
• Regions Covered-
  • North America
  • Europe
  • Asia-Pacific
  • Rest of the World
• Competitive Landscape- Iochpe-Maxion, CITIC Dicastal, Hitachi Metals, Ltd., Steel Strips Wheels Ltd., American Eagle Wheels, United Wheels Group, among others.

Key questions addressed by the report

• What is the market growth rate?
• Which segment and region dominate the market in the base year?
• Which segment and region will project the fastest growth in the market?
• How has COVID-19 impacted the market?
  • Deviation from the pre-COVID-19 forecast
  • Most affected region and segment
• Who is the leader in the market?
• How players are addressing challenges to sustain growth?
• Where is the investment opportunity?

Global Automotive Metal Wheel Market Report by Segment

By Type

• Alloy Wheel
• Steel Wheel
• Others

By Sales Channel

• Original Equipment Manufacturer (OEM)
• Aftermarket

By Vehicle

• Passenger Vehicle
• Light Commercial Vehicle
• Heavy Commercial Vehicle

Global Automotive Metal Wheel Market Report by Region

North America

• United States
• Canada

Europe

• UK
• Germany
• Italy
• Spain
• France
• Rest of Europe

Asia-Pacific

• China
• India
• Japan
• South Korea
• Rest of Asia-Pacific

Rest of the World

• Latin America
• Middle East & Africa