Automotive Wheel Market to Gain Significant Growth Prospects

February 16, 2023 4:54 pm

As per the market outlook by TMR, the global automotive wheel market value is likely to reach US$ 59.3 Bn by the end of 2031. This suggests that the global industry is expected to expand at a CAGR of 6.6% between 2022 and 2031.
Rise in sales of different types of vehicles, such as commercial and passenger vehicles, owing to improved disposable income of people, is anticipated to drive demand for automotive wheels. Some of the key materials utilized in the manufacturing of automotive wheels include steel, alloy, and carbon fiber.
As per the market outlook by TMR, the global automotive wheel market value is likely to reach US$ 59.3 Bn by the end of 2031. This suggests that the global industry is expected to expand at a CAGR of 6.6% between 2022 and 2031.
Stringent Regulations Compelling Safety of Vehicles and Drivers Fuel Market Growth
Government bodies of developed and developing countries across the globe are implementing stringent regulations that compel automakers to improve the safety of their vehicles. Therefore, manufacturers are increasing efforts to incorporate technological advancements so that these vehicles pass all safety guidelines set by government authorities. Companies are increasing usage of light aluminum alloy wheels in order to make their vehicles fuel efficient. These factors are likely to bring prominent business opportunities in the global automotive wheel industry in the next few years.
Rise in Demand for Commercial and Passenger Vehicles Propels Market Development
Demand for passenger and commercial vehicles have increased across emerging and developed countries in the past few years. Moreover, demand for premium vehicles is rising globally, as the spending power of people from developed and developing countries is improving. These factors are anticipated to bolster growth in the automotive wheel industry in the years ahead.
Rapid Expansion of Transportation Industry Fuels Demand for Automotive Wheels
Rise in urbanization and industrialization across the globe has boosted the demand for advanced transportation services. This factor is creating significant business opportunities in the automotive wheel market. Tires of commercial vehicles are required to be changed frequently owing to their high usage as compared to passenger carrying vehicles, or PCVs. This factor presents substantial growth opportunities in the global automotive wheel market. 
Improved disposable income of people and rise in penetration of the Internet in developed and developing countries have resulted into increase in the trend of online shopping, which is leading to rapid expansion of the e-commerce industry. This factor is expected to impact positively on the growth of the global market for automotive wheel in the next few years.
Asia Pacific to Gain Prominence as Lucrative Market for Automotive Wheel Producers
Asia Pacific is one of the fastest growing markets for automotive wheel producers. Presence of many emerging economies, improving spending power of people, and increase in urbanization are some of the key factors driving the industry growth in Asia Pacific. Leading automakers present in the region are focusing on development of vehicles with improved fuel efficiency. These factors are propelling the Asia Pacific automotive wheel market.
Manufacturers Invest in Development of Technologically Advanced Products
Presence of many prominent players in the global automotive wheel industry makes the competition levels in market highly intense. Leading automotive wheel producers are indulging in R&D activities in order to develop next-generation products as per the market needs. Moreover, they are focusing on the expansion of their product portfolios. Companies are adopting proven business strategies, such as collaborations and partnerships, in order to strengthen their production capabilities as well as expand their regional presence. Such efforts are anticipated to help in the overall market development in the near future.
Some of the leading players operating in the automotive wheel market include BBS Alloy Wheel, ARCONIC, CITIC Dicastal Wheel Manufacturing Co., BORBET GmbH., Fuel Off Road Wheels, Enkei, MAXION Wheels, and Foshan Nanhai Zhongnan Aluminum Wheel Co., Ltd.
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