Global Automotive Wheels Aftermarket is Calculated to Value Over USD 4.2 Billion by 2026 End

  • 01 Jul 2019

Global Automotive Wheels Aftermarket is calculated to value over USD 4.2 billion by 2026 end and register at a CAGR of over 3% during the forecast period of 2019 to 2026. 

Automobiles are being manufactured heavier at the cost of making them safer and comfortable. Therefore there has been extensive research and development conducted on various lightweight materials by aftermarket companies that would not only reduce the weight of the automobile and maintain the performance of the vehicle but also meet the government safety norms at the same time. This is the key factor for the rising growth of the automotive wheels aftermarket.

There has been a rise in the number of aftermarkets for automobiles as there is a rising demand for vehicle performance enhancement. So the demand for lightweight materials is on a rise as well which drives the automotive wheels aftermarket further. Additionally, wheel repairing is very cost-effective and this boosts the wheels aftermarket even further. Furthermore, there has been an increase in the average number of miles driven which causes wear and tear of the wheel thus propelling the market further. 
The instability in the pricing of raw materials required for wheel production might negatively impact the aftermarket.  
Advanced material research for the purpose of wheel manufacturing along with innovative wheel compositions would open up newer opportunities for the aftermarket. 
On the other hand, it becomes difficult in maintaining a fine balance between cost, weight and performance of the vehicle which poses a challenge to the automotive wheels aftermarket. 

Insights on Global Automotive Wheels Aftermarket:
1.    By Region

•    Asia Pacific
•    North America
•    Europe
•    Latin America

North America is the hub of the automotive industry with General Motors and Ford comprising almost 25% of the global market. This is a key factor for aftermarket companies as they expand their business in this region due to a rising demand for performance-enhanced automobiles in this region which is why North America dominates the global market. 
Furthermore, wheels with bigger rims are gaining popularity, especially in the U.S as it makes the automobile aesthetically appealing along with improved stability and shortening the braking distance. Additionally, the government has implied strict fuel efficiency regulations thus making the wheel manufacturers prioritize on reducing the weight of the wheel. These factors are the reason why North America dominates the global aftermarket and will continue to do the same during the forecast period.
The Asia Pacific is a fast-growing region due to the ever-growing economies like India and China. Moreover, the availability of cheap labour and government policies favourable to the industry helps in obtaining a positive market growth. 

2.    By Coating
•    Powder Coating
•    Liquid Coating
Rising environmental concerns and awareness for waste reduction have risen the demand for non-VOC coatings and that is why powdered coatings dominate the market segment as it is highly corrosion resistant, abrasion resistant, has a high-quality finish and most importantly, it is eco-friendly and has low-level VOC emission.

3.    By Material
•    Alloys
•    Steel
•    Carbon fiber
The two commonly found components in alloy making are magnesium and aluminium. Alloys offer high tensile strength and high durability and these are the key factors that lead aftermarket companies to use alloys for making wheel spokes thus expanding the market further and this trend will also be observed during the forecast period as well.

4.    By Vehicle 
•    Passenger Car
•    Commercial Vehicle
The number of passenger cars is ever-increasing and this segment will bring most of the business to the aftermarket companies. 

5.    By Rim Size
•    Above 21 Inch
•    19-21 Inch
•    16-18 Inch
•    13-15 Inch

6.    By Aftermarket
•    Refurbished Wheel management
•    New Wheel Replacement

Competitive Landscape:
•    RONAL Group
•    BORBET Gmbh
•    Enkei Corp.
•    Carlstar
•    Maxion Wheels
Carlstar introduced a new Cragar s/s wheel in January 2018 as a tribute to the premium quality that the Cragar is known for. RONAL R56 was provided as an ECE wheel for the BMW X3/X4 in September 2018. This collaboration with BMW helped RONAL to gain significant market traction and this trend will continue during the forecast period as well. 

FutureWise Key Takeaways:
•    Growth prospects
•    SWOT analysis 
•    Key trends 
•    Key data-points affecting market growth 

Objectives of the Study:
•    To provide with an exhaustive analysis on the global automotive wheels aftermarket by region, by coating, by material, by vehicle, by rim size, by aftermarket
•    To cater comprehensive information on factors impacting market growth (drivers, restraints, opportunities, and industry-specific restraints)
•    To evaluate and forecast micro-markets and the overall market 
•    To predict the market size, in key regions (along with countries)— Asia Pacific, North America, Europe and Latin America
•    To record evaluate and competitive landscape mapping- product launches, technological advancements, mergers and expansions
•    Profiling of companies to evaluate their market shares, strategies, financials and core competencies


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