Global Automotive Wheels Aftermarket Market by Vehicle Type (Commercial Vehicles, Passenger Cars) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast To 2028

Summary of the Report

In 2018, the automotive aftermarket was worth USD 5.79 billion. From 2019 to 2025, the market will grow at a 3.0% CAGR. The high demand for luxury, racing and sport passenger car wheels has helped the automotive wheels market gain momentum in recent years. Performance-based vehicles are in high demand due to the increasing sales of Passenger Cars and changing consumer preferences. High performance wheels are expected to drive market growth in the future. This is due to the increasing demand for performance-oriented Passenger Cars, including supercars and luxury cars.

Market growth is expected to be high due to the recent rise in aluminum vehicles used in low-cost commercial vehicles. Aluminum wheels are a popular choice for light-duty vehicles. They have a high prevalence in developed countries. The U.S., Germany and Japan are the top producers and consumers of aluminum and carbon fiber wheels. These countries are home to the most prominent aftermarket parts manufacturers and suppliers. These factors will drive consumer demand and increase research and development activity.

Due to the strict government-imposed mileage goals, automobile manufacturers are increasingly using aluminum and carbon-based wheels. The new material is also less energy-intensive and makes it easier to make replacement parts. The alloy wheel segment makes up the majority of the market. This is because of their durability, corrosion resistance and high tensile strengths, malleability and ductility. The demand for unique wheels in hybrid electric vehicles has increased dramatically due to the proliferation of these models.

To be able to serve their customers and keep them coming back, retailers must have sufficient stock. The industry's growth is expected to be driven by technological advancement and increased investments in R&D by manufacturers and associations. Some wheel manufacturers follow international standards for manufacturing parts and wheels. Dymag Group Limited, for Formula One race cars, launched technology-driven diecast magnesium alloy wheels in October 2017. The company's wheels are 25% lighter than OEM forged aluminum wheels and 40% lighter that standard cast-aluminum ones. These manufacturers take such initiatives to increase the vehicle's performance and create sustainable growth opportunities.

Vehicle Type Insights

The automotive wheels aftermarket can be divided by vehicle type into passenger cars and commercial vehicles. Further sub-segments of the passenger cars market are basic and racing. These segments are based on their performance. The largest market share was held by the passenger car segment in 2018. Over the forecast period, passenger cars will experience a significant CAGR. Due to rising demand for racing cars wheels, significant growth is being registered in this market. Carbon fiber composite is being used in racing car wheels. It offers lightweight and high strength properties.

The market is expected to grow steadily if it sees an increase in sales of light-alloy designer wheels that are high-performance and high-quality. Accessories will be driven by the growing demand for attractively designed and evolving features in vehicles. There are many luxury brands such as BMW, Mercedes-Benz, Audi, Jaguar and Bentley that are top partners with aftermarket wheel players.

Material Insights

The market can be divided into steel, aluminum and alloy based on its material type. The market's largest share was held by the alloy segment in 2018. Over the forecast period, the aluminum segment will see a significant increase in CAGR. With the future commercialization of the wheel, the market will be driven by the increasing applicability of different material types in dynamic environments.

The high maintenance and replacement costs of carbon wheels will also increase the demand for alloy material. Alloy wheels have been popularized for their shape and high performance over the years. Manufacturers are now focusing more on lightweight designs of wheels, as the automotive industry is increasingly focused on energy efficiency. These wheels can be made of aluminum, steel, and carbon fiber. The economic outlook for the aftermarket is also affected by the material's price.

Coating Insights

The market can be divided into liquid coating and powder coating based on its coating type. The market's largest share was held by the powdered category in 2018. Over the forecast period, liquid coating is expected to grow at a high CAGR. The coating helps to restore the wheel's original appearance. The hydrophobic properties of various wheel coatings have been improved by technological advances.

Powder coating requires the use of extremely specialized equipment. It provides excellent protection against scratches, dings and damage. Powder coating is also aluminum-friendly and can be reused. Powder coating is cost-effective and produces minimal waste. Powder coating can also be used to modify the color of wheels. This is expected to provide significant growth opportunities for this market.

Rim Size Insights

The market can be divided into three segments based on rim size: 13-19 inches, 19-21 inches, and 21-inch and more. The market's largest share was held by the 13-19 segment in 2018. The 21 inch and larger segment will see significant growth. Due to increasing use of large rim sizes and designed wheels, the Asia-Pacific region market will experience strong growth. The market is expected to grow due to the expansion of the ASEAN and China markets, which have the largest distribution networks for alloy wheel rims.

It is expected that there will be a significant increase in demand for rims of sizes 19-21 and 21. These rim sizes are not compatible with certain safety standards or motor vehicle standards.

The 21 inch and larger rims are used mostly for commercial purposes, regardless of their width. semi-trailers, tractors and dump trucks, as well as buses and concrete mixers, are all commercial vehicles. The market for commercial vehicles has seen a rise in demand due to industrialization and growing economies.

Distribution Channel Insights

The market can be divided into two segments: wholesalers and distributors. The market's largest share was held by the retailers segment in 2018. Over the forecast period, the wholesalers and distributors segment will grow at a high rate of CAGR. Distributors are key players in the industry, offering different wheel models to end customers such as aluminum or carbon fiber wheels.

Certain vendors have adopted modern distribution methods such as ecommerce and online catalogues to increase their product offerings and expand their distribution network. Manufacturers are expanding their regional and global presence to cater to automotive manufacturers around the world. Prominent manufacturers are also forming alliances and partnerships with technology and raw material suppliers. Many suppliers and distributors are also trying new business models, such as partnerships with local market participants to increase profitability in the domestic market.

Region Insights

The market can be divided by region into North America, South America and Europe. The market's largest share was held by North America in 2018, followed closely Europe. Due to increasing use of luxury wheels in passenger cars, the Asia-Pacific market will experience strong growth during the forecast period.

Asia Pacific's industry growth is being driven by the growing demand from emerging economies like India, Japan, China. The favorable government regulations and the expanding automotive industry are two of the main factors behind the Asia-Pacific region's growth in the aftermarket for wheels. The current market growth is also due to the low labor costs and favorable economic production conditions in ASEAN nations. Market growth is expected to be boosted by the emerging trend of high-end brand wheels that are both affordable and high in performance.

Market Share Insights & Key Companies

RONAL Group and BORBET Gmbh are the key industry players. Enkei Corporation is also a participant. AEZ Leichtmetallrader GmbH and Beyern Wheels are other major industry participants. There is fierce competition among existing players. This rivalry is based on cost and service differentiation. Market leaders invest in R&D to maintain their market position and increase price competitiveness. Market leaders are concerned about maintaining profit margins and price competition.

Additionally, major automobile manufacturers are expected to form partnerships with distributors in low-cost labor markets like India. This will increase the potential for vertical integration in the aftermarket. The market players are competitive because of the fluctuation in material prices. There are many options for wheels available from these companies. These include OEM, heavy-duty, modern, classic, and growing numbers of rims. RTX Wheels, for example, offers over 120 affordable wheels that can be used in both the truck and car categories. It has a network of more then 8,000 retailers.

Automotive Wheels Aftermarket Report Scope

The Report Covers the Following Segments:

This report provides a forecast of revenue growth at the country level as well as an analysis of industry trends in each sub-segment from 2014-2025. Grand View Research has divided the global automotive wheel aftermarket report by vehicle type, material type and coating type.

• Vehicle Type Outlook (Revenue USD Billion, 2014-2025)

  • Passenger Cars

    • Basic

    • Racing

  • Commercial Vehicles

• Material Type Outlook (Revenue, USD Billion, 2014 - 2025)

  • Alloy

  • Steel

  • Aluminium

  • Other (Carbon Fiber and Nickel)

• Coating Type Outlook (Revenue, USD Billion, 2014 - 2025)

  • Liquid Coating

  • Powdered Coating

• Rim Size Outlook (Revenue, USD Billion, 2014 - 2025)

  • 13-19 inches

  • 19-21 inches

  • 21 inches and more

• Distribution Channel Outlook (Revenue USD Billion, 2014-2025)

  • Retailers

  • W&D

• Regional Outlook (Revenue USD Billion, 2014-2025)

  • North America

    • The U.S.

    • Canada

    • Mexico

  • Europe

    • Germany

    • France

    • The U.K.

  • Asia Pacific

    • China

    • India

    • Japan

  • South America

    • Brazil

  • Middle East & Africa

These are the most frequently asked questions about this report

b. Global automotive aftermarket was valued at USD 6.0 Billion in 2019, and is forecast to grow to USD 6.2 Billion by 2020.

b. Global automotive aftermarket growth is forecast to be 3.0% between 2019 and 2025, to reach USD 7.1 billion by 2025.

b. With a 39.9% share in 2019, Asia Pacific was the market leader in automotive wheels aftermarket. This can be attributed to the rapid increase in luxury wheel adoption in different passenger car segments.

b. Among the key players in the automotive aftermarket are BORBET Gmbh and Enkei Corporation.

b. The market is driven by two key factors: increasing development of automobile vehicle parc and increased adoption of lightweight material wheels.

Up Market Research published a new report titled “Automotive Wheels Aftermarket Market research report which is segmented by Vehicle Type (Commercial Vehicles, Passenger Cars), By Players/Companies BORBET Gmbh, Enkei Corporation, Beyern Wheels, AEZ Leichtmetallr¤der GmbH, RONAL Group”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.

The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.

Global Automotive Wheels Aftermarket Market Report Segments:

The market is segmented by Vehicle Type (Commercial Vehicles, Passenger Cars).

Automotive Wheels Aftermarket Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.

Key Benefits for Industry Participants & Stakeholders:

• Industry drivers, restraints, and opportunities covered in the study
• Neutral perspective on the market performance
• Recent industry trends and developments
• Competitive landscape & strategies of key players
• Potential & niche segments and regions exhibiting promising growth covered
• Historical, current, and projected market size, in terms of value
• In-depth analysis of the Automotive Wheels Aftermarket Market

Overview of the regional outlook of the Automotive Wheels Aftermarket Market:

Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.

Highlights of The Automotive Wheels Aftermarket Market Report:

1. The market structure and projections for the coming years.
2. Drivers, restraints, opportunities, and current trends of Automotive Wheels Aftermarket Market.
3. Historical data and forecast.
4. Estimations for the forecast period 2028.
5. Developments and trends in the market.

                1. Commercial Vehicles

                2. Passenger Cars

7. Market scenario by region, sub-region, and country.
8. Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
9. Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
10. Government Policies, Macro & Micro economic factors are also included in the report.

We have studied the Automotive Wheels Aftermarket Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.

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Reasons to Purchase the Automotive Wheels Aftermarket Market Report:

• The report includes a plethora of information such as market dynamics scenario and opportunities during the forecast period
• Segments and sub-segments include quantitative, qualitative, value (USD Million,) and volume (Units Million) data.
• Regional, sub-regional, and country level data includes the demand and supply forces along with their influence on the market.
• The competitive landscape comprises share of key players, new developments, and strategies in the last three years.
• Comprehensive companies offering products, relevant financial information, recent developments, SWOT analysis, and strategies by these players.