Automotive Wheel Market, Share, Manufacturers, Trends (2022-2029)

Market Insights

The global automotive wheel market is expected to grow at a CAGR of 7.1% from 2022-2029.

An automotive wheel is a ring-shaped component that surrounds a wheel's rim to transfer a vehicle load from the axle through the wheel to the ground and provide traction on the surface over which the wheel travels. Moreover, wheels are pneumatically expanded structures that offer an adjustable pad that retains stun as the tire turns over rough features on a superficial level.

Driving factors of automotive wheel market

The world has experienced unprecedented economic growth in the last couple of decades. The growth is more pronounced in emerging markets such as China and India and the wider Asia-Pacific. Years of sustained economic growth have led to rapid urbanization and

industrialization. It has created positive socio-economic outcomes that have led to the emergence of a large middle class.

The rising disposable incomes of the middle class have given rise to the demand for consumer products such as cars and motorcycles.

The adoption of automation has allowed manufacturing industries to increase output while keeping prices low substantially. Automated quality control and minimal human intervention ensure high quality throughout the production process. Automation has allowed companies to mass-produce high-quality goods while keeping prices low. Once hand-made in limited quantities, cars are now mass-produced by the millions.

Market Segmentation – By Type- Split Rim Wheels

Split rim wheels are very different from one-piece wheels. Spilt rims are multi-piece wheels with a locking ring that keeps the tire in place. Split rims are rarely seen on cars or light trucks. However, they can be seen on various larger vehicles.

A locking ring on the outside bead of split rim wheels holds the tire in place. The bead on one-piece rims is fixed. Using a split ring wheel, an average driver can change his truck's tire with only a jack and hand tools. Split rim wheels are popular in rural areas of India, China and Central and South America, but not so much in North America. When the rims are used incorrectly or are not properly maintained, they might be dangerous.

Geographical Analysis- By Europe Region

In Europe, countries such as UK, France, Spain and Germany will be the major countries for the automotive wheel market. The majority of the automotive companies in the countries are the major reason for propelling the demand for the automotive wheel market.

As carmakers are electrifying cars to lower emissions from the vehicle's use phase, next up is lowering emissions in the production phase and materials are in focus. The use of aluminum in vehicles contributes to light-weighting and lowers energy consumption when cars are in use. In 2021, European wheel maker Cromodora Wheels announced to use REDUXA low-carbon aluminum to help carmakers lower their carbon footprint. Aluminum wheels can be produced with a record-low carbon footprint.

Competitive Scenario

Moreover, the growing demand has led companies to invest and innovate technologies to enhance wheel efficiency. For instance, in November 2021, Global Air Cylinder Wheels, a firm based in Arizona, has reinvented the wheel. The company invented the revolutionary wheel that eliminates polluting rubber tires. Many firms have attempted to develop innovative tire solutions, such as Tesla perhaps going toward airless tires on its Model 3, but none have been successful thus far.

Dr. Zoltan Kemeny, a serial inventor and dynamic structural engineer, invented the Air Suspension Wheel (ASW). The patented ASW is a mechanical wheel made primarily of steel, with in-wheel pneumatic suspension provided by cylinders. It is both ecologically friendly and cost-effective.