“Global Automotive Aluminum Wheels Market to reach a market value of USD 32.2 Billion by 2031 growing at a CAGR of 7.6%”
The Global Automotive Aluminum Wheels Market size is expected to reach $32.2 billion by 2031, rising at a market growth of 7.6% CAGR during the forecast period.
European automotive manufacturers have been at the forefront of adopting lightweight materials to improve fuel efficiency and reduce emissions. Thus, Europe region acquired $5,183.9 million revenue in 2023. Italy has a strong manufacturing base is known for its expertise in advanced manufacturing processes. Italian automotive companies leverage cutting-edge technologies such as CNC machining, flow forming, and forging to produce high-quality aluminum wheels with complex designs and superior mechanical properties.
The primary motivation behind the automotive industry's emphasis on vehicle weight reduction is to improve fuel efficiency and decrease emissions. This effort aligns with stringent regulatory requirements and consumer demand for more eco-friendly and cost-effective vehicles. Therefore, these factors can help in the growth of the market.
Additionally, the robust economic growth and rising disposable income observed in emerging markets have ushered in a new era of vehicle ownership and consumer preferences. As prosperity spreads across these regions, an increasing number of consumers are investing in personal mobility, driving the demand for vehicles equipped with aesthetically pleasing and high-performance aluminum wheels. Hence, owing to these factors, there will be enhanced demand for automotive aluminum wheels in the upcoming years.
However, Steel wheels are a traditional alternative to aluminum, offering durability and affordability. They are commonly used in entry-level vehicles or harsh operating conditions with critical impact resistance. Despite being heavier than aluminum, steel wheels are valued for their strength and resistance to deformation. Therefore, these factors will hamper the growth of the market.
Based on propulsion type, the market is segmented into ICE and electric. In 2023, the electric segment garnered a significant revenue share in the market. In terms of volume, the electric segment would utilize 59,283.6thousand units of automotive aluminum wheels by 2031. Electric vehicles are witnessing a surge in popularity among consumers and governments alike, who are increasingly attuned to the health risks associated with internal combustion engine vehicles and air pollution.
On the basis of wheel size, the market is divided into less than 15, 16 to 20, and more than 21. The less than 15 segment recorded a48% revenue share in the market in 2023. In terms of volume, less than 15 segment would utilize 1,25,445.6 thousand units of automotive aluminum wheels by 2031. The ongoing urbanization and increasing traffic congestion in major cities have led to a higher demand for small and compact cars, which typically use less than 15-inch wheels. These vehicles are easier to maneuver and park in crowded urban environments. Thus, these factors can boost the demand in the segment.
Based on vehicle type, the market is segmented into passenger car, light commercial vehicle, bus, and trucks. In 2023, the light commercial vehicle segment garnered a 26.3% revenue share in the market. In terms of volume, the light commercial vehicle segment would utilize 51,012.6 thousand units of automotive aluminum wheels by 2031. Heavy commercial vehicles, which are indispensable for last-mile delivery, are in greater demand due to the exponential expansion of e-commerce. In response to the increasing need for lightning-fast and effective delivery services, corporations such as Amazon, UPS, and FedEx are adding to their fleets. Hence, the segment will grow rapidly in the upcoming years.
Based on distribution channel, the market is bifurcated into OEM and aftermarket. In 2023, the aftermarket segment witnessed a 61% revenue share in the market. In terms of volume, the aftermarket segment would utilize 1,11,301.3 thousand units of automotive aluminum wheels by 2031. The popularity of automotive enthusiast culture, particularly among younger demographics, has fueled demand for aftermarket wheels. Tuner cars, modified imports, and performance vehicles often undergo extensive customization, including wheel upgrades. Thus, these factors can lead to enhanced demand in the segment.
Free Valuable Insights: Global Automotive Aluminum Wheels Market size to reach USD 32.2 Billion by 2031
By region, the market is segmented into North America, Europe, Asia Pacific, and LAMEA. The Asia Pacific segment procured a 39.4% share in the market in 2023. In terms of volume, the Asia Pacific region would utilize 77,623.2 thousand units of automotive aluminum wheels by 2031. Asia Pacific has a large automotive industry characterized by strong consumer demand for vehicles. Despite occasional fluctuations, vehicle sales in the region have generally remained robust, driving the demand for aluminum wheels. Thus, the segment will expand rapidly in the coming years.
| Report Attribute | Details |
|---|---|
| Market size value in 2023 | USD 18.1 Billion |
| Market size forecast in 2031 | USD 32.2 Billion |
| Base Year | 2023 |
| Historical Period | 2020 to 2022 |
| Forecast Period | 2024 to 2031 |
| Revenue Growth Rate | CAGR of 7.6% from 2024 to 2031 |
| Quantitative Data | Volume in Thousand Units, Revenue in USD Billion, and CAGR from 2019 to 2030 |
| Number of Pages | 366 |
| Number of Tables | 848 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Propulsion Type, Wheel Size, Vehicle Type, Distribution Channel, Region |
| Country scope |
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| Companies Included | Wheel Pros, LLC, Howmet Aerospace Inc., OTTO FUCHS KG (Otto Fuchs Beteiligungen KG), BBS Japan Co., Ltd. (MAEDAKOSEN CO., LTD.), Iochpe-Maxion S.A., RONAL AG, Accuride Corporation (Crestview Advisors, L.L.C.), CITIC Limited, |
By Propulsion Type (Volume, Thousand Units, USD Billion, 2020-2031)
By Wheel Size (Volume, Thousand Units, USD Billion, 2020-2031)
By Vehicle Type (Volume, Thousand Units, USD Billion, 2020-2031)
By Distribution Channel (Volume, Thousand Units, USD Billion, 2020-2031)
By Geography (Volume, Thousand Units, USD Billion, 2020-2031)
This Market size is expected to reach $32.2 billion by 2031.
Emphasis on weight reduction for improved fuel efficiency are driving the Market in coming years, however, Intense competition from alternative materials and wheel designs restraints the growth of the Market.
Wheel Pros, LLC, Howmet Aerospace Inc., OTTO FUCHS KG (Otto Fuchs Beteiligungen KG), BBS Japan Co., Ltd. (MAEDAKOSEN CO., LTD.), Iochpe-Maxion S.A., RONAL AG, Accuride Corporation (Crestview Advisors, L.L.C.), CITIC Limited,
The expected CAGR of this Market is 7.6% from 2023 to 2031.
The ICE segment is generating the highest revenue in the Market by Propulsion Type in 2023; thereby, achieving a market value of $22.5 billion by 2031.
The Asia Pacific region dominated the Market by Region in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $13 billion by 2031.
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