Automotive Wheels Aftermarket Global Trends, Market Share, Industry Size, Growth, Opportunities, and Market Forecast 2019 to 2026

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Global Automotive Wheels Market Introduction:
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.
The wheel is an essential part of the automobile and its strength and durability are key factors that affect the overall lifespan of the automobile.
Wheel manufacturers are heavily investing in research and development in the aftermarket from a material point of view. The reason for this is the huge demand for lightweight materials and consistent improvement in vehicle dynamics. Furthermore, lighter wheels decrease unsprung mass increasing vehicle handling as a result. All these factors boost the global market further thus obtaining an excellent CAGR during the forecast period.

Global Automotive Wheels Market Overview:
On the basis of region, the global automotive wheels market is fragmented into Asia Pacific, North America, Europe and Latin America. North America dominates the global market considering it is the automotive hub of the world. This opens up huge opportunities for aftermarket companies to expand their business in this region. Asia Pacific region is a fast-growing market space due to the easy availability of cheap labour and industry-favourable government norms.
Depending on the type of coating, the market is segmented into powder coating and liquid coating. The demand for powder coating is on a rise as it is eco-friendly and releases less amount of VOC’s.
Material-wise, the market is bifurcated into alloy, steel and carbon fibre. Carbon fibre is lightweight and it can effectively withstand multiple forces than steel. It is also helpful in improving the aerodynamics of the automobile. Carbon fibre automotive wheels are highly used in racing and high-performance cars. They are gaining popularity in the luxury car segment as well due to its light weight, rigidity and strength. All these factors are the reason carbon fibre is being adopted by the automotive industry at a rapid rate which boosts the automotive wheels aftermarket.
Based on the type of vehicle, the market is bifurcated into the passenger car and commercial vehicle. The ever-increasing number of passenger cars worldwide is a lucrative opportunity for automotive wheel aftermarket companies as there is a huge demand for performance enhancement of automobiles and applying efficient automotive wheels surely improves the overall performance of the automobile.
By rim size, the market is segmented as above 21 inches, 19-21 inch, 16-18 inch, 13-15 inch. Aftermarket-wise, the market segmentation is represented as refurbished wheel management and new wheel replacement. Refurbished wheel management segment has a huge potential to grow during the forecast period as it is cost-effective than new wheel replacement.
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Global Automotive Wheels Market Segmentation:
1. By Region
• Asia Pacific
• North America
• Europe
• Latin America
2. By Coating
• Powder Coating
• Liquid Coating
3. By Material
• Alloys
• Steel
• Carbon fiber
4. By Vehicle
• Passenger Car
• Commercial Vehicle
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
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Competitive Landscape:
• RONAL Group
• BORBET Gmbh
• Enkei Corp.
• Carlstar
• Maxion Wheels
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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