The Global Automotive Wheel Market was worth US$ 42.64 billion in 2022 and is anticipated to reach a valuation of US$ 56.4 billion by 2028 and is predicted to register a CAGR of 5.75% during 2023-2028.

The main drivers of the worldwide automotive wheel market in the near future are increased vehicle production, the rising need for lightweight materials, and improvements in vehicle dynamics. A mold is used to create automobile wheels. Metal in molten form fills the mold. As a result, the wheel solidifies and becomes firm as the metal cools. Casting techniques such as gravity casting and low-pressure casting are used to create automotive wheels. Steel wheels, alloy wheels, split-rim wheels, and forged and cast wheels are some of the several kinds of wheels used in automobiles. Alloy wheels are the most popular on the market. Due to the reduced weight and improved fuel efficiency of the wheels compared to steel ones, they are thought to be more expensive.

These were produced in a variety of designs. Steel wheels are therefore more economical than other types of wheels. Steel wheels can also withstand the harshest weather conditions. These are a few of the features of wheels that contribute to the expansion of the worldwide automobile market.

Market Drivers and Restraints:

The main factors driving the growth of the worldwide automotive wheel market over the forecast period are rising raw material prices, expanding vehicle production, and increased use of carbon fiber in the automotive sector. China, Japan, and India are examples of developing economies whose manufacturers have adapted to regional and sectoral supply and demand patterns. Furthermore, the demand for vehicles among customers worldwide is increased by rising urbanization and an expanding population. The constant growth in demand for various commodities in recent years has contributed to rising raw material costs. Carbon fiber was also being used by various industries because of its high rigidity and low weight. These elements are essential in maintaining the largest revenue share in the global automotive wheel industry.

Lack of standardization and fluctuating raw material prices are the main factors holding back the growth of the global automotive wheel industry. Due to the excessive use of raw materials by the manufacturers of car wheels, the supply of raw materials used to make automotive components, such as aluminum, steel, magnesium, and others, is constantly shifting. Additionally, as cars get heavier, their fuel consumption rises with time. This has a significant negative impact on the expansion of the worldwide automotive wheel industry.

To know more, read:

https://www.marketdataforecast.com/market-reports/automotive-wheel-market

The report is segmented as follows:

The Automotive Wheel Market is segmented by Rim Size; the Market is segmented by Material; the Market is segmented by Off-highway; the Market is segmented by Vehicle Type; the Market is segmented by Vehicle Class; the Market is segmented by End-Use:

By Rim Size (13-15,16-18,19-21,>21 inch)

By Material (Steel, Alloy, Carbon Fiber)

By Off-highway (Construction & Mining, Agriculture Tractors)

By Vehicle Type (Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles)

By Vehicle Class (Economy, Mid-Priced, Luxury-Priced)

By End-Use (OE, Aftermarket)

Market Regional Segmentation:

Due to rising demand for vehicle performance and fuel efficiency, Asia Pacific now holds the largest global automotive wheel market share and is predicted to maintain this dominance in the near future. In addition, the rising purchasing power of customers in emerging economies gave the Asia Pacific area a sizable market share for car wheels. Additionally, the second and third highest market shares for car wheels globally are held by North America and Europe. In addition, it is anticipated that the Middle East & Africa automotive wheel market would grow at a substantial CAGR over the forecast period.

Click the link to get a Sample Copy of the Report:

https://www.marketdataforecast.com/market-reports/automotive-wheel-market/request-sample

Impact of the COVID-19 pandemic on the market:

Global industry and many lives have been ravaged by the COVID-19 pandemic. It forced many businesses to close their doors and forced the government to declare a global lockdown. People's norms of keeping social distance, donning a mask, and routine hand sanitization had changed as a result of COVID-19. When it comes to the industrial sector, the crisis had a negative effect on the car industry. It has had a number of supply chain difficulties as a result of lockdowns being imposed all around the world. In spite of COVID, it is projected that the market will rebound and increase with profits.

ABOUT US:

Market Data Forecast is a firm working in market research, business intelligence, and consulting. We have rich research and consulting experience for various business domains to cater to individual and corporate clients’ needs.

Contact Us:

Market Data Forecast

Website: https://www.marketdataforecast.com

Phone: +1-888-702-9626

Email: [email protected]