What is Global Wheel Market?
The Global Wheel Market is a vast and dynamic sector that encompasses the production and distribution of various types of wheels used in different vehicles worldwide. This market is not limited to just cars or bikes, but also includes wheels for trucks, buses, and even aircraft. The wheel, being a crucial component of any vehicle, plays a significant role in the overall performance, safety, and efficiency of the vehicle. The global wheel market is influenced by several factors such as technological advancements, increasing vehicle production, and changing consumer preferences. The market is also shaped by the evolving regulatory landscape that emphasizes on reducing vehicle weight and improving fuel efficiency. The global wheel market is characterized by intense competition, with several key players vying for a larger share of the market. These players engage in various strategies such as mergers and acquisitions, partnerships, and product innovations to strengthen their market position. Despite the competitive nature of the market, there is ample room for growth, given the increasing demand for vehicles, especially in emerging economies.
Steel Wheels, Aluminum Wheels in the Global Wheel Market:
The Global Wheel Market is segmented into two main types of wheels: Steel Wheels and Aluminum Wheels. Steel wheels are known for their durability and strength. They are typically used in heavy-duty vehicles such as trucks and buses due to their ability to withstand heavy loads and harsh conditions. On the other hand, Aluminum wheels are lightweight and offer better performance in terms of speed and fuel efficiency. They are commonly used in passenger cars and light commercial vehicles. The choice between steel and aluminum wheels depends on various factors such as the type of vehicle, driving conditions, and personal preferences. Both types of wheels have their own set of advantages and disadvantages, and the choice between the two often boils down to a trade-off between performance and cost. The global wheel market for both steel and aluminum wheels is driven by the increasing vehicle production and the growing demand for lightweight and fuel-efficient vehicles. However, the market also faces challenges such as fluctuating raw material prices and stringent environmental regulations.
Passenger Vehicle, Commercial Vehicle in the Global Wheel Market:
The Global Wheel Market finds its application in two major areas: Passenger Vehicles and Commercial Vehicles. In the case of Passenger Vehicles, wheels play a crucial role in ensuring a smooth and comfortable ride. They also contribute to the overall aesthetics of the vehicle, with many consumers preferring stylish and trendy wheels. The demand for wheels in passenger vehicles is driven by the increasing vehicle production and the growing consumer preference for high-performance and fuel-efficient vehicles. In the case of Commercial Vehicles, wheels are critical for carrying heavy loads and enduring long-distance travel. The demand for wheels in commercial vehicles is driven by the increasing freight transportation and the growing need for efficient and reliable commercial vehicles. Despite the significant demand, the market for wheels in both passenger and commercial vehicles faces challenges such as the high cost of wheels and the stringent emission regulations.
Global Wheel Market Outlook:
The Global Wheel Market outlook highlights that the market was valued at US$ 22000 million in 2022 and is expected to reach US$ 28070 million by 2029, growing at a CAGR of 3.5% during the forecast period 2023-2029. The market is relatively concentrated, with the output share of 19 major enterprises accounting for 66% and the market scale accounting for 69% before 2019. The top five enterprises in the wheel market size are citic daika, iochpe-maxion, Superior Industries, Borbet, and RONAL GROUP. Citic daika dominates the list, accounting for 12.57% of the market in 2019. The second - and third-ranked companies are iochpe-maxion and Superior Industries. This data indicates that the global wheel market is dominated by a few key players, making it a highly competitive market. However, the market also presents opportunities for growth, given the increasing demand for vehicles and the ongoing technological advancements in the wheel manufacturing process.
| Report Metric | Details |
| Report Name | Wheel Market |
| Accounted market size in 2022 | US$ 22000 in million |
| Forecasted market size in 2029 | US$ 28070 million |
| CAGR | 3.5% |
| Base Year | 2022 |
| Forecasted years | 2023 - 2029 |
| Segment by Type |
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| Segment by Application |
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| Production by Region |
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| Consumption by Region |
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| By Company | CITIC Dicastal, Iochpe-Maxion, Superior Industries, Borbet, RONAL GROUP, Alcoa Wheels, Topy Group, Accuride, Lizhong Group, Wanfeng Auto Wheels, Zhengxing Group, Enkei Wheels, Jinfei Kaida Wheel Co.,LTD, Zhongnan Wheel, CEMAX, Jingu Group, Sunrise Wheel, Yueling Wheels, Dongfeng Motor Corporation |
| Forecast units | USD million in value |
| Report coverage | Revenue and volume forecast, company share, competitive landscape, growth factors and trends |
