What is Global Automotive Wheels Aftermarket Market?
The Global Automotive Wheels Aftermarket Market is a vast and dynamic sector that encompasses the sale of automotive wheels post the sale of the vehicle by the original equipment manufacturer (OEM). This market includes all the wheels that are sold as replacements or upgrades to the original wheels that came with the vehicle. The aftermarket wheel industry is driven by factors such as the need for replacement due to wear and tear, the desire for aesthetic upgrades, and the demand for performance enhancement. The market is also influenced by trends in the automotive industry, technological advancements in wheel manufacturing, and consumer preferences. The global reach of this market is extensive, with sales and distribution channels spread across various regions, catering to a diverse range of vehicles from passenger cars to commercial vehicles.
13-15 Inch, 16-18 Inch, 19-21 Inch, Above 21 Inch in the Global Automotive Wheels Aftermarket Market:
The Global Automotive Wheels Aftermarket Market is segmented based on the size of the wheels, namely 13-15 Inch, 16-18 Inch, 19-21 Inch, and Above 21 Inch. The 13-15 Inch segment caters to compact and sub-compact cars, which are popular in regions with high population density and limited parking space. The 16-18 Inch segment is common for mid-size cars and some light trucks, offering a balance between comfort and performance. The 19-21 Inch and Above 21 Inch segments are typically associated with luxury cars, sports cars, and heavy-duty trucks. These larger wheels are often chosen for their aesthetic appeal and performance capabilities, although they may compromise ride comfort and fuel efficiency. The choice of wheel size depends on various factors such as the type of vehicle, intended use, driving conditions, and personal preferences of the vehicle owner.
Passenger Car, Commercial Vehicle in the Global Automotive Wheels Aftermarket Market:
The usage of the Global Automotive Wheels Aftermarket Market varies between Passenger Cars and Commercial Vehicles. For passenger cars, the aftermarket wheels are often purchased for aesthetic upgrades or performance enhancement. Car owners may choose to replace the original wheels with aftermarket ones that have a different design, finish, or size to improve the vehicle's appearance. Performance-oriented drivers may opt for lighter or larger wheels to enhance handling and acceleration. On the other hand, commercial vehicles often require aftermarket wheels for replacement due to wear and tear. These vehicles are typically subjected to heavy loads and long-distance driving, which can lead to faster degradation of the wheels. Therefore, the demand for aftermarket wheels in this segment is driven by the need for durable and cost-effective solutions.
Global Automotive Wheels Aftermarket Market Outlook:
In 2023, the global Automotive Wheels Aftermarket market had a value of US$ 3932.2 million. It is projected to grow to US$ 4884.3 million by 2030, with a Compound Annual Growth Rate (CAGR) of 3.1% from 2024 to 2030. The majority of the world's automobiles, over 90%, are found in Asia, Europe, and North America. Asia leads the pack, accounting for 56% of global automobile production, followed by Europe with 20%, and North America with 16%. This distribution of automobile production has a significant impact on the demand and supply dynamics of the Automotive Wheels Aftermarket market.
| Report Metric | Details |
| Report Name | Automotive Wheels Aftermarket Market |
| Accounted market size in 2023 | US$ 3932.2 million |
| Forecasted market size in 2030 | US$ 4884.3 million |
| CAGR | 3.1% |
| Base Year | 2023 |
| Forecasted years | 2024 - 2030 |
| Segment by Type |
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| Segment by Application |
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| By Region |
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| By Company | Enkei Corporation, The Carlstar Group, Ronal Group, Borbet GmbH, Maxion Wheels, CM Wheels, SSR Wheels, LKQ Corporation, Arconic, Automotive Wheels, BBS Kraftfahrzeugtechnik, Rays Engineering |
| Forecast units | USD million in value |
| Report coverage | Revenue and volume forecast, company share, competitive landscape, growth factors and trends |
