Automotive Wheel Market was valued at US$ 37.74 Bn. in 2021 and the total Automotive Wheel revenue is expected to grow at 5.9% from 2022 to 2029, reaching nearly US$ 59.7 Bn.
Pune, 14 Dec 2022: According to the Automotive Wheel Market report published by Maximize market Research, the market is expected to grow at 5.9% from 2022 to 2029, reaching nearly US$ 59.7 Bn.
Automotive Wheel Market Scope and Research Methodology
In MMR report, Automotive Wheel Market’s analysis is conducted meticulously to present a dynamic picture of the market. The report provides current and future trends prevailing in the market with estimations about the future stance of the market. Growth rate along with its fluctuations are presented in the report for a clearer understanding of the market scenario. A detailed analysis of competitive landscape of the Automotive Wheel Market is presented by listing out all the major competitors in the market along with new entrants at local, regional and global level. A thorough study of their company profile by goods and services, revenue, financial status, portfolio, growth strategies, and geographical presence was carried out by the analysts, carefully drawing out their business strategies. Segment-wise analysis of the Automotive Wheel Market by type, application and end-user is conducted. Thus, the report on Automotive Wheel Market acts as a guide for investors, market players, followers and new entrants to devise investment and business strategies.
For data collection, primary & secondary research methods are employed by analysts taking into account the nature of the market for efficient and accurate data. Primary data was gathered through various methods such as surveys, administering questionnaires and telephonic interviews with industry specialists, market leaders, entrepreneurs and marketing professionals. Secondary data was meticulously collected from a curated selection of sources for maximum reliability of the inferences. This includes official databases of various organisations and government sites, industry journals, white papers, annual reports, releases of product manufacturers and suppliers in the industry along with paid databases. The report thus provides a comprehensive analysis of the Automotive Wheel Market to get a clear picture of the market.
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Global Automotive Wheel Market Overview
A wheel is a crucial component of any form of vehicle. By resisting all the pressures put on the vehicle during operation, it balances the entire weight of the vehicle. The hub, rim, and spokes make up an automobile wheel. The vehicle’s rotation, operation, and direction and speed are all controlled by it. The rims maintain the air pressure inside tubeless tyres and guarantee optimum tyre alignment.
Global Automotive Wheel Market Dynamics
The market for automotive wheels is growing as a result of rising auto production and the ongoing trend of lighter vehicles. The demand for lightweight wheels to decrease vehicle weight and increase fuel efficiency is driving growth in the automotive wheel industry. The creation of new products and advances in technology have accelerated the industry’s expansion. Additionally, the expansion of the automotive wheel market is aided by expanding population and rising consumer spending on vehicles.
The market’s demand for automotive wheels is being driven by the rising disposable income of middle-class consumers. Additionally, the market for automobile wheels is expanding as a result of the increased demand for vehicles from countries like Germany, China, the United States, and India.
Global Automotive Wheel Market Regional Insights
During the projected period, the Asia-Pacific region is anticipated to have the fastest expanding market in the area. This is explained by the increase in demand for cars brought on by accelerating urbanisation and rising personal disposable incomes. Furthermore, the presence of important automakers including Mazda, Honda, Suzuki, Ford, Renault Nissan, Hyundai Kia, Toyota, General Motors, and VW Group would create appealing chances for market expansion. Additionally, it is anticipated that the region’s growing demand for cars with better fuel economy will spur technical advancements in the industry, supporting the expansion of the automotive wheels market throughout the course of the projected period.
Global Automotive Wheel Market Segmentation
by Rim Size
- Above 21″
- Carbon Fiber
- Passenger Vehicle
- Light Commercial Vehicle
- Heavy Commercial Vehicle
- Original Equipment Manufacturer (OEM)
Global Automotive Wheel Market Key Competitors:
- Superior Industries International
- Accuride Corporation
- Steel Strips Wheels
- Hitachi Metals
- Citic Dicastal
- Zhejiang Wanfeng Auto Wheel
- Mangels Industrial
- Mefro Wheels
- Euromax Wheel
- MHT Luxury Wheels
- Status Wheels, Inc.
- Wheel Pros, LLC
- Fuel Off-Road Wheels
- SOTA Offroad
- Enkei Wheels India Ltd.
- Ronal AG
- BBS Kraftfahrzeugtechnik AG.
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Key questions answered in the Global Automotive Wheel Market are:
- What is Automotive Wheel?
- What is the growth rate of Automotive Wheel Market for the next five years?
- What is the nature of competition in Global Automotive Wheel industry in developed and developing economies?
- Who are the key players in the Automotive Wheel Market?
- Who are the market leaders in Automotive Wheel in Europe
- Who are the market leaders in Automotive Wheel in USA and Canada
- Who are the market leaders in Automotive Wheel in India, China, Japan and South Korea?
- What are the factors affecting growth in the Global Automotive Wheel Market?
- Who held the largest market share in Global Automotive Wheel Market?
- What are the factors for the growth of Asia-Pacific region in Global Automotive Wheel Market?
- Market Share, Size & Forecast by Revenue | 2022−2029
- Market Dynamics – Growth Drivers, Restraints, Investment Opportunities, and Key Trends
- Market Segmentation – A detailed analysis by Route of administration, Application, Facility of use and Region and Region
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
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