"Flourishing Automotive Industry to Stimulate the Surge in Automotive Wheel Rims Market"

Automotive wheel rims market value expected to reach US$ 62.7 Bn by 2026, expanding with a CAGR of 5.1% during the forecast period from 2018 to 2026. Essentially directed by Asia Pacific, automotive wheel rims market majorly driven by rising production of automobiles across the globe. Post economic despondency, rapid demand for automobiles with regulation on emission has been a major driving factor for the growth in the global automotive equipment-manufacturing sector. Tougher emission regulations are urging OEMs to focus on emission reducing techniques. Such techniques incorporate electrification as well as lightening overall weight of vehicles. Advanced alloy wheel rims reduces automotive weight while maintaining strength and ease to drive. Automotive wheel rims act as heat conductors as it enables brake disperse to maintain their heat more efficiently. Cooler operating temperatures diminishes brake tear and enhances the receptiveness of the brakes under extreme conditions. Growing automotive production with growing safety measurements, automotive wheel rims expected to witness promising demand throughout the forecast period.

"Alloy Wheel Rims to Witness Swift Adoption across the Forecast Period"

Contradicting past trend, automobiles are now furnished with alloy wheel rims, which are lighter than steel with enhanced appearance of the automobile. These wheel rims are made of an alloy of materials, namely nickel, aluminum, magnesium. Due to lighter weight, alloy wheel rims offer performance advantage over steel wheels. Lighter vehicle weight empowers faster acceleration and quicker stopping of vehicle. Durability is the factor where alloy wheel rims lag behind steel wheel rims. Alloy wheels are more prone to mutilation compared to steel wheel rims. In addition, alloy wheels are better able to disseminate heat from brake components than steel alloy wheels. Considering operational as well as aesthetic appearance benefits offered by alloy wheel rims, demand for such wheel rims expected to witness promising growth across the forecast period.

"Persistent Development of Automobile Industry to Ensure Fastest Growth of Automotive Wheel Rims Market in Asia Pacific"

At present, Asia Pacific market representing more than 50% of the overall automotive wheel rims market value worldwide. Region expected to exhibit comparatively higher market growth throughout the forecast period, principally due to development of automotive industry. Representing a major component of modern economies, the auto industry constitutes an important foundation and a long‐standing propelling force behind steady development of Asia Pacific region. Asia Pacific driving the overall production of light vehicles with more than 30% of global production. In 2017, China accounted for 29.01 Mn of automobile production combining passenger cars as well as commercial vehicles. Similarly, Japan and India accounted for 9.69 Mn and 4.78 Mn respectively. With rapidly growing automotive industry, demand for automotive wheel rims expected to witness promising demand throughout the forecast period.

"Distribution Network to Remain Key Strategy for Automotive Wheel Rims Manufacturers"

Automotive wheel rims market profoundly fragmented in nature with presence of both international as well as domestic players. Number of players are aiming for globalization of business to enhance their reach to customers. Consistent rise in demand for wheel rims has stimulated the manufacturers to cater customer demand by expanding distribution network. Manufacturers are aiming for building a local supplier base, designing an enhanced supply chain and bolstering supplier capacities. Automotive wheels rims market is largely unorganized in Asia Pacific region. However, growing penetration of franchises, awareness of customers for quality of product offered and pairing up of small independent distributors with fleet operators to shift the orientation of automotive wheel rims market towards organized sector. Key players of global automotive wheel rims market includes CITIC Dicastal Co., Ltd., ALCOA Wheels Inc., BORBET GmbH, ENKEI Corporation, Ronal Group, CM Wheels, Maxion Wheels U.S.A. LLC, Uniwheels Group, Superior Industries Inc., Azov-tech, K&K LLC, SKAD Ltd., Accuride Corporation, Steel Strips Wheels Ltd., Hitachi Metals, Ltd., Zhejiang Wanfeng Auto Wheel Co., Ltd., Mangels Industrial SA, Mefro Wheels GmbH and NTN Corporation.

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Automotive Wheel Rims market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Automotive Wheel Rims market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Automotive Wheel Rims market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Automotive Wheel Rims market?
• Which is the largest regional market for Automotive Wheel Rims market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Automotive Wheel Rims market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Automotive Wheel Rims market worldwide?