Attractive Opportunities in Automotive Wheels Aftermarket Automotive Wheels Aftermarket by Aftermarket (New Wheel Replacement & Refurbished Wheel Fitment), Vehicle (PC, CV), Coating (Liquid, Powdered), Material, Rim Size (13-15 Inch, 16-18 Inch, 19-21 Inch, Above 21 Inch), and Region - Global Forecast to 2025
According to MarketsandMarkets analysis, the Automotive Wheels Aftermarket, by volume, is estimated to reach 29.9 million units in 2018 and projected to grow at a CAGR of 4.07% during the forecast period. The major factors driving this growth are increasing vehicle sales and cost-effective pricing.
The heavy investments in R&D by wheel manufacturers worldwide in the aftermarket has led to continuous advancements in wheel technologies. The growing trend of using lightweight materials and continued improvement of vehicle dynamics are among the major factors responsible for the expected advancements in the automotive wheel’s aftermarket. The global wheels aftermarket is expected to show growth at a CAGR of 3.53% from USD 3.5 billion in 2018 to reach USD 4.5 billion by 2025. The continuous growth in the use of advanced materials and new compositions in wheels by manufacturers and OEMs is further anticipated to boost the automotive wheels aftermarket. In 2018, BORBET introduced the new Hyundai Santa Fe with BORBET V. The light alloy wheel from the ‘Classic’ category binds dynamic appearance with a classical and stylish alignment. The 10 spokes lead in a straight line from the outer rim to the wheel center, ending slightly displaced at the wheel hub.
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The passenger car segment is estimated to be the largest in the automotive wheels’ aftermarket. The rising number of enthusiasts and growing demand for passenger vehicles in emerging and developed countries have contributed to the growth of the automotive wheel’s aftermarket for passenger cars. Various aftermarket players are taking initiatives to improve public transportation. For instance, in January 2017, Maxion Wheels developed the forged aluminum commercial vehicle wheel product in line to the market’s growing need for lighter vehicles, which, in turn, reduces fuel consumption and greenhouse gas emissions. The new 22.5 x 8.25 aluminum commercial wheel weighs around 45 lbs.
Alloy: Improves the appearance of the wheels
Alloy is expected to be the fastest market for global automotive wheels aftermarket. The growth is due to factors such as corrosion resistance, durability, high tensile strength, density, ductility, and malleability. The two major or commonly used components in the making of alloy wheels are aluminum and magnesium. Aluminum is a lightweight material and is ductile, durable, and corrosion-resistant. Cars manufactured using aluminum are lightweight, fuel efficient, and emission efficient.
Asia Pacific: China is expected to lead the Asia Pacific market
The Asia Pacific region is estimated to be the fastest growing market. The region comprises some of the fastest developing economies of the world such as China and India. The Asia Pacific region is home to key suppliers of automotive wheels such as Enkei (Japan) and Zhejiang Wanfeng Auto Wheel (China). Factors such as the availability of cheap labor and favorable government policies help undertake mass production of automotive components in Asia Pacific, which results in lower prices. In addition, high investments by major OEMs in advanced technologies are providing growth opportunities for the aftermarket wheels manufacturers in this region.
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Key market players
The global automotive wheels aftermarket is dominated by major players such as RONAL Group (Switzerland), BORBET Gmbh (Germany), Enkei Corporation (Japan), Carlstar (US), and Maxion Wheels (US). These companies have strong distribution networks at the global level. In addition, these companies offer an extensive product range in the aftermarket. The key strategies adopted by these companies to sustain their market position are new product developments, collaborations, and contracts & agreements.
- Where will vehicle sales take the industry in the long term?
- Will the industry cope with the challenge of high standards of automotive wheels?
- How do you see the impact of government regulations in the automotive wheel’s aftermarket?
- What are the upcoming trends in the automotive wheel’s aftermarket? What impact do they make post 2020?
- What are the key strategies adopted by top players to increase their revenue?
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