Rockville, MD, Aug. 14, 2024 (GLOBE NEWSWIRE) -- Automotive wheels have evolved considerably in the 21st Century on the back of several important technological advancements. Driving at high speeds can lead to tire wear and tear. Automotive wheels of today address these concerns by absorbing shocks and reducing pressure on the frame wall, thus enhancing car performance. According to the new report by Fact.MR, backed by such advancements, the global automotive wheel market is set to reach a valuation of US$ 34.42 billion in 2024 and has been forecasted to increase at a CAGR of 6.4% from 2024 to 2034.
The role of wheels in minimizing wear and tear entails accident prevention, thereby improving car safety and driving demand for these automotive wheels. Available in various sizes—compact, mid-size, and large—these wheels cater to distinct vehicle requirements, for both passenger and commercial vehicles. Passenger vehicle owners opt for mid-size wheel rims, while owners of large commercial vehicles prioritize larger sizes due to their extensive travel.
Manufacturers are also considering diverse road conditions, including highways and uneven roads, to produce wheels and increase their sales in this competitive space.
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Key Takeaways from Market Study:
- The global automotive wheel market is projected to expand at a CAGR of 6.4% through 2034.
- Global sales of rim wheels are estimated at US$ 34.42 billion in 2024.
- The market is forecasted to reach US$ 63.95 billion by 2034-end.
- The North American market is forecasted to expand at a CAGR of 5.3% through 2034.
- Passenger vehicles are estimated to account for 63.7% market share in 2024.
- East Asia is forecasted to account for 37% of the global market by 2034.
“Automotive wheels play a crucial role in ensuring vehicle safety and performance. Manufacturers’ response to drivers’ customization requirements with a wide range of unique wheel designs will be a key factor driving market growth,” says a Fact.MR analyst.
Leading Players Driving Innovation in Automotive Wheel Market:
Hitachi Metals, Citic Dicastal, Enkei, Accuride Corporation, HRE Wheels, Maxion Wheels, Uniwheels, Vossen Wheels, Mangels Industrials, Forgiato Wheels
Market Rivalry:
Companies are constantly investing in research to develop their expertise and upskill themselves to stay competitive in the market. The automotive industry stands out as highly dynamic, drawing customers towards a wide array of options available in the market. Manufacturers must navigate this dynamic landscape to maintain relevance and competitiveness.
Country-wise Evaluation:
Numerous significant auto OEMs, such as Ford, Fiat Chrysler, and General Motors, are based in the United States. Manufacturers can optimise their supply chain by being close to OEM assembly plants, which lowers transportation costs and improves operational efficiency and transit times.
The nation also boasts one of the most sophisticated networks of ports, airports, railroads, and highways for transportation, all of which help to ease the flow of commodities around the nation. Because of this, producers are able to boost sales volumes, which makes the nation a desirable and lucrative destination.
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More Valuable Insights on Offer:
Fact.MR, in its new offering, presents an unbiased analysis of the automotive wheel market for 2018 to 2023 and forecast statistics for 2024 to 2034.
The study divulges essential insights into the market based on finish (painted & polished, machined alloys, two-toned alloys, chromed alloys, anodized), wheel size (compact [up to 16 inches], mid-size [17 to 21 inches], large size [21 inches and more]), sales channel (OEMs, aftermarket), vehicle category (passenger cars, light commercial vehicles, heavy commercial vehicles), and material (alloy, aluminum, magnesium, steel, chromed, carbon fiber), across six major regions of the world (North America, Latin America, Europe, East Asia, South
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