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Automotive Wheel Aftermarket Market Research Report – Segmented By Region (North America, Europe, Asia-Pacific, Middle-East & Africa, Latin America) – Analysis on Size, Share, Trends, COVID-19 Impact, Competitive Analysis, Growth Opportunities and Key Insights from 2019 to 2030.
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Published date -30th Jan 2024
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Formats -PDF, CSV
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Region -Global
What is the Market Size & CAGR of Automotive Wheel Aftermarket market in 2023?
The Automotive Wheel Aftermarket market is projected to reach a market size of USD 15.2 billion in 2023 with a Compound Annual Growth Rate (CAGR) of 5.7% during the forecast period. The market is driven by increasing vehicle sales, growing demand for customization, and the need for replacement parts due to wear and tear.
COVID-19 Impact on the Automotive Wheel Aftermarket Market
The COVID-19 pandemic had a significant impact on the Automotive Wheel Aftermarket market, causing disruptions in the supply chain, manufacturing delays, and reduced consumer demand. As lockdowns were imposed and travel restrictions affected vehicle usage, the aftermarket sector saw a temporary decline. However, as restrictions eased, the market gradually recovered due to pent-up demand and increased focus on vehicle maintenance and customization.
Automotive Wheel Aftermarket Market Dynamics
Driver: Growing Vehicle Fleet Worldwide
The increasing number of vehicles on the road, both new and old, is driving the demand for aftermarket wheels. As consumers seek to personalize their vehicles and enhance performance, the aftermarket wheel segment continues to grow. Manufacturers are innovating to meet the diverse needs of vehicle owners, leading to a vibrant aftermarket ecosystem.
Restraint: Price Volatility of Raw Materials
Fluctuations in the prices of raw materials used in wheel manufacturing, such as aluminum and steel, pose a challenge to aftermarket wheel producers. Price volatility can impact production costs and pricing strategies, affecting profit margins and market competitiveness.
Segments and Related Analysis of the Automotive Wheel Aftermarket market
Alloy Wheels Segment Dominates the Market
The alloy wheels segment holds the largest share in the Automotive Wheel Aftermarket market, driven by their lightweight properties, aesthetic appeal, and performance benefits. Alloy wheels are preferred by vehicle owners for their durability and customization options, contributing to their dominance in the aftermarket sector.
Online Retail Segment Witnessing Rapid Growth
The online retail segment is experiencing rapid growth in the Automotive Wheel Aftermarket market, fueled by the convenience of e-commerce platforms, a wide range of product options, and competitive pricing. Consumers are increasingly turning to online channels for purchasing aftermarket wheels, driving the digital transformation of the market.
Automotive Wheel Aftermarket Market Analysis Report by Region
Asia Pacific Automotive Wheel Aftermarket Market Report
The Asia Pacific region is a key market for the Automotive Wheel Aftermarket, with countries like China, Japan, and India showing significant growth potential. Rising disposable income, expanding automotive industry, and increasing aftermarket customization trends are driving the market in this region.
South America Automotive Wheel Aftermarket Market Report
South America's Automotive Wheel Aftermarket market is characterized by a diverse vehicle landscape and a growing demand for aftermarket customization. Brazil, Argentina, and Colombia are key markets in the region, offering opportunities for aftermarket wheel manufacturers and retailers.
North America Automotive Wheel Aftermarket Market Report
North America remains a mature market for the Automotive Wheel Aftermarket, driven by a large vehicle fleet, DIY enthusiasts, and a strong culture of vehicle customization. The United States and Canada are major contributors to the aftermarket sector in the region, with a focus on performance-oriented wheels and premium brands.
Europe Automotive Wheel Aftermarket Market Report
Europe's Automotive Wheel Aftermarket market is characterized by a highly competitive landscape, stringent quality standards, and a focus on luxury and performance vehicles. Countries like Germany, the UK, and France are prominent markets for aftermarket wheels, with a strong demand for innovative designs and advanced materials.
Middle East and Africa Automotive Wheel Aftermarket Market Report
The Middle East and Africa region present opportunities for the Automotive Wheel Aftermarket market, driven by a growing automotive industry, increasing urbanization, and a rise in vehicle customization trends. Countries like the UAE, South Africa, and Saudi Arabia offer avenues for aftermarket wheel suppliers to expand their presence and cater to diverse consumer preferences.
Automotive Wheel Aftermarket Market Analysis Report by Technology
Smart Wheel Technology Transforming the Market
The adoption of smart wheel technology is revolutionizing the Automotive Wheel Aftermarket, offering features like tire pressure monitoring, temperature sensors, connectivity options, and real-time performance data. Smart wheels enhance vehicle safety, optimize fuel efficiency, and provide drivers with valuable insights for maintenance and performance monitoring.
Automotive Wheel Aftermarket Market Analysis Report by Product
Custom Wheels Gaining Popularity
Custom wheels are gaining popularity in the Automotive Wheel Aftermarket market, driven by consumer preferences for unique designs, personalized styling, and enhanced vehicle aesthetics. Manufacturers are offering a wide range of custom wheel options, including sizes, finishes, and materials, to cater to diverse customer tastes and vehicle types.
Key Growth Drivers and Key Market Players of Automotive Wheel Aftermarket market and competitive landscape
Key Growth Drivers:
1. Increasing vehicle customization trends
2. Growing aftermarket demand for performance wheels
3. Expansion of online retail channels for aftermarket products
4. Focus on lightweight materials and advanced manufacturing processes
Key Market Players:
1. BBS Wheels
2. Enkei Wheels
3. Konig Wheels
4. OZ Racing
Automotive Wheel Aftermarket Market Trends and Future Forecast
The Automotive Wheel Aftermarket market is expected to witness continued growth, driven by innovations in wheel designs, materials, and technologies. Trends like electric vehicles, autonomous driving, and sustainable manufacturing practices will shape the future of the market. Key players will focus on R&D investments, strategic partnerships, and product diversification to stay competitive in a dynamic aftermarket landscape.
Related Industries
Automotive Wheel Aftermarket Market FAQs
1. What is the market size of the Automotive Wheel Aftermarket?
The global Automotive Wheel Aftermarket was valued at approximately $10.5 billion in 2020. It is expected to reach a market size of around $14.2 billion by 2027, growing at a CAGR of 4.1% during the forecast period.
2. What are the key market players or companies in the Automotive Wheel Aftermarket industry?
Some of the key market players in the Automotive Wheel Aftermarket industry include Enkei Wheels, MHT Luxury Alloys, BBS Kraftfahrzeugtechnik AG, Ronal Group, and TSW Alloy Wheels. These companies are known for their quality products and strong market presence.
3. What are the primary factors driving the growth in the Automotive Wheel Aftermarket industry?
The primary factors driving the growth in the Automotive Wheel Aftermarket industry include a rise in the sales of passenger vehicles, increasing demand for customization and personalization of vehicles, growing aftermarket industry, and technological advancements in wheel manufacturing.
4. Which region is identified as the fastest-growing in the Automotive Wheel Aftermarket?
The Asia-Pacific region is identified as the fastest-growing in the Automotive Wheel Aftermarket, mainly due to the increasing vehicle sales, rising disposable income, and growing aftermarket industry in countries like China and India.
5. Does ConsaInsights provide customized market report data for the Automotive Wheel Aftermarket industry?
Yes, ConsaInsights provides customized market report data for the Automotive Wheel Aftermarket industry. Our reports are tailored to meet the specific requirements of clients, providing in-depth analysis, insights, and forecasts based on the latest market trends.
6. What deliverables can I expect from this Automotive Wheel Aftermarket market research report?
By purchasing our Automotive Wheel Aftermarket market research report, you can expect comprehensive analysis of market trends, drivers, challenges, opportunities, competitive landscape, market size and forecasts, key player profiles, and strategic recommendations for stakeholders in the industry.
