The global automotive wheels aftermarket is projected to grow at a CAGR of 3.5% during the forecast period to reach USD 4.1 billion by 2027 from an estimated USD 3.4 billion in 2022. The automobile industry has witnessed a continuous increase in the average weight of the vehicle owing to the rising demand for safety and comfort features. This has led to huge innovations and R&D efforts from both the OEMs and aftermarket players in increasingly using lightweight materials to reduce the overall weight of the vehicle and comply with government regulations pertaining to vehicular fuel consumption and emissions which will boost the demand for aftermarket wheels. The growth for aftermarket wheels is expected to be higher in developed regions owing to the stringent focus on lightweight materials and fuel consumption. The growing demand from enthusiasts for style, performance, and ride boosts the demand for automotive wheels aftermarket.
Improved vehicle dynamics and increased demand for lightweight materials to boost wheel aftermarket
Engine downsizing is the new trend in the automotive industry, which helps improve efficiency, mileage, and space utilization. However, despite several downsizing efforts, the weight of the car has been increasing in the past few decades due to the increasing adoption of electronic components in the form of ECUs relating to safety and comfort features. Wheel manufacturers have been trying to reduce the weight of the wheel as heavier wheels slow the vehicle speed. Lightweight wheels also offer higher torque to thrust the vehicle. Also, as turning a wheel requires torque, lighter wheels offer better vehicle control.
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Advanced materials, use of lightweight alloys, and new compositions
The automotive industry has seen constant innovation in the development of lightweight materials. The average percentage of carbon fiber reinforced composites and aluminum used in automobiles has increased consistently over the years. Aftermarket players focus on developing light-weighting technologies due to lighter, faster, and better-performing vehicles and rising fuel costs. The use of lightweight materials will significantly grow across industries. The highest share (80%) of lightweight materials is in the aviation industry, but the automotive industry is massively increasing its share from 30 to 70%. All lightweight materials offer weight reduction potential at a higher cost. Carbon fiber has the highest weight reduction potential as it is 50% lighter than steel. So, the use of advanced materials offers significant opportunities for the automotive industry as they can play a vital role in reducing the overall weight of the vehicle, increasing fuel efficiency, and reducing harmful emissions.
Asia Pacific is expected to grow with the highest CAGR during the forecast period
The Asia Pacific region comprises emerging economies such as China and India along with developed nations such as Japan. In recent years, the region has emerged as a hub for automobile production. The growing purchasing power of consumers in this region has triggered the demand for automobiles. Cost advantages for OEMs, low automobile penetration levels, and increased vehicle production in this region offers attractive market opportunities for automobile manufacturers and automotive component suppliers. The automotive industry in India is growing at a faster rate than most countries in the Asia Pacific region. The country had witnessed an increased demand for luxury and mid-priced vehicles in the past decade. However, the adoption rate of carbon fiber material is insignificant and limited to premium vehicles only. Also, as the country’s automotive market is highly driven by cost, most of the advanced wheel materials are only found in high-end vehicles.
Key Market Players
The global automotive wheels aftermarket is dominated by major players such as RONAL Group (Switzerland), Borbet Gmbh (Germany), Enkei Corporation (Japan), Superior Industries (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.
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