The global automotive wheels aftermarket is projected to reach USD 4.1 billion by 2027, growing at a CAGR of 3.5% from USD 3.4 billion in 2022. Factors such as accident rates, changing consumer preferences for stylish wheels, and the increasing number of automobile enthusiasts in Europe and North America contribute to the growth of the market. Environmental regulations in Europe, specifically the reduction of CO2 emissions, are expected to drive the demand for wheels made of alloys and lightweight materials.
The passenger cars segment dominates the automotive wheels aftermarket and is expected to experience significant growth. With the trend of engine downsizing and vehicle weight reduction, lightweight alloy wheels have become essential for better vehicle performance. Aftermarket wheels for passenger cars are available in a wide range of styles and are primarily made of alloys.
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Alloy wheels are anticipated to be the fastest-growing segment in the global automotive wheels aftermarket. The use of alloys offers benefits such as corrosion resistance, durability, high tensile strength, density, ductility, and malleability. Aluminum and magnesium are the commonly used components in alloy wheels. Aluminum, in particular, is lightweight, ductile, durable, and corrosion-resistant, contributing to fuel efficiency and emission reduction. As a result, alloy wheels have gained popularity, while the use of steel wheels has declined, especially in the passenger vehicle segment.
The Asia Pacific region is expected to witness the fastest growth in the automotive wheels aftermarket, with China leading the market. The region is home to rapidly developing economies and major suppliers of automotive wheels. Factors such as cheap labor and favorable government policies facilitate mass production and lower prices. Major OEMs are investing in advanced technologies, providing growth opportunities for aftermarket wheels manufacturers in the region. China, as the world’s largest producer of automobiles, experiences high automotive sales levels, particularly in the small and affordable passenger vehicle segment.
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Key players in the automotive wheels aftermarket include RONAL Group, BORBET Gmbh, Enkei Corporation, Superior Industries, and Maxion Wheels.
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