Global Automotive Wheel Rims Market to be Worth 75.05 Billion by 2030; Robust Vehicle Sales to Fuel Demand. BORBET GmbHs’ Sustainable Wheel Production to Target Environmental Issues
Pune, June 20, 2023 (GLOBE NEWSWIRE) -- The global automotive wheel rims market size was valued at USD 37.70 billion in year 2022 and market is projected to grow from USD 40.66 billion in 2023 to USD 75.05 billion by the end of year 2030, exhibiting a CAGR of 9.2% during the forecast period. A vehicle's stability is increased by sturdy wheel rims, allowing the wheel to carry out crucial functions such as precise braking, rolling, and others. Rims enhance a vehicle's appearance while also enhancing performance. Fortune Business Insights presents this information in their report titled "Global Automotive Wheel Rims Market, 2023–2030."
Key Industry Development:
January 2021: BORBET GmbH became a member of the Aluminum Stewardship Initiative (ASI). The decision made by the company imitates its intentions to address ecological challenges in the area of sustainable wheel production.
Soaring Automobile Manufacturing to Support Market Expansion The automotive wheel rims market share is expanding primarily due to rising global automotive production and sales. For instance, the overall vehicle manufacturing, including commercial and passenger cars, increased to more than 85 million units in 2022 from 80 million units in 2021, based on automotive production data presented by OICA.
However, fluctuations in prices of raw materials and shortage of supply may impede the automotive wheel rims market growth.
COVID-19 Impact-
Halted Manufacturing Activities During COVID-19 Plunged Market The market was adversely affected by the COVID-19 outbreak due to reduced demand for automobiles, suspended global transportation, and restrained demand for vehicle wheel rims from both OEMs and aftermarket suppliers. However, by the end of 2022, the market had quickly recovered due to the rapid manufacturing of next-generation connected and electric cars in emerging markets
Growing Demand for Personal Transportation Drives Passenger Cars
By vehicle type, the market is bifurcated into passenger cars and commercial vehicles. The need for premium lightweight rims is on the rise due to soaring personal transportation demand and the popularity of next-generation vehicles such as linked cars and electric vehicles, leading to the passenger cars segment’s domination.
Several Advantages of Alloys to Lead to the Alloy Segment’s Dominance
By material, the market is classified into alloy, steel, and carbon fibre. The alloy segment dominates the market and is expected to continue due to its qualities such as high performance, efficiency, appearance, and lightweight.
Constant Production of Wheel Rims by OEMs to Aid Growth
By sales channel, the market is categorized into aftermarket and OEM. The OEM segment dominates the market due to constant manufacturing and the low cost of replacement of wheel rims. Geographically, the market is studied across North America, Europe, Asia Pacific, and Rest of the World.
Report Coverage-
The report offers: • Major growth drivers, restraining factors, opportunities, and potential challenges for the market. • Comprehensive insights into regional developments. • List of major industry players. • Key strategies adopted by the market players. • Latest industry developments include product launches, partnerships, mergers, and acquisitions.
Regional Insights-
Asia Pacific Dominates the Market Due to Supportive Government Regulations Asia Pacific dominates the market due to robust vehicle sales in China and India. Additionally, government’s law of prohibiting the use of outdated vehicles will surge the demand for automotive wheel rims. Europe is anticipated to witness a substantial CAGR over the forecast period The Europe market is driven by the rising number of mobile-based self-scanning systems.
Key Players Concentrate on Partnerships to Stay Competitive As numerous domestic and foreign businesses compete, the automotive wheel rims industry is highly fragmented. Therefore, several top suppliers are collaborating with the top automakers to provide their rims to OEMs.
List of Key Players Covered in Automotive Wheel Rims Market Report:-
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