Automotive Wheels Aftermarket Analysis Report By Vehicle Type, By Material Type, By Coating Type, By Rim Size, By Distribution Channel, By Region And Segments Forecasts From 2019 To 2025

Industry Insights

The global automotive wheels aftermarket size was valued at USD 5.79 billion in 2018. It is projected to witness a CAGR of 3.0% CAGR over the forecasted years, 2019 to 2025. The rising demand for passenger cars, luxury vehicles, and racing cars prevailing among the millennial population is projected to surge the after-sales demand for wheels. Also, the wear and tear of wheels due to cracks and hurdles present on roads is projected to drive the need for automotive wheels.

The trend over the usage of aluminum wheels in commercial vehicles is gaining traction across the globe. They are largely being used across light-duty vehicles majorly across developed countries like the U.S., Japan, and Germany. Several key players operating in the automotive aftermarket wheel industry are located across these countries. These countries are also major consumption centers for automotive aftermarket wheels.

Several automotive manufacturers have started the adoption of aluminum and carbon-based wheels on account of stringent government norms for the improvement of vehicles’ mileage. Also, the use of advanced manufacturing procedures for the production of precisely formed alloy wheels for enhanced body lines is projected to boost their aftermarket demand.

Several features of alloy wheels like improved density, durability, tensile strength, ductility, and corrosion resistance are driving their demand across the globe. Also, the emergence of technologically advanced electric vehicles and hybrid vehicles is projected to boost the demand for a variety of unique wheels in the upcoming years.

Vehicle Type Insights

The global market can be segmented into passenger vehicles and commercial vehicles. The segment of passenger vehicles dominated the global market, in 2018. It is further sub-segmented into racing and basically based on vehicle type. It is also projected to register substantial growth from 2019 to 2025. This can be associated with the surging demand for wheels of racing cars prevailing among the millennial population.

The rising demand for good quality and performance designer wheels is anticipated to boost the market growth. The increasing number of commercial vehicles for public and cargo transportation is also projected to drive the need for automotive wheels across the globe.

Material Insights

The segment of alloy held the largest share across the global market, in 2018. The segment of aluminum is projected to witness significant growth from 2019 to 2025. The rising applicability of several material types across changing environments is anticipated to boost the market growth from 2019 to 2025.

The surging replacement and maintenance costs on the usage of carbon wheels are projected to boost the demand for alloy-based automotive wheels. Further, enhanced performance and shape of alloy wheels are generating their demand. Moreover, inclination towards the development of energy-saving wheels coupled with their lightweight designs is anticipated to fuel up their aftermarket demand.

Coating Insights

The global automotive wheels aftermarket can be segmented into liquid coating and powdered coating based on the coating type. The segment of liquid coating is projected to register the highest growth from 2019 to 2025. This can be associated with its feature of restoring the original appearance of wheels. Also, rapid technological advances like hydrophobic coatings are projected to further fuel up market growth.

The process of powder coating uses specialized equipment and protects the wheels from damage, dings, and scratches. Further, its features like reusable, aluminum-friendly nature, and cost-effectiveness are projected to fuel up the market growth. Moreover, the trend for changing the vehicle’s aftermarket wheels color is anticipated to drive the growth.

Rim Size Insights

The rim size segment of 13-19 inches dominated the global market, in 2018. While the segment of 21 inches & above is projected to witness significant growth over the forecasted years. This can be associated with the surging demand for wheels having more rim size to maintain vehicle stability and control. Moreover, the increasing demand for alloy wheel rims across China and the ASEAN market due to the presence of a good distribution network is projected to further fuel up the growth.

The trend towards usage of larger-sized rims is anticipated to drive the growth for 19-21 inches and above 21 inches segment. These rims are largely used in commercial vehicles like tractors, semi-trailers, buses, dump trucks, concrete mixers, and garbage trucks. As the demand for commercial vehicles has been on the rise for the last few years, the aftermarket for wheels is also projected to boost over the forecasted years.

Distribution Channel Insights

The global market can be segmented into W&D (Wholesalers and Distributors) and Retailers based on the distribution channel. The W&D segment is anticipated to witness the highest CAGR from 2019 to 2025. This can be associated with the fact that a wide range of products such as aluminum and carbon fiber wheels are being made available by the distributors to their customers.

The retailer segment is also expected to witness subtle growth over the forecasted period, 2019 to 2025. The shifting trend towards online purchases from e-commerce platforms is also gaining traction across the globe. Several key players are enhancing their presence by signing contracts with automobile manufacturers. Moreover, they are also engaged in developing alliances with technology and raw material suppliers for widening geographical reach.

Regional Insights

In 2018, North America held the largest share across the global automotive wheels aftermarket. This can be associated with the substantial growth over usage of vehicles across the U.S. and Canada for the last few years. Moreover, surging disposable income and lack of organized public transport across rural areas is driving demand for automotive vehicles.

The Asia Pacific is projected to register the highest growth over the forecasted period, 2019 to 2025. This can be attributed to the continuously increasing adoption of premium wheels across the segment of passenger cars in countries like China, Japan, and India. Moreover, the surging number of branded wheels that are affordable and give enhanced performance are projected to boost the market growth.

COVID-19 Impact Insights

The aftermarket for automotive wheels is affected negatively due to the ongoing COVID-19 pandemic. This can be associated with the reduction in sales of passenger and commercial vehicles on account of the imposition of travel restrictions across several countries. Moreover, improved road infrastructure has reduced the wear and tear of wheels, thereby reducing their demand. As maintenance and repair of luxury and race cars come under the non-essential category, many people have started procrastinating replacement of wheels of their vehicles.

But as the need for doorstep delivery of essential products and services is increasing continuously on account of lockdown, the need for the replacement of wheels for commercial vehicles is anticipated to increase. Moreover, rapid technical advances undertaken by many players for the aesthetic improvement of wheels are anticipated to drive market growth in the post-pandemic period.

Automotive Wheels Aftermarket Share Insights

The key players in the market are BORBET Gmbh, RONAL Group, Beyern Wheels, Enkei Corporation, and Maxion Wheels. The market is expected to witness high competitiveness on account of varied cost and service differentiation prevailing among these players. Also, they are engaged in product development and innovation to gain a competitive advantage.

They are also implementing strategies like acquisitions, mergers, and partnerships with local suppliers and distributors across countries like India on account of the availability of skilled laborers at a low cost. They are approaching to offer a wide range of products to the OEMs to enhance customer engagement.

Report Scope

Segments Covered in the Report

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends from 2014 to 2025 in each of the sub-segments. For the purpose of this study, Million Insights has segmented the global automotive wheels aftermarket on the basis of vehicle type, material type, coating type, rim size, distribution channel, and region:

• Vehicle Type Outlook (Revenue, USD Billion, 2014 - 2025)
    • Passenger Cars
        • Basic
        • Racing
    • Commercial Vehicles

• Material Type Outlook (Revenue, USD Billion, 2014 - 2025)
    • Alloy
    • Steel
    • Aluminum
    • Others (Carbon Fiber, Nickel)

• Coating Type Outlook (Revenue, USD Billion, 2014 - 2025)
    • Liquid Coating
    • Powdered Coating

• Rim Size Outlook (Revenue, USD Billion, 2014 - 2025)
    • 13 - 19 inches
    • 19 - 21 inches
    • 21 inches and above

• Distribution Channel Outlook (Revenue, USD Billion, 2014 - 2025)
    • Retailers
    • W&D

• Regional Outlook (Revenue, USD Billion, 2014 - 2025)
    • North America
        • The U.S.
        • Canada
        • Mexico
    • Europe
        • Germany
        • France
        • The U.K.
    • The Asia Pacific
        • China
        • India
        • Japan
    • South America
        • Brazil
    • Middle East & Africa