Global Automotive Wheels Aftermarket Market Overview:
Independent manufacturers produce aftermarket wheels that are designed to fit a variety of vehicles. Aftermarket wheels are any wheels that are not manufactured by the original manufacturer. The price advantage that aftermarket wheels have over OEM wheels. Because a single aftermarket wheel can fit a variety of vehicles, they can be sold to a larger audience at a lower price. Because of the growing demand for safety and comfort features, the average weight of a vehicle has steadily increased in the automotive industry. This has resulted in massive innovations and R&D efforts from both OEMs and aftermarket players in increasingly using lightweight materials to reduce overall vehicle weight and comply with government regulations pertaining to vehicular fuel consumption and emissions, which will boost the demand for aftermarket wheels.
As per latest study released by AMA Research, the Global Automotive Wheels Aftermarket market is expected to see growth rate of 4.9% and may see market size of USD10547.32 Million by 2028.
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Forecast Period | 2023-2028 |
Historical Period | 2018-2022 |
Unit | Value (USD Million) |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility |
Influencing Trend:
Rapid Adoption of New Technologies and High Growth in Digitization of Channels Such As E-Commerce, Raising the Price Transparency for the Customers
Market Growth Drivers:
Growing Importance of Automotive Wheels Aftermarket, Customers Require Differentiated Service Offerings and High Economies of Scale
Challenges:
Rapid Changes in Consumer Behaviours, Future Replacement Rates, High Impact of Low-Cost Country Imports and Intense Competition
Restraints:
Lack of Strategic Focus and Skills and Insufficient Digitization Resources, High Cost of Maintenance and Low Degree of Diversification
Opportunities:
High Growth in Gas and Hybrid Cars among Electrical Vehicles
Competitive Landscape:
The market is fragmented by key vendors who are focusing on production technologies, improving efficiency and shelf life. Growth opportunities can be captured by tracking the ongoing process improvement and financial flexibility to invest in optimal strategies.
Some of the key players profiled in the report are BORBET (Germany), Enkei International (United States), Ronal Group (Switzerland), Alcoa Wheels (United States), CITIC Dicastal (China), Maxion Wheels (United States), Foshan Nanhai Zhongnan Aluminum Wheel Co., Ltd. (China) and Superior Industries (UNIWHEELS Group*) (United States). The Vendors having a strong hold in the market are Enkei Corporation, Maxion Wheels, BORBET Gmbh, RONAL Group, CLN Group. Analyst at AMA Research see United States Vendors to retain maximum share of Global Automotive Wheels Aftermarket market by 2028. Considering Market by Rim Size, the sub-segment i.e. 13”–15” inch will boost the Automotive Wheels Aftermarket market. Considering Market by Coating Type, the sub-segment i.e. Liquid Coating will boost the Automotive Wheels Aftermarket market. Considering Market by Distribution Channel, the sub-segment i.e. Wholesale & Distribution will boost the Automotive Wheels Aftermarket market. Considering Market by Material, the sub-segment i.e. Alloy will boost the Automotive Wheels Aftermarket market.
Latest Market Insights:
In Feb 2022, A Memorandum of Understanding (MoU) between , Ronal Group and Eccomelt, which manufactures secondary aluminium from used wheels, was signed. By agreeing to this MoU, Eccomelt gave the Ronal Group privileged access to its postconsumer material, which has a very low carbon footprint.
Nov 2021, Maxion Wheels announced that it would use Digital Twin technology to virtually duplicate its Limeira, Brazil-based plant for producing light vehicle aluminium wheels. Maxion Wheels can forecast and plan how the facility will function in various scenarios thanks to the technology, which increases productivity. It intends to eventually extend the technology application to all of its other factories worldwide.
What Can be Explored with the Automotive Wheels Aftermarket Market Study
Gain Market Understanding
Identify Growth Opportunities
Analyze and Measure the Global Automotive Wheels Aftermarket Market by Identifying Investment across various Industry Verticals
Understand the Trends that will drive Future Changes in Automotive Wheels Aftermarket
Understand the Competitive Scenario
- Track Right Markets
- Identify the Right Verticals
Research Methodology:
The top-down and bottom-up approaches are used to estimate and validate the size of the Global Automotive Wheels Aftermarket market.
In order to reach an exhaustive list of functional and relevant players various industry classification standards are closely followed such as NAICS, ICB, SIC to penetrate deep in important geographies by players and a thorough validation test is conducted to reach most relevant players for survey in Automotive Wheels Aftermarket market.
In order to make priority list sorting is done based on revenue generated based on latest reporting with the help of paid databases such as Factiva, Bloomberg etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment by targeting key target audience that includes Venture Capitalists and Private Equity Firms, New Entrants/Investors, Analysts and Strategic Business Planners, Automotive Wheels Aftermarket Providers, Government Regulatory and Research Organizations and End-Use Industries.
This helps us to gather the data related to players revenue, operating cycle and expense, profit along with product or service growth etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that includes Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, USPTO, EPO, Annual reports, press releases etc.