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Automotive Wheel Global Market Report 2022

·3-min read

Major players in the automotive wheel market are IOCHPE Maxion, Superior Industries International, Accuride Corporation, Steel Strips Wheels, Hitachi Metals, Citic Dicastal, Zhejiang Wanfeng Auto Wheel, Borbet, Mangels Industrial, Mefro Wheels, Ronal Group, and CLN Group.

New York, May 26, 2022 (GLOBE NEWSWIRE) -- announces the release of the report "Automotive Wheel Global Market Report 2022" -

The global automotive wheel market is expected to grow from $30.41 billion in 2021 to $34.38 billion in 2022 at a compound annual growth rate (CAGR) of 13%. The market is expected to grow to $46.51 billion in 2026 at a compound annual growth rate (CAGR) of 7.8%.

The automotive wheel market consists of sales of automotive wheels by entities (organizations, sole traders, and partnerships) that manufacture automotive wheels.The wheel is an essential component of every vehicle.

It counteracts all of the forces that the vehicle is subjected to during operation, balancing the entire weight of a vehicle.A spoke, rim, and hub is essential parts of an automobile wheel.

It is responsible for turning, operating, and directing the direction and speed of the vehicle.

The main materials types of automotive wheel are steel, alloy, carbon fiber, and other types.Steel is an alloy of iron and carbon in which the carbon content will range up to 2 percent.

The vehicle class involved are economy, mid-priced, luxury-priced.The vehicle types involved are passenger vehicle, light commercial vehicle, heavy commercial vehicle.

The rim size involved are 13"-15"; 16"-18"; 19"-21"; above 21.The end-users involved OE, aftermarket.

Asia Pacific was the largest region in the automotive wheel market in 2021. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

Growing vehicle production is expected to propel the growth of the automotive wheel market.The wheel is an important component of a car, and its demand is directly related to the automobile industry.

The increased production of vehicles year by year will increase the demand for automotive wheels. According to the International Organization of Motor Vehicle Manufacturers (OICA), the production of all vehicles increased from 18.03 million from January to March 2020 to 21.08 million from January to March 2021. Thus, the rising vehicle production is expected to boost the demand for automotive wheels during the forecast period.

Advancements in technology are shaping the automotive wheels market.Major players operating in the sector of the automotive wheel are focused on developing technologically advanced solutions for automotive wheels to strengthen their position in the industry.

For instance, in April 2021, Bucci Composites, a manufacturer of composite materials and structures for automotive, marine, aerospace, and industrial applications announced the completion of the construction of a 22-inch fully carbon fiber automotive wheel rim based on high-pressure resin transfer molding (HP-RTM) technology. The process was optimized and the technology employed was of a high grade, resulting in significant cost savings while still meeting the production rates of the automobile sector.

In December 2020, Wheel Pros, a US-based automotive aftermarket wheels manufacturer acquired TSW Alloy Wheels for an undisclosed amount.Through this acquisition, TSW Alloy wheels provided a great opportunity for Wheel Pros to expand their customer relationships with new and exciting products.

TSW Alloy Wheels is a US-based manufacturer of high-end luxury wheels for the automotive aftermarket.

The countries covered in the automotive wheel market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA.

Read the full report:

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