Automotive Wheels Aftermarket Size Is Growing Exponentially on Account of Rising Demand For Passenger Cars, Luxury Vehicles And Racing Cars Till 2025 | Million Insights

Automotive Wheels Aftermarket Size Is Growing Exponentially on Account of Rising Demand For Passenger Cars, Luxury Vehicles And Racing Cars Till 2025 | Million Insights

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According to new report available with Million Insights, the global automotive wheels aftermarket industry is expected to grow owing to rising usage of vehicles leading to wear and tear of wheels coupled with trend over replacing conventional ones with alloy wheels for aesthetic improvement during the forecast period.

The global automotive wheels aftermarket is projected to value USD 7.19 billion until 2025. It is expected to register a CAGR of 3.0% over the forecasted years, 2019 to 2025. The rising usage of vehicles leading to wear and tear of wheels coupled with trend over replacing conventional ones with alloy wheels for aesthetic improvement are projected to drive the market growth.

The alloy material segment dominated the global aftermarket in 2018 owing to its adaptability for aesthetic improvement coupled with reduction in weight of vehicles. While, the increasing maintenance and replacement costs of carbon wheels is anticipated to drive the demand for alloy based wheels.

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North America automotive wheels aftermarket

The liquid coating segment is anticipated to witness highest CAGR over the forecasted years, 2019 to 2025 due to their benefit of restoring the original appearance of wheels. On the other hand, the powder coating segment is majorly used to protect the wheels from damage, dings, and scratches.

In 2018, North America held the largest share across the global market owing to the rising demand for passenger vehicles across the working population located in countries like the U.S. and Canada. While the Asia Pacific is anticipated to register the highest growth over the consumption of automotive wheels due to the rising adoption of luxury and premium cars across China, Japan, and India.

The aftermarket for automotive wheels includes players such as RONAL Group, Beyern Wheels, BORBET Gmbh, Maxion Wheels, and Enkei Corporation. They are continuously engaged in development and innovation to develop more aesthetically and ergonomically advanced wheels.

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Global automotive wheels aftermarket

Further key findings from the report suggest:

• In 2018, the alloy material segment dominated the global after market for automotive wheels.

• The liquid coating segment is anticipated to witness highest CAGR over the forecasted years, 2019 to 2025.

• In 2018, North America held the largest share across the global automotive wheels aftermarket.

• The key players in after market of automotive wheels are RONAL Group, Beyern Wheels, BORBET Gmbh, Maxion Wheels, and Enkei Corporation.

Million Insights has segmented the global automotive wheels aftermarket on the basis of vehicle type, material type, rim size, coating type, distribution channel, and region:

Automotive Wheels Aftermarket Vehicle Type Outlook (Revenue, USD Billion, 2014 – 2025)

    • Passenger Cars

        • Basic

        • Racing

    • Commercial Vehicles

Automotive Wheels Aftermarket Material Outlook (Revenue, USD Billion, 2014 – 2025)

    • Alloy

    • Steel

    • Aluminum

    • Others (Carbon Fiber, Nickel)

Automotive Wheels Aftermarket Coating Type Outlook (Revenue, USD Billion, 2014 – 2025)

    • Liquid Coating

    • Powdered Coating

Automotive Wheels Aftermarket Rim Size Outlook (Revenue, USD Billion, 2014 – 2025)

    • 13- 19 inches

    • 19 – 21 inches

    • 21 inches and above

Automotive Wheels Aftermarket Distribution Channel Outlook (Revenue, USD Billion, 2014 – 2025)

    • Retailers

    • W&D

Automotive Wheels Aftermarket Regional Outlook (Revenue, USD Billion, 2014 – 2025)

    • North America

        • U.S.

        • Canada

        • Mexico

    • Europe

        • Germany

        • France

        • U.K.

    • Asia Pacific

        • China

        • India

        • Japan

    • South America

        • Brazil

    • Middle East & Africa

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