The global automotive wheel market is projected to grow at a CAGR of 5.52% during the forecast period, to reach USD 50.54 Billion by 2025. The market growth is primarily driven by factors such as the growing vehicle production and the improved vehicle dynamics.
Expansion and partnership/supply contract are the key strategies adopted by major players to gain traction in this mature market. For instance, Iochpe-Maxion (Brazil) expanded its operations to cater to the increased demand for wheels in India. Realizing the growth of the automotive market in India, the company held a ground-breaking ceremony (Bhoomi Poojan) of its 25,000 square meters plant in Khed City, Pune. The company announced an initial investment of USD 50 million to produce two million wheels annually. The new plant will produce 4 million wheels annually when the project is completed. On 16th March 2018, Steel Strips Wheels entered into a supply contract with a European customer for supplying approximately 130,000 caravan steel wheels. The wheels will be manufactured at the company’s Chennai plant and exported from May 2018 onwards within 6 months.
The automotive wheel market is dominated by a few global players. The key market players are Iochpe-Maxion (Brazil), Superior Industries International (US), Enkei (Japan), Accuride (US), and Steel Strips Wheels (India).
Iochpe-Maxion is one of the leading players in the automotive wheel market. The company operates in two business divisions-Maxion Wheels and Maxion Structural Components. The company is the global leader in automotive wheels business and is among the leading players in the Americas in the business of automotive structural components. The Maxion Wheels division provides a wide range of aluminum wheels for light vehicles and steels wheels for light and commercial vehicles and agricultural machinery. On 13th September 2017, Maxion entered into a partnership with Michelin (France) to develop a new wheel technology named as ACORUS Technology. This new patented wheel technology includes two flexible rubber flanges mounted on a special wheel body to create a flexible wheel that improves ride and comfort. It also absorbs impacts from potholes and curbs. The new wheel is compatible with all tires on the market and comprises an alloy rim – which is narrower than normal, two rubber flanges, and an optional cosmetic insert to protect the alloy wheel.
Superior Industries International is another leading player in the automotive wheel market in Europe and North America. The company is engaged in the designing and manufacturing of aluminum wheels for passenger cars and light-duty vehicles. The company caters to both OE and aftermarket. On 23rd March 2017, the company announced the transformative acquisition of “UNIWHEELS” (Germany). The aggregate equity purchase price is anticipated to be approximately USD 715 million; the transaction will be funded through a combination of debt, preferred equity, and balance sheet cash.
Automotive Wheel Market by Rim Size (13-15,16-18,19-21,>21 inch), Material (Steel, Alloy, Carbon Fiber), Off-highway (Construction & Mining, Agriculture Tractors) Vehicle Type, Vehicle Class, End-Use, and Region - Global Forecast to 2025
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