Market Leaders - Automotive Wheels Aftermarket
The automotive wheels aftermarket is projected to grow at a CAGR of 3.5% during the forecast period to reach USD 4.1 billion by 2027 from an estimated USD 3.4 billion in 2022. The base year for the report is 2021, and the forecast period is from 2022 to 2027. The growth of the automotive wheels aftermarket is influenced by factors such as accident rates, changing consumer preferences for stylish wheels, and the growing number of automobile enthusiasts in Europe and North America. Additionally, increased demand for lightweight materials will boost the automotive wheels aftermarket. The growth for aftermarket wheels is expected to be higher in developed regions owing to the stringent focus on lightweight materials and fuel consumption. Additionally, the growing demand from enthusiasts for style, performance, and ride is boosting the demand for automotive wheels aftermarket.
The major aftermarket wheels vendors include RONAL Group (Switzerland), and Borbet GmbH (Germany), Enkei Corporation (Japan), Superior Industries (US), and Maxion Wheels (US). These players have adopted various growth strategies, such as partnerships, agreements, and collaborations; and new product launches, to further expand their presence in the global automotive wheels aftermarket. New product launches have been the most dominating strategy adopted by major players from 2018 to 2022, which helped them innovate on their offerings and broaden their customer base.
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Maxion Wheels has sites and plants in 18 countries across the globe. It has been a key market player for 100 years and produces more than 50 million wheels a year. It offers various categories of wheels, including aluminum and steel wheels for passenger and commercial vehicles and specialty wheels for multiple agricultural, construction, forklift, mining, and military vehicles. Maxion Wheels has contributed many major wheel innovations in the automotive industry. For the light-vehicle category, it offers aluminum wheels using a Reduced Rim Technology (RRT), which effectively produces lightweight vehicles. This is a key factor in reducing CO2 emissions, making them 50% more efficient. In 2017, the company developed a Multi Color Paint Application technology (MCPA), a precision finishing process where up to 6 colors of paint can be applied to an aluminum wheel, thus making it more aesthetically rich apart from offering high strength.
Ronal Group is a leading manufacturer of light-alloy wheels. It operates through 4 divisions: automobile OEM, automobile aftermarket, commercial vehicles, and shower enclosures. It offers light-alloy wheels for both automotive OEMs and aftermarket. It focuses on design and lightweight construction, which makes its products unique in the competitive market. It offers premium products for the automotive aftermarket under the Ronal and Speedline Corse brands. The company offers a wide range of alloy wheels for commercial vehicles and forged lightweight alloy wheels under its brand SPEEDLINE TRUCK.
Borbet GmbH supplies light-alloy wheels to the aftermarket. It has a strong focus on quality, environmental protection, energy efficiency, health and safety, costs, technology, and delivery reliability. The Borbet Group with its companies Borbet GmbH, Borbet Austria GmbH, Borbet Sachsen GmbH, Borbet Solingen GmbH, Borbet SA (PTY) Ltd., Borbet Thüringen GmbH and Borbet Vertriebs GmbH designs, develops, produces and markets light alloy wheels. It has 4,500 employees as of 2022, 6 manufacturing locations in Germany, and 1 each in Austria and South Africa.
Enkei Corporation is a Japanese motorcycle and passenger car wheel manufacturer for OEM and aftermarket wheels. It mainly deals in aluminum wheels for sporty models. It is one of the largest players in lightweight aftermarket wheels. It has 12 domestic and 15 overseas subsidiaries and has 7,471 employees as of 2020. It delivers the latest wheel designs with composite alloy technology such as casting/forged processes and rigid testing, which is expected to pass stringent JGTC standards. Currently, the company is present in all parts of the world, such as Asia, North America, Latin America, and Europe.
Superior Industries offers aluminum wheels to both aftermarket and OEMs. Its ATS brand is one of the leading brands of alloy wheels for cars and SUVs worldwide. Its principal business is the design and manufacture of aluminum wheels for sale to OEMs in North America and Europe and to the aftermarket in Europe. As of 2021, it had approximately 7,600 full-time employees, operating in 8 manufacturing facilities in North America and Europe with a combined annual manufacturing capacity of approximately 20 million wheels.
Related Reports:
Automotive Wheels Aftermarket by Aftermarket (New Wheel Replacement & Refurbished Wheel Fitment), Vehicle (PC, CV), Coating, Material, Rim Size (13-15 Inch, 16-18 Inch, 19-21 Inch, Above 21 Inch), Product, Distribution & Region - Global Forecast to 2027
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