The global Automotive Aftermarket Wheels market is expected to experience steady growth in the coming years, driven by several key factors. Rising disposable income levels among the population is one such factor, as it allows for increased spending on luxury items such as designer and fancy wheels. Automotive enthusiasts are also a significant driver of market growth, as they are willing to invest a significant amount of money on wheels replacement to enhance the appearance and performance of their vehicles.
Another factor driving market growth is the penetration of products in untapped markets such as Asia, where there is a growing demand for luxury aftermarket automotive products. Additionally, the availability of public and private funds for research and development is contributing to the development of new and innovative products in the industry.
However, there are also several challenges facing the market. The high costs associated with the products is one major hindrance to market growth, as it limits the accessibility of the products to a wider consumer base. The unavailability of proper maintenance and repair services is also a challenge, as it can make it difficult for consumers to keep their aftermarket wheels in good condition. Furthermore, the limited availability of products in certain markets across the globe is another factor that could impede market growth.
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The global automotive aftermarket wheels market is driven by several key factors. Firstly, the growth of the global automotive market plays a significant role. As the automotive industry expands and more vehicles are manufactured, there is an increased demand for aftermarket wheels to replace or upgrade the existing ones.
Another factor is the launch of innovative products in the category. Consumers are often interested in unique and visually appealing aftermarket wheels that can enhance the appearance and performance of their vehicles. Manufacturers that introduce innovative designs and technologies gain a competitive advantage in the market.
The availability of disposable income among the population also contributes to the growth of the automotive aftermarket wheels market. When individuals have higher purchasing power, they are more likely to invest in customizing their vehicles, including purchasing aftermarket wheels.
Strategic developments by market players, such as partnerships and agreements, also impact the market. Collaborations between aftermarket wheel manufacturers and automotive companies can lead to the development of new products, expanded distribution networks, and increased market reach.
Moreover, the favorable automotive wheels research funding scenario supports the growth of the market. Research funding allows manufacturers to invest in R&D activities, which can lead to the development of advanced wheel technologies, improved materials, and manufacturing processes.
Lastly, there is a product development pressure on the automotive industry to meet the transforming demands of vehicle owners. Consumers are increasingly seeking personalized and unique vehicles, and aftermarket wheels offer a way to achieve this customization. As a result, the automotive industry faces pressure to provide a wide range of aftermarket wheel options to cater to these evolving demands.
Top 10 Companies Operating in the Global Automotive Aftermarket Wheels Market:
RAYS Co. Ltd., Weds, Enkei Corporation, OZ Group (Italy), Maxion Wheels (Germany), BBS Kraftfahrzeugtechnik AG(Germany), BORBET GmbH, Ronal AG, WORK Co. Ltd, Konig, Carlstar Group
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The global market is further segmented into type and application:
Material Type (Revenue, USD Million; 2016–2026)
Coating Type (Revenue, USD Million; 2016–2026)
Size Type (Revenue, USD Million; 2016–2026)
- 8-12 Inch
- 13-17 Inch
- 18-21 Inch
Manufacturing Process Type (Revenue, USD Million; 2016–2026)
- Flow Forming
Regional analysis provides insights into key trends and demands in each major country that can affect market growth in the region.
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Rest of APAC)
- Latin America (Brazil, Rest of LATAM)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Further key findings from the report suggest
- Automotive aftermarket wheels market is growing at a CAGR of 2% in Asia Pacific followed by North America and Europe, with 4.3% and 4.0% CAGR, respectively. Accelerated growth of the automotive market across the globe is the key factor to accelerate the market growth during forecast period across all regions.
- As of 2018, the Alloy type of wheels segment is the dominating product category type. It accounts for about 79.5% of the global aftermarket wheels market. It is also the fastest growing segment type with a CAGR of 4.6%
- The 13-17 Inch size segment of the automotive aftermarket wheels is the most widely used size range. This range accommodates wheels, which are suitable for most of the sedans, muscle and sports cars. The 18-21 Inch size category the follows, which has wheels suitable for SUVs and mini trucks
- Chrome is the leader in the coating type segment, it accounts for about 40% of the category. North America is the top market for chrome type wheels. This is mainly due to the driving culture and consumer preferences that prevail there
- Associated high cost of the wheels, which ranges from USD 400 to thousands of dollars, is likely to hinder the market growth during the forecast period. This has much impact on the development of Asian markets
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