Automotive Wheel Market Analysis

Material (Alloy, Steel, Aluminum, and Carbon Fiber)

The aluminum segment accounted for 56.5% automotive wheel market share in 2024. The escalated demand for aluminum wheels is attributed to the ever-growing utilization of aluminum alloys in the automotive industry owing to its advantages. Moreover, aluminum wheels provide an outstanding combination of strength, resistance, and lightweight, which makes them preferable for manufacturers committed to enhancing fuel efficiency, handling, and overall performance. Major prominent players, which include companies like such as Accuride, and BORBET, have products in the market with manifold designs addressing the needs of customers.

However, demand for aluminum wheels is likely to remain strong, aided by an increase in fuel efficiency due to lighter vehicles, improved performance of vehicles made possible by strong and light materials, and corrosion resistance. For instance, In September 2023, Uno Minda launched a new range of alloy wheels in India with Kosei Aluminium to enhance efficacy in the driving experience.

Vehicle type (Passenger Vehicle, Light Commercial Vehicle, Heavy Commercial Vehicle)

The passenger vehicles segment in the automotive wheel market is expected to register rapid revenue CAGR during the forecast period owing to the growing demand for fuel-efficient and high-performance vehicles in the automotive wheels industry. The key functions of wheels in passenger vehicles are to strike a balance for comfort, handling, and durability among various types of passenger vehicles; thus, driving interest in advanced wheel technologies. It would most likely continue its growth path on account of rising demand for premium and luxury vehicles, along with increasing traction in electric and hybrid vehicles.

Key players address diverse passenger vehicle manufacturer needs by providing a host of wheel products able to meet strict safety, performance, and aesthetic expectations. The focus areas remain on innovation and quality hence, the passenger vehicle segment would continue to be the prime driving factor for the automotive wheels industry followed by commercial vehicles due to demand for distinct features in heavy vehicles.

End user (Original Equipment Manufacturer (OEM) and Aftermarket)

The original equipment manufacturer OEMs segment in the automotive wheel market is poised to register significant growth as they are the primary end-users of automotive wheels, purchasing directly from suppliers for new vehicle installations. OEMs maintain quality control to ensure that wheels meet the standards for safety, performance, and aesthetics. They manufacture in bulk and procure directly, and these factors add to their huge market share, thus commanding the industry of automotive wheels.

Our in-depth analysis of the automotive wheel market includes the following segments: