Automotive Wheel Rims Market Analysis

Vehicle Type (Passenger Vehicles, Commercial Vehicles)

The global automotive wheel rims market is segmented and analyzed for demand and supply by passenger vehicles and commercial vehicles. Amongst these segments, the passenger vehicle segment is anticipated to garner the largest revenue by the end of 2037, backed by the growing demand for passenger vehicles along with the surge in the export of passenger vehicles worldwide. For instance, in the financial year 2021, passenger vehicle exports grew from 404,000 to 577,800 units in India. The rising need for better driving quality and the efficiency provided by passenger cars is projected to promote segment growth in the forecast period. Moreover, the rising per capita income and rising spending capacity in developing countries such as China, India, and Mexico are increasing the demand for passenger vehicles owing to an increased preference for intimate and individualized transportation. Along with the other factors, constant government support along with government initiatives and investment is estimated to boost the preference for electric vehicles among consumers thus, creating a positive outlook for the segment growth in the forecast period.

Material Type (Alloy, Steel, Chrome, Carbon Fiber)

The global automotive wheel rims market is also segmented and analyzed for demand and supply by material type into the alloy, steel, chrome, and carbon fiber. Out of these, the alloy segment is attributed to holding the largest share during the forecast period. Alloy wheel rims are gaining more popularity among the consumer base owing to their appearance, and lightweight features. Additionally, alloys are good conductors of heat and have the ability to dissipate heat from tires and brakes more effectively than steel wheel rims. For the 2024 model year, Polestar is creating substantial changes to the 2. The electric sedan's base model switches from front-wheel drive to rear-wheel drive. The elective Efficiency Pack comes with 20-inch alloy wheels.

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