Automotive Wheel Rims Market Segmentation:
Sales Channel Segment Analysis
The OEM segment is projected to capture 65.5% of the automotive wheel rims market share by 2035, as long-term contracts with automakers and the increasing integration of lightweight rims for emission reduction are creating high-earning opportunities for OEMs. Also, U.S. Corporate Average Fuel Economy (CAFE) Standards and the European Green Deal are incentivizing automakers to partner with rim suppliers for forged alloy and lightweight wheels. The supportive government initiatives are also contributing to the OEM sales of wheel rims.
Rim Type Segment Analysis
The alloy rims are expected to account for 61.9% of the market share throughout the forecast period. Alloy rims are most sought after owing to their cost-effectiveness and durability. The majority of the demand was driven by EVs and luxury vehicles. Furthermore, the sustainability initiatives are promoting alloy rims with recycled content, particularly in Europe, as they align with the EU Circular Economy Action Plan requirements for recyclability and material transparency. Moreover, the emergence of eco-labeling and carbon footprints is forcing rim manufacturers to innovate in sourcing materials, efficiency of production, and end-of-life product recycling.
Vehicle Type Segment Analysis
The passenger cars category held the biggest market share in the automotive wheel rims market due to a few major reasons. Passenger cars are the most popular vehicle type worldwide, as millions of passenger cars are produced annually, leading to a significant demand for wheel rims. Moreover, consumers often prefer creative design and customization; alloy rims have emerged as the most popular form of rim because of their looks, lightweight nature, and performance capabilities. The increasing use of electric vehicles (EVs), which are primarily passenger vehicles, has increased their demand for lightweight alloy rims to increase range and improve efficiency.
Our in-depth analysis of the market includes the following segments:
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Rim Type |
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