Automotive Wheel Market Size, Share, Trends, Growth 2034

Automotive Wheel Industry Prospective:

The global automotive wheel market size was worth around USD 34.53 billion in 2024 and is predicted to grow to around USD 64.21 billion by 2034 with a compound annual growth rate (CAGR) of roughly 6.40% between 2025 and 2034.

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Automotive Wheel Market: Overview

An automotive wheel is an alloy or metal rim that is essential for supporting the tires of a vehicle. Wheels provide mounting points and structural integrity to a vehicle’s tires. An automotive vehicle’s overall functioning, safety, and performance depend on the collaborative performance of tires and wheels.

The industry for automotive wheels is currently dominated by 5 types of alloy or metal rims. These include split rims, divided rims, light alloy wheels, wire wheels, and pressed steel disc wheels.

Each variant offers specific advantages and applications. For instance, pressed steel disc wheels offer simplicity, robust construction, high production & less maintenance, and lower cost. They are mainly used in heavy vehicles such as trucks and buses. The industry for automotive wheels has been flourishing in the last few years as the production rate of automotives has skyrocketed.

In addition, the growing advancements in wheel manufacturing technology, as the industry players seek ways to stay aligned with the growing and changing demand of end-users, will create more opportunities for further growth. The industry may suffer from rising inflation rates, supply chain disruption of raw materials, and a diminishing number of available labor resources.

Key Insights:

• As per the analysis shared by our research analyst, the global automotive wheel market is estimated to grow annually at a CAGR of around 6.40% over the forecast period (2025-2034)
• In terms of revenue, the global automotive wheel market size was valued at around USD 34.53 billion in 2024 and is projected to reach USD 64.21 billion by 2034.
• The automotive wheel market is projected to grow at a significant rate due to the growing demand for two-wheelers worldwide.
• Based on the finish type, the painted & polished segment is growing at a high rate and will continue to dominate the global market as per industry projections.
• Based on the vehicle type, the passenger cars segment is anticipated to command the largest market share.
• Based on region, Asia-Pacific is projected to dominate the global market during the forecast period.

Automotive Wheel Market: Growth Drivers

Growing demand for two-wheelers worldwide to generate more revenue for wheel manufacturers

The global automotive wheel market is expected to be driven by the increasing demand for two-wheelers across the globe. Demand and use of scooters, mopeds, and motorcycles are not only prevalent in urban cities but also in rural areas. Two-wheelers are more affordable as compared to passenger cars. They are also considered ideal for navigating extensive traffic in urban cities.

In addition, the emergence of quick-delivery services by e-commerce companies, especially online platforms selling groceries and other fast-moving consumer goods, has allowed greater application of two-wheelers.

For instance, in August 2024, Amazon announced the launch of the first micro-mobility hub in Norwich. The facility will house an extensive fleet of new electric cargo bikes, which will be used for delivering thousands of packages per week. The company plans to reduce air pollution caused by conventionally used vans for delivery purposes.

In addition, growing advancements in two-wheeler technologies, such as the launch of electric scooters, increased mileage, and integration of advanced technologies for higher safety, will further create demand for automotive wheels.

Rising government support for the automotive sector to create revenue for wheel producers

The global automotive industry is a fast-growing sector with exceptional support from the regional government. As demand for modern automotives is on the rise, regional governments are increasingly assisting private automobile manufacturing companies in the form of increased access to land for manufacturing sites, encouragement of partnerships with foreign investors, and lucrative opportunities for international companies to enter domestic markets.

For instance, the Indian government has launched several novel schemes such as the Electric Mobility Promotion Scheme (EMPS), FAME II, and Production Linked Incentive (PLI) model to attract more investors in the regional industry, ultimately creating revenue for the global automotive wheel market.

Automotive Wheel Market: Restraints

Raw material supply chain disruptions and labor shortages to limit market expansion trends

The global automotive wheel industry is expected to be restricted due to the growing concerns over the supply chain disruption of raw materials. The most common raw materials used for wheel production include magnesium alloys, aluminum alloys, steel, and carbon fiber.

Each of these items is vulnerable to changes in external market conditions that can impact the quality and quantity of available metals in the commercial market. In addition, the lack of sufficiently skilled labor compared to the intensifying rate of wheel production may create worrying conditions for the industry players.

Automotive Wheel Market: Opportunities

Advancements in wheel production and wheel performance to generate growth opportunities

The global automotive wheel market is projected to generate growth opportunities due to the rising advancements in wheel performance and wheel manufacturing technologies.

In June 2024, Protean Electric (Protean), one of the world’s leading producers of in-wheel motor (IWM) technology for light commercial vehicles, passenger cars, and future transport vehicles, announced the launch of ProteanDrive Generation 5 (‘Gen 5’) IWM.

The company’s new offering provides an industrialized product focusing on scalability, enhanced performance, and affordability. The ProteanDrive Generation 5 will deliver a fully integrated inverter and exceptional performance inside an 18-inch wheel package, making it suitable for all modern applications.

In March 2024, Fastco Canada, a leading Canada-based producer and supplier of automotive tires, wheels, and other accessories, launched its newest Fast EV wheel meant for electric vehicles. The product is named EV06 and is expected to optimize the EV driving experience for its customers.

Some of the other areas in automotive wheels that have gained popularity include improved maneuverability and superior durability due to the use of an extensive range of coatings.

Automotive Wheel Market: Challenges

Changing end-user preferences and the sale of low-quality products to challenge market expansion

The global automotive wheel industry is expected to be challenged by the ever-evolving preferences of the end vehicle users. In addition, electric automotives have significantly different wheel specifications than traditional vehicles, which can complicate wheel manufacturing processes. The growing sale of counterfeit or low-grade products in the market can also dilute industry revenue in the long run, according to research.

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Automotive Wheel Market: Report Scope

Automotive Wheel Market: Segmentation

The global automotive wheel market is segmented based on finish type, wheel size, vehicle type, and region.

Based on the finish type, the global market segments are chromed alloy, painted & polished, anodized, machine alloy wheel, and others. In 2024, the highest growth was listed in the painted & polished type due to higher sales in the aftermarket and original equipment manufacturer (OEM) segments. Since painted & polished automotive wheels are available in several colors, they offer more choices to the customers and can last up to 5 to 10 years if maintained well. Chromed alloys are generally used in premium cars since they are expensive to develop and use in vehicles.

Based on wheel size, the global automotive wheel industry is divided into large sizes (21 inches and more), mid-size (17 to 21 inches), and small sizes (up to 16 inches).

Based on the vehicle type, the global market divisions are heavy commercial vehicles, light commercial vehicles, passenger cars, two or three-wheelers, and others. In 2024, the high manufacturing rate of passenger cars helped the segment thrive. Increasing demand for affordable, durable, and fuel-efficient vehicles among ordinary buyers helped fuel the use of passenger vehicles. The US registered a sale of more than 2.91 million units of passenger cars in 2024, according to reports.

Automotive Wheel Market: Regional Analysis

Asia-Pacific to lead the way during the forecast period, according to industry analysis

The global automotive wheel market will be led by Asia-Pacific during the forecast period. China is expected to emerge as the highest revenue generator in the region. The current dominance of China in the production of automotives, including electric vehicles, will remain the most critical growth propeller for the region in the coming years.

Furthermore, India is currently at a crucial turning point for its regional automotive sector. The changing consumer lifestyle, increased disposable income, and adoption of EV public transport vehicles will promote demand for automotive wheels in India.

Europe will emerge as a significant growth generator in the industry. The presence of some of the world’s most premium vehicle manufacturers across European nations using advanced wheels will curate regional revenue.

Additionally, European EV makers are currently investing in new measures to compete with the growing penetration of China-made EVs in the region, which could boost demand for automotive wheels produced domestically.

Stringent rules against emissions, promoting fuel efficiency, and increased sales of automotive wheels through aftermarket service providers will prove beneficial for the regional industry in the coming years.

Automotive Wheel Market: Competitive Analysis

The global automotive wheel market is led by players like:

• SSR (Speed Star Racing)
• BBS (KW automotive GmbH)
• Niche Road Wheels
• American Racing
• BORBET GmbH
• TSW Alloy Wheels
• Anovia Wheels
• ENKEI Corporation
• FOSHAN NANHAI ZHONGNAN ALUMINIUM WHEEL CO.
• RAYS Engineering
• Kosei Aluminium Co. Ltd.
• Vossen Wheels
• OZ Racing
• Wheel Pros
• Konig Wheels

The global automotive wheel market is segmented as follows:

By Finish Type

• Chromed Alloy
• Painted & Polished
• Anodized
• Machine Alloy Wheel
• Others

By Wheel Size

• Large Size (21 inch and more)
• Mid-Size (17 to 21 inch)
• small size (up to 16 inch)

By Vehicle Type

• Heavy Commercial Vehicles
• Light Commercial Vehicles
• Passenger Cars
• Two or Three Wheelers
• Others

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa