LATAM automotive wheel market to garner a massive chunk of the global industry over 2017-2024, shifting trends toward lightweight vehicles to boost the product demand
The escalating development of global automotive sector will generate lucrative growth avenues for automotive wheel market. Automobile producers have been adopting new manufacturing techniques to comply with emission control regulatory norms. Researchers have also been implementing novel product designs and improvised concepts to increase the fuel efficiency of vehicles, which in turn, will boost automotive wheel industry size. Rising spending capabilities of consumers across the globe is also fueling the product demand. Of late, consumers have been prioritizing comfort, durability, and product design, which will provide a significant impetus to global automotive wheel industry. In fact, estimates claim automotive wheel market to collect a revenue of USD 91.6 billion in terms of revenue and 600 million units in terms of volume, by 2024, having held a valuation of USD 82.2 billion in 2016.
Europe Automotive Wheel Market Size, By Vehicle, 2016 & 2024 (USD Million)
Major automotive manufacturers across North America and Europe are treading towards the production of lightweight vehicles, owing to the increasing concerns over environmental pollution. Aluminum is one of many materials that is used to construct these light weight vehicles, and has also been gaining popularity pertaining to the benefits it provides such as low weight, improved design, and excellent performance. As per estimates, aluminum-based automotive wheel market will surpass a revenue collection of USD 55 billion by 2024. The implementation of strict regulatory norms to reduce carbon emissions mainly across Europe and U.S. will propel automotive wheel industry growth.
U.S. automotive wheel industry will generate a revenue of more than USD 14 billion by the end of 2024. The country is renowned for the excessive deployment of vehicle safety policies, which will influence the product demand noticeably. In addition, the nation has been experiencing a rising need for efficient braking systems, which will eventually stimulate U.S. automotive wheel market. The industry giants across this region are also investing heavily in technological advancements and R&D activities to enhance manufacturing operations and product designs. Speaking of which, the key participants in automotive wheel market are Alcoa, maxion wheels, mefro wheels GmbH, Ronal Group, Borbet, UniGroup, magnetto wheels, Fondmetals, Enkei Wheels, and Trelleborg.
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Surging innovations in product design has generated lucrative opportunities for various OEMs to penetrate automotive wheel market. In fact, automotive wheel market size from OEMs was valued at USD 67 billion in 2016 and will exhibit considerable annual growth rate over the coming timeframe. Emergence of the V2V technology and significant changes in the IC engine will stimulate market size positively. OEMs have also benefitted from supportive manufacturing policies implemented by numerous Asian countries. On that note, Asia Pacific automotive wheel industry will collect a significant revenue by 2024 with a CAGR of more than 5% over the coming seven years.
Rapid urbanization trends across the globe have changed the consumer standards of living, on account of which people across the globe have been giving preferences to personal cars. As per research, in 2016, passenger cars dominated the vehicle segment of automotive wheel industry by accounting more than 80% of the revenue share and will generate notable valuation by the end of 2024. China is one of the major producers of passenger cars production, which is evident from the statistics – the nation manufactured more than 24 million units of passenger cars in 2016.
Apart from passenger cars, LCVs (light weight commercial vehicles) have also been gaining prominence among consumers. Research states that automotive wheel market from LCVs will register an annual growth rate of more than 4% over 2017 to 2024, owing to the growing urbanization and goods transportation. The EU has deployed emission norms such as Euro 6/VI and 6 for heavy duty and light duty vehicles respectively, which will subsequently influence this segment. Spain, Germany, Belgium, Austria, Netherlands, and Finland are the major contributors of the Europe regional automotive wheel industry growth.
OEMs, in recent times, have been making strategic agreements with suppliers to expand the business space. Innovations in product design and manufacturing processes will create numerous growth opportunities for industry players in automotive wheel market. Mergers & acquisitions and joint ventures will continue to remain the key growth strategies that major companies will adopt, in order to stay ahead of their rivals in automotive wheel market.
Author Name : Sunil Hebbalkar