Global Automotive Wheel Rims Market is anticipated to register a CAGR of 4% between 2020 and 2026 and reach an approximate value of USD 45 Billion in 2026. A wheel rim is a part of the wheel, which is designed to hold the tire. Wheel rims need to be strong enough to bear vehicle weight and withstand forces generated by motion. Materials that are used to produce wheels have become sophisticated, and steel, non-ferrous alloys, Aluminum, and Magnesium are the most common. Alloy wheels are gaining popularity due to their appearance as well as low weight as compared to steel wheels. Aluminum acts as a conductor of heat, and alloy wheels dissipate heat from tires and brakes more effectively than steel wheels. Wheel rims mainly affect the braking of a vehicle. There have been tremendous developments in the wheel rims industry during the last couple of years.
In 2019, Asia-Pacific Contributed Significantly to the Automotive Wheel Rims Market in Terms of Share: MRFR
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Based on region, the global automotive wheel rims market is segmented into North America, Europe, Asia-Pacific, and the rest of the world. Asia-Pacific accounts for a major share of the global automotive wheel rims market, owing to the high adoption of automotive wheel rims by the booming automotive sector in the region, especially in China and India. The automotive wheel rims market is segmented based on size, material, end user, and region. Based on size, the global automotive wheel rims market has been segmented into 13-15-inch, 16-18-inch, 19-21-inch, and >21 inches. Based on material, the automotive wheel rims market has been segmented into steel, alloy, and carbon fiber. The alloy material segment held a significant share and is anticipated to grow at a high rate during the forecast period due to the consumers’ increasing preference. They are highly preferred due to benefits such as being lightweight, improving the vehicle-handling dynamics, and enabling compliance with stringent emission norms. By end users, the global automotive wheel rims market has been bifurcated into OEM and aftermarket. The OEM end-user segment held a significant share in the global market in 2019.
Global Automotive Wheel Rims Market is anticipated to register a CAGR of 4% between 2020 and 2026 and reach an approximate value of USD 45 Billion by 2026.