"Market Intelligence for High-Geared Performance"

Automotive Wheel Rims Market Size, Share & Industry Analysis, By Vehicle Type (Passenger Cars and Commercial Vehicles), By Material (Alloy, Steel, and Carbon Fiber), By Sales Channel (OEM and Aftermarket), and Regional Forecasts, 2024-2032

Last Updated: June 03, 2024 | Format: PDF | Report ID: FBI102032



Play Audio Listen to Audio Version

The global automotive wheel rims market size was valued at USD 40.66 billion in 2023. The market is projected to grow from USD 43.99 billion in 2024 to USD 91.53 billion by 2032, exhibiting a CAGR of 9.6% during the forecast period.

As the demand for high-power and efficient automobiles increases, so does the adoption of lightweight automotive wheel rims. Wheel rims play a crucial role in improving the driving experience; for instance, lightweight wheel rims enhance the vehicle's power-to-weight ratio, improving ride quality and performance. Moreover, well-built wheel rims improve the vehicle's stability, enabling the wheel to perform accurate rolling, braking, and other critical operations.

Rims improve not only the performance but also the vehicle's aesthetics. The wide range of automotive wheel rims with diverse designs and coatings in the market will enhance the vehicle's aesthetics. Therefore, the growing popularity of new vehicles among various age groups drives the global market growth. Most automotive rims are manufactured using conventional materials such as alloys and steel.

However, automotive wheel rims manufactured from advanced materials such as carbon fiber, which has various favorable properties including high tensile strength, thermal & chemical resistance, lightweight, stiffness, and others, have been witnessing surging adoption in high-performance automotive such as sports cars. The COVID-19 pandemic has negatively impacted this market. Dropped automotive sales and halted transportation activities worldwide, suppressed the sales of automotive wheel rims in both Original Equipment Manufacturers (OEM) & aftermarket.

Automotive Wheel Rims Market Trends

Demand for Lightweight Wheels for Lightweight Vehicles to Drive the Market Growth

As gasoline prices continue fluctuating, automakers have been vigorously improving the miles per gallon to target consumers with budget limits. Hence, the companies are highly focused on improving the fuel economy rating. Therefore, the ongoing trend among vehicle manufacturers to provide improved miles per gallon efficiency by lowering the overall weight of the automobile is one of the major factors driving the automotive wheel rims market growth. To do so, the manufacturers are adopting metals such as aluminum alloys to manufacture auto parts, including wheel rims to reduce the vehicle's overall weight further. Additionally, advanced vehicles such as EVs are already hefty owing to the weight of lithium-ion battery packs. Therefore, automakers’ preference to use these lightweight materials in the new generation automobiles to improve energy efficiency and travel range will likely accelerate the market growth in the coming years.

Request a Free sample to learn more about this report.

Automotive Wheel Rims Market Growth Factors

Surging Automotive Production & Sales to Drive Market Growth

Increasing automotive production and sales worldwide is primarily driving the growth of this market. The market for automobiles is expected to grow significantly owing to increasing focus of manufacturers toward the introduction of EV models. Furthermore, rising consumer awareness toward environment and helping toward carbon neutrality is motivating car buyers to switch toward EVs, leading to higher sales of vehicle than before. Automotive production has been witnessing consistent growth post-pandemic. Therefore, these rising automotive production activities influence OEMs' demand for automotive rims.

Moreover, growth in automotive sales driven by factors such as the rising popularity of personal transportation coupled with the increasing disposable income and standard of living among the populace residing in emerging economies are expected to boost the market growth in years to come.

Increasing Demand for Customized Wheel Rims to Fuel Market Growth

Customizing wheel rim is one of the economical ways to improve vehicle aesthetics. Therefore, consumers' increasing demand for customized wheel rims for a unique and stylish look is a prominent market driving factor. Car enthusiast exhibit the inclination toward upgrading their vehicle for aesthetics and attractive styling purposes. Various car manufactures are including multiple rim styles for their vehicle models to allow consumers to choose the design and shapes of the rims according to their needs and preferences. Moreover, manufacturers focus on automotive wheel rims with various coatings for an elegant look to attract customers. Furthermore, the increasing number of social & racing events across developed economies is also influencing the populace to adopt stylist-customized wheel rims to improve the aesthetics of their cars specifically for the events.


Volatility in Raw Material Prices to Hamper Market Growth

Raw material price fluctuation and supply shortage are significant factors hampering market growth. For instance, in September 2022, the Aluminium Association of India (AAI) informed the government of India regarding challenges faced by the non-power sector. AAI stated that companies are witnessing enormous material production, cost, and supply disruption due to plummeted coal supply to the non-power sector, including aluminum, steel, and cement. This volatility in raw material supply due to various factors may hamper the market growth.

Automotive Wheel Rims Market Segmentation Analysis

By Vehicle Type Analysis

Increasing Demand for Personal Transport to Boost Growth of Passenger Cars Segment

By vehicle type, the market is segmented into passenger cars and commercial vehicles.

The passenger cars segment held the largest market share in 2023 and is expected to dominate the market during the forecast period. The segment accounted for the largest share of global vehicle production. Moreover, increasing demand for personal transport and the growing popularity of new-generation automobiles, including connected cars and electric vehicles, fuel the demand for high-quality lightweight rims. Furthermore, improving the standard of living and disposable income in developing economies also influences the market's growth. 

The commercial vehicles segment also accounted for a significant market share. Increasing transportation and logistics-related activities and the surging adoption of e-commerce are some of the factors driving the sales and production of commercial vehicles, further surging the demand for automotive rims. Furthermore, increasing last mile delivery operations and the expansion of e-commerce marketplaces are expected to further contribute to the demand for commercial vehicles, directly driving the demand for commercial vehicle wheel rims.

By Material Analysis

Increasing Demand for Advanced Materials for Rim Manufacturing to Drive Segment Growth

By material, the market is classified into alloy, steel, and carbon fiber. 

The alloy segment dominated the market in 2023 and is expected to continue its dominance over the forecast period. The growing popularity of aluminum alloys due to their appearance and lightweight drive market growth. Almost all automakers prefer to use aluminum alloy wheels in their automobile to improve the efficiency and performance of the vehicle. The carbon fiber segment is anticipated to witness the fastest growth during the forecast period. Increasing demand for advanced materials such as carbon fiber with lightweight and favorable properties for rim production for sports cars and high-performance vehicles is anticipated to drive segment growth.

The carbon fiber segment is expected to grow at the highest CAGR from 2023 to 2030. The heavy weight of the vehicle consumes more fuel, which, in turn, hampers the growth of the market. Key OEMs such as Mercedes and BMW have focused on adopting lightweight Carbon Fiber Reinforced Plastic (CFRP) wheel rims in most luxury and high-end vehicles to curb the excess fuel consumption in vehicles.

To know how our report can help streamline your business, Speak to Analyst

By Sales Channel Analysis

Increasing Demand for Aluminum Wheel Rims among OEMs to Drive Segment Growth

By sales channel, the market is categorized into aftermarket and OEM.

The OEM segment dominated the market in 2023 and is likely to continue its command by 2032. The low replacement rate of wheel rims and continuous production of automobiles have concentrated the sales of these rims to OEMs. Moreover, automaker’s efforts on continuous innovation for improving performance, ride quality, and aesthetics are driving the adoption of these rims with various designs, coatings, advanced materials, and others, thereby boosting the segment growth in the coming years.

The aftermarket segment is expected to grow fastest due to consumer preference for installing customized wheel rims. The growing demand for customized passenger vehicles is expected to fuel the demand for aftermarket rims.


Rising Automotive Production in the Asia Pacific to Drive Market Growth

Region-wise, the market is categorized into North America, Europe, Asia Pacific, and the rest of the world.

Asia Pacific held the largest automotive wheel rims market share in 2023. Increasing vehicle sales in China and India are expected to boost the market growth in the region. For instance, automotive sales in China are higher than in any other country globally. Moreover, supportive government regulations in China and the government's focus on banning outdated vehicles will further influence the demand for wheel rims in the region. Apart from conventional vehicles, Asia Pacific is also the hub for electric vehicles. China produces the most significant number of electric vehicles than any other country. Therefore, increasing demand for lightweight rims in these EVs will drive market growth.

North America held the second-largest market share in 2023. North America is well known for its adoption and innovation in new technologies. Therefore, automotive manufacturers in North America are highly focused on adopting advanced lightweight materials for automotive parts. Similarly, increasing demand for aluminum alloy and carbon fiber rims in North America for high-performance vehicles is supporting the market growth in the region. Moreover, surging automotive production in the U.S. is also accelerating the market growth in the region.

Europe is anticipated to witness a substantial growth rate over the forecast period. The growth is mainly driven by the region's leading automakers' increasing demand for lightweight auto parts. For instance, key players such as Volkswagen, Mercedes-Benz, Renault, and others, are highly focused on adopting lightweight auto parts to enhance the performance of their new-generation automobiles. The rest of the world covers Latin America and the Middle East & Africa. The rapidly expanding automotive industry in these regions is anticipated to boost market growth.

List of Key Companies in Automotive Wheel Rims Market

Manufacturers Focus on Partnerships with Automakers to Drive Competition in Market

The market is significantly fragmented as several domestic & international automotive wheel rims players operate in it. Therefore, various leading manufacturers are partnering with leading automakers to supply their rims to OEMs. Moreover, these automakers are investing significantly in developing lightweight material-based automotive rims for future mobility solutions.   


  • MAXION Wheels (U.S.)

  • Steel Strips Wheels Ltd. (India)

  • ESE Carbon (U.S.)

  • Accuride Corporation (U.S.)

  • Superior Industries International, Inc. (U.S.)

  • Ronal Group (Switzerland)

  • Trelleborg AB (Sweden)

  • BORBET GmbH (Germany)

  • Enkei International, Inc. (Japan)

  • Alcoa Wheels (U.S.)

  • CITIC Dicastal Co., Ltd. (China)


  • February 2023 – Ford announced to provide carbon fiber wheels for its top-of-the-heap models, including GT Supercar, Mustang Shelby GT500, and Mustang Shelby GT350R. The company also stated that it would soon offer carbon fiber wheels in its lower-line performance-oriented models.

  • September 2022 – Maxion Wheels, one of the leading wheel manufacturers, announced that its new manufacturing plant, in partnership with INCI Holdings, is ready to open in Turkey. The company stated that the new plant would be focused on manufacturing steel wheel rims for trucks.

  • September 2022 – Maxion inci Wheel Group, a joint venture between Maxion Inci and Maxion Jantas, announced a strategic investment in Manisa OIP during the IAA Transportation fair.

  • October 2020 Auto component manufacturer Wheels India Ltd. announced that its new aluminum wheels’ plant would initially focus on serving overseas.

  • September 2019 – Maxion Wheels and ZF Openmatics partnered on wheel connectivity solutions. This partnership is expected to be the world’s first fully-integrated wheel connectivity solution.


The report provides detailed market analysis and focuses on key aspects such as leading companies, product types, vehicle types, design, and technology. Besides this, the report offers insight into the market trends and highlights key industry developments. In addition to the factors mentioned above, the report encompasses several factors that have contributed to the growth of the market in recent years.

An Infographic Representation of Automotive Wheel Rims Market

To get information on various segments, share your queries with us

Report Scope & Segmentation



Study Period


Base Year


Estimated Year


Forecast Period


Historical Period


Growth Rate

CAGR of 9.6% from 2024 to 2032


Value (USD Billion) & Volume (Thousands of Units)


 By Vehicle Type

  • Passenger Cars

  • Commercial Vehicles

By Material

  • Alloy

  • Steel

  • Carbon Fiber

By Sales Channel

  • OEM

  • Aftermarket

By Geography

  • North America (By Vehicle Type, By Material, and By Sales Channel)

    • U.S. (By Material)

    • Canada (By Material)

    • Mexico (By Material)

  • Europe (By Vehicle Type, By Material, and By Sales Channel)

    • Germany (By Material)

    • France (By Material)

    • U.K. (By Material)

    • Rest of Europe (By Material)

  • Asia Pacific (By Vehicle Type, By Material, and By Sales Channel)

    • China (By Material)

    • Japan (By Material)

    • India(By Material)

    • South Korea (By Material)

    • Rest of Asia Pacific (By Material)

  • Rest of the World (By Vehicle Type, By Material, and By Sales Channel)

Frequently Asked Questions

Fortune Business Insights say that the market was valued at USD 40.66 billion in 2023 and is projected to reach USD 91.53 billion by 2032.

The market is expected to register a CAGR of 9.6% during the forecast period (2024-2032).

Increasing demand for lightweight automotive parts to drive the market growth.

Asia Pacific led the market size in 2023 and is expected to witness the fastest growth over the forecast period.

Seeking Comprehensive Intelligence on Different Markets?
Get in Touch with Our Experts

Speak to an Expert
  • 2019-2032
  • 2023
  • 2019-2022
  • 150

Personalize this Research

  • Granular Research on Specified Regions or Segments
  • Companies Profiled based on User Requirement
  • Broader Insights Pertaining to a Specific Segment or Region
  • Breaking Down Competitive Landscape as per Your Requirement
  • Other Specific Requirement on Customization
Request Customization Banner

Automotive & Transportation Clients


Client Testimonials

“We are quite happy with the methodology you outlined. We really appreciate the time your team has spent on this project, and the efforts of your team to answer our questions.”

- One of the largest & renowned medical research centers based in the U.S. on a report on the U.S. NIPT Market.

“Thanks a million. The report looks great!”

- Feedback from a consultant on a report on the U.S. Beef Market.

“Thanks for the excellent report and the insights regarding the lactose market.”

- Brazil based company specializing in production of protein ingredients.

“I liked the report; would it be possible to send me the PPT version as I want to use a few slides in an internal presentation that I am preparing.”

- Global Digital Services Agency on a report on the Global Luxury Goods Market.

“This report is really well done and we really appreciate it! Again, I may have questions as we dig in deeper. Thanks again for some really good work.”

- U.S.-based biotechnology company focussing on treatment of chronic pain.

“Kudos to your team. Thank you very much for your support and agility to answer our questions.”

- Europe-based provider of solutions to automate data centre operations.

“We appreciate you and your team taking out time to share the report and data file with us, and we are grateful for the flexibility provided to modify the document as per request. This does help us in our business decision making. We would be pleased to work with you again, and hope to continue our business relationship long into the future.”

- India-based manufacturer of industrial and specialty intermediates with a strong global presence.

“I want to first congratulate you on the great work done on the Medical Platforms project. Thank you so much for all your efforts.”

- One of the largest cosmetics company in the world.

“Thank you very much. I really appreciate the work your team has done. I feel very comfortable recommending your services to some of the other startups that I’m working with, and will likely establish a good long partnership with you.”

- U.S. based startup operating in the cultivated meat market.

“We received the below report on the U.S. market from you. We were very satisfied with the report.”

- Global hearing aids manufacturer.

“I just finished my first pass-through of the report. Great work! Thank you!”

- U.S. based solar racking solutions provider.

“Thanks again for the great work on our last partnership. We are ramping up a new project to understand the imaging and imaging service and distribution market in the U.S.”

- World’s leading advisory firm.

“We feel positive about the results. Based on the presented results, we will do strategic review of this new information and might commission a detailed study on some of the modules included in the report after end of the year. Overall we are very satisfied and please pass on the praise to the team. Thank you for the co-operation!”

- Germany based machine construction company.

“Thank you very much for the very good report. I have another requirement on cutting tools, paper crafts and decorative items.”

- Japanese manufacturing company of stationery products.

“We are happy with the professionalism of your in-house research team as well as the quality of your research reports. Looking forward to work together on similar projects”

- One of the Leading Food Companies in Germany

“We appreciate the teamwork and efficiency for such an exhaustive and comprehensive report. The data offered to us was exactly what we were looking for. Thank you!”

- Intuitive Surgical

“I recommend Fortune Business Insights for their honesty and flexibility. Not only that they were very responsive and dealt with all my questions very quickly but they also responded honestly and flexibly to the detailed requests from us in preparing the research report. We value them as a research company worthy of building long-term relationships.”

- Major Food Company in Japan

“Well done Fortune Business Insights! The report covered all the points and was very detailed. Looking forward to work together in the future”

- Ziering Medical

“It has been a delightful experience working with you guys. Thank you Fortune Business Insights for your efforts and prompt response”

- Major Manufacturer of Precision Machine Parts in India

“I had a great experience working with Fortune Business Insights. The report was very accurate and as per my requirements. Very satisfied with the overall report as it has helped me to build strategies for my business”

- Hewlett-Packard

“This is regarding the recent report I bought from Fortune Business insights. Remarkable job and great efforts by your research team. I would also like to thank the back end team for offering a continuous support and stitching together a report that is so comprehensive and exhaustive”

- Global Management Consulting Firm

“Please pass on our sincere thanks to the whole team at Fortune Business Insights. This is a very good piece of work and will be very helpful to us going forward. We know where we will be getting business intelligence from in the future.”

- UK-based Start-up in the Medical Devices Sector

“Thank you for sending the market report and data. It looks quite comprehensive and the data is exactly what I was looking for. I appreciate the timeliness and responsiveness of you and your team.”

- One of the Largest Companies in the Defence Industry
We use cookies to enhance your experience. By continuing to visit this site you agree to our use of cookies . Privacy.