Automotive Wheel Rims Market to Exhibit a CAGR of 9.2% during 2023-2030; Ronal R70-Blue, World’s First Carbon-Neutral Wheel created with 100% Renewable Energy to Increase Demand for Wheel Rims

The global automotive wheel rims market size was valued at USD 37.70 billion in 2022. The market is projected to grow from USD 40.66 billion in 2023 to USD 75.05 billion by 2030, exhibiting a CAGR of 9.2% during the forecast period. Fortune Business Insights™ presents this information in its report titled “Automotive Wheel Rims Market Size, Share & COVID-19 Impact 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, 2023-2030”.

Rims enhance both the appearance and performance of the vehicle. Traditional materials such as steel and alloys are used to make the majority of vehicle rims. The demand for wheel rims is growing, which will increase the automotive wheel rims market share. For instance, one of the top wheel producers, Maxion Wheels, declared that its new manufacturing facility in Turkey is ready to open in collaboration with INCI Holdings in September 2022. According to the organization, the new plant will specialize in producing steel vehicle wheel rims.

Shutdown of Vehicle Manufacturing Facilities Dived Market Growth

The automobile industry was adversely affected by COVID-19, which caused supply chain disruption, suspended manufacturing operations, shortage of raw materials, and no vehicle sales, which led to certain market setbacks. For instance, the International Organization of Motor car Manufacturers (OICA) estimates that the world's automobile production decreased by almost 15.7% in 2020 compared to 2019. The abrupt decline in vehicle production has harmed automotive wheel rim sales globally.

Ford Announced to Manufacture Carbon Fiber Alloy Wheels for their Supercars

Ford made the announcement that it would offer carbon fiber wheels for its top-tier cars, including the Mustang Shelby GT350R, Mustang Shelby GT500, and GT Supercar, in February 2023. The company added that it would soon offer carbon fiber wheels in its entry-level versions that focus on performance.

Demand for Personalized Wheel Rims to Drive Market Growth

One of the cost-effective techniques to enhance a vehicle's appearance is by customizing the wheel rim. To achieve a distinctive and fashionable look, customers demand for personalized wheel rims. To be able to draw clients, producers also concentrate on rims for car wheels with different coatings for a visually appealing appearance. Additionally, the growing popularity of social and racing events in developed economies is encouraging people to buy custom-designed automotive wheel rims to improve appearance of their vehicles for the events.

However, barriers to the market growth are fluctuations in raw material prices and shortage of supply.

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Competitive Landscape

Partnerships with Automakers are a Priority for Manufacturers to Increase Market Competition

Since there are numerous local and international companies working, this industry is highly fragmented. To provide their rims to OEMs, numerous major manufacturers are working together with top automakers. Additionally, these automakers are investing heavily in creating automobile rims made of lightweight materials to provide future options for mobility.  

Notable Industry Development: 

• January 2021: RONAL GROUP launched the world’s first carbon-neutral wheel, known as Ronal R70-blue. The company stated that it manufactured this car rim using 100% renewable energy and recyclable reused aluminum.

List of Key Players Profiled in the Report:

• 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)

Further Report Findings:

• Asia Pacific dominated the market and held a valuation of 14.95 billion in 2022. Asia Pacific serves as a hub for electric vehicles in addition to conventional vehicles. In comparison to
• every other country, China manufactures a significant number of electric automobiles. As a result, the market will expand due to the rising need for lightweight rims in these EVs. 
• The second-largest market share in 2022 belonged to North America. New technologies are widely used and innovated in North America. As a result, North American automakers put a lot of effort into using cutting-edge lightweight materials for their parts.

Report Scope & Segmentation