According to a new market research report published by Credence Research “Automotive Wheel Rims Market (Material Type – Carbon Fiber Wheel Rims, Steel Disc Wheel Rims and Alloy Wheel Rims; Rim Size – From 11” to 20”, From 21” to 25” and From 26” to 35”; Sales Channel – Original Equipment Manufacturers (OEMs) and Aftermarket; Vehicle Type – Two Wheelers, Cars, Heavy Vehicles, Buses and Others) – Growth, Future Prospects and Competitive Analysis, 2018 – 2026”, the global automotive wheel rims market is set to grow with a promising CAGR of 5.1% throughout the forecast period to reach US$ 62.7 Bn by 2026.
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Rim is outer part of the wheel that holds the tire. It is a highly stressed component in vehicle that is subjected to torsional and bending loads. Wheels must be strong enough to convey the mass of the vehicle and withstand the forces that are generated amid operation. Overall automotive wheel rims market set to encounter the growth of 5.1% throughout the forecast period from 2018 to 2026, principally due to rapidly growing automotive production across the globe. The global automotive industry is in better shape than it was few years ago, especially in China, where growth remains strong. For instance, number of passenger cars sold in 2017: 79.02 Mn were much higher than average of less than 55 Mn units sold in the years from 2000 to 2014, and the prognosis for future growth is even better.
Automotive wheel rims market segmented based on material type, rim size, sales channel and vehicle type. By material type, overall market was led by alloy wheel rims in 2017, accounting for close to 50% of the total market value. Growing trend towards reduction in overall weight of vehicles, driving the growth for alloy wheel rims. Asia Pacific was the largest market for automotive wheel rims in 2017. Region represented over half of the overall market value generated around the world. Further, Asia Pacific also set to exhibit the highest growth throughout the forecast period, chiefly due to developing automotive industry across the region.
Further, carbon dioxide regulation is likely to remain tighten as effect of alarming percentage of polluting content in air. European countries, the US, China and Japan among others have sanctioned laws to lessen emissions. This will push Original Equipment Manufacturers (OEMs) to invest more in reducing overall weight of vehicles. Alloy wheel rims reduce the unstrung weight of the vehicle compared to standard steel wheels. Reduction of weight leads to more precise handling and minimizing the fuel consumption, thereby reducing the emission. With aforementioned benefits, alloy wheel rims valued for close to 50% of the overall market value generated across the world. Further, shift towards electrification of vehicles expected to provide stimulus to overall automobile production. With growing production of automobiles, automotive wheel rims expected to witness rapid growth throughout the forecast period.