| Study Period | 2019 - 2030 |
| Market Size (2025) | USD 40.41 Billion |
| Market Size (2030) | USD 55.36 Billion |
| CAGR (2025 - 2030) | 6.50 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Automotive Wheel Market Analysis
The Automotive Wheel Market size is estimated at USD 40.41 billion in 2025, and is expected to reach USD 55.36 billion by 2030, at a CAGR of 6.5% during the forecast period (2025-2030).
Over the long term, alloy wheels have been gaining popularity due to their attractive appearance. They are lighter in weight and can dissipate heat more effectively from tires and brakes than steel wheels. Additionally, the market growth of alloy wheels is being driven by an increase in capital investment and research and development spending by original equipment manufacturers (OEMs), particularly in the passenger car segment.
The market for automotive wheels is expected to grow over the coming years due to the rising popularity of alloy wheels in mid-specification car models worldwide. Even in developing nations such as India, diamond-cut and dual-tone alloy wheels are being introduced as standard features in economical car models, further driving the demand for alloy wheels.
An increase in the sales of electric vehicles is expected to boost the demand for automotive wheels in the coming years. Asia-Pacific is currently the major player in the market, followed by Europe. Asia-Pacific is anticipated to register the highest growth rate, while Japan and South Korea are expected to contribute significantly to its revenue growth over the following years.
Automotive Wheel Market Trends
Alloy Wheels Hold a Major Market Share
The word alloy is a scientific term that denotes two or more combined metals that have properties different from those of the original elements. Alloy wheels are generally a mixture of aluminum and magnesium, used to create a strong and lightweight wheel rim with improved strength and resistance to corrosion compared to traditional steel wheels. Alloy wheels can also be molded into aerodynamic shapes, making them popular for performance-oriented operators or drivers.
Moreover, alloy wheels are manufactured as single-piece rims and discs and are produced using a forged process. Magnesium and aluminum alloys are commonly used in most off-highway wheels to reduce their weight.
Magnesium alloys exhibit good fatigue properties and resilience, so they can resist vibrational and shock loading better than other alloy types. Magnesium alloys produce a weight savings of 30% over aluminum alloys and 50% over steel for similar strength.
Several key players are expanding their manufacturing facilities across the major regional markets and investing in research and development facilities, which in turn is likely to drive significant growth for the market during the forecast period. For instance,
- In February 2023, RUSAL started using end-of-life aluminum scrap in the production of foundry alloys for the automotive industry. This production enabled RUSAL to achieve a nearly 20% reduction in the full-scope carbon footprint of the resulting new product.
Alloy wheels often have a more appealing and stylish appearance compared to traditional steel wheels. While aesthetics may not be the primary concern in off-highway equipment, a well-designed alloy wheel can still contribute to the overall visual appeal of the machinery. Due to their lighter weight, alloy wheels can contribute to improved fuel efficiency by reducing the overall weight of the equipment.
Factors such as growing vehicle production and major countries globally opting for several government initiatives, coupled with the manufacturing of vehicles across the major regions, are promoting e-mobility. However, the impact of the COVID-19 pandemic has resulted in slow growth. The demand for premium and luxury vehicles is increasing in developing economies like China and India because of the increased spending power of people living in these regions.
The abovementioned developments worldwide are likely to increase the demand for alloy wheels during the forecast period.
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Asia-Pacific Remains the Market Leader
Asia-Pacific is expected to dominate the automotive wheels market during the forecast period. This growth is mainly attributed to China and India. With almost 60% of the world's vehicles in the region during the forecast period, the demand for automobiles across Asia-Pacific will be the highest globally, owing to the region's highest population percentage and two densely populated nations, China and India.
The income level of the people in this region is also growing at a very rapid pace. The region accounts for a large share of mid-income people concerned with vehicle fuel economy. With the reduction in the overall weight of the vehicle, fuel economy is expected to grow. With the demand for automobiles, the wheels market is also expected to grow during the forecast period.
China, being the largest automotive market globally, is also expected to play a crucial role in pushing the market forward, primarily due to the country’s workforce and manufacturing capabilities and manufacturing-friendly governmental laws.
The automotive wheel market in India is growing steadily, and the growth is expected to accelerate in the coming years. In India, the growth rate of alloy wheels is higher than the average growth rate of the automotive wheels market. Passenger cars have been growing at a rate of approximately 9% per annum.
India is one of the leading automotive component manufacturing countries. The rise in vehicle sales and increase in investments across the country is likely to create a lucrative opportunity for the market over the coming years.
Consumers in India are increasingly preferring to avail luxury vehicles attributed to the rising purchasing power, which, in turn, is positively impacting the demand for this segment of the market, as major luxury vehicle manufacturers are employing alloy wheels in their models to enhance customer convenience.
- Luxury car sales in India crossed 30,000 units in the first nine months of 2023 (January to September 2023), with leading luxury vehicle manufacturers such as Mercedes-Benz and Audi recording double-digit growth. Mercedes-Benz sold more than 12,768 units during the same period, followed by BMW (9,850 units) and Audi India (5,330 units).
- On the other hand, Jaguar Land Rover witnessed a surging growth of 108% in the second quarter of 2023 compared to the same period in 2022.
Owing to the abovementioned developments, the Asia-Pacific automotive wheels market is likely to witness major growth during the forecast period.
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Automotive Wheel Industry Overview
The automotive wheels market is dominated by several key players, such as Superior Industries, Enkei Wheels, HRE Wheels, and Borbet GmbH. Companies invest in R&D continuously to innovate new products and technologies. Advances in materials and manufacturing technology drive the automotive wheels market. By adopting new design tools and materials, manufacturers can include the latest features. Some are upgrading facilities to keep up with demand, resulting in significant market growth. For instance,
- In September 2023, UNO Minda, a leading manufacturer of automotive components, joined hands with Kosei Aluminum to introduce a new range of alloy wheels in the Indian aftermarket. This strategic collaboration was aimed at expanding the company's product portfolio and offering customers a wider choice of high-quality automotive products nationwide. The new alloy wheels are expected to meet the growing demand for premium-quality automotive components among car enthusiasts and industry professionals alike.
- In May 2023, Accuride announced that it would add valve-mounted TPMS-compatible valve stems to its aluminum wheels at no extra cost. This addition will not change the fit and form of the wheel or stem but will enable the wheel to support valve-mounted TPMS sensors, with the valve placement and accessibility staying the same.
- In September 2022, Maxion Wheel invested USD 150 million in Germany. Through this investment, the company expanded its commercial vehicle wheel portfolio across Europe.
Automotive Wheel Market Leaders
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Enkei International, Inc.
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Accuride Corporation
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BORBET GmbH
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Iochpe Maxion SA
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TOPY INDUSTRIES LIMITED
- *Disclaimer: Major Players sorted in no particular order
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Automotive Wheel Market News
- April 2024: Steel Strip Wheels Limited secured its first contract to supply aluminum wheels to a leading Indian passenger car manufacturer. The company already supplies steel wheels to the same OEM.
- December 2023: Advantec Wheel invested USD 11.99 million in India for the expansion of its wheel manufacturing facility in New Delhi. Through this expansion, the company announced plans to produce 200,000 units per unit capacity.
Automotive Wheel Industry Segmentation
A wheel with a tire, rim, and hubcap propels the car. Automotive wheels are manufactured using steel, carbon fiber, or a composite of lightweight metal alloys, such as aluminum or magnesium.
The automotive wheel market is segmented by vehicle type, material type, sales channel, and geography. By vehicle type, the market is segmented into passenger cars and commercial vehicles. By material type, the market is segmented into steel, alloy, and carbon fiber. By sales channel, the market is segmented into original equipment manufacturers (OEMs) and aftermarket. By geography, the market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World. For each segment, the market sizing and forecasts have been done based on value (USD).
| By Vehicle Type | Passenger Car | ||
| Commercial Vehicle | |||
| By Material Type | Steel | ||
| Alloy | |||
| Carbon Fiber | |||
| By Sales Channel | Original Equipment Manufacturer | ||
| Aftermarket | |||
| By Geography | North America | United States | |
| Canada | |||
| Rest of North America | |||
| Europe | Germany | ||
| United Kingdom | |||
| France | |||
| Italy | |||
| Spain | |||
| Rest of Europe | |||
| Asia-Pacific | India | ||
| China | |||
| Japan | |||
| South Korea | |||
| Rest of Asia-Pacific | |||
| Rest of the World | South America | ||
| Middle East and Africa | |||
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Automotive Wheel Market Research FAQs
How big is the Automotive Wheel Market?
The Automotive Wheel Market size is expected to reach USD 40.41 billion in 2025 and grow at a CAGR of 6.5% to reach USD 55.36 billion by 2030.
What is the current Automotive Wheel Market size?
In 2025, the Automotive Wheel Market size is expected to reach USD 40.41 billion.
Who are the key players in Automotive Wheel Market?
Enkei International, Inc., Accuride Corporation, BORBET GmbH, Iochpe Maxion SA and TOPY INDUSTRIES LIMITED are the major companies operating in the Automotive Wheel Market.
Which is the fastest growing region in Automotive Wheel Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2025-2030).
Which region has the biggest share in Automotive Wheel Market?
In 2025, the Asia Pacific accounts for the largest market share in Automotive Wheel Market.
What years does this Automotive Wheel Market cover, and what was the market size in 2024?
In 2024, the Automotive Wheel Market size was estimated at USD 37.78 billion. The report covers the Automotive Wheel Market historical market size for years: 2019, 2020, 2021, 2022, 2023 and 2024. The report also forecasts the Automotive Wheel Market size for years: 2025, 2026, 2027, 2028, 2029 and 2030.
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Automotive Wheel Industry Report
The automotive wheel industry is on an upward trajectory, fueled by the demand for lightweight materials and enhanced vehicle dynamics to boost fuel efficiency and comply with strict emission norms. This growth is particularly evident in the adoption of alloy wheels in passenger vehicles, driven by the transition towards electric vehicles that benefit from the weight balance provided by lightweight alloy wheels. The market, segmented by material into steel, alloy, and carbon fiber, and by vehicle type into passenger, light commercial, and heavy commercial vehicles, sees passenger vehicles dominating due to increased global production and sales. The industry is further divided into original equipment (OE) and aftermarket segments, with OE leading due to the durability of wheels. The Asia Pacific region, with high vehicle production in China and India, leads geographically. Innovations in materials and compositions offer promising growth opportunities in the automotive wheel market. For detailed insights, Mordor Intelligence™ provides an in-depth analysis, including market share, size, revenue growth rate, and a forecast outlook, available as a free report PDF download.
