Wheel Rim Market For Automotive - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018 - 2026
- Transparency Market Research
The rim is the exterior edge of a vehicle wheel that holds the tire. It styles the outer circular part of the wheel on which the inside edge of the tire is mounted in vehicles. It is characterized by its design, diameter, and width. It provides support to the tire of the vehicle. It also performs various functions such as acting as a supporting link to the suspension unit of the vehicle.
Tires should be protected as replacing them is a costly affair. Protection of the tire is a driving factor for the automotive wheel rim market. Alloy materials act as heat conductors. Vehicle wheel rim made with alloy materials can help brakes disperse their heat more efficiently. Cooler operating temperatures can reduce brake tear and improve the receptiveness of the brakes under extreme conditions. This is expected to fuel the automotive wheel rim market in the near future. Rise in production of vehicles over the next few years is also estimated to propel the automotive wheel rim market. However, the need for replacement due to accidents is a disadvantage of wheel rims for automotive.
Wheel rim market for automotive can be segmented based on material type, size, vehicle, sales channel, and region.
Based on material type, the wheel rim market for automotive can be classified into steel wheel rim, and two more wheel rim types. Steel wheel rims are the cheapest option, and they are also very durable. However, steel rims are heavier than their counterparts. As weight is major concern in manufacturing of the automobile, use of steel wheel rim is likely to decline during the forecast period 2018 – 2026.
In terms of size, the wheel rim market for automotive can be categorized into below 20”, and two broader sub segments. Size of the rim changes as per the vehicle type.
Based on vehicle type, the automotive wheel rim market can be classified into passenger vehicles (PV) and commercial vehicles (CV). Passenger vehicles include hatchback cars, sedans, multi- purpose vehicles (MPV), and sport utility vehicles (SUV). Commercial vehicles include light-weight commercial vehicles (LCV) and heavy commercial vehicles (HCV). Size of the wheel varies in different vehicles and so does the size of the wheel rim. Wheels used in commercial vehicles are designed such that they can bear the particular load capacity. Therefore, wheel rims have a variety of applications.
In terms of sales channel, the wheel rim market for automotive can be divided into original equipment manufacturer (OEM) and one more segment. A large number of global players is involved in the production of automotive wheel rims.
Based on region, the wheel rim market for automotive can be split into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific accounts for a major share of the global wheel rim market for automotive, owing to a high adoption rate of automotive wheel rims and a booming automotive sector in the region leading to an increased production of vehicles with wheel rims for automotive, especially in China and India.
Some of the key players in the global wheel rim market for automotive are TSW alloy Wheels, Euromax Wheel, Maxion Wheels, Voxx Wheel, MHT Luxury Wheels, Sota Offroad, Status Wheels (TUFF A.T), Fuel Offroad Wheels, and Wheel Pros LLC.
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