Automotive Wheels Aftermarket Market Analysis and Global Forecast 2023-2033

Automotive Wheels Aftermarket Market Overview

Automotive Wheels Aftermarket Market Size is expected to reach USD 1.34 Billion by 2033. The Automotive Wheels Aftermarket industry size accounted for USD 0.97 Billion in 2023 and is expected to expand at a compound annual growth rate (CAGR) of 5.87% from 2023 to 2033. The automotive wheels aftermarket market refers to the segment of the automotive industry that deals with the sale of wheels (rims) for vehicles through channels other than the original equipment manufacturers (OEMs). This market includes a variety of aftermarket wheels designed for different vehicle types, styles, and performance needs. It encompasses both replacement wheels for damaged or worn-out OEM wheels, as well as custom wheels for aesthetic enhancement or performance improvement. The aftermarket offers a wide range of options in terms of materials, sizes, finishes, and designs, catering to diverse consumer preferences. This sector is driven by factors such as vehicle customization trends, technological advancements, and consumer demand for individualization and personalization of their vehicles.

Global Automotive Wheels Aftermarket Market Synopsis

COVID-19 Impact Analysis

The Automotive Wheels Aftermarket market experienced a detrimental effect due to the Covid-19 pandemic.The COVID-19 pandemic significantly impacted the automotive wheels aftermarket market due to disruptions in supply chains, manufacturing operations, and consumer demand. Lockdowns and restrictions led to a decline in vehicle sales and aftermarket purchases as economic uncertainty prevailed. However, as restrictions eased, there was a gradual recovery driven by pent-up demand, increased preference for personal vehicles, and a rise in DIY vehicle customization projects.

Global Automotive Wheels Aftermarket Market Dynamics

The major factors that have impacted the growth of Automotive Wheels Aftermarket are as follows:

Drivers:

⮚      Changing Consumer Preferences

Consumer preferences for wheel designs, materials, and finishes change over time. Manufacturers in the aftermarket sector continually innovate to meet these changing preferences, offering a wide variety of styles, colors, and materials to cater to diverse customer tastes.

Restraint:

• High Initial Investment

Upgrading or customizing wheels can require a significant initial investment, especially for premium or high-performance aftermarket products. This high upfront cost can deter budget-conscious consumers from purchasing aftermarket wheels, particularly during economic downturns or periods of financial uncertainty.

Opportunity:

⮚      Technological Advancements

Continued advancements in manufacturing technologies, materials science, and design innovation present opportunities for aftermarket wheel manufacturers to develop cutting-edge products with enhanced performance, durability, and aesthetics. For example, the adoption of lightweight materials like carbon fiber and advanced manufacturing techniques such as 3D printing can lead to the production of high-performance aftermarket wheels that offer superior strength-to-weight ratios and improved fuel efficiency.

Automotive Wheels Aftermarket Market Segment Overview

By Material

Based on the Material, the market is segmented based on Alloy, Steel, and Other Materials. Steel wheels remain a popular choice for budget-conscious consumers and certain heavy-duty applications, while other materials cater to niche preferences and specialized requirements within the aftermarket segment.

By Coating Type

Based on Coating Type , the market has been divided into Liquid Coating and Powdered Coating. due to its superior durability, resistance to chipping, and ability to create a wide range of finishes. This coating type offers enhanced corrosion protection and aesthetic appeal, making it a preferred choice for consumers seeking long-lasting and visually appealing wheel customization options.

By Vehicle Type

Based on the Vehicle Type, the market has been divided into Passenger Cars and Commercial Vehicles. Passenger cars account for a significant portion, driven by individual consumer preferences and customization trends, while commercial vehicles represent a robust market segment, fueled by fleet maintenance and replacement needs across various industries.

By Aftermarket Type

Based on Aftermarket Type, the market has been divided into New Wheel Replacement and Refurbished Wheel Fitment. While new wheel replacement offers fresh options, refurbished wheel fitment provides cost-effective alternatives, catering to a diverse range of consumer preferences and budgetary considerations.

Global Automotive Wheels Aftermarket Market Regional Analysis

Based on region, the market has been divided into North America, Europe, Asia-Pacific, the Middle East & Africa, and Latin America. The area of North America is anticipated to dominate the market for the usage of Automotive Wheels Aftermarket, followed by those in Asia-Pacific and Europe.

Automotive Wheels Aftermarket North America Market

The North American region holds a dominant position in the Automotive Wheels Aftermarket market. In the North American Automotive Wheels Aftermarket, steady growth is driven by factors such as rising vehicle customization trends, increasing demand for premium and high-performance vehicles, and a thriving automotive aftermarket industry. Alloy wheels dominate the market due to their lightweight construction, aesthetic appeal, and performance benefits. Additionally, stringent regulations regarding vehicle emissions and fuel efficiency are influencing the adoption of lightweight wheels to enhance vehicle efficiency. The presence of key players, technological advancements, and a strong consumer base further contribute to the region’s robust aftermarket for automotive wheels.

Automotive Wheels Aftermarket Asia Pacific Market

The Asia-Pacific region is witnessing rapid growth and emerging as a significant market for the Automotive Wheels Aftermarket industry. In the Asia Pacific Automotive Wheels Aftermarket, rapid urbanization, expanding middle-class population, and increasing disposable income levels are driving significant growth. Alloy wheels are particularly popular due to their aesthetic appeal and performance advantages, aligning with the region’s preference for stylish vehicle customization. Additionally, the burgeoning automotive industry in countries like China, India, and Japan further propels aftermarket demand for wheels. Moreover, the region’s focus on sustainability and vehicle efficiency is fostering the adoption of lightweight materials and advanced manufacturing techniques

Competitive Landscape

The competitive landscape includes key players (tier 1, tier 2, and local) having a presence across the globe. Companies such as Enkei Corporation, Ronal Group, Borbet GmbH, Maxion Wheels, and CM Wheels are some of the leading players in the global Automotive Wheels Aftermarket Industry. These players have adopted partnership, acquisition, expansion, and new product development, among others as their key strategies.

Key Market Players:

• Enkei Corporation
• Ronal Group
• Borbet GmbH
• Maxion Wheels
• CM Wheels
• The Carlstar Group
• Arconic
• Superior Industries International, Inc.
• SSR Wheels
• LKQ Corporation

Key Development:

In January 2022, there might not be specific information available on Borbet GmbH’s key developments in the automotive wheels aftermarket during that time. For the latest updates on Borbet GmbH’s developments, including any new products, partnerships, or initiatives in the automotive wheels aftermarket, I recommend checking their official website or recent press releases.

Scope of the Report

Global Automotive Wheels Aftermarket Market, by Material

• Alloy
• Steel
• Other Materials

Global Automotive Wheels Aftermarket Market, by Coating Type

• Liquid Coating
• Powdered Coating

Global Automotive Wheels Aftermarket Market, by Vehicle Type

• Passenger Cars
• Commercial Vehicles

Global Automotive Wheels Aftermarket Market, by Aftermarket Type

• New Wheel Replacement
• Refurbished Wheel Fitment

Global Automotive Wheels Aftermarket Market, by Region

• North America
  • US
  • Canada
  • Mexico
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Spain
  • Benelux
  • Nordic
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • South Korea
  • Indonesia
  • Austalia
  • Malaysia
  • India
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • South Africa
  • Rest of Middle East & Africa

 

Parameters	Indicators
Market Size	2033: $1.34 Billion
CAGR	5.87% CAGR (2023-2033)
Base year	2022
Forecast Period	2023-2033
Historical Data	2021
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Key Segmentations	Material, Coating Type , Vehicle Type, Aftermarket Type
Geographies Covered	North America, Europe, Asia-Pacific, Latin America, Middle East, Africa
Key Vendors	Enkei Corporation, Ronal Group, Borbet GmbH, Maxion Wheels, CM Wheels, The Carlstar Group, Arconic, Superior Industries International, Inc., SSR Wheels, LKQ Corporation
Key Market Opportunities	Lack of awareness Low disposable income levels
Key Market Drivers	Increasing Consumer Demand Technological Advancements

 

REPORT CONTENT BRIEF:

• High-level analysis of the current and future Automotive Wheels Aftermarket Industry trends and opportunities
• Detailed analysis of current market drivers, restraining factors, and opportunities analysis in the future
• Historical market size for the year 2021, and forecast from 2023 to 2033
• Automotive Wheels Aftermarket market share analysis for each segment
• Competitor analysis with a comprehensive insight into its product segment, financial strength, and strategies adopted.
• Identifies key strategies adopted by the key players including new product development, mergers and acquisitions, joint ventures, collaborations, and partnerships.
• To identify and understand the various factors involved in the global Automotive Wheels Aftermarket market affected by the pandemic
• To provide year-on-year growth from 2022 to 2033
• To provide short-term, long-term, and overall CAGR comparison from 2022 to 2033.
• Provide Total Addressable Market (TAM) for the Global Automotive Wheels Aftermarket Market.