DUBLIN, Feb. 14, 2023 /PRNewswire/ — The “Automotive Wheel Aftermarket Global Market Report 2022” report has been added to ResearchAndMarkets.com’s offering.
The global automotive wheel aftermarket is expected to grow from $4.23 billion in 2021 to $4.54 billion in 2022 at a compound annual growth rate (CAGR) of 7.4%. The automotive wheel aftermarket is expected to reach $5.28 billion in 2026 at a CAGR of 3.8%.
North America was the largest region in the automotive wheels aftermarket in 2021. The regions covered in the automotive wheel aftermarket report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Increasing sales of passenger cars are expected to propel the growth of the automotive aftermarket going forward. Cars are four-wheeled vehicles used for transportation. Aftermarket wheels are available for a wide range of vehicles and are less expensive. They are in high demand for automobiles and are used as replacement wheels more frequently in cars. For instance, according to the Federation of Automobile Dealers Associations (FADA), an India-based apex national body of the automobile retail industry, for the year 2021, passenger car sales increased annually by 39%, that is, from 1,82,651 units in 2020 to 2,53,363 units in 2021 India. In addition, commercial vehicle sales increased 98% annually, from 26,851 units in 2020 to 53,150 units in 2021. Therefore, the increasing sales of passenger cars are driving the growth of the automotive aftermarket.
New product innovations have emerged as the key trend gaining popularity in the automotive aftermarket. Major companies in the automotive aftermarket sector are focused on introducing advanced products to increase their market coverage. For instance, in September 2021, Borbet, a Germany-based company that manufactures light alloy wheels, launched new rims with a unique CWZ design that contains five double-spoke designs. It is suitable for vehicles with wheel loads of up to 1,250 kilograms. Vehicles such as VW Crafter, Amarok, T5 and T6, and Mercedes V-Class are suitable for this type of rim. These are durable and can run for a long period of time.
In August 2020, Wheel Pros, a US-based manufacturer of automotive aftermarket wheels and accessories, acquired Borbet GmbH for a deal amount of $3.35 billion. This acquisition helps Wheel Pros in the manufacturing of new model light-alloy wheels and wheel rims and also helps to expand its business all over Germany. Borbet GmbH is a German-based company that manufactures light-alloy wheels.
The countries covered in the automotive wheel aftermarket report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
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1) By Aftermarket Type: New Wheel Replacement; Refurbished Wheel Fitment
2) By Material Type: Alloy; Steel; Other Materials
3) By Coating Type: Liquid Coating; Powdered Coating
4) By Vehicle: Passenger Cars; Lightweight Commercial Vehicles; Heavy Trucks; Buses and Coaches; Trailers
5) By Distribution Channel: Retail; Wholesalers and Distributors
Key Topics Covered:
1. Executive Summary
2. Automotive Wheel Aftermarket Characteristics
3. Automotive Wheel Aftermarket Trends And Strategies
4. Impact Of COVID-19 On Automotive Wheel Aftermarket
5. Automotive Wheel Aftermarket Size And Growth
6. Automotive Wheel Aftermarket Segmentation
7. Automotive Wheel Aftermarket Regional And Country Analysis
8. Asia-Pacific Automotive Wheel Aftermarket
9. China Automotive Wheel Aftermarket
10. India Automotive Wheel Aftermarket
11. Japan Automotive Wheel Aftermarket
12. Australia Automotive Wheel Aftermarket
13. Indonesia Automotive Wheel Aftermarket
14. South Korea Automotive Wheel Aftermarket
15. Western Europe Automotive Wheel Aftermarket
16. UK Automotive Wheel Aftermarket
17. Germany Automotive Wheel Aftermarket
18. France Automotive Wheel Aftermarket
19. Eastern Europe Automotive Wheel Aftermarket
20. Russia Automotive Wheel Aftermarket
21. North America Automotive Wheel Aftermarket
22. USA Automotive Wheel Aftermarket
23. South America Automotive Wheel Aftermarket
24. Brazil Automotive Wheel Aftermarket
25. Middle East Automotive Wheel Aftermarket
26. Africa Automotive Wheel Aftermarket
27. Automotive Wheel Aftermarket Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Automotive Wheel Aftermarket
29. Automotive Wheel Aftermarket Future Outlook and Potential Analysis
A selection of companies mentioned in this report includes
Beyern Wheels Company
Maxion Wheels U.S.A. LLC
AEZ Leichtmetallrader GmbH
Superior Industries Inc.
TSW Alloy Wheels
BBS Kraftfahrzeugtechnik AG
Philippine Aluminum Wheels Inc.
Anhui Xingda Auto Parts Technology Co. Ltd.
Zhejiang Jinxuan International Trade Co. Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/u4uo0v-wheel?w=5
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