Automotive Wheel Market Size, Share, and Trends 2025 to 2034

Automotive Wheel Market Size and Forecast 2025 to 2034

The global automotive wheel market accounted for USD 48.68 billion in 2024 and is anticipated to reach around USD 89.99 billion by 2034, expanding at a CAGR of 6.34% from 2025 to 2034. The significant features of wheels including robust construction, lower cost, less maintenance, and high production raise their adoption in the automotive wheel industries and accelerate the growth of the automotive wheel market.

Automotive Wheel Market Key Takeaways

• Asia Pacific led the global market with the highest market share of 33.14% in 2024.
• By material type, the aluminum segment has held the largest market share in 2024.
• By material type, the alloy segment is expected to grow at a remarkable CAGR during the forecast period.
• By vehicle type, the passenger vehicles segment captured the biggest revenue share in 2024.
• By vehicle type, the heavy commercial vehicle segment is expected to expand at the fastest CAGR over the projected period.

Role of Artificial Intelligence in the Automotive Sector

Artificial intelligence and generative AI have great potential to revolutionize the automotive industries and the automotive market by addressing and fulfilling the needs of customers. Generative artificial intelligence can harness a huge amount of data to provide useful insights into customer behavior. It can analyze vast amounts of data including browsing history, purchase patterns, and social media activity to create dynamic customer profiles that help to drive targeted marketing efforts. GenAI can transform a huge amount of data into personalized narratives. It also allows brands to organize personalized marketing campaigns for potential customers.

Asia Pacific Automotive Wheel Market Size and Growth 2025 to 2034

The Asia Pacific automotive wheel market size was estimated at USD 16.20 billion in 2024 and is predicted to be worth around USD 31.15 billion by 2034, at a CAGR of 6.76% from 2025 to 2034.

Asia-Pacific segment dominated the global automotive wheel market in 2024, in terms of revenue and is estimated to sustain its dominance during the forecast period. The market’s expansion can be attributable to growing passenger vehicle production and demand. Furthermore, the growing need for fuel efficiency and vehicle performance, as well as the increased spending power of customers in developing countries, are propelling this market in Asia-Pacific.

• In July 2024, Musashi Seimitsu Industry Co., Ltd. and the president of Japan announced that their project entitled “Industrial Cooperation Program in the Global South through Technology Transfer from Japan 2024” was selected to promote the expansion of e-mobility in the Republic of Kenya. This project is committed to accelerating the deployment and adoption of two-wheel e-mobility.  

Europe is estimated to be the most opportunistic segment during the forecast period. The automotive wheel market in Europe is expected to grow due to the rising demand for improved fuel economy in automobiles across the region. The automotive wheel market in Europe is expected to be propelled by the presence of original equipment manufacturer (OEM) across Europe with advanced material composition research and development initiatives.

• In December 2024, the Federal Ministry for Economic Affairs and Climate Protection of Germany introduced a package of measures to strengthen the car industries and accelerate the competitive edge of the German and European car industries over their American and Chinese competitors. 

Automotive Wheel Market Growth Factors

The automotive wheel market is growing due to an increase in automobile production and a continuing trend of vehicle weight reduction. The automotive wheel market is propelled by the need for light weight wheels to reduce vehicle weight and improve fuel efficiency. The industry’s growth has been boosted by technological advancements and product developments in design and material. Furthermore, the rising consumer expenditure on vehicles, together with rising population, boosts the automotive wheel market growth.

The increasing in middle-class people’s disposable income is driving the demand for the automotive wheel in the market. Furthermore, the rising vehicle demand from nations such as Germany, China, the U.S., and India is driving the growth of the automotive wheel market. 

However, raw material price fluctuation stifles the automotive wheel market expansion. Furthermore, the lack of uniformity in automotive wheel production processes is projected to constraint the market.

During the projected period, demand for automotive wheels will be restrained by the extension of component life through repair and maintenance, as this serves to extend the life of a component and so reduces the demand for new components. The new and innovative technologies are being introduced to the automotive wheel market that will allow customers to fix their wheel components without having to replace them. As more firms enter the automotive wheel market, the demand for new components, particularly wheels, will decline in both the local and regional markets.

The automotive wheel market’s growth would be hampered by the high prices of raw materials for high-performance wheels, as well as the limitations associated with inaccurate sensor input created as a result of aftermarket wheel integration. The manufacturing costs, on the other hand, will continue to be a huge obstacle to market profitability and economic viability, as will technological developments to boost performance while decreasing vehicle weight for better fuel efficiency.

In cold nations, the demand for automobiles with heavy metal wheels is growing since these wheels effectively resist sliding during snow or hail. This aspect is expected to stifle the market for automotive wheel in the coming years.

The automotive wheel market is growing due to the factors such as a strong demand for light weight vehicles. Furthermore, during the forecast period, the comparatively high cost of magnesium and aluminum wheels will limit the market expansion. Moreover, the rapid growth in the electric vehicle market is likely to provide attractive chances for market expansion in the near future. 

Market Scope

Material Type Insights

The aluminum segment dominated the market with a revenue share in 2024. With the future commercialization of the wheels, the segment is likely to be driven by the increasing application of diverse material types in dynamic environments.

The alloy segment is estimated to be the most opportunistic segment during the forecast period. The shape and performance of alloy wheels are the main factors for their adoption. The manufacturers are focusing on the lightweight construction of wheels because the automotive industry is primarily focused on energy savings.

Vehicle Type Insights

The passenger vehicles segment dominated the global automotive wheel market in 2024, in terms of revenue. This is attributed to the increased demand for passenger vehicle wheels, the segment is experiencing significant expansion. The carbon fiber composites are now used in passenger vehicle wheels to provide a combination of high strength and light weight qualities.

The heavy commercial vehicle segment is estimated to be the most opportunistic segment during the forecast period. This is due to the surge in demand for advanced features of heavy commercial vehicles in the automotive wheel market during the forecast period.

Key Companies & Market Share Insights

Many key market players are investing extensively to expand their reach in order to offer their products to original equipment manufacturers (OEMs), as well as to place their manufacturing units near OEM facilities in order to better understand OEM requirements and the regional market. The various developmental strategies such as business expansion, investments, new product launches, acquisition, partnerships, joint venture, and mergers fosters market growth and offers lucrative growth opportunities to the market players of automotive wheel. The automotive wheel market is also fragmented into many local and regional market players. In March 2020, the Zhejiang Jinfei Kaida invested for project of manufacturing aluminum wheel. To increase their market reach and position, the automotive wheel manufactures are focusing on improving their product portfolio by launching new products in the automotive wheel market during the forecast period. 

Automotive Wheel Market Companies

• Euromax Wheel
• Prime Wheel Corporation
• Aluminum Wheel Co. Ltd
• Superior Industries International Inc.
• Foshan Nanhai Zhongnan
• Enkei Corporation
• Ronal Group
• BBS GmbH
• Center Motor Wheel of America Inc.
• Topy Industries Ltd.

Latest Announcements by Industry Leaders 

• In April 2024, Jake Dingle, CEO of Carbon Revolution announced that the company was honored by prestigious global auto industry awards for innovation and recognized as a tier 1 supplier of lightweight carbon fiber wheels, and with its collaboration with General Motors. 
•  In October 2024, José Muñoz, president and global CEO of Hyundai and Genesis Motor Company of North America announced that he had received the Visionary Leader Award in the Reuters Events 2024 Automotive D.R.I.V.E. Honours. He also reported that the company is fortunate to work under the leadership of Hyundai’s Executive Chair who is committed to delivering goods and services safely, conveniently, and sustainably. 

Recent Developments

• In May 2024, the Ronal Group announced that it plans to launch a new sporty wheel with Y-spokes and Ronal R75 from its design line. 
• In May 2024, the Ronal Group reported that the company plans to incorporate a monobloc forged wheel into its range with the Ronal RF1 Forged which will be established based on experience and technical know-how from motorsport. 

Segments Covered in the Report

By Material Type

• Alloy
• Steel
• Aluminum
• Carbon Fiber

By Vehicle Type

• Passenger Vehicle
• Light Commercial Vehicle
• Heavy Commercial Vehicle

By End User

• Original Equipment Manufacturer (OEM)
• Aftermarket

By Geography

• North America
  • U.S.
  • Canada
• Europe
  • U.K.
  • Germany
  • France
• Asia-Pacific
  • China
  • India
  • Japan
  • South Korea
• MEA
• Rest of the World