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.
Reasons to Purchase
- Gain a truly global perspective with the most comprehensive report available on this market covering 12+ geographies.
- Understand how the market is being affected by the coronavirus and how it is likely to emerge and grow as the impact of the virus abates.
- Create regional and country strategies on the basis of local data and analysis.
- Identify growth segments for investment.
- Outperform competitors using forecast data and the drivers and trends shaping the market.
- Understand customers based on the latest market research findings.
- Benchmark performance against key competitors.
- Utilize the relationships between key data sets for superior strategizing.
- Suitable for supporting your internal and external presentations with reliable high quality data and analysis
Scope
Markets Covered:
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
30. Appendix
A selection of companies mentioned in this report includes
- Konig Wheels
- Ronal AG
- Beyern Wheels Company
- Enkei Corporation
- 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.
- Lenso Wheels
- MSW Wheels
- Zhejiang Jinxuan International Trade Co. Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/u4uo0v-wheel?w=5
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world’s leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Media Contact:
Research and Markets
Laura Wood, Senior Manager
[email protected]
For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716
Logo: https://mma.prnewswire.com/media/539438/Research_and_Markets_Logo.jpg
View original content:https://www.prnewswire.com/news-releases/automotive-wheel-aftermarket-global-market-report-2022-sector-to-reach-5-28-billion-by-2026-at-a-3-8-cagr-301747095.html
SOURCE Research and Markets
Featured image: Megapixl © Jf123
