Global Automotive Wheels Aftermarket Market is expected to rise from its initial estimated value of USD 3.47 billion in 2018 to an estimated value of USD 4.65 billion by 2026, registering a CAGR of 3.75% in the forecast period of 2019-2026. Increasing demand for lightweight material is the major factor for the growth of this market. Global Automotive Wheels Aftermarket Market By Aftermarket (New Wheel Replacement, Refurbished Wheel Fitment), Vehicle (PC, CV), Coating (Liquid, Powdered), Material (Alloys, Steel, Others), Rim Size (13-15 Inch, 16- 18 Inch, 19- 21 Inch, Above 21 Inch), Geography (North America, South America, Europe, Asia-Pacific, Middle East and Africa) – Industry Trends and Forecast to 2026
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Some of the major competitors currently working in the global automotive wheels aftermarket market are AEZ Leichtmetallräder GmbH, ALLOY WHEEL REPAIR SPECIALISTS, LLC, Arconic, Automotive Wheels Ltd, BBS Kraftfahrzeugtechnik, Beyern Wheels, Borbet GmbH, CMWheels, ENKEI CORPORATION, Forgiato, Jian Sin Industrial Co. Ltd., KONIG AMERICAN, LKQ Corporation, MAXION Wheels Inc., O.Z. S.p.A., RAYS Co. Ltd, RONAL GROUP, Tanabe USA Inc., Status Wheels and TSW Alloy Wheels.
Wheel is a circular object that enables a vehicle or any other object to move easily. They revolve in an axle and the material used in the wheel is hard and durable. Good wheel provide stability and traction to the vehicle. Three important components of wheels are camber, caster and toe. There are alloy wheels that are made of alloy of magnesium and aluminium; they are combination of different metals and elements. They are very lighter as compared to the steel wheels and people use them to improve the appearance of their vehicle. Aftermarkets wheels are made to fit in multiple manufacturers and are made by the independent manufacturer. They are usually made with the cheaper materials as compared to the other wheels.
- Uses of alloy can improve the breaking performance; this factor is driving the market
- Light-weight allots increase the fuel efficiency of vehicles; this factor is expected to act as a driver for the market growth
- They are expensive to buy and to repair
- Alloy are not that much strong
Segmentation: Global Automotive Wheels Aftermarket Market
- New Wheel Replacement
- Refurbished Wheel Fitment
- Passenger Cars (PC)
- Commercial Vehicles (CV)
- Low Bake
- High Bake
By Rim- Size
- 13- 15 inch
- 16- 18 inch
- 19- 21 inch
- Above 21 inch
- North America
- South America
- Rest of South America
- United Kingdom
- Rest of Europe
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Saudi Arabia
- United Arab Emirates
- Rest of Middle East & Africa
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Key Developments in the Market:
- In November 2018, Wolfrace Wheels announced the launch of their new wheel which is a combination of Wolfrace GB range and Wolfrace Eurosport so that they can serve high quality alloy to their customers.
- In January 2017, Ferada wheels launched their wheel in India which cost around 1.8 lacs to 3 lakhs and are available in 19-inch or 20- inch configurations. They soon will launch 22- inch so that they can target SUV customers as well.
Competitive Analysis: Global Automotive Wheels Aftermarket Market
Global automotive wheels aftermarket market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of automotive wheels aftermarket for global, Europe, North America, Asia Pacific, South America and Middle East & Africa.
Research Methodology: Global Automotive Wheels Aftermarket Market
Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analysed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please Request an Analyst Call or can drop down your inquiry.
The key research methodology used by DBMR Research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, other data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Top to Bottom Analysis and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.
Key Insights in the report:
- Complete and distinct analysis of the market drivers and restraints
- Key market players involved in this industry
- Detailed analysis of the market segmentation
- Competitive analysis of the key players involved
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