NEW YORK, July 9, 2024 /PRNewswire/ -- Aftermarket alloy wheels can be a beneficial choice for consumers looking to enhance vehicle aesthetics and performance. As the global alloy wheels aftermarket market expands, driven by an aging vehicle fleet and technological advancements, consumers benefit from a wider range of options beyond OEM fitments. Despite challenges such as increased OEM fitment, key players like ALCAR HOLDING GMBH, BORBET GmbH, and others continue to innovate, offering quality and customization. This dynamic market growth, projected at a CAGR of almost 4.36% from 2024-2028, underscores aftermarket alloy wheels' appeal and resilience in meeting evolving consumer preferences.

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Market Driver

Carbon fiber alloy wheels, a lighter and stronger alternative to aluminum alloy wheels, have gained popularity in the automotive industry. Initially used in motorsport and aerospace industries, carbon fiber alloy wheels offer superior strength and stiffness, making them an ideal choice for enhancing vehicle performance. Despite being lighter than aluminum alloy wheels, carbon fiber alloy wheels maintain their strength even under impact. OEMs are increasingly adopting carbon fiber alloy wheels for passenger vehicles due to their benefits in improving vehicle efficiency, comfort, and control. Porsche was an early adopter, but now numerous OEMs and aftermarket players offer carbon fiber alloy wheels. These wheels meet and exceed industry performance requirements and help OEMs meet emission targets. The growing demand for carbon fiber alloy wheels presents significant growth opportunities for market vendors during the forecast period. 

The Automotive Wheels Aftermarket is experiencing significant trends, with OEMs (Original Equipment Manufacturers) increasingly turning to lightweight materials like aluminum and magnesium alloys for their wheels. This shift aims to reduce vehicular fuel consumption and emissions, appealing to consumer preferences for eco-friendly vehicles. However, supply disruptions and lower vehicle sales due to the pandemic have impacted the market. Tier 1 manufacturers dominate the scene, supplying to Passenger cars, Luxury vehicles, Mid-priced vehicles, and even SUVs. Technological constraints and the aviation industry's demand for lightweight materials pose challenges. Consumers and enthusiasts seek advanced materials like carbon fiber, while vehicle dynamics such as stability and traction remain crucial. The Aftermarket Type includes aluminum alloy, steel wheels, and carbon-based options. Automakers and consumers prioritize breaking performance, appearance improvement, and vehicle efficiency norms. Lightweight wheels made of advanced materials contribute to modernization and improved vehicle production. 

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Market Challenges

•         The automotive industry has seen a significant shift towards the use of alloy wheels by Original Equipment Manufacturers (OEMs). More vehicles, even in lower variants, are now being equipped with alloy wheels during production. This trend is particularly noticeable in mature markets such as the US and Europe, where a large percentage of vehicles come with alloy wheels as standard. OEMs are differentiating their offerings by providing better features to consumers, reducing the opportunities for aftermarket alloy wheel suppliers to expand their market share. For instance, in Europe, vehicles like the Nissan Qashqai, Skoda Octavia, and Volkswagen Passat all come with alloy wheels as standard. Similarly, in the US, vehicles such as the Honda Accord, Hyundai Sonata, and Toyota Corolla also feature alloy wheels across all variants. This trend is expected to negatively impact the growth of the global aftermarket for alloy wheels during the forecast period.

•         The Alloy Wheels Aftermarket faces significant challenges in catering to various vehicle segments. For luxury and premium vehicles, consumers prioritize appearance improvement and vehicle dynamics. Automakers often use aluminum alloys or magnesium alloys for lightweight wheels, enhancing stability, traction, and breaking performance. However, mid-priced vehicles and SUVs still rely on regular steel wheels due to cost considerations. Consumer preferences for high-performance wheels and advanced materials like carbon fiber continue to grow. Modernization of vehicle production necessitates the use of advanced materials, such as aluminum alloys and carbon-based wheels, to meet vehicle efficiency norms and reduce fuel costs. The aftermarket offers two main types: New Wheel Replacement and Refurbished Wheel Fitment. The alloy material market includes aluminum wheels, carbon wheels, and steel wheels, each with its unique benefits and challenges. Rim size and material type further add complexity to the market landscape.

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Segment Overview 

This alloy wheels aftermarket market report extensively covers market segmentation by  

1. Type 
   • 1.1 13-17 inches
   • 1.2 18-20 inches
   • 1.3 21 inches and above
2. Vehicle Type
   • 2.1 Passenger vehicle
   • 2.2 Commercial vehicle
3. Geography 
   • 3.1 APAC
   • 3.2 Europe
   • 3.3 North America
   • 3.4 South America
   • 3.5 Middle East and Africa

1.1 13-17 inches-  The Alloy Wheels Aftermarket is a significant sector in the automotive industry. It caters to the demand for replacement and custom alloy wheels for various vehicle types. This market experiences consistent growth due to increasing vehicle sales and the preference for aesthetics and performance enhancements. Manufacturers focus on innovation, quality, and affordability to cater to diverse customer needs. The aftermarket also provides opportunities for independent retailers and installers, contributing to the industry's economic impact.

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Research Analysis

The Automotive Wheels Aftermarket refers to the sale of wheels for passenger cars, luxury vehicles, and mid-priced models after their original equipment manufacturer (OEM) installation. Lightweight materials like aluminum, magnesium alloys, and steel are commonly used in alloy wheels to reduce vehicular fuel consumption and emissions. Enthusiasts and performance-oriented drivers often prefer alloy wheels for their stability, traction, and aesthetic appeal. However, supply disruptions and lower vehicle sales due to economic conditions can impact the market. Tier 1 manufacturers dominate the market, but technological constraints limit the use of advanced materials like magnesium alloys in mass-produced wheels. The aviation industry also uses magnesium alloys for wheel production, creating potential competition. Vehicle dynamics, axle compatibility, and wheel size are crucial factors in the selection and installation of aftermarket alloy wheels.

The automotive wheels aftermarket is a significant industry, focusing on the sale and distribution of aftermarket alloy wheels for various types of vehicles. These alloy wheels, made from materials like aluminum alloys, magnesium alloys, and carbon fiber, offer improved vehicle performance and enhanced appearance. OEMs (Original Equipment Manufacturers) produce alloy wheels as original equipment for new vehicles, but the aftermarket caters to the needs of consumers seeking upgrades, replacements, or refurbished wheel fitments. Lightweight materials, such as alloys of magnesium and aluminum, are popular choices due to their ability to reduce vehicular fuel consumption and emissions. The aviation industry also influences the market due to its extensive use of lightweight materials. Consumer preferences for lightweight wheels, vehicle dynamics, and breaking performance drive the demand for alloy wheels in passenger cars, luxury vehicles, mid-priced vehicles, and even SUVs. The alloy material market includes steel wheels, carbon-based wheels, and high-performance wheels, with rim sizes varying based on the vehicle type. Supply disruptions and lower vehicle sales can impact the market, while technological constraints and vehicle efficiency norms push the industry towards advanced materials like carbon fiber and modernization of aluminum alloys. The aftermarket includes new wheel replacement and refurbished wheel fitment, with automakers and Tier 1 manufacturers supplying the raw materials and components. The alloy wheels market is a dynamic and evolving industry that continues to innovate and adapt to consumer needs and market trends.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Type
• • 13-17 Inches
  • 18-20 Inches
  • 21 Inches And Above
• Vehicle Type
• • Passenger Vehicle
  • Commercial Vehicle
• Geography
• • APAC
  • Europe
  • North America
  • South America
  • Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

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