The global automotive wheel market was USD 50.25 billion in 2018 and is estimated to reach USD 66.72 billion by 2025 at a CAGR of 4.13% during the forecast period
Growth by Region
Asia Pacific leads the market owing to the rise in vehicle production in countries such as China and India. Europe and North America, on the other hand, are also anticipated to be promising markets due to the increasing vehicle production in the respective regions.
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Drivers vs Constraints
The global automotive wheel market is mainly driven by rising demand for vehicle weight reduction, improved vehicle dynamics for complying with stringent emission norms and also growing vehicle production. However, the market is hindered by the engineering barriers and the high price of carbon fibers.
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Industry Trends and Updates
Maxion wheels, a US-based company had planned to open new passenger aluminum wheel plant in Pune, India as a key step to develop and produce up to four million lightweight aluminum wheels annually in India. In addition to that, an additional land was also purchased for a plant expansion which will help increase its annual capacity to four million wheels in the upcoming years.
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Accuride Corporation, a US-based company completed the acquisition of Mefro Wheels GmBH, a company which supplies steel wheels mainly to the European and Asian automotive, commercial as well as constructional and agricultural equipment industries.