Wheel Market Report 2024 (Global Edition)

Global Wheel Market Report 2024 Market Size Split by Application (13-15, 16-18, 19-21, >21 inch ), by Material (Steel, Alloy, Carbon Fiber ), by Off-highway (Construction & Mining, Agriculture Tra...

Wheel Market Report Description

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Competitive Landscape of the Wheel Market

The competitive landscape of the wheel market is characterized by innovation, strategic partnerships, and a strong focus on sustainability. Companies that can effectively navigate these challenges are poised to succeed in this dynamic market.

Wheel Industry News 

In June 2021, Maxion ?nci Wheel Group, a subsidiary of ?nci Holding and Maxion Wheels, invested USD 13.19 million in a new plant to expand its heavy and commercial vehicle wheel production capacity.

(Source:https://www.maxionwheels.com/news/maxion-wheels-announces-next-investments-in-commercial-vehicle-wheel-portfolio)

In February 2023: RUSAL started using end-of-life aluminum scrap in the production of foundry alloys for the automotive industry. This production enables RUSAL to achieve a nearly 20% reduction in the full-scope carbon footprint of the resulting new produce.

(Source:https://rusal.ru/en/press-center/press-releases/rusal-begins-production-of-low-carbon-alloys-for-car-manufacturers/#:~:text=Moscow%2C%207%20February%202023%20%E2%80%94%20RUSAL,new%20product%20by%20nearly%2020%25.)

Top Companies Market Share in Wheel Industry: (In no particular order of Rank)

• Enkei International
• Inc.
• Accuride Corporation
• Iochpe-Maxion
• HRE Performance Wheels
• BORBET GmbH
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*List of Second Tier Companies, List of Third Tier/ Start-up Companies (Inquire with sales executive) Request Any Company Profile for Preview Purpose OR Data Validation!

If any Company(ies) of your interest has/have not been disclosed in the above list then please let us know the same so that we will check the data availability in our database and provide you the confirmation or include it in the final deliverables.

Regional Analysis of Wheel Market

Which Region Dominates The Wheel Market in 2024?

According to Cognitive Market Research, North America dominated the market in 2024 and accounted for around 40% of the global revenue. North America's dominance in the Wheel Market can be attributed to several key factors. Firstly, the region has a well-established automotive industry, with a high demand for wheels due to the large number of vehicles on the road. Additionally, North America is home to several major automobile manufacturers and aftermarket wheel suppliers, contributing to a robust supply chain and distribution network for wheels. Furthermore, the region's strong economy and high disposable income levels have led to a higher rate of vehicle ownership and customization, driving the demand for wheels. Moreover, technological advancements and innovations in wheel design and materials have also contributed to the market's growth in North America, as consumers seek more durable, lightweight, and aesthetically pleasing wheels for their vehicles.

Which Region is Expanding at the Fastest CAGR?

Asia Pacific's rapid growth in the Wheel Market can be attributed to several key factors. Firstly, the region's booming automotive industry, driven by economic growth, urbanization, and rising disposable incomes, has led to an increase in vehicle production and sales, thereby driving the demand for wheels. Additionally, the increasing trend of vehicle customization and aftermarket upgrades in countries like China, India, and Japan has further fueled the demand for wheels in the region. Moreover, the presence of a large number of wheel manufacturers in Asia Pacific, coupled with advancements in manufacturing technologies and materials, has made it easier for companies to enter the market and cater to the growing demand.

The current report Scope analyzes Wheel Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com

• North America (United States, Canada, Mexico)
• Europe (United Kingdom, France, Germany, Italy, Russia, Spain, Sweden, Denmark, Netherlands, Switzerland, Belgium)
• Asia-Pacific (China, Japan, Korea, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest of APAC)
• South America (Brazil, Argentina, Colombia, Peru, Chile, Rest of South America)
• Middle East and Africa (Saudi Arabia, Turkey, Nigeria, UAE, Egypt, South Africa, GCC Countries, Rest of MEA)

The above graph is for illustrative purposes only.

North America Wheel Market

According to Cognitive Market Research, the global Wheel market size was estimated at USD 36142.2 Million out of which North America held the major market of more than 40% of the global revenue with a market size of USD 14456.88 million in 2024 and will grow at a compound annual growth rate (CAGR) of 3.7% from 2024 to 2031. In North America, the wheel market is a dynamic and thriving industry, driven by a combination of factors such as technological advancements, increasing vehicle sales, and a growing demand for customization. The United States and Canada are key markets within the region, with a strong presence of both OEM (Original Equipment Manufacturer) and aftermarket players .Segmentation analysis reveals a market divided by wheel type, including steel wheels, alloy wheels, and carbon fiber wheels. Alloy wheels are particularly popular due to their lightweight and stylish designs, appealing to consumers looking to enhance the aesthetic appeal of their vehicles. In conclusion, the wheel market in North America is poised for continued growth, driven by factors such as increasing vehicle customization trends and the growing popularity of SUVs and light trucks. To capitalize on this growth, manufacturers should focus on offering a diverse range of high-quality wheels that cater to the evolving needs and preferences of consumers in the region.

Country Analysis

• According to Cognitive Market Research, the US had a major share in the Wheels market with a market size of USD 11406.48 million in 2024 and is projected to grow at a CAGR of 3.5% during the forecast period. The demand is amplified by the nation's technological advancements, increasing vehicle sales, and a growing demand for customization propels consistent growth. 
• The Canada Wheels market had a market share of USD 1734.83 million in 2024 and is projected to grow at a CAGR of 4.5% during the forecast period. Canada's increasing vehicle customization trends and the growing popularity.
• The Mexico Wheels market is projected to witness growth at a CAGR of 4.2% during the forecast period with a market size of USD 1315.58 million in 2024.

Europe Wheel Market

According to Cognitive Market Research, the global Wheel market size was estimated at USD 36142.2 Million out of which Europe market of more than 30% of the global revenue with a market size of USD 10842.66 million in 2024 and will grow at a compound annual growth rate (CAGR) of 4.0% from 2024 to 2031. In Europe, the wheel market is a vibrant and competitive industry, driven by factors such as technological advancements, changing consumer preferences, and a growing focus on vehicle aesthetics and performance. Countries like Germany, the United Kingdom, and France are key markets within the region, with a strong presence of both OEM and aftermarket players. Segmentation analysis reveals a market divided by wheel type, including steel wheels, alloy wheels, and carbon fiber wheels. In conclusion, the wheel market in Europe presents significant opportunities for growth, driven by factors such as increasing vehicle sales, a growing demand for customization, and a focus on sustainability.

• The United Kingdom Wheels market had a market share of USD 1821.57 million in 2024 and is projected to grow at a CAGR of 4.8% during the forecast period. In the UK, Wheel sales witness an upswing due to the nation's technological advancements, changing consumer preferences.
• The France Wheels market is projected to witness growth at a CAGR of 3.2% during the forecast period with a market size of USD 997.52 million in 2024.
• According to Cognitive Market Research, the Germany Wheels market size was valued at USD 2146.85 million in 2024 and is projected to grow at a CAGR of 4.2% during the forecast period. In Germany, Wheel sales surge due to the nation's growing focus on vehicle aesthetics and performance. 
• The Italy Wheels market is projected to witness growth at a CAGR of 3.4% during the forecast period with a market size of USD 932.47 million in 2024.
• The Russia Wheels market is projected to witness growth at a CAGR of 3.0% during the forecast period with a market size of USD 1680.61 million in 2024.
• The Spain Wheels market is projected to witness growth at a CAGR of 3.1% during the forecast period with a market size of USD 889.10 million in 2024.
• The Luxembourg Wheels market is projected to witness growth at a CAGR of 4.1% during the forecast period with a market size of USD 336.12 million in 2024.
• The Portugal Wheels market is projected to witness growth at a CAGR of 3.8% during the forecast period with a market size of USD 227.70 million in 2024.
• The Greece Wheels market is projected to witness growth at a CAGR of 4.3% during the forecast period with a market size of USD 130.11 million in 2024.
• Rest of Europe Wheels market is projected to witness growth at a CAGR of 2.7% during the forecast period with a market size of USD 1680.61 million in 2024.

Asia Pacific Wheel Market

According to Cognitive Market Research, the global Wheel market size was estimated at USD 36142.2 Million out of which Asia Pacific is the fastest growing market of more than 23% of the global revenue with a market size of USD 8312.71 million in 2024 and will grow at a compound annual growth rate (CAGR) of 7.5%  from 2024 to 2031. In Asia Pacific, the wheel market is experiencing rapid growth, driven by factors such as increasing vehicle sales, rising disposable incomes, and a growing demand for customization. Countries like China, India, and Japan are key markets within the region, with a strong presence of both OEM and aftermarket players. Segmentation analysis reveals a market divided by wheel type, including steel wheels, alloy wheels, and carbon fiber wheels. In conclusion, the wheel market in Asia Pacific presents significant opportunities for growth, driven by factors such as urbanization, increasing consumer aspirations, and the proliferation of electric vehicles..

• According to Cognitive Market Research, the China Wheels market size was valued at USD 3740.72 million in 2024 and is projected to grow at a CAGR of 7.0% during the forecast period. Wheel sales surge in China due to the rising disposable incomes, and a growing demand for customization.
• The Japan Wheels market is projected to witness growth at a CAGR of 6.0% during the forecast period with a market size of USD 1147.15 million in 2024.
• The India Wheels market had a market share of USD 997.52 million in 2024 and is projected to grow at a CAGR of 9.3% during the forecast period. The demand is augmented by growing demand for customization.
• The South Korea Wheels market is projected to witness growth at a CAGR of 6.6% during the forecast period with a market size of USD 831.27 million in 2024.
• The Australia Wheels market is projected to witness growth at a CAGR of 7.2% during the forecast period with a market size of USD 432.26 million in 2024.
• The South East Asia Wheels market is projected to witness growth at a CAGR of 8.5% during the forecast period with a market size of USD 573.58 million in 2024.
• The Rest of Asia Pacific Wheels market is projected to witness growth at a CAGR of 7.3% during the forecast period with a market size of USD 590.20 million in 2024.

South America Wheel Market

According to Cognitive Market Research, the global Wheel market size was estimated at USD 36142.2 Million out of which Latin America market of more than 5% of the global revenue with a market size of USD 1807.11 million in 2024 and will grow at a compound annual growth rate (CAGR) of 4.9% from 2024 to 2031. In Latin America, the wheel market is a growing sector, driven by factors such as increasing vehicle sales, expanding automotive aftermarket, and a rising demand for customized wheels. Countries like Brazil, Mexico, and Argentina are key markets within the region, with a strong presence of both OEM and aftermarket players. Segmentation analysis reveals a market divided by wheel type, including steel wheels, alloy wheels, and carbon fiber wheels. Alloy wheels, known for their lightweight and stylish designs, are particularly popular among consumers looking to enhance the appearance and performance of their vehicles. In conclusion, the wheel market in Latin America presents significant opportunities for growth, driven by factors such as economic development, increasing consumer spending power, and a growing automotive industry..

• According to Cognitive Market Research, the Brazil Wheels market size was valued at USD 773.44 million in 2024 and is projected to grow at a CAGR of 5.5% during the forecast period. Wheel sales flourish in Brazil due to the increasing vehicle sales, expanding automotive aftermarket.
• The Argentina Wheels market had a market share of USD 303.59 million in 2024 and is projected to grow at a CAGR of 5.8% during the forecast period. The demand is augmented by Argentina's rising demand for customized wheels.
• The Colombia Wheels market is projected to witness growth at a CAGR of 4.7% during the forecast period with a market size of USD 160.83 million in 2024.
• The Peru Wheels market is projected to witness growth at a CAGR of 5.1% during the forecast period with a market size of USD 148.18 million in 2024.
• The Chile Wheels market is projected to witness growth at a CAGR of 5.2% during the forecast period with a market size of USD 130.11 million in 2024.
• The Rest of Latin America Wheels market is projected to witness growth at a CAGR of 4.0% during the forecast period with a market size of USD 290.94 million in 2024.

Middle East and Africa Wheel Market

According to Cognitive Market Research, the global Wheel market size was estimated at USD 36142.2 Million out of which Middle East and Africa market of more than 5% of the global revenue with a market size of USD 1807.11 million in 2024 and will grow at a compound annual growth rate (CAGR) of 4.9% from 2024 to 2031. In the Middle East and Africa (MEA) region, the wheel market is a growing industry, driven by factors such as increasing vehicle sales, infrastructure development, and a rising demand for customized wheels. Segmentation analysis reveals a market divided by wheel type, including steel wheels, alloy wheels, and carbon fiber wheels. Alloy wheels are particularly popular due to their lightweight and stylish designs, appealing to consumers looking to enhance the appearance and performance of their vehicles. In conclusion, the wheel market in the Middle East and Africa presents significant opportunities for growth, driven by factors such as economic growth, urbanization, and a growing automotive industry.

• According to Cognitive Market Research, the GCC Countries Wheels market size was valued at USD 309.38 million in 2024 and is projected to grow at a CAGR of 6.0% during the forecast period. Wheel sales flourish in the GCC Countries due to the region's increasing vehicle sales, infrastructure development, and a rising demand for customized wheels.
• The Egypt Wheels market is projected to witness growth at a CAGR of 5.5% during the forecast period with a market size of USD 75.90 million in 2024.
• The South Africa Wheels market is projected to witness growth at a CAGR of 6.2% during the forecast period with a market size of USD 114.21 million in 2024.Wheel sales flourish in the South Africa due to the region's rising demand for customized wheels.
• The Turkey Wheels market is projected to witness growth at a CAGR of 4.7% during the forecast period with a market size of USD 62.16 million in 2024.
• The Nigeria Wheels market is projected to witness growth at a CAGR of 4.3% during the forecast period with a market size of USD 75.90 million in 2024.
• The Rest of MEA Wheels market is projected to witness growth at a CAGR of 4.2% during the forecast period with a market size of USD 85.30 million in 2024.

Wheel Market Analysis

Wheel Application Segment Analysis

According to Cognitive Market Research, the dominant rim size category is the 16-18 inch segment. These sizes are popular among a wide range of vehicles, including sedans, SUVs, and trucks. Vehicles in this category often prioritize a balance between performance, comfort, and style, making the 16-18 inch rims a popular choice. Additionally, manufacturers tend to offer a wide variety of wheel designs in this size range, further driving its dominance in the market.

The fastest-growing rim size category is the >21 inch segment. This growth can be attributed to the increasing popularity of larger and more luxurious vehicles, such as SUVs and high-end sedans. Larger rims are often associated with a more premium look and feel, which appeals to consumers looking to customize their vehicles. Furthermore, advancements in manufacturing technology have made it more cost-effective to produce larger rims, contributing to their growth in the market.

• 13-15
• 16-18
• 19-21
• >21 inch 

The above Chart is for representative purposes and does not depict actual sale statistics. Access/Request the quantitative data to understand the trends and dominating segment of Wheel Industry. Request a Free Sample PDF!

Wheel Material Segment Analysis

According to Cognitive Market Research, the dominant material category is alloy wheels. Alloy wheels offer several advantages over steel wheels, including lighter weight, better heat conduction, and improved aesthetics. Vehicles equipped with alloy wheels often have a more premium look and feel, making them a popular choice among consumers. Additionally, alloy wheels are more resistant to corrosion than steel wheels, which can be particularly appealing in regions with harsh weather conditions.

The fastest-growing material category is carbon fiber wheels. Carbon fiber wheels are known for their exceptional strength-to-weight ratio, making them lighter and stronger than both steel and alloy wheels. This results in improved performance, including better handling and braking. While carbon fiber wheels have traditionally been limited to high-end sports cars and supercars due to their high cost, advancements in manufacturing techniques have made them more accessible to a wider range of vehicles.

• Steel
• Alloy
• Carbon Fiber 

The above Graph is for representation purposes only. This chart does not depict actual Market share.

Wheel Off-highway Segment Analysis

According to Cognitive Market Research, the dominant category is construction and mining equipment. This category includes wheels used in heavy-duty vehicles such as excavators, dump trucks, and bulldozers. The dominance of this category can be attributed to the widespread use of construction and mining equipment in various infrastructure development projects worldwide. These vehicles require sturdy and durable wheels to withstand the rugged terrain and heavy loads they encounter, making them a key segment in the off-highway wheel market.

The fastest-growing category in the off-highway wheel market is agriculture tractors. The growing demand for food and agricultural products has led to an increased need for efficient farming equipment, including tractors. Wheels play a crucial role in the performance and maneuverability of agriculture tractors, driving the demand for specialized wheels designed for agricultural applications.

• Construction & Mining
• Agriculture Tractors 

Wheel Vehicle Type Segment Analysis

According to Cognitive Market Research, the dominant category is the passenger vehicle segment. This category includes wheels used in cars, SUVs, and other vehicles designed for transporting passengers. The dominance of this segment is driven by the high volume of passenger vehicles produced and sold globally. Factors such as increasing disposable income, urbanization, and changing consumer preferences for comfort and style contribute to the demand for passenger vehicles and, consequently, wheels for these vehicles.

The fastest-growing category in the wheel market is the light commercial vehicle (LCV) segment. LCVs include vehicles such as vans, pickup trucks, and delivery vehicles used for commercial purposes. The growth in e-commerce and last-mile delivery services has led to an increased demand for LCVs, driving the demand for wheels in this segment. Additionally, the expansion of urban areas and the need for efficient transportation of goods contribute to the growth of the LCV segment in the wheel market.

• Passenger Vehicle
• Light Commercial Vehicle
• Heavy Commercial Vehicle

Wheel Vehicle Class Segment Analysis

According to Cognitive Market Research, the dominant category is the economy vehicle class. This segment includes wheels used in vehicles that are affordable and offer basic features. The dominance of this segment is driven by the large volume of economy vehicles sold globally, especially in emerging markets where cost-conscious consumers prefer affordable transportation options. Additionally, factors such as increasing urbanization, rising fuel prices, and the need for efficient mobility solutions contribute to the demand for economy vehicles and, consequently, wheels for these vehicles.

The fastest-growing category in the wheel market is the luxury-priced vehicle class. This segment includes wheels used in high-end luxury vehicles that offer premium features, comfort, and performance. The growth in this segment is driven by increasing disposable income levels, especially among affluent consumers, who are willing to spend more on luxury vehicles.

• Economy
• Mid-Priced
• Luxury-Priced

Wheel End-Use Segment Analysis

According to Cognitive Market Research, the dominant category is the OEM segment. OEM wheels are those installed by the vehicle manufacturer during the production process. This segment dominates the market due to the large volume of vehicles produced globally, which require wheels as an integral part of the manufacturing process. OEM wheels are designed to meet specific vehicle specifications and performance standards, making them the preferred choice for vehicle manufacturers to ensure optimal performance, safety, and aesthetics of their vehicles.

The fastest-growing category in the wheel market is the aftermarket segment. Aftermarket wheels are those sold directly to consumers or installed on vehicles after they have been purchased from the OEM. The growth in the aftermarket segment is driven by factors such as customization trends, where vehicle owners seek to personalize their vehicles with unique wheel designs and finishes.

• OEM
• Aftermarket   

Author's Detail

Kalyani Raje

Senior Research Analyst at Cognitive Market Research

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An optimistic Senior Research Analyst with years of experience in competitive assessment and business consulting. A seasoned professional and subject-matter expert (SME) in the Automobile & Transportation vertical.

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