Market overview:

Global automotive wheel rims market is anticipated to register a CAGR of 5% between 2022 and 2030. The automotive industry has witnessed growth due to the rising disposable income levels and changing consumers' lifestyles. The sales of essential automotive components such as wheel rims are likely to rise significantly. Enhanced functionality through innovations in wheel rims improves vehicle performance.

As a result, the need for vehicle wheel edges will be sparked by this crucial component soon. However, because to the lack of awareness and low disposable income levels in lower and middle-income countries, which can limit the market expansion, the acceptance of car wheel edges has been seen to be quite constrained. Car tyres are secured to the wheel rims, which are cylindrical rings. The air pressure within tubeless tyres is kept constant by the rims, which also ensure appropriate tyre alignment. The vehicle's weight and the forces generated by vehicle operation must be supported by wheel rims that are sturdy enough to do so.

Market segmentation:

The worldwide car wheel edges market is supposed to observe moderate development during the conjecture time frame inferable from the developing vehicle creation and expanded interest for lightweight materials. These factors will drive the demand for automotive wheel rims in the coming years.

Based on region, the global automotive wheel rims market share size has been segmented into north america, europe, asia-pacific, and the rest of the world. The asia-pacific region is projected to dominate the automotive wheel rims market share size in the coming years, which can be attributed to the increasing vehicle production and prominent players operating in this region. Furthermore, the disposable income levels and spending capacity are increasing in the north american and european markets.

Industry news:

  • In october 2020, wheels india ltd commissioned a new cast aluminum wheel plant with an investment of inr 177 crore. The facility, located at thervoy kandigai, tamil nadu, will have an annual production capacity of 7.5 lakh wheels.
  • In march 2020, the chinese wheel manufacturer, zhejiang jinfei kaida, invested cny 600 million in a new aluminum wheel project with intelligent manufacturing technology and set up a new plant in jinhua economic development zone.
  • In march 2020, edag group, with eight partners, announced that they developed an aluminum alloy for use in the car, which can provide both higher strengths and higher elongations at the break as part of the bmbf-backed "Customat_3d" Research project.
  • In february 2020, rio tinto developed a new alloy for high-strength car wheels, revolution-al™, a new high-strength aluminum alloy to make lighter-weight car wheels. The wheel's increased strength enables a 7% weight reduction that can help achieve better fuel efficiency or battery range in the vehicle.

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