Automotive Wheel Rims Market by Vehicle Type (Passenger Cars, Commercial Vehicles), by Material (Alloy, Steel, Carbon Fiber), by Sales Channel (OEM, Aftermarket), by By Vehicle Type (Passenger Cars, Commercial Vehicles), by Europe (Germany, France, U.K., Rest of Europe), by Asia Pacific (China, Japan, India, South Korea, Rest of Asia Pacific) Forecast 2024-2032
The Automotive Wheel Rims Market size was valued at USD 37.70 USD Billion in 2023 and is projected to reach USD 69.81 USD Billion by 2032, exhibiting a CAGR of 9.2 % during the forecast period.The rim is called the outer edge of the wheel, which is holding the tire. A wheel rim is an attached part of an automobile that is mounted on the axle hub of the vehicle. The main functions of the wheel rim are to rotate over the axle of an automobile so as to use power from the engine to propel the automobile; it provides support for the braking system over its body; dissipates heat generated in the body of the wheel rim to the surrounding environment; supports the whole-body weight; and withstands bearing loads due to potholes and road irregularities with a constant load on the rider's body as well as constant tire pressure. The rims are typically made from steel or aluminum alloy or carbon fiber and range in size and shape. The combination of ADAS technologies such as adaptive cruise control, lane-keeping assist, and collision avoidance systems in modern vehicles influences the design and specifications of automotive wheel rims. Wheel rims must meet stringent performance requirements to ensure compatibility with ADAS sensors and systems, driving market demand for advanced wheel rim designs. These factors may be driving the growth of the Automotive Wheel Rims Market.
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Aspects | Details |
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Study Period | 2018-2032 |
Base Year | 2023 |
Estimated Year | 2024 |
Forecast Period | 2024-2032 |
Historical Period | 2018-2023 |
Growth Rate | CAGR of 9.2% from 2018-2032 |
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Aspects | Details |
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Study Period | 2018-2032 |
Base Year | 2023 |
Estimated Year | 2024 |
Forecast Period | 2024-2032 |
Historical Period | 2018-2023 |
Growth Rate | CAGR of 9.2% from 2018-2032 |
Segmentation |
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Note* : In applicable scenarios
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