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Sep 13, 2023

Revving Up: Automotive Wheel Rims Market Projected to Reach $82 Billion by 2032 with 6.20% CAGR

The automotive wheel rims market demand is anticipated to exhibit opulent growth over the assessment period from 2022 to 2032 with a healthy CAGR of 6.20%. The market is expected to reach a valuation

The automotive wheel rims market demand is anticipated to exhibit opulent growth over the assessment period from 2022 to 2032 with a healthy CAGR of 6.20%. The market is expected to reach a valuation of US$ 44,944.6 Million in 2022 and is expected to surpass US$ 82,020.5 million by 2032. According to the Future Market Insights (FMI) reports, in the historical forecast period from 2016 to 2021 sales witnessed significant growth, registering a CAGR of 3.4%.

The outer edges, or rims, of a wheel are designed to hold the tyre in place. The ability of wheel rims to carry the weight of the vehicle and withstand operational forces depends on their strength. Aluminium, alloys, steel, magnesium, and nonferrous alloys are a few of the most popular materials used to create wheel rims.

Because of their appealing appearance and lighter weight than steel wheels, alloy wheels are increasingly gaining popularity. Because aluminium conducts heat well, alloy wheels absorb heat from the tyres and brakes work better than they do on steel wheels. How well a car brakes is significantly influenced by the wheel rims. Increased airflow to the braking system is made possible by a wheel rim with a wider diameter.

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Key Takeaways

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Competitive Landscape

An impeccable rise in the preference of vehicle owners for more silent and environment-friendly vehicles is witnessed in the global market. Furthermore, leading market players are focusing on research and development activities by ORMs which is expected to fuel growth in the upcoming years.

Key Companies Profiled

More Insights into the Automotive Wheel Rims Market

The North American market is predicted to have the largest market share in the global automotive wheel rims market accounting for 25% of the total market share in 2022. It has registered a skyrocketing growth with a CAGR of 6% over the assessment period from 2022 to 2032.

Due to the rise in disposable income in the United States and Canada, there is a surge in the global market. North America is projected to provide profitable growth opportunities for the automotive wheel rims market in the coming years.

Europe is predicted to offer profitable growth opportunities in the global market since there are various well-established players in the country such as the United Kingdom and Germany. As per FMI analysis, Europe is accountable for 12% of the total market share in 2022 with a robust CAGR of 5.7% throughout the forecast period.

Key Segments Profiled in The Automotive Wheel Rims Industry Survey

Automotive Wheel Rims Market by Product Type:

Automotive Wheel Rims Market by Size:

Automotive Wheel Rims Market by End User:

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About Us

Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

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