Automotive trailer wheel rim is the exterior edge of a vehicle that holds the tire. The materials used for manufacturing those rims include steel, aluminum alloy, and magnesium among others. It is characterized by its design, diameter, and width. It provides support to the tire of the vehicle. It also performs various functions such as acting as a supporting link to the suspension unit of the vehicle.
Growing automotive industry is one of the major factors driving growth of the automotive trailer wheel rims market
One of the major factors attributed to growth of the market is rising production of vehicles worldwide. For instance, according to the International Organization of Motor Vehicle Manufacturers, the total number of vehicles produced in 2016 was 95 million units, which increased to 97 million units in 2017, globally. Therefore, increasing number of vehicles on road is leading to rising demand for automotive trailer wheel rims. Moreover, players in the market are developing advanced and innovative rims, in order to sustain in the market. For instance, the Maxion Wheel, a world leader in the light-weight wheel market, currently supply aluminum wheel rims to every major OEM in the world. The benefits offered by aluminum material over the steel material is that they are often several pounds lighter per wheel, which means quicker acceleration and faster stopping. Moreover, less weight also means less strain on suspension components. In extreme driving conditions, alloy wheels are able to dissipate heat away from brake components than their steel counterparts. Hence, these factors will propel growth of the automotive trailer wheel rims market.
Global Automotive Trailer Wheel Rims Market: Segment Trends
Among vehicle type, passenger vehicles segment accounted for the largest market share in 2017 and is the fastest growing segment, owing to increasing sales of these vehicles worldwide. According to the International Organization of Motor Vehicle Manufacturers, the total units of passenger cars sold in 2015 was 69 million, which increased to 72 million in 2016, globally. Furthermore, increasing R&D investment by original equipment manufacturer (OEMs) will improve riding quality and also reduce overall weight of the vehicles, which in turn will make the vehicles fuel efficient. Hence, increasing sales of passenger vehicles will inadvertently increase the demand for automotive trailer wheel rims, thereby fueling growth of the market.
High maintenance cost is one of the major factors restraining growth of the automotive trailer wheel rims market
One of the major factors hindering growth of the global automotive trailer wheel rims market is the high maintenance cost that has to be incurred. For instance, according to Coherent Market Insights’ analysis, the cost incurred for straightening a bent rim is around US$ 75 or less whereas the cost incurred for repainting wheel rim requires over US$ 200 per wheel and cost incurred in entire replacement of wheel rim was over US$ 500. Therefore, high cost acts as a barrier for growth of the global market.
Global Automotive Trailer Wheel Rims Market: Regional Insights
Asia Pacific automotive trailer wheel rims market is expected to grow at a highest CAGR over the forecast period (2018–2026). This growth is attributed to presence of emerging economies such as India, China, and Japan in the region positioned as growth engines in the automotive sector. Owing to increasing vehicle production in economies such as China and India, the demand for automotive trailer wheel rims in this region has also increased. For instance, according to the Organisation Internationale des Constructeurs d'Automobiles (OICA), in India, the total number of vehicles produced in 2015 was 4.16 million and it increased to 4.48 million in 2016. Similarly, in China, the total number of vehicles produced in 2015 was 24.5 million and it increased to 28.1million in 2016. Moreover, the manufacturers of wheel rims such as Maxion wheels, Voxx wheels, Hitachi metals, and others are setting up their plants in this region, which in turn increases the demand for automotive wheel rims and further drives growth of the market. For instance, in January 2018, the Maxion Wheel set up new manufacturing plant in India for manufacturing wheels for passengers cars. Hence, all these factors will help in boosting growth of the automotive trailer wheel rims market in this region.
Global Automotive Trailer Wheel Rims market: Competitive Landscape
Major players operating in the global automotive trailer wheel rims market include TSW alloys Wheels, Maxion wheels, Voxx Products, MHT Luxury Wheels, Hitachi Metals Ltd., Zhejiang Wanfeng Auto Wheel Co., Ltd, Sota Offroad, Accuride International Inc., Vossen Wheels, Inc., and Auto Wheel & Rim.
Key players such as TSW alloys, Maxion wheel, Accuride International Inc., and others adopted product development strategies, in order to strengthen their position in the market. For instance, in September 2016, Maxion Wheels, the world’s leading wheel manufacturer, launched the industry’s lightest commercial vehicle steel wheel in the European market. The Gen34 22.5” x 9.0” steel wheel weighs 34 kilograms. This strategy will help the company to serve innovative products to their customers, thereby helping them to gain competitive edge in the market.
Global Automotive Trailer Wheel Rims Market: Taxonomy
The global automotive trailer wheel rims market is segmented on the basis of rim size, material type, vehicle type, and region.
By Rim Size:
By Material Type:
By Vehicle Type: