Sellbyville, DE -- (SBWIRE) -- 06/19/2019 -- Asia Pacific automotive wheel market will observe more than 4% growth up to 2024. High urbanization rate coupled with the increased consumer spending in China, India, Thailand, and Indonesia will propel the regional industry growth. The region holds the highest potential in the industry due to its large scale production and sales ratio in the automotive industry.

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Key players in the automotive wheel market share include CLN Group, Mefro, Maxion, Trelleborg AB, Titan Europe, Otto Fuchs, Jantsa, Starco, and ALCAR Holding. Joint ventures and partnerships are among the key strategies adopted by the industry players to improve market share and advanced product development.

Shifting consumer preference towards enhanced driving experience coupled with the rising need for lightweight vehicles to curb emission will drive the automotive wheel market growth. Rising trends towards material advancement to offer benefits such as corrosion resistance, fuel efficiency, and component durability have resulted in the new product development scope in the automotive wheel market.

Surging innovations in product design has generated lucrative opportunities for various OEMs to penetrate automotive wheel market. In fact, OEMs dominated the automotive wheel market in 2017 and the segment is anticipated to retain its dominant position over 2018-2024 as well. The growth in the demand for OEMs in this industry can be appropriately credited to the extended durability, robust performance irrespective of weather, and reduced replacement rates.

The escalating development of global automotive sector will generate lucrative growth avenues for automotive wheel market. Automobile producers have been adopting new manufacturing techniques to comply with emission control regulatory norms. Researchers have also been implementing novel product designs and improvised concepts to increase the fuel efficiency of vehicles, which in turn, will boost automotive wheel industry. Rising spending capabilities of consumers across the globe is also fueling the product demand. Of late, consumers have been prioritizing comfort, durability, and product design, which will provide a significant impetus to global automotive wheel industry. In fact, estimates claim automotive wheel market to surpass USD 100 billion in terms of revenue by the end of the year 2024.

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Aluminum dominated the material segment and were valued over USD 45 billion in 2018. Manufacturers are anticipated to expand their production capacities to meet the increasing product demand mainly from passenger cars. For instance, in February 2018, Maxion announced to set up new aluminum wheel manufacturing plant in Pune, India with an investment worth USD 50 million with an aim to produce over 2 lakh units annually.

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