Automotive Trailer Wheel Rims MarketSize and Trends

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.