AUTOMOTIVE TRAILER WHEEL RIMS MARKET ANALYSIS

Regional Analysis

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.