Pune, India, Sept. 05, 2022 (GLOBE NEWSWIRE) -- The global automotive wheel rims market size is expected to reach USD 33.33 billion by 2027, exhibiting a CAGR of 8.2% during the forecast period. The increasing sales of passenger cars will contribute positively to the growth of the market, states Fortune Business Insights, in a report, titled "Automotive Wheel Rims Market Size, Share & Industry Analysis, By Material Type (Alloy, Steel, Carbon Fiber), By Sales Channel Type (Original Equipment Manufacturer (OEM) and Aftermarket), By Vehicle Type (Passenger Cars and Commercial Vehicles), and Regional Forecast, 2020-2027." The market size stood at USD 19.18 million in 2019.

The coronavirus incident has caused massive loss and disruption to various industries across the globe. We understand that this health disaster has negatively impacted various sectors across the globe. Rising support from governments and several companies can help in the fight against this highly infectious virus. There are some industries that are struggling and some are thriving. More or less, nearly every sector is estimated to be impacted by this pandemic.

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Surging Automotive Production to Promote Market in Asia Pacific

The market in Asia pacific is expected to dominate the global market during the forecast period. The growth in the region is attributed to the increasing production of automobiles in countries such as China and India. The expanding automobile industry will have a tremendous impact on the market in Asia Pacific. Europe is expected to hold a significant share during the forecast period. The growth in the region is attributed to the well-established automotive companies in countries such as Germany, France, the UK, Sweden, and others. North America is expected to account for a considerable share owing to the increasing disposable income in the U.S and Canada. The increasing demand for luxury cars to boost the growth of the market in North America.

Heavy Demand for Automobiles to Boost Market

The booming automotive industry is expected to enable speedy expansion of the market. According to Organisation Internationale des Constructeurs d'Automobiles (OICA), the automotive sector is expected to reach 100 million units in 2019. The growing focus of manufacturers towards technologically advanced components will have an excellent impact on the market. Similarly, the OEMs are also producing components to meet emission standards set by government bodies. The ongoing R&D investments by key players for the development of inexpensive cars for low-income nations will further incite the development of the market. The rising disposable income and population are expected to contribute impetus to market growth. The introduction of technologically advanced vehicles by prominent companies will further boost the growth of the market in the forthcoming years. For instance, Ford and General Motors hold 25% of global vehicle production which in turn makes North America one of the largest vehicle manufacturers.

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COVID-19 Pandemic: Declining Sales of Automotive to Obstruct Growth

The outbreak of the COVID-19 pandemic has taken a huge toll on the automotive industry across the globe. It has compelled various automakers to shut down their production processes. A decline in the sales and production of vehicles is likely to hamper the demand for Automotive Wheel Rimss amid this pandemic. Our extensively researched reports would help you choose the right strategy to come out of this grave situation.

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Diminished Automotive Demand to Thwart Growth Amid Coronavirus

COVID-19 outbreak has disrupted the production of cars in the automotive industry. Moreover, the lockdown imposed in various countries has led to the temporary closure of automotive production plants. Furthermore, the declined sale of passenger cars and commercial vehicles has negatively impacted the growth of the market. However, the high utilization of personal vehicles during coronavirus will consequently uplift the market. This factor will further boost the sales of passenger cars and commercial vehicles, which, in turn, will aid the expansion of the market.

Companies Profiled in the Automotive Wheel Rims Market Research Report:

• MAXION Wheels (Michigan, United States)

• Steel Strips Wheels Ltd (Punjab, India)

• ESE Carbon (Florida, United States)

• Accuride Corporation (Indiana, United States)

• Superior Industries International, Inc. (Michigan, United States)

• Ronal Group (Härkingen, Switzerland)

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4.2 Distributor Analysis – For Major Players

4.4 Porter's Five Forces Analysis

5. Global Automotive Wheel Rim Market Analysis, Insights and Forecast, 2016-2027

5.2. Market Analysis, Insights and Forecast – By Vehicle Type

5.3. Market Analysis, Insights and Forecast – By Sales Channel Type

5.4. Market Analysis, Insights and Forecast – By Material Type

5.5. Market Analysis, Insights and Forecast – By Region

6. North America Automotive Wheel Rim Market Analysis, Insights and Forecast, 2016-2027

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