Road Wheel Market

The article discusses the forecasted increase in the global road wheel market, with insights on market volume, value, consumption, production, imports, and exports. Key highlights include the expected CAGR of +0.2% in volume and +2.4% in value from 2022 to 2030, as well as country-specific data on consumption, production, imports, and exports. Countries like China, the United States, and Germany play significant roles in these trends, with varying growth rates and market shares. Overall, the market is projected to see steady growth in the coming years.

Market Forecast

Driven by rising demand for road wheel worldwide, the market is expected to start an upward consumption trend over the next eight-year period. The performance of the market is forecast to increase slightly, with an anticipated CAGR of +0.2% for the period from 2022 to 2030, which is projected to bring the market volume to 11M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +2.4% for the period from 2022 to 2030, which is projected to bring the market value to $73.6B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Road Wheels

Global road wheel consumption totaled 10M tons in 2022, flattening at the previous year. In general, consumption, however, continues to indicate a mild decline. The growth pace was the most rapid in 2021 with an increase of 3.8%. Over the period under review, global consumption attained the peak volume at 12M tons in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

The global road wheel market value reached $60.9B in 2022, approximately reflecting the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 with an increase of 9%. Over the period under review, the global market attained the maximum level at $65.4B in 2019; however, from 2020 to 2022, consumption failed to regain momentum.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were China (2.7M tons), the United States (1.4M tons) and India (993K tons), together comprising 49% of global consumption. Japan, Indonesia, Germany, Brazil, South Korea, Spain, Mexico, Iran, Turkey and Canada lagged somewhat behind, together accounting for a further 28%.

From 2012 to 2022, the biggest increases were recorded for Spain (with a CAGR of +5.1%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, the United States ($19.9B) led the market, alone. The second position in the ranking was held by China ($9.3B). It was followed by Turkey.

From 2012 to 2022, the average annual growth rate of value in the United States amounted to +2.0%. In the other countries, the average annual rates were as follows: China (-3.0% per year) and Turkey (-2.5% per year).

The countries with the highest levels of road wheel per capita consumption in 2022 were Germany (5.5 kg per person), Spain (5.1 kg per person) and Canada (4.3 kg per person).

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the main consuming countries, was attained by Spain (with a CAGR of +5.0%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Road Wheels

In 2022, approx. 11M tons of road wheels were produced worldwide; stabilizing at the previous year. In general, production saw a slight decrease. The most prominent rate of growth was recorded in 2021 with an increase of 5.5% against the previous year. Over the period under review, global production hit record highs at 13M tons in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

In value terms, road wheel production reduced to $63.1B in 2022 estimated in export price. Over the period under review, production, however, saw a mild increase. The most prominent rate of growth was recorded in 2018 with an increase of 23%. Global production peaked at $88.4B in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

Production By Country

The country with the largest volume of road wheel production was China (4.4M tons), accounting for 39% of total volume. Moreover, road wheel production in China exceeded the figures recorded by the second-largest producer, India (1M tons), fourfold. The third position in this ranking was held by the United States (952K tons), with an 8.4% share.

From 2012 to 2022, the average annual growth rate of volume in China stood at -1.3%. The remaining producing countries recorded the following average annual rates of production growth: India (-0.5% per year) and the United States (-1.8% per year).

Imports

World Imports of Road Wheels

In 2022, the amount of road wheels imported worldwide dropped to 3.5M tons, flattening at the previous year. Over the period under review, imports, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 when imports increased by 16% against the previous year. Global imports peaked at 3.9M tons in 2018; however, from 2019 to 2022, imports remained at a lower figure.

In value terms, road wheel imports expanded sharply to $21.3B in 2022. The total import value increased at an average annual rate of +2.4% from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being observed throughout the analyzed period. The growth pace was the most rapid in 2021 with an increase of 26%. Global imports peaked in 2022 and are likely to see steady growth in the immediate term.

Imports By Country

The United States (548K tons) and Germany (431K tons) represented roughly 28% of total imports in 2022. It was distantly followed by Japan (277K tons), generating a 7.9% share of total imports. Mexico (155K tons), Canada (134K tons), the UK (118K tons), France (108K tons), Russia (105K tons), Thailand (102K tons), Italy (93K tons), Spain (92K tons), Belgium (85K tons) and South Korea (82K tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by South Korea (with a CAGR of +12.7%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, the United States ($5.1B) constitutes the largest market for imported road wheels worldwide, comprising 24% of global imports. The second position in the ranking was held by Germany ($2.4B), with an 11% share of global imports. It was followed by Japan, with a 7% share.

From 2012 to 2022, the average annual growth rate of value in the United States amounted to +4.2%. The remaining importing countries recorded the following average annual rates of imports growth: Germany (+1.0% per year) and Japan (+1.3% per year).

Import Prices By Country

In 2022, the average road wheel import price amounted to $6,074 per ton, surging by 8.2% against the previous year. Over the last decade, it increased at an average annual rate of +1.9%. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was the United States ($9,309 per ton), while Russia ($2,706 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Italy (+4.4%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Road Wheels

Global road wheel exports shrank modestly to 4.4M tons in 2022, with a decrease of -2.2% against the previous year's figure. The total export volume increased at an average annual rate of +1.1% from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being recorded in certain years. The growth pace was the most rapid in 2017 with an increase of 20% against the previous year. The global exports peaked at 4.8M tons in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

In value terms, road wheel exports reached $22.4B in 2022. The total export value increased at an average annual rate of +2.7% from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations in certain years. The pace of growth was the most pronounced in 2021 when exports increased by 27%. Over the period under review, the global exports reached the peak figure in 2022 and are expected to retain growth in years to come.

Exports By Country

In 2022, China (1.7M tons) was the key exporter of road wheels, constituting 38% of total exports. Germany (400K tons) took the second position in the ranking, followed by Turkey (309K tons) and Mexico (300K tons). All these countries together took near 23% share of total exports. Poland (173K tons), Thailand (125K tons), Italy (114K tons), the United States (99K tons), the Czech Republic (85K tons), Morocco (82K tons), Hungary (79K tons), France (74K tons) and Austria (72K tons) held a little share of total exports.

From 2012 to 2022, average annual rates of growth with regard to road wheel exports from China stood at +1.9%. At the same time, Morocco (+85.3%), Thailand (+11.0%), Hungary (+9.2%), Mexico (+8.3%), Turkey (+6.0%), Austria (+4.0%) and Poland (+3.3%) displayed positive paces of growth. Moreover, Morocco emerged as the fastest-growing exporter exported in the world, with a CAGR of +85.3% from 2012-2022. Germany experienced a relatively flat trend pattern. By contrast, the Czech Republic (-1.6%), Italy (-2.3%), France (-4.7%) and the United States (-9.8%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Mexico, China, Turkey, Morocco and Thailand increased by +3.4, +3, +2.6, +1.9 and +1.7 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($6.7B) remains the largest road wheel supplier worldwide, comprising 30% of global exports. The second position in the ranking was taken by Germany ($2.4B), with an 11% share of global exports. It was followed by Mexico, with a 7.5% share.

In China, road wheel exports expanded at an average annual rate of +3.5% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Germany (+1.5% per year) and Mexico (+8.7% per year).

Export Prices By Country

The average road wheel export price stood at $5,072 per ton in 2022, picking up by 8.6% against the previous year. Over the last decade, it increased at an average annual rate of +1.6%. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was the United States ($12,230 per ton), while China ($4,018 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Morocco (+21.5%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform