Modified Wheels Market Size, Share, Growth, and Industry Growth, By Type (One Piece Forging, Two-Piece Forging, and Three Piece Forging), By Application (Ordinary Car and Racing Car), Regional Forecast To 2031

Updated On: 01 April 2024

Modified Wheels Market REPORT OVERVIEW

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The global modified wheels market size was USD 2400.8 million in 2021 and market is projected to touch USD 5179.05 million by 2031, at a CAGR of 8.0% during the forecast period.

The wheels of a vehicle that is customized or modified are called modified wheels. These wheels are modified from the manufacturer's standard or can replace the manufacturer’s standard. These wheels are the most common ways through which automobile enthusiasts change their vehicles. Enthusiasts that are competition-oriented generally switch to more robust, lighter, or larger wheels, while the enthusiasts that are appearance-oriented choose visually distinctive and larger wheels. These wheels are mostly made of alloy to offer better performance to the vehicle. Additionally, the vehicles that are modified are attached with alloy wheels to give an enhanced look. 

The modified wheels are gaining popularity with time. Most new-vehicle buyers customize their vehicle’s wheels. The trend of modified wheels came into light in the late 1990s and got traction in the new millennium. The introduction of larger wheels increased the popularity of these wheels, which is expected to boost the modified wheels market. The modified wheel spinner is known as “Free-spinning spinners” or “Tru-Spinners.” It is a decorative kinetic attachment to the wheel’s center that continuously rotates after the wheel stops. The custom wheels are available in various finishes such as Polishes and Painted, Chrome. The chrome wheels are traditional chrome plating and the new Physical Vapor Deposition (PVD) Chrome. 

COVID-19 Impact: Shutdown of Repairing Centers Postponed Growth

The pandemic outbreak favored very few markets, and the automotive market was exceptional. The unexpected pandemic breakout hampered market growth. The automotive industry witnessed a significant downfall due to the shutdown of transportation and the market. The market shutdown affected the expected sales growth of the automotive industry. The population was not allowed to step outside, which reduced road transportation and the sales of auto beauty products. The demand for the product went low, coupled with the lower supply of the product, as the manufacturing industries were shut down during the pandemic. The modified or alloy wheels can be fitted in the repairing centers, which were shut down during the pandemic. These factors postponed the market growth. 

LATEST TRENDS

"Accelerating Demand for Light-Weight Vehicles to Fuel Product Demand"

Rising consumer demand for lightweight vehicles and vehicle safety is forecasted to foster product demand. The alloy wheels are made with premium interiors and lightweight material to offer better service to the consumer. Light vehicles increase fuel efficiency, which is expected to accelerate the product demand as the average vehicle consumes more fuel. The rising price of fuel is also forecasted to surge the modified wheels market growth. Additionally, technological advancements and product innovations in design, aerodynamics, and material are anticipated to aid product demand in the global market. 

Modified Wheels Market Segmentation

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• By Type Analysis

By type, the market is segmented into a one-piece, two-piece forging, and three-piece forging. 

• By Application Analysis

Based on application, the market is classified into ordinary cars and racing cars. 

Ordinary cars are forecasted to gain the highest traction in the type segment due to the higher adoption of ordinary vehicles by the general population.

DRIVING FACTORS

"Rising Per Capita Income to Expand the Market Growth"

The rising industrialization and urbanization are leading to an increase in the per capita income of the population. The rising income of the population is coupled with a higher standard of living, which is estimated to surge growth in the global market. Owning a car has become a status symbol in society. Thus, the population is rapidly adopting cars and is inclined toward modifying their wheels. A modified car or wheels offers an enhanced and expensive look to the vehicle. These factors are forecasted to foster market growth.

"Enhanced Vehicle Appearance and Surging Lifestyle to Foster Product Demand "

Replacing the metal wheels with alloy wheels enhances the appearance and the performance of the vehicle. It also boosts the breaking performance and acceleration coupled with the improved fuel economy due to its lightweight. It also offers better conduction of heat. These wheels enhance the look of the vehicle. The surging pace of vehicle production is increasing the demand for the product in the market as every other person wishes to have modified wheels in their vehicles. Additionally, the shifting toward the lightweight vehicle is also forecasted to lavish the modified wheels market growth. 

RESTRAINING FACTORS

"High Cost and Low Rigidity of the Product to Obstruct Growth"

The modified wheels are expensive to buy and are high maintenance. They are expensive owing to their elaborative production procedure. The modified or alloy wheels are more expensive than the steel wheels. Thus, the manufacturers don’t feature alloy wheels in their lower-end budget cars. Additionally, these wheels are weak and are prone to curb rashes, cracks, and dents. It's repairing of an allowed wheel is expensive and tasking. These factors are likely to obstruct modified wheels market growth. 

Modified Wheels Market REGIONAL INSIGHTS

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"North America to Show Exponential Growth Owing To the Higher Penetration of Cars"

North America is forecasted to hold a dominant part of the modified wheels market share due to the higher penetration level of passenger and luxury cars. The U.S. is projected to be the major contributor to the region’s growth.

Asia Pacific is likely to show significant growth owing to the higher demand for automobiles. China is anticipated to be one of the major contributors due to higher adaption to changes. 

Europe is anticipated to show sizable growth attributable to the consumer's rising inclination toward car individualization. 

KEY INDUSTRY PLAYERS

"Key Companies to Emphasize On Launching New Products to Gain a Competitive Advantage"

Significant market participants work to implement tactics that will provide the company with long-term growth. The corporations place a strong emphasis on expanding their product line by introducing new items. Important players also concentrate on increasing their visibility through partnerships, agreements, joint ventures, expansions, and investments. The major players are well-represented on the international market. They also place a strong emphasis on expanding their regional distribution networks to acquire a competitive edge. The businesses are introducing new, more effective products.

List of Market Players Profiled

• OZ SpA (Italy)
• RAYS (Japan)
• BBS (Germany)
• ENKEI (India)
• ALCAR Group (Austria)
• CN-Jinma (China)
• DCenti (China)
• YHI Group Advanti Racing）(Myanmar)
• Shanghai Fengtu Auto Tech (China)
• Anhui Faster-wheel (China)
• Dibite
• WELLNICE

REPORT COVERAGE

The report offers accurate information about the market insights. It represents an analysis of a competitive edge that seems significant for the formation of business plans. The report defines various paths for the growth and development of the industry. Market segmentation is depicted in the report and highlights the important factors of the sector with various growth opportunities, competitive landscape, and growth strategies of the major key players. The market report focuses on various growth prospects and the factors that may limit the growth of the market. Additionally, this market report represents the key players of the market and their headquarters. The report offers a deep insight into the market.