Industry data on wheel hub modification

2024-09-09

Market size:
- In 2023, the global automotive wheel hub market size reached 113.711 billion yuan (RMB), and the Chinese automotive wheel hub market size reached 45.621 billion yuan.
- It is predicted that by 2029, the global automotive wheel hub market size will reach 158.861 billion yuan, and the compound annual growth rate (CAGR) during the forecast period will reach 5.69%.
Market share of different types of wheel hubs: At present, the main types of automotive wheel hubs on the market are steel wheel hubs and aluminum alloy wheel hubs. Aluminum alloy wheel hubs have the advantages of light weight and good heat dissipation, and are increasingly favored by consumers. However, steel wheel hubs still occupy a certain share in some specific models and markets due to their characteristics of low cost and high strength.
Market size and growth trend of modified wheel hubs:
- According to the "Global Modified Wheel Hub Market Report 2023 - 2029", it is expected that the global modified wheel hub market size will reach 4.43 billion US dollars in 2029, and the compound annual growth rate (CAGR) in the next few years will be 7.7%.
- In 2021, the top five global modified wheel hub manufacturers will occupy approximately 51.0% of the market share. Globally, modified wheel hub manufacturers mainly include Enkei, DIBITE, ALCAR Group, Anhui Forster Automotive Parts Co., Ltd., Guangdong Dcenti Auto Parts Co., Ltd., etc.
Consumer demand characteristics:
- Young consumer groups have a higher interest in wheel hub modification. They pay more attention to personalization and fashion sense, and pursue unique wheel hub styles, colors and sizes to show their individuality and taste.
- Owners of high-performance models have higher requirements for the material, weight and structure of wheel hubs in order to improve the handling performance and acceleration performance of the vehicle. For example, they will choose lighter forged wheel hubs.
Regional differences:
- The Asia-Pacific region is an important market for automotive wheel hubs, including modified wheel hubs. Countries such as China, Japan and South Korea have a large number of car ownerships, and consumers' acceptance of car modification is gradually increasing, promoting the development of the wheel hub modification market.
- The automotive culture in North America is relatively strong, and consumers have a strong demand for personalized modifications. The modified wheel hub market is also relatively mature and active, and there is a high demand for large-sized and uniquely designed wheel hubs.
- Consumers in Europe have high requirements for automotive quality and performance. In terms of wheel hub modification, they pay attention to brand, craftsmanship and quality, and have a large demand for high-end wheel hubs.