Wheel Cover Market: Global Industry Analysis and Forecast (2023-2029)

Wheel Cover Market size was valued at US$ 1.17 Bn. in 2022 and the total revenue is expected to grow at 8.7 % through 2023 to 2029, Wheel Cover Market is reaching nearly US$ 1.49 Bn. by 2029.
Wheel Cover Market Overview:
Wheel covers, also known as wheel trims, are an additional accessory that is used to improve the vehicle's aesthetic look. Wheel covers are lightweight and inexpensive, and they are constructed of metal or plastic. A wheel cover is a decorative disc that fits over the entire face of the wheel and is bolted on. Wheel covers, also known as wheel trims, are an accessory used to improve the visual aspect of a vehicle. The wheel covers can be styled to fit any vehicle type and can be customised to meet the needs of the customer. Wheel covers are constructed of metal or plastic and are lightweight and inexpensive.To know about the Research Methodology :- Request Free Sample Report
Wheel Cover Market Dynamics:
The Market is being driven by a rise in customer demand to improve vehicle appearances. Wheel covers are inexpensive and have a similar appearance to alloy wheels. The need for automobile accessories is increasing due to an increase in youthful consumers, wheel covers are in great demand due to their low cost. The wheel cover protects the vehicle's wheel from dirt and corrosion and aids in maintaining the vehicle's good condition, it aids in the preservation of resale value and is thus becoming increasingly popular.

The size of the market is expected to grow significantly as a result of numerous changes in the automotive industry, as it is a wonderful add-on for personalising the interiors of the car. New product lines with a more appealing design have increase demand for wheel covers. As the demand for automobiles in emerging countries grows, the price of the Wheel Cover has increased significantly. This is expected to slow the growth of the Wheel Cover market in the forecast period. With continuous and rigorous use, the Wheel Cover has been noted to show wear over time. As a result, the product's material lifetime may stop the Steering Wheel Cover market's growth in the forecast period. The size of the Steering market is expected to grow significantly as a result of numerous changes in the automotive industry, as it is a wonderful add-on for personalising the interiors of the car. New product lines with a more appealing design have driven demand for steering wheel covers.

The global Wheel Cover market has grown as a result of continued vehicle sales. Consumer demand in developing countries has been stimulated by a positive sales outlook and a growing economy. Customers' increasing investment in changing the appealing appearance of their vehicles has driven demand for Wheel Covers. The Wheel Cover can be made-to-order to match the inside of the automobile and can be made to fit specific needs. In terms of appearance, it adds to the vehicle's appeal. The Wheel Cover market is progressively gaining traction, thanks to the growing trend of car personalization from the customer end.

Wheel Cover Market Segment Analysis: The global Wheel Cover market is sub-segmented into Size, Vehicle type and Sale of channel.

Based on Size, market is sub-segmented into 12-15 inches, 16-17 inches and above 17 inches. The 12-15 inches segment is leading the market in 2022, and it is expected to grow at CAGR xx%. The size segments 12-15 inches and 16-17 inches are expected to grow due to increased manufacturing of passenger vehicles with wheel coverings. Commercial cars typically utilize wheel coverings that are larger than 17 inches. Because of their small wheels, sedans and hatchbacks use 12 to 15 inch segment wheel covers. Multi-utility vehicles employ wheel covers ranging from 6 to 17 inches in diameter. Due to increased manufacturing of passenger vehicles that employ these wheel covers, the 12-17 inch segment is expected to grow during the forecast period.

Based on Vehicle type, market is sub-segmented into Light commercial vehicle, Heavy commercial vehicle and passenger vehicle. In 2022, the Light 2Commercial Vehicles (LCVs) segment had the greatest revenue share of roughly 75%. LCVs are regarded as a cost-effective mode of transportation for both cargo and passengers. LCVs provide a number of tax advantages and can help to reduce pollution. These vehicles are extremely adaptable and may be customized to transport both products and people. They are also cost-effective, which bodes well for the segment's future growth..
Regional Analysis:
The significant automobile sales, Asia Pacific leading the global wheel cover industry. During the forecast period, the market will be driven by an increase in the number of automotive manufacturing businesses and the entry of multinational automakers in growing nations such as India and China. The high production of passenger vehicles in this region, as well as the rapid growth of the automotive industry in countries like as South Korea, China, and India, is expected to drive the market forward. With the implementation of modern technologies, OEMs in this region seek to increase their production volume.

The European market is expected to rise due to factors such as rising population and increased disposable income, which would enhance market demand in the region. Increased commerce and logistics are expected to stimulate demand for commercial cars, while luxury vehicle export is expected to drive market growth in countries like Germany and the United Kingdom. In North America, the need for more urbane vehicles and multi-function steering wheels is likely to fuel growth in the steering wheel market. The United States is one of the leading countries where the wheel cover industry is being driven by rising demand for visual appeal in automobiles.

The objective of the report is to present a comprehensive analysis of the global Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The report also helps in understanding the global Market dynamics, structure by analyzing the market segments and project the global Wheel Cover Market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the global Market make the report investor’s guide.
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Wheel Cover Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US $ 1.17 Bn.


Forecast Period 2023 to 2029 CAGR:
8.7 %
Market Size in 2029:
US $ 1.49 Bn.


 Segments Covered:
by Size
12-15 inches
16-17 inches
Above 17 inches


by Vehicle type
Light Commercial Vehicle
Heavy Commercial Vehicle
Passenger Vehicle


by Sale channel
OEMs
Aftermarket



Wheel Cover Market, by Region
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
North America (United States, Canada and Mexico)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Key Players are:
1. Haas Outdoors, Inc - Mossy Oak
2. Plasticolor Inc
3. Bell Automotive Inc
4. WheelSkins Inc
5. Auto Drive Technologies
6. Custom Accessories
7. Pilot Automotive
8. Startech
9. Realtree
10. Accuform Signs
11. AutoLoc Power Accessories
12. Metra
13. Roadpro Brands
14. OTC Bosch Automotive Service Solutions
15. Salvo

Frequently Asked Questions:

1) What was the market size of Global Wheel Cover Market in 2022?
Ans - Global Global Wheel Cover Market was worth US$ 114.05 Bn. in 2022.

2) What is the market segment of the Wheel Cover Market?
Ans -The market segments are based on Size, Vehicle type and Sale channel.

3) What is the forecast period considered for Global Wheel Cover Market?
Ans -The forecast period for Global Wheel Cover Market is 2022 to 2029.

4) What is the market size of Global Wheel Cover Market markets in 2029?
Ans – Global Wheel Cover Market is estimated as worth US$ 222.31 Bn.

5) Which region is dominated in Global Wheel Cover Market?
Ans -In 2022, the North America region dominated the Global Wheel Cover Market.