The Motor Vehicle Wheels (Including Parts) market in China has shown significant growth over the past decade, starting from $8.337 billion in 2012 to reaching $18.618 billion in 2022. Notably, the market faced a decline in 2020, with a year-on-year decrease of 13.31%, likely due to the COVID-19 pandemic. However, the market rebounded quickly with a 19.23% increase in 2021 and continued to grow by 9.4% in 2022.
The Compound Annual Growth Rate (CAGR) over the last five years stands at 5.19%, indicating steady growth. As we enter 2024, the market is expected to sustain this growth trajectory.
Future trends to watch for include advancements in electric vehicle technology, increased demand for lightweight and high-performance materials, and regulatory changes promoting environmental sustainability. These factors could drive innovation and further market expansion.
How does China rank in Motor Vehicle Wheels (And Including Parts) Market Size Value?
| # | 36 Countries | US Dollars | Last Year | YoY | 5-years CAGR | |
|---|---|---|---|---|---|---|
| 1 | 1 United States | 39,551,000,000 | 2023 | +2.38% | +2.35% | View data |
| 2 | 2 China | 19,307,000,000 | 2023 | +3.7% | +3.76% | |
| 3 | 3 Germany | 8,397,200,000 | 2023 | +1.11% | +1.25% | View data |
| 4 | 4 Japan | 7,915,500,000 | 2023 | -0.11% | -1.47% | View data |
| 5 | 5 United Kingdom | 3,316,600,000 | 2023 | +0.57% | +0.48% | View data |
