Latin America Automotive Wheel Rims Market Report and Forecast 2025-2034

Latin America Automotive Wheel Rims Market Outlook

The Latin America automotive wheel rims market size is projected to grow at a CAGR of 3.8% between 2024 and 2032.

Key Takeaways

• In 2022, 40,700 new passenger EVs were sold across Latin America, which directly impacts Latin America automotive wheel rims market growth.

• In Colombia, EV sales represented 2.9% of the total vehicle market in 2023, with 3,718 BEVs and 1,799 PHEVs sold. 

• As per the industry reports, Uruguay, Costa Rica, and Colombia having the highest share of electric car sales at 4.2%, 3.9%, and 1.7%, respectively.

• In Uruguay, 1,799 BEVs were sold in 2024. Uruguay also has one of the cleanest sources of electricity in the region, increasing the demand for EVs to combat carbon emissions.

Brazil's automotive industry has been expanding, leading to a higher demand for wheel rims to equip the increasing number of passenger and commercial vehicles produced in the country. In addition, advancements in technology, particularly in the manufacturing of lightweight automotive parts, are driving the Latin America automotive wheel rims market growth. Companies like Vossen Wheels are introducing carbon fibre wheel rims to cater to the demand for lightweight and high-strength rims in the region.

The growing preference for lightweight vehicles to enhance fuel efficiency is a significant driver. Lightweight wheel rims contribute to improving the vehicle's power-to-weight ratio, enhancing performance and ride quality. Companies like BBS Wheels are focusing on producing lightweight aluminium alloy rims to meet the demand for fuel-efficient vehicles in Latin America.

Leading manufacturers are forming partnerships with automakers to supply wheel rims to OEMs, which can enhance product offering and drive competition in the market. Companies like BORBET GmbH have established partnerships with automakers in Latin America to provide customised wheel rims for specific vehicle models.

The rise in electric vehicle production in Latin America is influencing the Latin America automotive wheel rims market development. As per the industry reports, in Brazil, EV sales nearly doubled in 2023, reaching 93,927 through December, up from just 49,245 the previous year. Additionally, in Mexico, the second-largest car market in Latin America, EV sales grew by 101% in 2023, with 8,267 units sold in January 2024 alone.

As the region embraces sustainable mobility solutions, the demand for wheel rims tailored for electric vehicles is expected to increase. Companies like HRE Wheels are developing specialised wheel rims designed for electric vehicles.

Market Segmentation

Latin America Automotive Wheel Rims Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments:

Market Breakup by Material Type

• Steel

• Alloy

• Carbon FIbre

• Others

Market Breakup by Vehicle Type

• Passenger Car

• Commercial Vehicle

Market Breakup by Sales Channel

• OEM

• Aftermarket

Market Breakup by Country

• Brazil

• Mexico

• Argentina

• Others

Competitive Landscape

Market players are focused on manufacturing high-quality wheel rims to cater to the growing demand for lightweight automotives.

• Iochpe-Maxion S.A. 

• Accuride Corporation 

• Superior Industries International, Inc. 

• Howmet Aerospace Inc. (Alcoa Wheels) 

• Wheel Pros, LLC (TSW Wheels) 

• Ronal AG 

• HRE Performance Wheels 

• Vossen Wheels 

• Mangels Industrial S.A. 

• Neo Rodas SA 

• Others

Key Highlights of the Report