In concept, wheels and tires seem simple enough. They're round, grip the road, spin on their axles, bear the load of a car or truck, and take a vehicle where it needs to go. What more can be said?
For the aftermarket, plenty more. The right wheels and tires enhance a vehicle's performance, but more than that, they also make a statement. Plus, they continue to advance in complexity and design year after year. These and other factors have made them a favored category for the aftermarket.
In fact, wheels and tires, along with suspension components, rank among the industry's healthiest product segments, according to SEMA Market Research Director Gavin Knapp. "We often say the wheel and tire segments are the 'gateway drugs' to our industry. They are great categories to be in because when consumers are spending, that's their starting point. It's a place where they can get the most bang for the buck in terms of customizing and personalizing their vehicles," he said.
That spending is especially strong among pickup owners, he added. "Whatever you're going to do with your pickup or 4x4, you're going to get the wheels and tires for it. And if you're going to lift it, you're definitely getting new wheels and tires to go with that lift kit."
Younger consumers with a penchant for sportier cars also find wheel and tire upgrades irresistible. "Whether you have a true performance vehicle and want its outside look to match what's under the hood, or if you just want your Camry to look like it's a performance vehicle, wheels and tires offer an ideal way to do it," explained Knapp.
No wonder that—despite some initial worries in 2020—wheels and tires managed to not only ride out the pandemic but grow in sales. (Of course, tires had the added advantage of being a perishable necessity. "No matter what kind of car you have, whether it's a gas car, an electric car, a truck, a van, or whatever, there's always a need for tires," Knapp observed.)
Just how big are wheels and tires with consumers? According to the "2022 SEMA Market Report," the wheels, tires and suspension category accounted for $11.94 billion in sales, with wheels and tires contributing $6.60 billion to that total. Breaking down the figures further, the performance and special-purpose tire market was sized at $2.79 billion, off-road and oversized tires at $2.13 billion, and custom wheels at $1.55 billion. All these figures represent robust growth over prior years.
For a full scope of wheel and tire market sizing, trends to watch and what's in store for the road ahead, read this SEMA News article: https://www.sema.org/news-media/enews/2023/04/wheel-and-tire-market-trends-2023-and-beyond