Automotive Alloy Wheel Market Size, Share, Growth Strategies, Trend Forecast To 2027
Automotive Alloy Wheel Market Overview:
According to Market Research Future (MRFR), the global automotive alloy wheel market is projected to reach around USD 21 billion, registering a CAGR of 5% from 2019 to 2025 (forecast period). The report summarizes the global situation, the economic situation, and the COVID-19 analysis of the overall market.
Alloy wheels for automobiles are made from aluminum, nickel, or magnesium material. The casting and forging method is used for the manufacture of alloy wheels. whereas, the forged wheels are lighter and stronger but more costly than the cast-alloy wheels. Alloy wheels have greater strength, better heat conduction, and more cosmetic appearance than steel wheels. Consumers prefer the use of alloy wheels for the external styling of vehicles and good riding quality.
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Market Dynamics
Rising demand from Europe and the Asia Pacific, increasing global alloy wheel repair centers, growing demand for lightweight wheels, and increasing production and sales of electric vehicles are significant factors driving the global automotive alloy wheel market.
Uncertainty of raw material prices and unorganized aftermarket for wheels are considered to be the key factors restricting the growth of this market. However, the improving economies of developing countries, rising demand for high-performance wheels, and increasing demand for advanced materials and new wheel composition provide growth opportunities for the global market.
Market Segmentation
The global automotive alloy wheel market has been segmented into finishing type, wheel type, vehicle type, and sales channel.
By finishing type, the global automotive alloy wheel market has been segmented into polished alloy wheel, two-toned alloy wheel, and others. The two-toned alloy wheel segment is expected to grow rapidly over the forecast period due to increasing demand from SUVs.
By wheel type, the global automotive alloy wheel market has been segmented into compact-size, mid-size, and full-size. The compact-size segment is expected to grow at a substantial rate over the forecast period due to the increasing demand for lightweight wheels with high strength.
By vehicle type, the global automotive alloy wheel market has been segmented into passenger cars and commercial vehicle. The passenger car segment is expected to be dominant throughout the forecast period due to the increasing demand for passenger vehicles in emerging and developed countries.
By sales channel, the global market has been segmented into OEM and aftermarket. The OEM segment is expected to be dominant throughout the forecast period due to the presence of various OEM’s in developed regions and due to the presence of a large consumer base. Furthermore, OEMs are more inclined toward expanding automotive wheel manufacturing facilities in emerging countries such as China, India, Mexico, and Brazil.
Regional Analysis
Region-wise, the global automotive alloy wheel market has been segmented into North America, Asia Pacific, Europe, and the rest of the world.
The Asia Pacific market is projected to capture the largest share, followed by North America and Europe over the forecast period due to increasing production and sales of passenger cars and commercial vehicles from China, Japan, Thailand, and Indonesia and growing industrialization. North America is expected to see significant growth over the forecast period due to a higher preference for external styling and customization in wheels and increased use of alloy wheels in vans, pick-up trucks, and utility vehicles from the United States and Canada. The market in Europe is rising due to increasing demand for environmentally friendly vehicles and ongoing industrialization throughout the region.
Key Players
The major players in the global automotive alloy wheel market are Euromax Wheel (US), MHT Luxury Wheels (US), Status Wheels, Inc. (US), Wheel Pros, LLC (US), Fuel Off-Road Wheels (US), SOTA Offroad (US), Enkei Wheels India Ltd (India), Ronal AG (Switzerland), Uniwheels (Switzerland), and BBS Kraftfahrzeugtechnik AG (Germany).
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Market Research Future (MRFR) is a global market research firm that takes great pleasure in its services, providing a detailed and reliable study of diverse industries and consumers worldwide. MRFR's methodology integrates proprietary information with different data sources to provide the client with a comprehensive understanding of the current key trends, upcoming events, and the steps to be taken based on those aspects.
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