Report Code: A31905 | Pages: 280 | Feb 2023 | 413 Views | ||
Author(s) : Anup K , Vitika V | Tables: 138 | Charts: 58 |
|
Alloy wheels are made of an alloy of aluminum, carbon epoxy, E-glass epoxy, titanium, and magnesium. Due to their lighter weight, alloy wheels are different from standard steel wheels. Lightweight wheels, such as alloy wheels, can significantly improve a car's control. The rising need for lightweight, fuel-efficient cars, the inclination of consumers for fashionable, customized cars, and the expansion of the automotive sector are some of the majors factors attributed to the significant growth of the global alloy wheels market.
The COVID-19 pandemic created multiple uncertainties, resulting in enormous economic losses as various enterprises around the world came to a halt. This has ultimately reduced demand in the alloy wheel industry due to disruptions in the supply chain, the closure of production units, and the economic slump in various nations. Also, import-export restrictions were imposed. Reduced vehicle sales, temporary shutdowns of manufacturing facilities and raw material suppliers, and border restrictions have all caused supply chain disruptions. In addition, the construction and automotive sectors were hit the hardest in terms of sales and new project acquisition, resulting in a major decrease in alloy wheel demand.
Due to their high price, alloy wheels may not be the best choice for buyers on a tight budget who value affordability more than style and functionality. Furthermore, people wishing to enhance their vehicle may find the expense of alloy wheels to be prohibitive.
Car lovers favor alloy wheels since they not only improve the vehicle's appearance but also offer better performance, greater fuel economy, and lighter weight. Additionally, there is a considerable need for alloy wheels in emerging economies like China, India, and Brazil due to the expansion of the automotive sector in these countries. Additionally, the popularity of customizing automobiles has increased demand for alloy wheels.
The key players profiled in the automotive alloy wheel market report include Steel Strips Wheels Limited, Status Wheel, RONAL GROUP, CMWheels, MHT Luxury Wheels, Enkei International, Inc., BORBET GmbH, Maxion Wheels, UNIWHEELS Group, Superior Industries, and Others.
The alloy wheels market is segmented on the basis of material type, type, rim size, vehicle type, and region. By material type, the market is divided into aluminum alloy, titanium alloy, and magnesium alloy. As per type, the market has been categorized into forging, casting, and others. According to rim size, the market is classified into 12 Inches - 17 Inches, 18 Inches - 21 Inches, and More than 22 Inches. Depending on vehicle type, the market is divided into passenger vehicle and commercial vehicle. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The alloy wheels market is segmented into Rim Size, Vehicle Type, Material Type and Type.
The 18 inches -21 inches sub-segment dominated the global market in 2021 and is anticipated to continue its dominance over the forecast period. The 18 inches - 21 inches low-profile tires provides best experience to the drivers in handling the curves. This is because running around bends requires tighter steering that is more reliable due to the tire's lower flexibility and stickier tire compound. The sidewall of 18- to 21-inch tires is often thinner, which keeps a lot more stiffness on the road. Some vehicles' drivers may notice a minor improvement in cornering handling thanks to the enhanced rigidity. During the analysis timeframe, these factors are projected to accelerate the expansion of the 18 inches–21 inches sub-segment.
Alloy Wheels Market
By Vehicle TypeThe passenger vehicle sub-segment held the highest market share in 2021
By vehicle type, the passenger vehicles sub-segment dominated the market in 2021 and is anticipated to continue its dominance over the forecast period. The growth is majorly attributed to the rapid growth in the sales of the passenger vehicle in the recent years.
Alloy Wheels Market
By Material TypeThe aluminum alloy sub-segment is projected to grow with the highest CAGR from 2022-2031
By material type, the aluminum alloy sub-segment held the highest market share in 2021 and is anticipated to continue its dominance over the forecast period. Aluminum alloy wheel is the lightest alloy wheel among the types of alloy wheels. Aluminum alloy wheel weighs almost 20% lesser than the other alloy wheels which makes it more preferable for the customers and this is the main factor for the growth of the aluminum alloy wheels.
Alloy Wheels Market
By TypeThe forging sub-segment is projected to grow with the highest CAGR from 2022-2031
By type, the forging sub-segment dominated the global alloy wheels market share in 2021. These wheels are stronger, longer-lasting, and corrosion- and oxidation-resistant thanks to the forging process. In addition, the wheel's structural integrity is preserved. The performance and fuel economy of a vehicle are both improved with forged wheels. The ideal option when aluminum components need to exhibit maximum strength and performance while being lightweight is forged aluminum since it is strong. Forging improves chemical consistency and increases structural strength by reducing internal gaps and gas pockets that degrade metal components.
Alloy Wheels Market
By RegionAsia-Pacific is estimated to grow at a fastest CAGR during the forecast period
By region, North America dominated the global alloy wheels market in 2021. The Asia-Pacific alloy wheels market is rapidly growing during the projected period and is anticipated to lead the automobile wheel market. China and India are primarily responsible for this expansion. Due to the largest population density in the world, with two densely populated countries, China and India, the region will have the biggest worldwide demand for automobiles during the projected period, accounting for nearly 60% of the world's vehicles. People's income levels are rising extremely quickly in this region as well. The Asia-Pacific region has the maximum population of middle-class residents who are concerned about automobile fuel efficiency. The fuel economy is anticipated to increase as the vehicle's overall weight decreases.
Impact of COVID-19 on the Global Alloy Wheels Industry
Key Benefits For Stakeholders
Alloy Wheels Market Report Highlights
Aspects | Details |
---|---|
Market Size By 2031 | USD 31.6 billion |
Growth Rate | CAGR of 6.2% |
Forecast period | 2021 - 2031 |
Report Pages | 280 |
Rim Size |
|
Vehicle Type |
|
Material Type |
|
Type |
|
By Region |
|
Key Market Players | RONAL GROUP, Stamford Sport Wheels, Superior Industries International, Inc., TSW Alloy Wheels, Fuel Off-Road Wheels, CITIC Dicastal Wheel Manufacturing Co, Steel Strips Wheels Ltd (SSWL), MAXION Wheels, BORBET GmbH, Enkei Corporation, MHT Luxury Wheels |
Loading Table Of Content...
An increase in demand for alloy wheels has various reasons but the key factor for the rapid growth in the adoption of alloy wheels is the light weight of the wheels. The light weight of the wheels plays a major role in the overall performance of the vehicle as these wheels helps in increasing the fuel economy of the vehicle. Additionally, these wheels are much stronger as compared to the steels wheels. These factors are anticipated to drive the alloy wheels market in the forecast period. The high cost incurred with the procurement of the alloy wheels is the key factor that is anticipated to hamper the market growth over the projected timeframe. Additionally, alloy wheels are much costlier to buy, manufacture, and repair. The demand for lightweight alloy wheels is expected to further augment due to the growing popularity of green vehicles and the increasing trend toward lowering carbon emissions. This, in turn, offers lucrative opportunities to alloy wheels market players to produce eco-friendly alloy wheels and meet the rising demand.
Among the analyzed regions, Asia-Pacific is expected to account for the highest revenue in the market by 2031, followed by Europe, North America, and LAMEA. R&D initiatives for the integration of AI are the key factors responsible for the leading position of Asia-Pacific and Europe in the global alloy wheels market.
A. Growing demand for fuel-efficient vehicles and weight reduction to drive the market growth.
A. The major growth strategies adopted by the alloy wheels market players are investments and manufacturing.
A. Asia-Pacific will provide more business opportunities for the global alloy wheels market in the future.
A. Steel Strips Wheels Limited, Status Wheel, RONAL GROUP, CMWheels, MHT Luxury Wheels, Enkei International, Inc., BORBET GmbH, Maxion Wheels, UNIWHEELS Group, and Superior Industries are the major players in the alloy wheels market.
A. The car manufacturers as well as wheel manufacturers are the major customers in the global alloy wheels market.
A. The report provides an extensive qualitative and quantitative analysis of the current trends and future estimations of the global alloy wheels market from 2021 to 2031 to determine the prevailing opportunities.
Start reading instantly.
This Report and over 19,981+ more Reports, Available with Avenue Library. T&C*.
Enterprise
License/PDF
Library
Membership
*Taxes/Fees, if applicable will be added during checkout. All prices in USD
To ensure high-level data integrity, accurate analysis, and impeccable forecasts
For complete satisfaction
On-demand customization of scope of the report to exactly meet your needs
Targeted market view to provide pertinent information and save time of readers
Get insights on topics that are crucial for your business. Stay abreast of your interest areas.
Get Industry Data AlertsTo ensure high-level data integrity, accurate analysis, and impeccable forecasts
For complete satisfaction
On-demand customization of scope of the report to exactly meet your needs
Targeted market view to provide pertinent information and save time of readers