The India aluminum alloy wheel market size has been valued at $952.05 million in 2022 and is projected to reach $2,440.97 million by 2032 with the CAGR of 10.1% during the forecast period 2023-2032.
Aluminum alloy wheels used in automobiles are specially designed vehicle rims, which are made of a combination of aluminum and other minerals such as copper, nickel, zinc, and others. Aluminum used in the casting of aluminum alloy wheels holds around 85%-90% of the portion whereas the remaining portion is held by other materials, which makes aluminum alloy wheel stronger. Increase in demand for fuel efficient vehicles along with increase in demand for light weight & durable components to be installed in vehicles has created numerous opportunities for the wheel manufacturers to develop aluminum casted wheels for vehicles. In addition, key manufacturers operating in the industry are inclined towards the production of superior quality aluminum alloy wheels to be used in vehicles as aluminum wheels increase the performance of the vehicle, which is a factor supplementing the growth of the market in the country.
The India aluminum alloy wheel market is governed by factors such as increase in demand for superior quality alloy wheels for vehicles and increase in production of vehicles, which drive the market towards a positive growth. However, factors such as high cost of aluminum alloy wheels and availability of steel-based wheel rims are expected to hamper the growth of the market during the forecast period. However, factors such as rise in adoption of carbon fiber in automotive industry and increase in investment on wheel design for better aerodynamics create opportunities for the growth of the market across India. The India aluminum alloy wheel industry is segmented into vehicle type, material, distribution channel, and sales channel. By vehicle type, the market is segmented into two wheelers, passenger cars, and commercial vehicles.
By material, the market is segmented into aluminum alloy, silicon alloy, and others. By distribution channel, the market is segmented into original equipment manufacturers (OEMs) and aftermarket. By sales channel, the market is segmented into domestic and imported.
The key players profiled in the India aluminum alloy wheel market research study include Capricorn Motors Pvt. Ltd., Enkei Wheels (INDIA) Limited, Maxion Wheels, Mobis India Limited, Neo Wheels Ltd., Plati India, Shreeniwas Casttech Industries, Steel Strips Wheels Limited (SSWL), Uno Minda, and Wheels India Limited.
Increased demand for superior quality alloy wheels for vehicles
Increase in demand for lightweight materials to be used across the automotive industry and increase in demand for fuel efficiency across vehicles have tremendously increased the demand for light weight components to be installed in vehicles. Thus, aluminum alloys are distinguished for their lighter weight as compared to other wheel components such as steel and at the same time has proved to be highly efficient in increasing the efficiency of the vehicle.
In addition, aluminum alloy wheel’s ability to withstand corrosion and rust as compared to their steel counterparts has enabled it to be a preference for vehicles amongst OEMs. Hence, apart from being lightweight, it also provides longer life, benefiting customers monetarily. Moreover, customers' approach while buying cars is shifting toward luxury due to increase in their buying power and urbanization. In addition, majority of OEMs operating across India are using domestic made aluminum alloy wheels in their models, which is supplied from the companies such as Minda Kosei Aluminum Wheel Pvt. Ltd., Steel Strips Wheels Ltd., Enkei Wheels, Maxion Wheels, and others. This increased domestic production followed by the availability of numerous players is expected to propel the growth of the India aluminum alloy wheel market during the forecast period.
Increased production of vehicles
The competition in the manufacturing sector has increased rapidly in the past decade, which has forced automakers to adopt new technologies to be installed in their vehicles. This has enabled vehicle component manufacturers to develop light weight and efficient products to be used in automobiles, which has created a wider scope for the growth of the market in the country. With the upgradation of technology, the vehicle production across India has increased by around 12% in 2022 as compared to 2021, followed by a stagnant growth in the production of automotive components in the country.
In addition, as of 2020, alloy wheel sales for trucks were up at least 32%, which has also proved to be a factor supplementing the growth of the market in the country. Moreover, with rise in sales of vehicles, the sale of associated components such as aluminum alloy wheels has also increased subsequently. Increase in sales and production of all types of vehicles in developing and developed countries due to the growing mobility and investment in the transportation sector is expected to boost the growth of the market across India.
By Application
Commercial Vehicles is projected as the most lucrative segments
High cost of aluminum alloy wheels
Alloy wheels made of aluminum are costly as compared to steel wheels due to high manufacturing cost of alloy wheels as compared to the steel. This is due to high cost incurred in molding an aluminum alloy wheel as compared to a steel wheel. In addition, steel wheels are easy to repair as compared to aluminum wheels due to the fact that aluminum wheels require recasting upon being damaged. Moreover, steel-based wheels finds their major application in low segment vehicles due to the low refurbishment cost incurred in repairing the wheel. Moreover, aluminum is the most abundant metal in the Earth's crust and is expensive predominantly due to the amount of electricity required in the extraction process. Thus, such factors hamper the growth of the market in the country.
By Material
Aluminum is projected as the most lucrative segments
Rise in adoption of carbon fiber in automotive industry
Weight of an automobile is a major challenge in the automotive industry. Aluminum is a substitute of steel, but OEM are now adopting carbon fiber-reinforced plastics (CFRP) technologies for automotive equipment manufacturing, since these materials offer further weight reduction with higher specific stiffness. In addition, numerous automotive manufacturers, such as BMW and Mercedes, are planning or have already started to scale-up their production of fuel-efficient cars through weight reduction by using carbon fibers. For instance, in September, 2023, Maxion Wheels developed latest light vehicle wheel innovation technology, Maxion BIONIC. It is developed by teams in Brazil, Mexico, the U.S., and Germany. Maxion BIONIC answers the growing demand from OEMs for affordable, stylish, and sustainable wheel solutions especially for light vehicle programs where wheel load is increasing. Similarly, in March, 2023, Uno Minda approved the acquired stake in Kosei Minda Aluminium Company (KMA) and 49.90% stake in Kosei Minda Mould (KMM) from joint venture partner Kosei, Japan. Such developments create growth opportunities for the market.
By Distribution Channel
Aftermarket is projected as the most lucrative segments
COVID-19 Impact Analysis
COVID-19 created an adverse impact on the manufacturing industry in the country. With the implementation of lockdown across the globe and in India, the manufacturing industry faced shortage of labor and raw material required for casting aluminum alloy wheels. This shortage created an adverse effect on the overall industry. Moreover, with the implementation of lockdown, sale of automobiles decreased due to discontinuation in salary & jobs, which restrained the growth of the market in the country.
The market started to gain its momentum in mid of 2021 when the vehicle and component production regained its strength as the manufacturers started their production in an efficient way, which created numerous opportunities for the growth of the market in the country.
By Sales Channel
Domestic is projected as the most lucrative segments
Key Benefits For Stakeholders
- This study presents analytical depiction of the India Aluminum Alloy Wheel Market analysis along with current trends and future estimations to depict imminent investment pockets.
- The overall India Aluminum Alloy Wheel Market opportunity is determined by understanding profitable trends to gain a stronger foothold.
- The report presents information related to the key drivers, restraints, and opportunities of the India Aluminum Alloy Wheel Market with a detailed impact analysis.
- The current India Aluminum Alloy Wheel Market is quantitatively analyzed from 2023 to 2032 to benchmark the financial competency.
- Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the industry.
India Aluminum Alloy Wheel Market Report Highlights
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The India Aluminum alloy wheel market has been valued at $952.05 million in 2022 and is projected to reach $2,440.97 million by 2032 with the CAGR of 10.1% during the forecast period 2023-2032.
Introduction of light weight alloys are the upcoming trends in India Aluminum Alloy Wheel industry
The sample for India Aluminum Alloy Wheel market report can be obtained on demand from the AMR website. Also, the 24*7 chat support and direct call services are provided to procure the sample report
The market saw a decline in sales during the forecast period.
Sales channel is the most influencing segment growing in the India Aluminum Alloy Wheel report
The company profiles of the top market players of India Aluminum alloy wheel market can be obtained from the company profile section mentioned in the report. This section includes analysis of top ten player’s operating in the industry.
Product developments & Investments are the key strategies adopted by the top players to increase their revenue
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