Automotive Aluminum Wheels Market Expected to Reach $37 Billion by 2032

According to a new report published by Allied Market Research, titled, “Automotive Aluminum Wheels Market," The automotive aluminum wheels market size was valued at $18.1 billion in 2022, and is estimated to garner $37 billion by 2032, growing at a CAGR of 7.7% from 2023 to 2032.

The global automotive aluminum wheel market size was estimated at $ 18.09 billion in 2022, and is projected to garner $ 37.00 billion by 2032, registering a CAGR of 7.65% from 2023 to 2032.

Wheel are an essential component of a vehicle whose demand is directly related with the growth of automotive industry. The automotive aluminum wheels market forecast is in a growth phase due to rise in demand for light weight wheels that have the same strength as steel wheels alongside having high thermal stability & ductility. Factors such as strength to weight ratio and better fuel consumption are major factor driving the adoption of automotive aluminum wheels.

The global automotive aluminum wheel market has seen significant growth due to increasing vehicle production and sales, increase in demand for enhanced visual appeal in automobiles, and increase in trend towards weight reduction. Technological advancement and increase in demand for aftermarket products are likely to create an growth opportunity for the industry. While high cost and volatility in raw material price is anticipated to hinder the market growth rate during the forecast period.

The automotive aluminum wheels market share is segmented on the basis of vehicle type, wheel size, distribution channel, propulsion type, and region. By vehicle type, the market is divided into passenger car, light commercial vehicle, bus, and trucks. On the basis of wheel size, the global market is divided into less than 15, 16 to 20, and more than 21. By distribution channel, the market is segmented into OEM and aftermarket. On the basis of propulsion type, the market is segmented into ICE and electric. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

In addition, the market is highly competitive, with several key players dominating the industry. Prominent manufacturers focus on innovation, product differentiation, and strategic partnerships to maintain their market positions. Market leaders include companies such as Status Wheels, ENKEI Wheels (India) Limited, Wheel Pros, Accuride Corporation, CITIC LIMITED, BBS Kraftfahrzeugtechnik AG, OTTO FUCHS KG, Ronal Group, Wanfeng Group Co., Ltd., BBS Japan Co., Ltd., SuperAlloy Industrial Co., Ltd.., Maxion Wheels, Uno Minda, Fuel Off-Road Wheels, MHT Luxury Wheels, ALCOA WHEELS, Zhejiang Hongxin Technology Co., Ltd., and UNIWHEELS AG.

As safety measures improved, vehicles typically get heavier. Automotive weight reduction is regarded as one of the most effective means for decreasing fuel consumption in any vehicle. Significant efforts are being made by major OEM and aftermarket wheel manufacturers to produce lighter automotive wheels, as reduced weight improves overall vehicle dynamics, fuel efficiency, and performance. Furthermore, manufacturers are increasingly concentrating on enhancing battery performance and increasing overall vehicle range due to the rising demand for hybrid and electric vehicles (EVs). Lighter wheels enable electric vehicles to travel longer distance. Global wheel manufacturers are utilizing with combining various metals to make wheels lighter and stronger. For instance, aluminum is regarded as the ideal lightweight material for automobiles and related components since it can reduce the overall weight of the component by up to 50% without sacrificing on safety. Therefore, rise in demand for low-weight vehicle components coupled with inclination toward luxury and comfortable automobiles supports the demand for automotive aluminum wheel and acts as a major driver for the market.

However, the price of automotive aluminum wheel is 30%-50% more as compared to steel wheel. Aluminum is expensive as compared to steel. Aluminum wheel also requires more resources and precision casting technique during its manufacturing process, which reduces the overall cost of aluminum wheels.

KEY FINDINGS OF THE STUDY

• Based on Vehicle Type, the passenger car segment is anticipated to exhibit strongest growth rate in the automotive aluminum wheel market in the near future.
• By Wheel Size, the less than 15 segment is anticipated to exhibit fastest growth rate in the market in the near future.
• By Distribution Channel, the aftermarket segment is anticipated to register the strongest CAGR during the forecast period.
• By Propulsion Type, the electric vehicle segment is anticipated to register the highest CAGR growth rate during the forecast period.
• By Region, Asia-Pacific is anticipated to register the fastest CAGR growth during the forecast period.