PUNE, India, Jan. 18, 2023 /PRNewswire/ — According to a recent market study published by Growth Market Reports, titled, “Alloy Aluminum Forged Wheel Market by Vehicle Type (Passenger Cars, Light Commercial Vehicles, and Heavy Commercial Vehicles), Distribution Channel (OEM and Aftermarket), and Region: Size, Share, Trends and Opportunity Analysis, 2023-2031“, the market size was valued at USD 8.6 billion in 2022 and is expected to reach USD 13.3 billion, expanding at a CAGR of 5.2% by the end of 2031. The global market growth is attributed to the increasing adoption of lightweight alloy wheels.
Key Market Players Profiled in the Report
- CITIC Limited
- Forgeline
- Schott Wheel
- Howmet Aerospace
- Enkei International, Inc.
- BORBET GmBH
- RONAL GROUP
- Superior Industries International Inc
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The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include vehicle type, distribution channel, and competitor analysis.
This report also includes a complete analysis of industry players and covers their latest developments, product portfolio, pricing, mergers, acquisitions, and collaborations. Moreover, it provides crucial strategies that are helping market players to expand their market share.
Highlights on the segments of the Alloy Aluminum Forged Wheel Market
Based on vehicle type, the alloy aluminum forged wheel market is fragmented into passenger cars, light commercial vehicles, and heavy commercial vehicles. The passenger cars segment is expected to expand at a rapid pace in the coming years owing to the increasing demand for performance-based vehicles.
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On the basis of distribution channels, the global market is bifurcated into OEM and aftermarket. The OEM segment is anticipated to hold a higher revenue share of the market during the forecast period. Increasing preference for OEM wheels among consumers is likely to propel the growth of the market.
In terms of region, the global alloy aluminum forged wheel market is classified into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Asia Pacific is expected to dominate the market during the forecast period. However, the market of North America and Europe is projected to grow at a significant CAGR in the coming years.
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Key Takeaways from the Study:
- Aluminum forged wheels are produced without voids, shrinking, and porosity, which makes them durable and light in weight by reducing around 20-25% weight compared to others.
- These wheels are strong and dense. Therefore, they are widely installed in high-end vehicles and high-performance cars.
- Adoption of lightweight alloy wheels increased in electric vehicles as it helps to increase the efficiency and performance of the vehicles, which drives the market growth.
- Thermal conductivity of aluminum alloy wheels easily dissipates the heat produced by the tire and vehicle chassis.
- Increasing investments in high technology and rising disposable income in developed and developing economies creates an immense growth opportunity in the coming years.
- Passenger cars such as luxury cars, supercars, SUV, sedans, and electric vehicles demand innovative designs and lightweight wheels.
- OEM wheels gaining traction due to their high quality and precise dimension. OEM wheels are designed for the specific model of vehicle.
- Rising research activities to develop innovative products create growth opportunities for the aftermarket manufacturers, which gaining market share.
- Technological growth in automotive wheels manufacturing drives the market of Asia Pacific.
- It is anticipated that the market in North America grows quickly during the projected period, due to the wide presence of leading manufacturers in the US. However, the market in Europe is driven by the growing consumer preference for upgraded alloy wheels.
Read 200 Pages Research Report with Detailed ToC on “Alloy Aluminum Forged Wheel Market by Vehicle Type (Passenger Cars, Light Commercial Vehicles, and Heavy Commercial Vehicles), Distribution Channel (OEM and Aftermarket), and Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) – Global Industry Analysis, Growth, Share, Size, Trends, and Forecast, 2023 – 2031″
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Key Segments Covered
Vehicle Type
- Passenger Cars
- Light Commercial Vehicles
- Heavy Commercial Vehicles
Distribution Channel
- OEM
- Aftermarket
Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Other Related Reports:
- Global Aluminum Alloy Extrusion Profile Market by Type (Forward Extrusion, Backward Extrusion, Composite Extrusion, and Others), By Application (Automotive, Construction, Manufacturing, and Others), and Region (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa)
- Global Truck Aluminium Alloy Wheel Market by Type (Casting, Forging, and Others), Application (OEM and Aftermarket), and Region (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa), Forecast From 2022 To 2030
- Global Automotive Aluminum Alloy Wheel Sales Market by Type (Casting, Forging, and Others), Application (Passenger Vehicle and Commercial Vehicle), and Region (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa), Forecast To 2028
- Global Aluminium Alloy Wheel Market by Type (Casting, Forging, and Others), Application (Passenger Vehicle and Commercial Vehicle), and Region (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa), Forecast From 2022 To 2030
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