The global alloy wheels market is expected to grow primarily due to technological advancements in manufacturing processes. Passenger vehicle sub-segment is expected to flourish immensely. The market in the Asia-Pacific region is predicted to grow at a high CAGR by 2031.
NEW YORK, April 5, 2023 /PRNewswire/ — Global Alloy Wheels Market Forecast Analysis:
As per the report published by Research Dive, the global alloy wheels market is expected to register a revenue of $31,568.2 million by 2031 at a CAGR of 6.2% during the forecast period 2022-2031.
Segments of the Alloy Wheels Market
The report has divided the market into the following segments:
Material Type: aluminium alloy, titanium alloy, and magnesium alloy
Aluminum Type– Fastest growth by 2031
Aluminum alloy wheels provide great strength while at the same time being extremely lightweight. These characteristics of aluminum alloy wheels have increased their popularity which is expected to push the growth of this sub-segment further.
Type: forging, casting, and others
Forging – Highest market share in 2021
The ability of forging processes to make alloy wheels stronger, more durable, and resistant to corrosion is expected to augment the growth rate of the market in the 2022-2031 timeframe.
Rim Size: 12 Inches – 17 inches, 18 inches – 21 inches, and more than 22 inches
18 Inches–21 Inches – Most profitable in 2021
The characteristic feature of 8- to 21-inch tires to offer more stiffness on the roads is expected to propel the sub-segment forward.
Vehicle Type: passenger vehicle and commercial vehicle
Passenger Vehicle – Most lucrative in 2021
The rising demand for passenger cars in both emerging and developed markets is anticipated to push the market forward.
Region: North America, Europe, Asia-Pacific, and LAMEA
Asia-Pacific – Significant market share in 2021
The rapidly increasing sales of automobiles in this region is predicted to propel the market in the forecast period.
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Dynamics of the Global Alloy Wheels Market
The technological advancements in manufacturing processes that have taken place in the recent years is expected to make the alloy wheels market a highly profitable one in the forecast period. Additionally, growing demand for fuel-efficient vehicles is predicted to propel the market forward. However, according to market analysts, high cost of alloy wheels might become a restraint in the growth of the market.
Growing expanse of automotive industry is predicted to offer numerous growth opportunities to the market in the forecast period. Moreover, increasing tendency of automobile manufacturers to reduce the weight of the automobile is expected to propel the market growth in the coming period.
COVID-19 Impact on the Global Alloy Wheels Market
The Covid-19 pandemic disrupted the routine lifestyle of people across the globe and the subsequent lockdowns adversely impacted the industrial processes across all sectors. The alloy wheels market, too, was negatively impacted due to the pandemic. The automobile manufacturing industry was one of the worst hit markets in the world during the pandemic. This led to a decrease in demand for alloy wheels from the automotive industry which, ultimately brought down the growth rate of the market.
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Key Players of the Global Alloy Wheels Market
The major players of the market include
Steel Strips Wheels Limited
MHT Luxury Wheels
Maxion Wheels
Status Wheels
Enkei International Inc
UNIWHEELSS Group
RONAL GROUP
BORBET GmbH
Superior Industries
CMWheels
These players are working on developing strategies such as product development, merger and acquisition, partnerships, and collaborations to sustain market growth.
For instance, in December 2020, Wheel Pros, a global designer and distributor of aftermarket wheels, announced that it was acquiring TSW Alloy Wheels, a leading alloy wheel designing company. This announcement is predicted to help Wheel Pros to expand its customer base substantially in the near future.
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What the Report Covers
Apart from the information summarized in this press release, the final report covers crucial aspects of the market including SWOT analysis, market overview, Porter’s five forces analysis, market dynamics, segmentation (key market trends, forecast analysis, and regional analysis), and company profiles (company overview, operating business segments, product portfolio, financial performance, and latest strategic moves and developments.)
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About Research Dive
Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides the services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With an unprecedented access to several paid data resources, team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive deliver the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.
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