Increase in demand for superior quality alloy wheels for vehicles and increase in production of vehicles drive the growth of the aluminum alloy wheel market.
WILMINGTON, Del., Dec. 5, 2023 /PRNewswire/ — Allied Market Research published a report, titled, “Aluminum Alloy Wheel Market by Application (Two Wheelers, Passenger Cars and Commercial Vehicles), Material (Aluminum, Silicon and Others), and Distribution Channel (Original Equipment Manufacturers (OEMs) and Aftermarket): Global Opportunity Analysis and Industry Forecast, 2023-2032″. According to the report, the global aluminum alloy wheel market size was valued at $16,364.3 million in 2022, and is projected to reach $31,929.6 million by 2032, registering a CAGR of 7.2% from 2023 to 2032.
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- 120 – Tables
- 58 – Charts
- 200 – Pages
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Prime determinants of growth
Increase in demand for superior quality alloy wheels for vehicles and surge in production of vehicles drive the growth of the market. Moreover, 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 creates opportunities for the growth of the market across the globe.
Report Coverage and Details:
|
Report Coverage |
Details |
|
Forecast Period |
2023–2032 |
|
Base Year |
2022 |
|
Market Size in 2022 |
$16,364.3 million |
|
Market Size in 2032 |
$31,929.6 |
|
CAGR |
7.2 % |
|
No. of Pages in Report |
200 |
|
Segments Covered |
Application, Material, Distribution Channel |
|
Drivers |
Increased demand for superior quality alloy wheels for vehicles Increased production of vehicles |
|
Opportunities |
Rise in adoption of carbon fiber in automotive industry Increasing investment on wheel design for better aerodynamics |
|
Restraints |
High cost of aluminum alloy wheels Availability of steel-based wheel rims |
The aluminum segment to maintain its leadership status throughout the forecast period
Based on material, the aluminum segment held the highest market share in 2022, accounting for nearly three-fifth of the aluminum alloy wheel market revenue, and is estimated to maintain its leadership status throughout the forecast period. Aluminum finds rise in application in vehicle wheels due to numerous factors such as it is an extremely versatile metal along as well as it is recognized for being both, lightweight and flexible in nature. In addition, aluminum alloy used for vehicle wheels is corrosion resistance and has the nature of recycling when discarded from vehicle. In addition, installation of aluminum alloy wheels in vehicles increases the efficiency of the vehicle by reducing the oil consumption. Such factors create ample opportunities for the growth of the segment in the market.
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The passenger car segment to maintain its leadership status throughout the forecast period
Based on application, the passenger car segment held the highest market share in 2022, accounting for more than half of the aluminum alloy wheel market revenue and is estimated to maintain its leadership status throughout the forecast period. Increase in demand for fuel-efficient vehicles and stringent emission norms and regulations fuel the demand for aluminum alloy wheels in the country. Rise in population in the country along with rise in medium to high income group individuals with the capability to purchase cars, creates lucrative opportunities for the penetration of aluminum allow wheels in passenger car and assist in the growth of the market in the country.
The original equipment manufacturer (OEM) segment to maintain its leadership status throughout the forecast period
Based on distribution channel, the original equipment manufacturer (OEM) segment held the highest market share in 2022, accounting for nearly two-thirds of the aluminum alloy wheel market revenue and is estimated to maintain its leadership status throughout the forecast period. Increase in automobile sales boosts the growth of the automotive wheel industry. Share of sale of OEM in the automotive wheel segment is rising consistently. Increase in demand for automotive equipment from OEM offers lucrative growth potential for the expansion of the market. In addition, companies such as Uno Minda has an active list of OEMs such as Ford, Maruti Suzuki, Hinda and others, which install their designed aluminum alloy wheels in their models. Wide presence of customers to manufacturers creates ample opportunities for the growth of the segment in the market.
Key Highlights of the Report:
- The report presents a detailed analysis of aluminum alloy wheels used in the automotive industry.
- The aluminum alloy wheels market has been scrutinized from the year 2022 to the year 2032.
- Latest developments in the industry are highlighted in the research study.
- Top companies operating in the sector are profiled in the research study.
- The research study encompasses various segments and regions, providing a comprehensive analysis of the market.
Key Developments in the Aluminum Alloy Wheel Industry:
- In September 2023, Uno Minda entered into a collaboration with Kosei Aluminium Co. Ltd. to introduce a premium range of alloy wheels in the Indian aftermarket. These alloy wheels, available in different sizes and designs, enhance acceleration, road handling, and fuel efficiency, ensuring safer riding.
- In September 2023, Maxion Wheels introduced Maxion BIONIC, the latest light vehicle wheel innovation technology. Developed by teams across Brazil, Mexico, the U.S., and Germany, Maxion BIONIC addresses the increasing demand from OEMs for affordable, stylish, and sustainable wheel solutions, particularly for light vehicle programs with increasing wheel load.
- In January 2023, Wheels India Limited launched flow form technology incorporated into cast alloy wheels, considered one of the most advanced manufacturing technologies in the wheel industry. This innovative technology involves applying pressure to the inner barrel of the wheel while spinning and after casting.
- In September 2022, Maxion Wheels partnered with Inci Holding to establish a new truck steel wheels plant in Turkey, with an investment of $150 million. The collaboration aims to build a plant that will offer forged aluminum Commercial Vehicle (CV) wheels, starting in 2024.
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Leading Market Players: –
- Uno Minda
- Maxion Wheels
- Wheels India Limited
- Enkei International, Inc.
- Mobis India Limited
- Status Wheels
- Howmet Aerospace
- Image Wheels International Ltd.
- Wheel Pros.
- Foshan Nanhai Zhongnan Aluminium Wheel Co., Ltd.
The report provides a detailed analysis of these key players of the aluminum alloy wheel market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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