NEW YORK, Jan. 18, 2024 /PRNewswire/ — The global aluminum alloy wheel market size is estimated to grow by USD 3.63 billion from 2022 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 5.49% during the forecast period. The PC segment is anticipated to make the largest contribution to the market. This growth is fueled by the increasing adoption of aluminum alloy wheels by automakers, driven by their numerous benefits such as higher fuel efficiency and aesthetic appeal.
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There is a growing focus among several vehicle manufacturers on delivering higher quality products, including the integration of aluminum alloy wheels into all passenger cars, in response to evolving consumer preferences in the automotive industry. This trend aligns with various market dynamics, including Market Trends, Consumer Preferences, Tire Compatibility, Corrosion Resistance, Impact Resistance, Weight Reduction, Automotive Safety Standards, Distribution Channels, the Global Market, Emerging Markets, and Environmental Impact.
Segment Overview
Technavio has segmented the market based on Application (PC and CV), Type (Polished alloy wheel and Two-toned alloy wheel), and Geography (Europe, APAC, North America, South America, and Middle East and Africa).
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Aluminum Alloy Wheel Market – Market Dynamics
Key Driver
The Aluminum Alloy Wheel Market is driven by the automotive industry’s increasing demand for lightweight, high-performance wheels and Alloy wheel materials. As manufacturers focus on alloy wheel design and materials, key factors such as rim diameter, wheel finish, and rim structure play crucial roles. The casting, forging, and machining techniques used in alloy wheel manufacturing, along with heat treatment processes, are essential for producing durable and high-quality wheels. Moreover, the market is influenced by custom wheel trends and vehicle customization, catering to both OEM and aftermarket segments. These trends reflect the growing preference for performance wheels, driving the market’s growth.
Major Trend
The emergence of 3D-printed titanium wheels is a major trend in the market.
Significant challenges
The aluminum alloy wheel market faces challenges from advantageous substitutes like steel wheels.
Insights on Market Drivers, trends, and challenges, historic period(2017 to 2021), and forecast period(2023 to 2027)- Request a FREE sample report!
What are the key data covered in this Aluminum Alloy Wheel Market report?
- CAGR of the market during the forecast period
- Detailed information on factors that will drive the growth of the Aluminum Alloy Wheel Market between 2023 and 2027
- Precise estimation of the size of the Aluminum Alloy Wheel Market size and its contribution to the market in focus on the parent market
- Accurate predictions about upcoming trends and changes in consumer behavior
- Growth of the Aluminum Alloy Wheel Market industry across Europe, APAC, North America, South America, and Middle East and Africa
- A thorough analysis of the market’s competitive landscape and detailed information about vendors
- Comprehensive analysis of factors that will challenge the growth of Aluminum Alloy Wheel Market vendors
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TOC:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
About US
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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SOURCE Technavio
