Automotive Alloy Wheel Market Growth Overview:
The Global Automotive Alloy Wheel Market is estimated to reach around USD 21 billion and registering a CAGR of ~5% during the forecast period.
Growth in the automobile industry and growing trend of vehicle customization is also aiding to the growth of automotive alloy wheel market. However, alloy wheels are more pricey than steel wheels. This is one of the factors, which is hampering the expansion of the market in countries with massive pools of price-sensitive consumers. Countries such as India and Indonesia have large population but these countries have still not given into the trend of automotive alloy wheels yet. Price is a major factor influencing the market’s growth. Alloys are generally made up of metals and other elements, so, hike in price of metals such as iron or aluminum impacts the market negatively. Periodic changes in government guidelines, advancements in technology and environmental codifications also pose challenges to the market.
The major players in the global automotive alloy wheel market are Euromax Wheel (US), MHT Luxury Wheels (US), Status Wheels, Inc. (US), Wheel Pros, LLC (US), Fuel Off-Road Wheels (US), SOTA Offroad (US), Enkei Wheels India Ltd (India), Ronal AG (Switzerland), Uniwheels (Switzerland), and BBS Kraftfahrzeugtechnik AG (Germany).
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The report summarizes the global situation, the economic situation, and the COVID-19 analysis of the overall market. Alloy wheels for automobiles are made from aluminum, nickel, or magnesium material. The casting and forging method is used for the manufacture of alloy wheels. whereas, the forged wheels are lighter and stronger but more costly than the cast-alloy wheels. Alloy wheels have greater strength, better heat conduction, and more cosmetic appearance than steel wheels. Consumers prefer the use of alloy wheels for the external styling of vehicles and good riding quality.
Rising demand from Europe and the Asia Pacific, increasing global alloy wheel repair centers, growing demand for lightweight wheels, and increasing production and sales of electric vehicles are significant factors driving the global automotive alloy wheel market growth.
Uncertainty of raw material prices and unorganized aftermarket for wheels are considered to be the key factors restricting the growth of this market. However, the improving economies of developing countries, rising demand for high-performance wheels, and increasing demand for advanced materials and new wheel composition provide growth opportunities for the global market.
The global automotive alloy wheel market has been segmented into finishing type, wheel type, vehicle type, and sales channel.
By finishing type, the global automotive alloy wheel market has been segmented into polished alloy wheel, two-toned alloy wheel, and others. The two-toned alloy wheel segment is expected to grow rapidly over the forecast period due to increasing demand from SUVs.
By wheel type, the global automotive alloy wheel market has been segmented into compact-size, mid-size, and full-size. The compact-size segment is expected to grow at a substantial rate over the forecast period due to the increasing demand for lightweight wheels with high strength.
By vehicle type, the global automotive alloy wheel market has been segmented into passenger cars and commercial vehicle. The passenger car segment is expected to be dominant throughout the forecast period due to the increasing demand for passenger vehicles in emerging and developed countries.
By sales channel, the global market has been segmented into OEM and aftermarket. The OEM segment is expected to be dominant throughout the forecast period due to the presence of various OEM’s in developed regions and due to the presence of a large consumer base. Furthermore, OEMs are more inclined toward expanding automotive wheel manufacturing facilities in emerging countries such as China, India, Mexico, and Brazil.
Region-wise, the global automotive alloy wheel market share has been segmented into North America, Asia Pacific, Europe, and the rest of the world.
The Asia Pacific market is projected to capture the largest share, followed by North America and Europe over the forecast period due to increasing production and sales of passenger cars and commercial vehicles from China, Japan, Thailand, and Indonesia and growing industrialization. North America is expected to see significant growth over the forecast period due to a higher preference for external styling and customization in wheels and increased use of alloy wheels in vans, pick-up trucks, and utility vehicles from the United States and Canada. The market in Europe is rising due to increasing demand for environmentally friendly vehicles and ongoing industrialization throughout the region.
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Table of Content:
1 Executive Summary
2 Scope Of The Report
2.1 Market Definition
2.2 Scope Of The Study
2.2.2 Research Objective
2.3 Research Process
2.3.1 Primary Research
2.3.2 Secondary Research
2.4 Market Size Estimation
2.5 Forecast Model
3 Market Landscape
3.1 Porter’s Five Forces Analysis
3.1.1 Threat Of New Entrants
3.1.2 Bargaining Power Of Buyers
3.1.3 Bargaining Power Of Suppliers
3.1.4 Threat Of Substitutes
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