Automotive Alloy Wheels - Global Market Outlook (2019 -2027)
According to Stratistics MRC, the Global Automotive Alloy Wheels Market is accounted for $15.53 billion in 2019 and is expected to reach $28.75 billion by 2027 growing at a CAGR of 8.0% during the forecast period. Growing demand for alloy wheels owing to their lightweight and corrosion-resistant properties are some of the major factors propelling the growth of the market. However, the volatility of raw material prices and unorganized aftermarket for wheels are hampering the growth of the market.
Automotive alloy wheels are made of alloys of light metals such as aluminum, magnesium, or nickel. These wheels are lighter, stronger, give better vehicle ride quality, and improve the vehicle appearance, as compared to spoke wheels. Moreover, automotive alloy wheels enhance heat dissipation from brakes as these alloy wheels manufactured from aluminum and magnesium are good conductors of heat, which decreases the chances of vehicle brake failure under intense driving conditions.
Based on the vehicle type, the passenger vehicle segment is likely to have a huge demand due to rising customization and replacements post-crash. The lifespan of alloy wheels is similar to that of the vehicle itself; therefore, this segment accounted for a minor share of the global automotive wheels market. However, maintenance and repairs of vehicles involved in a crash attributed to the rise in market share.
By geography, Asia Pacific is anticipated to hold considerable market share during the forecast period due to the rising population and changing living standards of people. Moreover, the easy availability of raw materials and supportive government regulations for industrialization is another factor expected to support revenue growth of Asia Pacific automotive alloy wheel market.
Some of the key players profiled in the Automotive Alloy Wheels Market include Arconic (ALCOA WHEELS), Borbet GmbH, CITIC Dicastal Wheel Manufacturing Co., Ltd, Enkei, Foshan Nanhai Zhongnan Aluminum Wheel Co., Ltd., FUTEX ALLOY (CHANGSHU) Co., Ltd, MAXION Wheels, Ronal Group (Ronal Wheels), Superior Industries International, UNIWHEELS Group, TSW Alloy Wheels, BBS GmbH, CMS Jant ve Makina San. AS, Howmet Aerospace Inc, and Iochpe-Maxion SA.
Wheel Sizes Covered:
• Compact Size
• Large Size
Vehicle Types Covered:
• Commercial Vehicles
• Two Wheelers
• Passenger Vehicle
Sales Channels Covered:
• After Market
• Original Equipment Manufacturer (OEM)
Finish Types Covered:
• Two-Toned Alloy Wheel
• Polished Alloy Wheel
• Painted Alloy Wheel
• Machined Alloy Wheel
• Chromed Alloy Wheel
Diameter Types Covered:
• 26 Inch & Above
• 23 Inch- 25 Inch
• 20 Inch-22 Inch
• 17 Inch-19 Inch
• 14 Inch-16 Inch
• 11 Inch-13 Inch
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
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