Luton, Bedfordshire, United Kingdom, Oct. 26, 2022 (GLOBE NEWSWIRE) -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Alloy Wheels market.
"Alloy Wheels Market size was valued at USD 15 billion in 2019 and is projected to reach USD 24.3 billion by 2028, growing at a CAGR of 5% from 2019 to 2028."
Alloy wheels are a popular choice, especially for drivers who have a need to give their vehicle a look that is an improvement over stock. Alloy wheels' larger diameter and lower weight make them more resilient than regular steel wheels, and that makes them ideal for sports cars and performance vehicles. Alloy wheels are not just a fashion statement; they provide better fuel economy, reduce cabin noise, reduce vibration and improve handling. Alloy wheels are used for sport utility vehicles to replace OEM painted steel wheels. Customers love our appearance and have even tried to steal their new wheels from the vehicle in order to comment on them. Alloy wheels give your ride a high quality finish, increase handling, and improve fuel economy.
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Alloy wheels, the most durable and cost-effective way to upgrade your vehicle's appearance. Our selection of alloy wheels features ultra-low profiles, polished finishes, bold colors and clean designs that can be combined with our popular alloy wheel packages to give your ride a customized look without breaking the bank. Drive large, and save up to 50% off the cost of new tires with Alloy wheels and rims. The market for alloys wheels is growing at a healthy pace and is expected to expand by around 6 percent over the next 10 years. This is due to the rising demand for alloy wheels in cars, especially luxury vehicles. The main customers of the product are car manufacturers.
Some major players in the global Alloy Wheels market include: Borbet GmbH, Enkei, Ronal Group (Ronal Wheels), Arconic (ALCOA WHEELS), CITIC Dicastal Wheel Manufacturing Co., Ltd, MAXION Wheels, UNIWHEELS Group, Foshan Nanhai Zhongnan Aluminum Wheel Co., Ltd., Superior Industries International, Futex Alloy (CHANGSHU) Co., Ltd.
Industry Trends:
Enkei Wheels is the leader in aftermarket wheels. Enkei custom wheels deliver the latest in wheel designs, composite alloy technology such as, casting/forged processes, rigid testing that must pass stringent JGTC Standards and unsurpassed manufacturing facilities.
RONAL Group is one of the world’s leading manufacturers and suppliers of light alloy wheels for passenger cars and commercial vehicles. Every year, about 20 million wheels can be manufactured at 13 production sites across three continents.
Royal Enfield Continental GT 650 has been spotted getting tested with alloy wheels which may be offered as part of an optional package. The new Royal Enfield bike could also benefit from a fresh set of colour options which will renew its fight with the segment rivals.
Regional Insights:
During the projected period, North America is anticipated to be the alloy wheel market's largest region. Due to the rising demand for premium vehicles, North America is anticipated to lead the world market for alloy wheels. Market expansion is anticipated to be fueled by the region's rising demand for opulent vehicles. Due to rising demand from the passenger car and commercial vehicle segments, particularly China and India, the Asia Pacific region currently controls a sizeable portion of the global market for alloy wheels and is expected to continue doing so over the course of the projected period.
As a part of Alloy Wheels market segmentation, our study exhibits a market analysis based on type, Market application and Historic Data:
| Attributes | Details (Current Scenario) |
| Base-Year | 2020-2021 |
| Historic Data | 2019-2020 |
| Forecast Period | 2022-2028 |
| Regions Covered |
|
| By Type/function |
|
| By Application |
|
| CAGR (XX%) | 5 % (Current Market Analysis) |
| Customization Available | Yes, the report can be customized as per your need. (Free 15% Customization) |
| Delivery Format | PDF, and Excel through Email |
Browse Detailed Research Insights with TOC:
https://exactitudeconsultancy.com/reports/1430/alloy-wheels-market/
Important insights in Alloy Wheels market research report:
- Underlying macro- and microeconomic factors impacting the Sales of Alloy Wheels
- Basic overview of the Alloy Wheels, including market definition, classification, and applications.
- Scrutinization of each market player based on mergers & acquisitions, R&D projects, and product launches.
- Adoption trend and supply side analysis of Alloy Wheels across various industries.
- Important regions and countries offering lucrative opportunities to market stakeholders.
Frequently Asked Questions about This Report:
- Who are the leading market players active in the Alloy Wheels market?
- What is expected to the growth rate of Alloy Wheels market?
- What are the driving features, restraints, and opportunities in the market?
- What are the latest trends in Alloy Wheels market?
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