New York, US, March 01, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Research Report by Market Research Future (MRFR), “Automotive Alloy Wheel Market Research Report Information By Vehicle Type, Finishing Type, Region, and Wheel Type – Market Forecast Till 2030”, the global market for automotive alloy wheel is predicted to flourish considerably during the assessment era from 2022 to 2030 at a robust growth rate of approximately 9.99%. The market was worth around USD 14.25 Billion in the year 2021. The reports further project the market to attain a valuation of around USD 35.62 Billion by the end of 2030.
Automotive Alloy Wheel Market Overview:
The Aluminum alloy includes materials such as aluminum and others. The players across the automotive alloy wheel market emphasize reducing the car's weight and limiting exhaust emission. The global market has witnessed a significant increase in demand for these wheels in recent times. Earlier, motorcycle producers used spoke rims incorporated in particular kinds of motorcycles, even today. Automotive Alloy wheels are utilized because of their lightweight and high resilience. Usually, two-wheeler rims/wheels are made with nickel, aluminum, and other material, while steel and alloys are highly used for two-wheeler rims.
Competitive Analysis
The listing for the prominent participant across the global market for automotive alloy wheels includes players such as:
- BBS Kraftfahrzeugtechnik AG
- Euromax Wheel
- SOTA Offroad
- MHT Luxury Wheels
- Enkei Wheels India Ltd
- Status Wheels, Inc
- Ronal AG
- Wheel Pros, LLC
- Uniwheels
- Fuel Off-Road Wheels
- Superior Industries
- Among others.
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Moreover, these wheels improve the aesthetic appearance of the two-wheeler. Automakers are obligated to produce environmentally friendlier, lighter, safer & cheaper cars as the amount of carbon dioxide released is proportional to the amount of fuel consumption and the car's size; lowering weight becomes a critical criterion. The global market for automotive alloy wheels has showcased immense development in recent years. The primary parameter supporting the market's growth is rapid urbanization across the globe.
Furthermore, factors such as improvement in dynamics, increase in vehicle production, regulations related to fuel efficiency, and surge in demand for automobiles are also projected to positively impact the performance of the market over the review timeframe. Moreover, the growing production & sales of electric vehicles, along with the rising demand for lightweight wheels, are also projected to contribute to the development of the market over the coming years.
Automotive Alloy Wheel Market Report Scope:
| Report Metrics | Details |
| Market Size 2030 | 2030: 35.62 billion |
| CAGR during 2022-2030 | 9.99% CAGR |
| Base Year | 2021 |
| Forecast | 2022-2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Finishing Type, Wheel Type, Vehicle Type, and Region |
| Key Market Opportunities | New product launches and R&D Amongst major key Players |
| Key Market Dynamics | Increasing demand for lightweight wheels Growing production and sales of electric vehicles |
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Automotive Alloy Wheel Market USP Covered
Market Drivers
The global market for automotive alloy wheels has showcased immense development in recent years. The primary parameter supporting the market's growth is rapid urbanization across the globe. Furthermore, factors such as improvement in dynamics, increase in vehicle production, regulations related to fuel efficiency, and surge in demand for automobiles are also projected to positively impact the performance of the market over the review timeframe. Moreover, the growing production & sales of electric vehicles, along with the rising demand for lightweight wheels, are also projected to contribute to the development of the market over the coming years.
Market Restraints
On the other hand, several aspects may restrict the performance of the market. The market's primary challenge is the relatively high cost of magnesium and aluminum alloys.
Automotive Alloy Wheel Market Segment Analysis
Among all the types, the two-toned alloy wheel segment held the top spot across the global automotive alloy wheel market in 2021. The main aspect supporting the development of the segment is the escalating demand for stylish and high-performance alloy wheels. Using two-tone finishes offers an attractive and unique look to alloy wheels, making them a famous option among users. However, the polished alloy wheels segment will display the maximum growth rate over the review era.
Among all the wheel types, the compact-size segment secured the top spot across the global automotive alloy wheel market in 2021. The popularity of compact vehicles like subcompact and hatchbacks cars uses lighter and smaller wheels to enhance performance and fuel efficiency.
Among all the vehicle types, the passenger car segment held the top spot across the global automotive alloy wheel market in 2021. The development of the segment is ascribed to the aspects such as the growing demand for lightweight and high-performance wheels and high fuel efficiency.
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COVID-19 Impact
The global health hazard in the shape of COVID-19 has tremendously affected most industry sectors. Considering the fast spread of the infectious disease, various governments across the globe revealed partial or complete lockdowns for a fairly long time. Accordingly, industry operations were halted, and some businesses shut down. The automotive alloy wheel market confronted numerous unforeseen challenges during the pandemic due to the abrupt fall in demand for vehicles and the travel restrictions enforced. On the other hand, with the swift vaccination rates and all the global industrial operations returning to normal, the market is expected to observe sizable expansion over the estimated timeframe.
Automotive Alloy Wheel Market Regional Analysis
The MRFR analysis reports suggest that the Asia-Pacific region is anticipated to ensure the lead across the global market for automotive alloy wheels over the review era. The growth of the regional market is ascribed to the aspects such as the rapidly growing automotive market, increasing demand for high-performance & lightweight wheels, growing demand for vehicles in emerging economies, availability of low-cost labor & raw materials, and presence of major automakers & suppliers.
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The European regional market for automotive alloy wheels is predicted to showcase substantial development over the review era, given factors such as the ongoing industrialization, growing demand for environment-friendly vehicles, growing popularity of electric vehicles, and the growing popularity of luxury & high-performance vehicles.
Related Reports:
Automotive Wheel Rims Market Research Report: By Material, By Rim Size, By Vehicle Type, By End-Use, and Region - Forecast till 2030
All-Wheel Drive Market Report: Information By Type, By Propulsion, By Application, By Vehicle Type – Forecast till 2030
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