New York, United States, March 09, 2023 (GLOBE NEWSWIRE) -- The road wheel of a vehicle is an integral part of the suspension system because it must support the vehicle's weight and the dynamic forces that result from driving. Since wheels are essential to vehicle operation, it stands to reason that the demand for automotive alloy wheels would increase in tandem with the volume of vehicles manufactured worldwide. The increasing demand for fuel-efficient and lightweight vehicles has led to growth in the automotive alloy wheels industry. Suppliers of automobile wheels invest heavily in R&D to stay ahead of the competition and develop market-changing alloy solutions.
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Increasing Demand for Tough, Appealing, and Monetarily Feasible Wheels for Vehicles Drives the Global Market
In recent years, the automotive industry has developed a taste for lightweight materials and placed a greater emphasis on efficiency, leading to a worldwide demand for fuel-efficient vehicles. Aluminum alloys have much better rust and corrosion resistance than steel. As a result, it is not only more portable, but it also lasts longer, which benefits customers financially. Additionally, as consumer purchasing power and urbanization rise, comfort and style in vehicle purchases are increasingly prioritized. Over the forecast period, this is expected to be a primary contributor to the market's growth.
Increase in Pace of Vehicle Production Creates Tremendous Opportunities
The manufacturing industry has become increasingly competitive over the past decade, compelling automakers to embrace new technologies. There was a minimum 30% increase in sales of truck alloy wheels. Because of this, the market for wheels of all kinds has expanded alongside the sale of automobiles. Increased sales and production of all vehicle types in developing and developed countries due to rising mobility and investment in the transportation sector are expected to contribute to revenue growth in the global market.
Report Scope
Report Metric | Details |
Market Size | USD 52.6 billion by 2031 |
CAGR | 8.2% (2023-2031) |
Historical Data | 2020-2021 |
Base Year | 2022 |
Forecast Period | 2023-2031 |
Forecast Units | Value (USD Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | Type, Wheel Size, Sales Channel |
Geographies Covered | North America, Europe, Asia-Pacific, LAME and Rest of the World |
Key Companies Profiled/Vendors | MHT Luxury Wheels, Status Wheels, Inc., Wheel Pros, LLC, Fuel Off-Road Wheels, SOTA Offroad, Enkei Wheels India Ltd., Ronal AG, Uniwheels, BORBET, CM Wheels, ALCOA WHEELS (Arconic), Maxion Wheels, Foshan Nanhai Zhongnan Aluminum Wheel Co., Ltd, and Superior Industries. |
Key Market Opportunities | Increase in Pace of Vehicle Production |
Key Market Drivers | Increasing Demand for Tough, Appealing, and Monetarily Feasible Wheels for Vehicles |
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Regional Analysis
North America is the most significant shareholder in the global automotive alloy wheel market and is expected to grow during the forecast period. Increases in disposable income in places like the United States and Canada have spurred a global trade boom. In the coming years, the North American market for automotive wheel rims is projected to grow significantly. Alloy wheels are being used more frequently by automakers to boost the vehicles' curb appeal and attract customers. Leading automotive alloy wheel manufacturers like Euromax Wheel, MHT Luxury Wheels, Status Wheels, Inc., Wheel Pros, LLC, and Fuel Off-Road Wheels all have substantial operations in North America, which bodes well for the region's economic development in the coming years.
Europe is expected to grow during the forecast period. It is anticipated that Europe will hold a sizable share of the global automotive alloy wheel market due to its high concentration of automakers. The European market for automotive alloy wheels is expected to grow substantially over the forecast period due to the automotive industry's high spending on research and development and innovation.
Experts believe that the Asia-Pacific region will be the fastest-growing market for automotive alloy wheels because of the region's high export volume of auto parts. The Indian government, for instance, recently announced a five-year extension of the anti-dumping duty on aluminum alloy wheels imported from China, the Republic of Korea, and Thailand to promote domestic production, create jobs, and advance the 'Make in India Strategy. China and Japan are also at the forefront of research and development efforts to improve vehicle performance. One strategy for accomplishing this is by using wheels made of alloy. All these factors propel the automotive alloy wheels market in Asia and the Pacific.
The LAMEA region is rapidly becoming a major manufacturing and sales center for automobiles, so it stands to reason that the region's automotive alloy wheel market will expand rapidly. According to Ernst & Young Global Limited and other sources like the CIA World Factbook and LMC Automotive, investments for lightweight vehicles in Latin America totaled over USD 17.7 billion. The demand for lightweight vehicles is expected to increase in the coming years, and alloy wheels will play a key role in this.
Key Highlights
- The global automotive alloy wheel market size is projected to reach USD 52.6 billion by 2031, growing at a CAGR of 8.2% during the forecast period (2023–2031).
- Based on type, the global automotive alloy wheel market is bifurcated into polished alloy wheels, two-toned alloy wheels, and others. The polished alloy wheel segment is the highest contributor to the market and is expected to grow during the forecast period.
- Based on wheel size, the global automotive alloy wheel market is bifurcated into compact (13–16 inches), mid-size (17–21 inches), and large (21 inches and above). The compact segment is the highest contributor to the market and is expected to grow during the forecast period.
- Based on the sales channel, the global automotive alloy wheel market is bifurcated into OEM and aftermarket. The OEM segment is the highest contributor to the market and is expected to grow during the forecast period.
- North America is the most significant shareholder in the global automotive alloy wheel market and is expected to grow during the forecast period.
Competitors in Automotive Alloy Wheel Market
The global automotive alloy wheel market’s major key players are
- MHT Luxury Wheels
- Status Wheels Inc.
- Wheel Pros LLC
- Fuel Off-Road Wheels
- SOTA Offroad
- Enkei Wheels India Ltd.
- Ronal AG
- Uniwheels
- BORBET
- CM Wheels
- ALCOA WHEELS (Arconic)
- Maxion Wheels
- Foshan Nanhai Zhongnan Aluminum Wheel Co. Ltd
- Superior Industries.
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Segmentation of the Global Automotive Alloy Wheel Market
By Type
- Polished Alloy Wheel
- Two-Toned Alloy Wheels
- Others
By Wheel Size
- Compact (13–16 Inch)
- Mid-Size (17–21 Inch)
- Large (21 Inch and above)
By Sales Channel
- OEM
- Aftermarket
By Regions
- North America
- Europe
- Asia-Pacific
- LAMEA
Table of Content
- Executive Summary
- Research Scope & Segmentation
- Research Objectives
- Market Definition
- Limitations & Assumptions
- Market Scope & Segmentation
- Currency & Pricing Considered
- Market Opportunity Assessment
- Emerging Regions / Countries
- Emerging Companies
- Emerging Applications / End Use
- Investment Landscape
- New Business Models / Revenue Streams
- TAM
- Market Trends
- Drivers
- Market Warning Factors
- Latest Macro Economic Indicators
- Geopolitical Impact
- Human Factors
- Technology Factors
- Market Assessment
- Porters Five Forces Analysis
- Value Chain Analysis
- Raw Material Analysis
- Sales And Distribution Channel Analysis
- Trade Analysis
- Average Pricing Analysis
- Case Study Analysis
- Patent Analysis
- M & A Agreements & Collabration Analysis
- Export Import Analysis
- Cost Structure Analysis
- ESG Trends
- Global Automotive Alloy Wheel Market Size Analysis
- Global Automotive Alloy Wheel Market Introduction
- By Vehicle Type
- Introduction
- Vehicle Type By Value
- Two Wheeler
- By Value
- Passenger Vehicle
- By Value
- Hatchback
- Hatchback By Value
- Sedan
- Sedan By Value
- Utility Vehicle
- Utility Vehicle By Value
- Light Commercial Vehicle
- By Value
- Truck
- By Value
- Bus & Coach
- By Value
- Introduction
- By Finishing Type
- Introduction
- Finishing Type By Value
- Powder Coated/Painted Lacquered
- By Value
- Diamond Cut
- By Value
- Split Wheel
- By Value
- Chrome Wheel
- By Value
- Anodized
- By Value
- Others
- By Value
- Introduction
- By Rim Size
- Introduction
- Rim Size By Value
- 12"-17"
- By Value
- 18"-21"
- By Value
- More Than 22"
- By Value
- Introduction
- By Material Type
- Introduction
- Material Type By Value
- Aluminum Alloy
- By Value
- Titanium Alloy
- By Value
- Magnesium Alloy
- By Value
- Introduction
- By Sales Channel
- Introduction
- Sales Channel By Value
- OEM
- By Value
- Aftermarket
- By Value
- Introduction
- North America Market Analysis
- Introduction
- By Vehicle Type
- Introduction
- Vehicle Type By Value
- Two Wheeler
- By Value
- Passenger Vehicle
- By Value
- Hatchback
- Hatchback By Value
- Sedan
- Sedan By Value
- Utility Vehicle
- Utility Vehicle By Value
- Light Commercial Vehicle
- By Value
- Truck
- By Value
- Bus & Coach
- By Value
- Introduction
- By Finishing Type
- Introduction
- Finishing Type By Value
- Powder Coated/Painted Lacquered
- By Value
- Diamond Cut
- By Value
- Split Wheel
- By Value
- Chrome Wheel
- By Value
- Anodized
- By Value
- Others
- By Value
- Introduction
- By Rim Size
- Introduction
- Rim Size By Value
- 12"-17"
- By Value
- 18"-21"
- By Value
- More Than 22"
- By Value
- Introduction
- By Material Type
- Introduction
- Material Type By Value
- Aluminum Alloy
- By Value
- Titanium Alloy
- By Value
- Magnesium Alloy
- By Value
- Introduction
- By Sales Channel
- Introduction
- Sales Channel By Value
- OEM
- By Value
- Aftermarket
- By Value
- Introduction
- U.S.
- By Vehicle Type
- Introduction
- Vehicle Type By Value
- Two Wheeler
- By Value
- Passenger Vehicle
- By Value
- Hatchback
- Hatchback By Value
- Sedan
- Sedan By Value
- Utility Vehicle
- Utility Vehicle By Value
- Light Commercial Vehicle
- By Value
- Truck
- By Value
- Bus & Coach
- By Value
- Introduction
- By Finishing Type
- Introduction
- Finishing Type By Value
- Powder Coated/Painted Lacquered
- By Value
- Diamond Cut
- By Value
- Split Wheel
- By Value
- Chrome Wheel
- By Value
- Anodized
- By Value
- Others
- By Value
- Introduction
- By Rim Size
- Introduction
- Rim Size By Value
- 12"-17"
- By Value
- 18"-21"
- By Value
- More Than 22"
- By Value
- Introduction
- By Material Type
- Introduction
- Material Type By Value
- Aluminum Alloy
- By Value
- Titanium Alloy
- By Value
- Magnesium Alloy
- By Value
- Introduction
- By Sales Channel
- Introduction
- Sales Channel By Value
- OEM
- By Value
- Aftermarket
- By Value
- Introduction
- By Vehicle Type
- Canada
- Europe Market Analysis
- Introduction
- By Vehicle Type
- Introduction
- Vehicle Type By Value
- Two Wheeler
- By Value
- Passenger Vehicle
- By Value
- Hatchback
- Hatchback By Value
- Sedan
- Sedan By Value
- Utility Vehicle
- Utility Vehicle By Value
- Light Commercial Vehicle
- By Value
- Truck
- By Value
- Bus & Coach
- By Value
- Introduction
- By Finishing Type
- Introduction
- Finishing Type By Value
- Powder Coated/Painted Lacquered
- By Value
- Diamond Cut
- By Value
- Split Wheel
- By Value
- Chrome Wheel
- By Value
- Anodized
- By Value
- Others
- By Value
- Introduction
- By Rim Size
- Introduction
- Rim Size By Value
- 12"-17"
- By Value
- 18"-21"
- By Value
- More Than 22"
- By Value
- Introduction
- By Material Type
- Introduction
- Material Type By Value
- Aluminum Alloy
- By Value
- Titanium Alloy
- By Value
- Magnesium Alloy
- By Value
- Introduction
- By Sales Channel
- Introduction
- Sales Channel By Value
- OEM
- By Value
- Aftermarket
- By Value
- Introduction
- U.K.
- By Vehicle Type
- Introduction
- Vehicle Type By Value
- Two Wheeler
- By Value
- Passenger Vehicle
- By Value
- Hatchback
- Hatchback By Value
- Sedan
- Sedan By Value
- Utility Vehicle
- Utility Vehicle By Value
- Light Commercial Vehicle
- By Value
- Truck
- By Value
- Bus & Coach
- By Value
- Introduction
- By Finishing Type
- Introduction
- Finishing Type By Value
- Powder Coated/Painted Lacquered
- By Value
- Diamond Cut
- By Value
- Split Wheel
- By Value
- Chrome Wheel
- By Value
- Anodized
- By Value
- Others
- By Value
- Introduction
- By Rim Size
- Introduction
- Rim Size By Value
- 12"-17"
- By Value
- 18"-21"
- By Value
- More Than 22"
- By Value
- Introduction
- By Material Type
- Introduction
- Material Type By Value
- Aluminum Alloy
- By Value
- Titanium Alloy
- By Value
- Magnesium Alloy
- By Value
- Introduction
- By Sales Channel
- Introduction
- Sales Channel By Value
- OEM
- By Value
- Aftermarket
- By Value
- Introduction
- By Vehicle Type
- Germany
- France
- Spain
- Italy
- Russia
- Nordic
- Benelux
- Rest Of Europe
- APAC Market Analysis
- Introduction
- By Vehicle Type
- Introduction
- Vehicle Type By Value
- Two Wheeler
- By Value
- Passenger Vehicle
- By Value
- Hatchback
- Hatchback By Value
- Sedan
- Sedan By Value
- Utility Vehicle
- Utility Vehicle By Value
- Light Commercial Vehicle
- By Value
- Truck
- By Value
- Bus & Coach
- By Value
- Introduction
- By Finishing Type
- Introduction
- Finishing Type By Value
- Powder Coated/Painted Lacquered
- By Value
- Diamond Cut
- By Value
- Split Wheel
- By Value
- Chrome Wheel
- By Value
- Anodized
- By Value
- Others
- By Value
- Introduction
- By Rim Size
- Introduction
- Rim Size By Value
- 12"-17"
- By Value
- 18"-21"
- By Value
- More Than 22"
- By Value
- Introduction
- By Material Type
- Introduction
- Material Type By Value
- Aluminum Alloy
- By Value
- Titanium Alloy
- By Value
- Magnesium Alloy
- By Value
- Introduction
- By Sales Channel
- Introduction
- Sales Channel By Value
- OEM
- By Value
- Aftermarket
- By Value
- Introduction
- China
- By Vehicle Type
- Introduction
- Vehicle Type By Value
- Two Wheeler
- By Value
- Passenger Vehicle
- By Value
- Hatchback
- Hatchback By Value
- Sedan
- Sedan By Value
- Utility Vehicle
- Utility Vehicle By Value
- Light Commercial Vehicle
- By Value
- Truck
- By Value
- Bus & Coach
- By Value
- Introduction
- By Finishing Type
- Introduction
- Finishing Type By Value
- Powder Coated/Painted Lacquered
- By Value
- Diamond Cut
- By Value
- Split Wheel
- By Value
- Chrome Wheel
- By Value
- Anodized
- By Value
- Others
- By Value
- Introduction
- By Rim Size
- Introduction
- Rim Size By Value
- 12"-17"
- By Value
- 18"-21"
- By Value
- More Than 22"
- By Value
- Introduction
- By Material Type
- Introduction
- Material Type By Value
- Aluminum Alloy
- By Value
- Titanium Alloy
- By Value
- Magnesium Alloy
- By Value
- Introduction
- By Sales Channel
- Introduction
- Sales Channel By Value
- OEM
- By Value
- Aftermarket
- By Value
- Introduction
- By Vehicle Type
- Korea
- Japan
- India
- Australia
- Taiwan
- South East Asia
- Rest Of Asia-Pacific
- Middle East And Africa Market Analysis
- Introduction
- By Vehicle Type
- Introduction
- Vehicle Type By Value
- Two Wheeler
- By Value
- Passenger Vehicle
- By Value
- Hatchback
- Hatchback By Value
- Sedan
- Sedan By Value
- Utility Vehicle
- Utility Vehicle By Value
- Light Commercial Vehicle
- By Value
- Truck
- By Value
- Bus & Coach
- By Value
- Introduction
- By Finishing Type
- Introduction
- Finishing Type By Value
- Powder Coated/Painted Lacquered
- By Value
- Diamond Cut
- By Value
- Split Wheel
- By Value
- Chrome Wheel
- By Value
- Anodized
- By Value
- Others
- By Value
- Introduction
- By Rim Size
- Introduction
- Rim Size By Value
- 12"-17"
- By Value
- 18"-21"
- By Value
- More Than 22"
- By Value
- Introduction
- By Material Type
- Introduction
- Material Type By Value
- Aluminum Alloy
- By Value
- Titanium Alloy
- By Value
- Magnesium Alloy
- By Value
- Introduction
- By Sales Channel
- Introduction
- Sales Channel By Value
- OEM
- By Value
- Aftermarket
- By Value
- Introduction
- UAE
- By Vehicle Type
- Introduction
- Vehicle Type By Value
- Two Wheeler
- By Value
- Passenger Vehicle
- By Value
- Hatchback
- Hatchback By Value
- Sedan
- Sedan By Value
- Utility Vehicle
- Utility Vehicle By Value
- Light Commercial Vehicle
- By Value
- Truck
- By Value
- Bus & Coach
- By Value
- Introduction
- By Finishing Type
- Introduction
- Finishing Type By Value
- Powder Coated/Painted Lacquered
- By Value
- Diamond Cut
- By Value
- Split Wheel
- By Value
- Chrome Wheel
- By Value
- Anodized
- By Value
- Others
- By Value
- Introduction
- By Rim Size
- Introduction
- Rim Size By Value
- 12"-17"
- By Value
- 18"-21"
- By Value
- More Than 22"
- By Value
- Introduction
- By Material Type
- Introduction
- Material Type By Value
- Aluminum Alloy
- By Value
- Titanium Alloy
- By Value
- Magnesium Alloy
- By Value
- Introduction
- By Sales Channel
- Introduction
- Sales Channel By Value
- OEM
- By Value
- Aftermarket
- By Value
- Introduction
- By Vehicle Type
- Turkey
- Saudi Arabia
- South Africa
- Egypt
- Nigeria
- Rest Of MEA
- LATAM Market Analysis
- Introduction
- By Vehicle Type
- Introduction
- Vehicle Type By Value
- Two Wheeler
- By Value
- Passenger Vehicle
- By Value
- Hatchback
- Hatchback By Value
- Sedan
- Sedan By Value
- Utility Vehicle
- Utility Vehicle By Value
- Light Commercial Vehicle
- By Value
- Truck
- By Value
- Bus & Coach
- By Value
- Introduction
- By Finishing Type
- Introduction
- Finishing Type By Value
- Powder Coated/Painted Lacquered
- By Value
- Diamond Cut
- By Value
- Split Wheel
- By Value
- Chrome Wheel
- By Value
- Anodized
- By Value
- Others
- By Value
- Introduction
- By Rim Size
- Introduction
- Rim Size By Value
- 12"-17"
- By Value
- 18"-21"
- By Value
- More Than 22"
- By Value
- Introduction
- By Material Type
- Introduction
- Material Type By Value
- Aluminum Alloy
- By Value
- Titanium Alloy
- By Value
- Magnesium Alloy
- By Value
- Introduction
- By Sales Channel
- Introduction
- Sales Channel By Value
- OEM
- By Value
- Aftermarket
- By Value
- Introduction
- Brazil
- By Vehicle Type
- Introduction
- Vehicle Type By Value
- Two Wheeler
- By Value
- Passenger Vehicle
- By Value
- Hatchback
- Hatchback By Value
- Sedan
- Sedan By Value
- Utility Vehicle
- Utility Vehicle By Value
- Light Commercial Vehicle
- By Value
- Truck
- By Value
- Bus & Coach
- By Value
- Introduction
- By Finishing Type
- Introduction
- Finishing Type By Value
- Powder Coated/Painted Lacquered
- By Value
- Diamond Cut
- By Value
- Split Wheel
- By Value
- Chrome Wheel
- By Value
- Anodized
- By Value
- Others
- By Value
- Introduction
- By Rim Size
- Introduction
- Rim Size By Value
- 12"-17"
- By Value
- 18"-21"
- By Value
- More Than 22"
- By Value
- Introduction
- By Material Type
- Introduction
- Material Type By Value
- Aluminum Alloy
- By Value
- Titanium Alloy
- By Value
- Magnesium Alloy
- By Value
- Introduction
- By Sales Channel
- Introduction
- Sales Channel By Value
- OEM
- By Value
- Aftermarket
- By Value
- Introduction
- By Vehicle Type
- Mexico
- Argentina
- Chile
- Colombia
- Rest Of LATAM
- Competitive Assessment
- Adoption Matrix
- Automotive Alloy Wheel Market Share By Manufacturers
- Automotive Alloy Wheel Market Ranking By Revenue For Manufacturers
- Average Price By Manufacturers
- Vendor Footprint Analysis
- Market Players Assessment
- BBS (KW Automotive GmbH.)
- Overview
- Business Information
- Revenue
- ASP
- Gross Margin
- Swot Analysis
- Recent Developments
- BORBET GmbH
- ENKEI Corporation
- FOSHAN NANHAI ZHONGNAN ALUMINUM WHEEL CO. LTD
- Wheel Pros
- Kosei Aluminum Co, Ltd.
- MAXION WHEELS
- MHT Luxury Wheels Inc.
- RAYS Co., Ltd.
- RONAL GROUP
- Stamford Sport Wheels Co. Ltd
- Status Wheel
- Superior Industries International, Inc.
- Tan-Ei-Sya
- BBS (KW Automotive GmbH.)
- Research Methodology
- Research Data
- Secondary Data
- Major Secondary Sources
- Key Data From Secondary Sources
- Primary Data
- Key Data From Primary Sources
- Breakdown Of Primaries
- Secondary And Primary Research
- Key Industry Insights
- Secondary Data
- Market Size Estimation
- Bottom-Up Approach
- Top-Down Approach
- Market Projection
- Research Assumptions
- Assumptions
- Limitations
- Risk Assessment
- Research Data
- APPENDIX
- Discussion Guide
- Customization Options
- Related Reports
- DISCLAIMER
Table of Content @ https://straitsresearch.com/report/automotive-alloy-wheels-market/toc
Recent Development
- In September 2022, Maxion wheels declared future debt to a portfolio of wheels for commercial vehicles.
- In April 2022, The Alcoa Foundation and the International Union for Conservation of Nature (IUCN) have partnered to fund vital ecosystem restoration research.
News Media
Alloy Wheels Market to Endure Paradigm Shift in Aftermarket Services
An Introduction to the Global Automotive Aftermarket Industry in 2020
India’s Automotive Sector Outlook
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