New York, USA, March 20, 2023 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global alloy wheels market is envisioned to generate a revenue of $31,568.2 million and rise at a healthy CAGR of 6.2% over the forecast timeframe from 2022 to 2031.
As per our analysts, the increasing focus on the implementation of lightweight components in vehicles by automakers to reduce carbon emissions and help improve fuel efficiency is expected to propel the growth of the alloy wheels market throughout the analysis timeframe. Besides, the increasing demand for alloy wheels to offer a greater strength-to-weight ratio to lightweight vehicles is expected to foster the growth of the market during the forecast period. Moreover, the increasing demand for green vehicles and the rising trend of personalizing vehicles are expected to create immense growth opportunities for the alloy wheels market over the estimated timeframe. However, the high cost of alloy wheels may hinder the growth of the market throughout the forecast period.
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Segments of the Alloy Wheels Market
The report has divided the market into segments based on material type, type, rim size, vehicle type, and region.
Material Type: Aluminum Alloy Sub-Segment to be Most Productive
The aluminum alloy sub-segment generated the highest revenue in 2021 and is predicted to have the fastest growth in the forecast period. This is mainly because of the increasing popularity of aluminum alloy wheels to reduce automobile weight and lower the amount of exhaust emission. Furthermore, the rising demand for alloy wheels for greater strength is further expected to augment the growth of the market sub-segment over the analysis period.
Type: Forging Sub-Segment to be Most Profitable
The forging sub-segment garnered the largest market share in 2021. This is mainly because the forging process is used to make vehicle wheels stronger, more durable, and resistant to corrosion. Moreover, forged wheels improve the overall performance of the vehicles and their fuel efficiency, which is expected to fuel the growth of the market sub-segment during the forecast timeframe.
Rim Size: 18 Inches–21 Inches Sub-Segment to be Most Beneficial
The 18 inches–21 inches sub-segment had the maximum market share in 2021. The 18- to 21-inch low-profile tires are broadly used to improve handling in curves as the tire’s compound makes the steering tighter and more trustworthy when running around bends which are expected to fortify the growth of the alloy wheels market sub-segment over the analysis period.
Vehicle Type: Passenger Vehicle Sub-Segment to be Most Gainful
The passenger vehicle sub-segment generated the greatest share of the market in 2021. The rising demand for passenger cars in both emerging and developed countries and the strong existence of various OEMs across developed nations are predicted to boost the growth of the market sub-segment over the forecast period.
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Asia-Pacific Region to Have Excellent Growth Opportunities
The Asia-Pacific region of the alloy wheels market registered the highest revenue in 2021 and is expected to continue steady growth in the coming period. This is mainly due to the increasing demand for automobile sales in this region. Moreover, the increasing demand for high-end vehicles and the growing demand for alloy wheels in this region is predicted to thrive the regional growth of the market over the estimated timeframe.
Covid-19 Impact on the Alloy Wheels Market
The outbreak of the Covid-19 pandemic has brought several uncertainties to various businesses globally. It has also badly affected the alloy wheels market. The disruptions in the supply chain, closure of manufacturing plants, and economic slowdown across several countries have decreased the demand for alloy wheels worldwide. Moreover, the import-export restrictions, border closures, and the reduction in the sales and acquisition of new projects in the construction & automotive sector are the factors that have declined the growth of the market over the crisis.
Key Players of the Market
The major players of the alloy wheels market include
- MHT Luxury Wheels
- BORBET GmbH
- Enkei International Inc.
- CMWheels
- Maxion Wheels
- UNIWHEELSS Group
- Ronal Group
- Status Wheels
- Superior Industries
- Steel Strips Wheels Limited
These players are broadly working on the development of new business strategies and tactics such as mergers and acquisitions, partnerships and collaborations, and product development to attain a leading position in the global industry.
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For instance, in August 2022, AUDI, a German automotive manufacturer of vehicles announced its collaboration with AMAG, an American pharmaceutical company. With this collaboration, the companies aimed to develop aluminum recycling casting alloy wheels for higher safety and support reduced carbon emissions.
Further, the report also presents other crucial aspects including SWOT analysis, the product portfolio, the financial performance of the key players, and the latest strategic development.
More about Alloy Wheels Market:
- Wheels India Ltd Contributes to Growing Alloy Wheels Market with Flow Form Technology Equipped in Cast Alloy Wheel
- Global Alloy Wheels Market to Undergo Significant Growth by 2031 with the Rising Demand for Alloy Wheels by Consumers
