Dublin, March 22, 2023 (GLOBE NEWSWIRE) -- The "Aluminum Alloy Wheels Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2023 To 2031" report has been added to ResearchAndMarkets.com's offering.
The global Aluminum Alloy Wheels Market is expected to grow at a CAGR of 8.5% during the forecast period of 2023 to 2031.
Due to their great durability and small weight, alloy wheels are utilized extensively. Moreover, aluminum alloy wheels enhance the vehicle's aesthetic appeal. Due to the fact that the amount of carbon dioxide emitted is proportional to the amount of fuel consumption and the size of the vehicle, automakers are compelled to produce lighter, more environmentally friendly, and safer vehicles.
Altering consumer lifestyles and a growing preference for light vehicles are anticipated to create new growth prospects for the market. Rapid urbanization, an increase in vehicle demand and production, and laws pertaining to fuel efficiency are anticipated to continue to drive the growth of the Aluminum Alloy Wheels Market over the forecast period.
The High Demand for Lightweight Vehicles Will Stimulate Market Expansion
In response to consumer demand, automakers have shifted their focus to safe, luxury, and lightweight solutions. Among the greatest prospects in the car business, lightweight materials and high-quality interiors are crucial variables. This necessitates that supplier offer solutions that assist OEMs comply with ever-tightening standards and fulfilling a growing variety of consumer preferences. The U.S. Department of Energy reports that a 10% reduction in vehicle weight can result in a 6%-8% gain in fuel efficiency.
By replacing cast iron and steel components with lightweight alloys such as magnesium alloys, aluminum alloys, high-strength steel, and carbon fiber, the body weight of a vehicle can be reduced by 50 percent. This reduces the vehicle's fuel usage directly. According to the U.S. Department of Energy, a quarter of the U.S. fleet employing lightweight components and high-efficiency engines may save more than 5 billion gallons of fuel annually by 2030. Consequently, the rising demand for lightweight vehicles and the accelerating rate of vehicle manufacturing is anticipated to create a positive trend for this market over the forecast period.
Increasing Need for Durable, Aesthetically Pleasing, And Economically Viable Wheels
Increasing demand for lightweight materials from the automobile sector and a growing emphasis on fuel efficiency have dramatically raised the global demand for fuel-efficient vehicles. Aluminum alloys are distinguished from their steel equivalents by their resistance to corrosion and rust. In addition to being lightweight, it also has a longer lifespan, which is financially advantageous to the customers. In addition, as their purchasing power and urbanization expand, clients' car-buying preferences are evolving towards luxury. This is anticipated to stimulate the expansion of this market over the forecast period.
Accelerating Vehicle Production Will Fuel Market Expansion
Automakers have been compelled to adopt new technology due to the escalating competitiveness in the manufacturing sector during the past decade. As car sales climbed, so did the need for these kinds of wheels. A rise in the sales and manufacturing of all sorts of cars in developing and developed nations as a result of rising mobility and investment in the transportation sector is anticipated to contribute to the expansion of the global market's revenue.
Due To Its Low Price, The Polished Alloy Wheel Segment Dominates the Market
The polished alloy wheel segment represents a significant portion of the global market. The wheels of polished metal are polished and not plated. The polishing procedure entails sanding the alloy wheel's surface until it is entirely smooth. The surface is then polished using a polishing chemical to achieve a beautiful sheen. Since polishing does not add weight to the wheel, polished lightweight racing wheels are more prevalent than chromed or toned lightweight wheels.
When the finish of polished wheels becomes dull and tarnished, they may be repolished, which is another advantage. The automobile and trucking industries have increased demand for polished wheels because they are inexpensive, automatically polished, and buffed to a mirror sheen. In March of 2021, for instance, Dymag, the pioneer of alloy wheel production, delivered the SSC Tuatara with its polished 20-inch wheels. The aluminum alloy and carbon fiber hybrid produced by Dymag weigh 40% less than standard alloys.
The Segment for Passenger Cars Will Hold the Largest Market Share
The passenger car category is likely to maintain its dominant position in the aluminum alloy wheels market throughout the forecast period. Passenger cars include SUVs, hatchbacks, sedans, and electric vehicles (battery electric vehicles (BEV), multi-utility vehicles (MUV), and hybrid electric vehicles (HEV)). The passenger car sector enjoys a high market share and is expected to maintain its dominance during the projection period.
APAC Remains as the Global Leader
In 2022, the Asia-Pacific dominated the global automotive alloy wheels market. Currently, it has the greatest market share in the industry. The huge population of nations such as China and India, which account for more than 38% of the world's population, is a crucial element driving the development of this region. This expansion is a result of increasing urbanization and rising disposable income, which has led to a shift in individual tastes. The automotive industries in South Korea, India, and China are expanding mostly due to rising car production. In 2019, India produced 4.51 million autos, of which 3.62 million were cars, according to the OICA. According to the International Organization of Motor Vehicle Manufacturers, China was the largest vehicle-producing nation in 2019; it produced 25.72 million vehicles, of which 21.36 million were automobiles. The expansion of the market is primarily driven by the presence of a thriving automotive industry and an increasing number of passenger vehicle manufacturers.
Due to the highest population proportion in the world and the presence of two densely populated nations, China and India, the demand for automobiles in the region will be the highest in the world throughout the projected period, with nearly 60% of the world's vehicles located there. Likewise, the income level of the residents in this region is increasing at a quick rate. The region has a substantial proportion of middle-income residents and is concerned with automobile fuel economy. With a decrease in the vehicle's total mass, the fuel economy is anticipated to improve. During the forecast period, the wheels market is anticipated to increase with the demand for automobiles.
Market Segmentation
Vehicle
- Two Wheeler
- Passenger Vehicle
- Hatchback
- Sedan
- Utility Vehicle
- Light Commercial Vehicle
- Truck
- Bus & Coach
Finishing
- Powder Coated/Painted Lacquered
- Diamond Cut
- Spilt Wheel
- Chrome Wheel
- Anodized
- Others
Rim Size
- 12- 17
- 18-21
- More Than 22
Material
- Aluminum Alloy
- Titanium Alloy
- Magnesium Alloy
Sales Channel
- OEM
- Aftermarket
Finishing
- Polished Alloy Wheel
- Tow-Toned Alloy Wheel
Key questions answered in this report
- What are the key micro and macro environmental factors that are impacting the growth of Aluminum Alloy Wheels market?
- What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
- Estimated forecast and market projections up to 2031.
- Which segment accounts for the fastest CAGR during the forecast period?
- Which market segment holds a larger market share and why?
- Are low and middle-income economies investing in the Aluminum Alloy Wheels market?
- Which is the largest regional market for Aluminum Alloy Wheels market?
- What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
- Which are the key trends driving Aluminum Alloy Wheels market growth?
- Who are the key competitors and what are their key strategies to enhance their market presence in the Aluminum Alloy Wheels market worldwide?
Key Topics Covered:
1. Preface
2. Executive Summary
3. Aluminum Alloy Wheels Market: Competitive Analysis
4. Aluminum Alloy Wheels Market: Macro Analysis & Market Dynamics
5. Aluminum Alloy Wheels Market: By Vehicle, 2021-2031, USD (Million)
6. Aluminum Alloy Wheels Market: By Finishing, 2021-2031, USD (Million)
7. Aluminum Alloy Wheels Market: By Rim Size, 2021-2031, USD (Million)
8. Aluminum Alloy Wheels Market: By Material, 2021-2031, USD (Million)
9. Aluminum Alloy Wheels Market: By Sales Channel, 2021-2031, USD (Million)
10. Aluminum Alloy Wheels Market: By Finishing, 2021-2031, USD (Million)
11. North America Aluminum Alloy Wheels Market, 2021-2031, USD (Million)
12. UK and European Union Aluminum Alloy Wheels Market, 2021-2031, USD (Million)
13. Asia Pacific Aluminum Alloy Wheels Market, 2021-2031, USD (Million)
14. Latin America Aluminum Alloy Wheels Market, 2021-2031, USD (Million)
15. Middle East and Africa Aluminum Alloy Wheels Market, 2021-2031, USD (Million)
16. Company Profile
Companies Mentioned
- Alcoa Wheels
- MAXION Wheels
- BORBET GmbH
- MHT Luxury Wheels
- RONAL GROUP
- Stamford Sport Wheels
- Superior Industries International Inc.
- TSW Alloy Wheels
- Fuel Off-Road Wheels
- CITIC Dicastal Wheel Manufacturing Co
- WHEELPROS LLC .
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