Automotive Alloy Wheels Market is Anticipated to Acquire US$ 44.2 Billion by 2031, Expanding at an 8.1% CAGR: TMR Report

Wilmington, Delaware, United States, Sept. 13, 2023 (GLOBE NEWSWIRE) -- The automotive alloy wheels market was estimated to have acquired US$ 20.2 billion in 2021. It is anticipated to register an 8.1% CAGR from 2022 to 2031 and by 2031, the market is likely to gain US$ 44.2 billion.

The recovery of the global economy and an increase in consumer disposable income are the two main factors influencing the demand for alloy mag wheels for smart cars. Wheel manufacturers are concentrating on manufacturing aesthetically pleasing wheels due to an increase in customer demand.

The development of complicated forms and intricate patterns is made possible by the use of alloys. In the near future, the market is projected to see growth due to increased rivalry among automakers to provide durable and aesthetically pleasing wheels for automobiles.

Alloy wheels have evolved from being only a technical component to a fashionable accent that improves the brand of the car. The market demand for automobile alloy wheels among young consumers is expected to increase throughout the projected period, leading to growth in the sector.

Request a sample for a glimpse into the market's future - https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=45582

“Connect with our team of research specialists and unlock the optimal solution for driving your business growth”

Market Snapshot:

Key Findings of the Market Report

• Alloy wheels have evolved from being only a technical component to a fashionable accent that improves the brand of the car.

• The market demand for automobile alloy wheels amongst young consumers is expected to increase throughout the projected period, leading to growth in the sector.

• In 2021, the aluminum alloys market had a 55.2% share.
  

Market Trends for Automotive Alloy Wheels

• The 18"-21" category is anticipated to hold 54.2% of the market share and expand at a CAGR of over 8.3% by the end of the forecast period, according to the automotive alloy wheels market forecast analysis.

• SUVs as well as pickup trucks make up the majority of the top 30 selling cars globally. These cars feature bigger wheels, compared to sedans and hatchbacks. Most SUVs and pickup vehicles begin with 18" rims and eventually upgrade to 21".

• While 17" and 18"-inch wheels are standard on Europe's best-selling passenger cars, 18"-21" inch wheels are more common in the United States market.

• The demand for 18" to 21" rim-sized wheels is rising globally. The growing premiumization trend in India is projected to provide the automotive alloy industry with considerable economic potential.

For In-depth Competitive Analysis, Buy Now: https://www.transparencymarketresearch.com/checkout.php?rep_id=45582&ltype=S

Global Market for Automotive Alloy Wheels: Regional Outlook

Various reasons are propelling the growth of the automotive alloy wheels market in different countries. These are:

• The expansion of the automotive industry and the improvement in living standards, notably in countries like China, Japan, and India, are expected to cause the size of the automotive alloy wheel market in Asia Pacific to increase quickly in the near future. The profitable presence of two-wheeler manufacturers in the area is also projected to support market growth in the area.

• North America is expected to have a sizeable market share over the projection period due to the rising popularity of alloy wheels there. Another factor projected to accelerate market growth throughout the forecast period is high spending on goods incomes in the United States and Canada.

• The automotive alloy wheel market in Europe is predicted to grow significantly over the next few years due to the presence of renowned manufacturers in the area. In the near future, it is predicted that the Middle East and Africa's alloy wheel market would expand moderately.
  

Global Automotive Alloy Wheels Market: Key Players

The global market is highly competitive, with many manufacturers owning the majority of the market. The market value of automotive alloy wheels has increased as a result of major corporations starting to implement new technology.

Leading players often employ important tactics including product portfolio growth, mergers, and acquisitions. The market projection study for automotive alloy wheels contains key trends, business prospects, top regions, etc.

The following companies are well-known participants in the global automotive alloy wheels market:

• Alcoa Wheels
• ARCONIC
• BBS GmbH
• BORBET GmbH
• CITIC Dicastal Wheel Manufacturing Co
• Enkei Corporation
• Foshan Nanhai Zhongnan Aluminum Wheel Co., Ltd.
• Fuel Off-Road Wheels
• Japan Wheels
• Kawashima Group Co., Ltd.
• Kosei Aluminum Co., Ltd.
• MAXION Wheels
• MHT Luxury Wheels
• NAPREJAPAN
• RAYS Co., Ltd.
• RONAL GROUP
• Stamford Sport Wheels
• Status Wheels
• Superior Industries International, Inc.
• Tan-ei-sya
• TOPY INDUSTRIES LIMITED
• TSW Alloy Wheels
• Washi Beam
• WHEELPROS LLC

Key developments in the global automotive alloy wheels market are:

Get the insights you need, customized to your requirements – reach out to our experts: https://www.transparencymarketresearch.com/sample/sample.php?flag=CR&rep_id=45582

Global Automotive Alloy Wheels Market Segmentation

• Vehicle Type
  • Two Wheeler
  • Passenger Vehicle
    • Hatchback
    • Sedan
    • Utility Vehicle
  • Light Commercial Vehicle
  • Truck
  • Bus & Coach
• Finishing Type
  • Powder Coated/Painted Lacquered
  • Diamond Cut
  • Spilt Wheel
  • Chrome Wheel
  • Anodized
  • Others
• Rim Size
  • 12’’- 17’’
  • 18’’-21’’
  • More Than 22’’
• Material Type
  • Aluminum Alloy
  • Titanium Alloy
  • Magnesium Alloy
• Sales Channel
  • OEM
  • Aftermarket
• Region
  • North America
  • Europe
  • Asia Pacific
  • Middle East & Africa
  • South America
    

Read More Related Reports:

Exploring Trends, Scope, and Growth Catalysts in the Automotive Airbag Market 2022-2031

Automotive Wire and Cable Materials Market Demand, Exploring Trends, Scope, and Growth-Driving Factors

Crafting the Future Vision of the Automotive Filters Industry: An Analysis of Sales Trends 2022-2031

About Transparency Market Research

Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.

Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision-makers, made possible by experienced teams of Analysts, Researchers, and Consultants. The proprietary data sources and various tools & techniques we use always reflect the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in all of its business reports.

Contact:

Nikhil Sawlani
Transparency Market Research Inc.
CORPORATE HEADQUARTER DOWNTOWN,
1000 N. West Street,
Suite 1200, Wilmington, Delaware 19801 USA
Tel: +1-518-618-1030
USA – Canada Toll Free: 866-552-3453
Website: https://www.transparencymarketresearch.com
Blog: https://tmrblog.com
Email: sales@transparencymarketresearch.com