Registering a CAGR of 3.2% over the forecast period, the market value of Automotive Alloy Wheel is expected to reach US$ 17500 million in the year 2027.
Alloy wheels have a widespread application due to their high resilience and lightweight. Also, aluminum alloy wheels amplify the aesthetic appearance of the vehicle. Automakers are being forced to manufacture lighter, environment-friendly, and safer cars as the amount of carbon dioxide emitted is proportional to the amount of fuel consumption and the size of the vehicle; hence, reducing weight becomes a critical necessity.aluminum or magnesium alloy is a good conductor of heat, automotive alloy wheels reduction heat dissipation from brakes and reduce the risk of brake failure under extreme driving conditions. Automotive alloy wheels have complex geometry and satisfy the manifold design criteria, such as weight, style, performance and manufacturability.Changing consumer lifestyles and shifting inclination toward using light vehicles are probable to provide new opportunities for the market growth. The fast urbanization, increase in vehicle demand and production, and regulations related to fuel efficiency are expected to further propel the Aluminum Alloy Wheels Market growth during the forecast period.vehicle manufacturers have turned their attention to safe, luxurious, and lightweight selections. Lightweight materials and premium interiors are vital factors to provide some of the biggest opportunities in the automotive industry. This means that suppliers will have to develop solutions that help OEMs meet continually tightening regulations and satisfy the widening range of consumers’ tastes.
Industry News and Updates
Maxion İnci Wheel Group makes an investment of 250 million TRY in a new plant in Manisa
15 March 2021: Maxion İnci Wheel Group, a subsidiary of İnci Holding and Maxion Wheels, the world’s largest wheel manufacturer, makes an investment of 250 million TRY in a new plant in order to increase its heavy and commercial vehicle wheel production capacity. The construction and infrastructure work of the new heavy and commercial vehicle wheel production plant have been completed.
In June 2021, Maxion İnci Wheel Group, a subsidiary of İnci Holding and Maxion Wheels, invested TRY 250 million in a new plant to increase its heavy and commercial vehicle wheel production capacity.
In January 2021, Citic Dicastal, specializing in aluminum casting and the production of aluminum automotive parts, set up the second production plant for aluminum rims with a budget of EUR 350 million in Kenitra, Morocco.
RONAL GROUP Launches New Application Wheel RONAL R67
04 Mar 2021: Following the success of the RONAL R62, which can be customised with colourful design elements, the RONAL GROUP is launching another product with two different colored applications due to the great demand: the RONAL R67.
Market is segmented based on the type, applications, companies and regions.
By Type, it is segmented into
By Application, it is segmented into
Asia-Pacific is expected to lead the automobile wheels market. China and India are mostly responsible for this expansion. With about 60% of the world's vehicles in the region, the region's demand for automobiles will be the largest globally during the projected period, owing to the world's highest population proportion and two densely populated nations, China and India. People's income levels in this region are likewise increasing at a quick rate. In India, the growth rate of alloy wheels is more than the growth in the automotive wheel market average. Passenger cars have been growing at a rate of approximately 9% per annum. The growth rate of alloy wheels has been more than 15%, and it is expected to grow at 20% in the coming years. India manufactures alloy wheels of sizes ranging from 12 to 18 inches. However, the largest share goes to 14 to 16 inches alloy wheels, which cover approximately 70% of the market, as the components sector is strong enough to cash in on India’s cost-effectiveness, profitability, and globally recognized engineering capabilities.
The Automotive Alloy Wheel Market describes the factors driving the global growth opportunities in upcoming years and highlights market channels. In addition, the report analyzes market size and share, trends, by geographic region, end-use type and segment. It focuses extensively on revealing a detailed regional analysis. The Global Automotive Alloy Wheel Market report also conducted a PESTEL analysis of the industry to study the main influencing factors and entry barriers of the industry.
Report Attributes | Report Details |
Forecast Period 2022 to 2027 CAGR | CAGR of 3.2% during the review period (2022 to 2027). |
By Type |
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By Application |
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By Companies | CITIC Dicastal, Zhejiang Jinfei, Borbet, Howmet Aerospace, Superior Industries, Ronal Wheels, Lizhong Group, Iochpe-Maxion, Enkei Wheels, Wanfeng Auto, Accuride, YHI International Limited, Zhongnan Alloy wheels, Yueling Wheels, Topy Group and others. |
Regions Covered |
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Countries Covered |
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Base Year | 2022 |
Historical Year | 2017 to 2021 |
Forecast Year | 2022 to 2027 |
Number of Pages | 165 |
Customization Available | Yes, the report can be customized as per your needs |
What is the study period of this market?
The Automotive Alloy Wheel Market is studied from 2017 - 2027.
What is the growth rate of Automotive Alloy Wheel Market?
The Automotive Alloy Wheel Market is growing at a CAGR of 3.2% over the next 5 years.
What regions does this Automotive Alloy Wheel Market report covers?
North America (the United States, Canada, and Mexico)
Europe (Germany, France, UK, Russia, and Italy)
Asia-Pacific (China, Japan, Korea, India, and Southeast Asia)
South America (Brazil, Argentina, Colombia, etc.)
The Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria, and South Africa)
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SECONDARY RESEARCH
Secondary Research Information is collected from a number of publicly available as well as paid databases. Public sources involve publications by different associations and governments, annual reports and statements of companies, white papers and research publications by recognized industry experts and renowned academia etc. Paid data sources include third party authentic industry databases.
PRIMARY RESEARCH
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MARKET ENGINEERING
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REPORT WRITING/ PRESENTATION
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