Automobile & Transportation / Automotive Aluminum Alloy Wheels Market - Global Growth, Trends And Forecast (2022- 2027) By Types, By Application, By Regions And By Key Players: Ronal Wheels, Alcoa, Superior Industries, Iochpe-Maxion, Uniwheel, Enkei Wheels
Automotive Aluminum Alloy Wheels Market - Global Growth, Trends and Forecast (2022- 2027) By Types, By Application, By Regions and By Key Players: Ronal Wheels, Alcoa, Superior Industries, Iochpe-Maxion, Uniwheel, Enkei Wheels
Registering a CAGR of 9.10% over the forecast period of 2022-2027, the global Automotive Aluminum Alloy Wheels market is anticipated to reach the market value of US$ 30.99 billion from US$ 14.28 Billion in the year 2022.
Automotive Aluminum Alloy Wheels Market Overview
Alloy wheels have an extensive application due to their high resilience and lightweight. Moreover, aluminum alloy wheels increase the aesthetic look of the vehicle. Automakers are being forced to manufacture brighter, environment-friendly, and safer cars as the amount of carbon dioxide produced is proportional to the amount of fuel consumption and the size of the vehicle; hence, reducing weight develops a dangerous necessity.
Varying consumer lifestyles and shifting leaning toward using light vehicles are expected to provide new opportunities for market growth. The speedy 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.
The aluminum alloy includes materials such as aluminum alloy, magnesium alloy, and others. The manufacturers of alloy wheel markets are more concentrated to reduce car weight and limiting the amount of exhaust emission. In addition, there has been a rise in the popularity of alloy wheels in the last few years. Earlier, motorcycle manufacturers used spoke rims, which are integrated in specific types of motorcycles even today. Alloy wheels are used due to high flexibility and lightweight. Frequently, two-wheeler rims/wheels are made of aluminum, nickel, and other material, while alloys and steel are extensively used for two-wheeler rims. Furthermore, alloy wheels enhance the aesthetic appearance of the two-wheeler.
Industry News and Updates
20th June 2019: Rio Tinto launches Revolution-Al™: A new aluminum alloy for lighter car wheels--
Continuing its leadership in the growing market for specialized high-performance alloys, Rio Tinto launches Revolution-Al™, a new aluminum alloy developed to make lighter car wheels.
2021/03/04: RONAL GROUP launches new application wheel RONAL R67--
Following the success of the RONAL R62, which can be customized with colorful design elements, the RONAL GROUP is launching another product with two different colored applications due to the great demand: the RONAL R67.
What are the major Applications, Types and Regions for Automotive Aluminum Alloy Wheels Market?
Automotive Aluminum Alloy Wheels Market is segmented based on the type, applications, companies and regions.
During the forecast period, 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.
Rest of Europe
Rest of Asia-Pacific
Rest of the World
Middle East & Africa
The Automotive Aluminum Alloy Wheels 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 Aluminum Alloy Wheels Market report also conducted a PESTEL analysis of the industry to study the main influencing factors and entry barriers of the industry.
What is our Automotive Aluminum Alloy Wheels Market report scope?
Forecast Period 2022 to 2027 CAGR
CAGR of 9.10% over the forecast period (2022-2027)
Yes, the report can be customized as per your needs
Key Takeaways from this Automotive Aluminum Alloy Wheels Report
Evaluate Automotive Aluminum Alloy Wheels market potential through analyzing growth rates (CAGR %), Volume (Units) and Value ($M) data given at country level - for product types, end use applications and by different industry verticals.
Understand the different dynamics influencing the market - growth driving factors, specific challenges and hidden opportunities.
Get in-depth insights on your competitor performance – revenue, shares, business strategies, financial benchmarking, product benchmarking, SWOT analysis and more.
Analyze the sales and distribution channels across geographies to enhance top-line revenues.
Understand the demanding supply chain with a deep dive on the value augmentation at each, in order to optimize value and bring efficiencies in your processes.
Get a quick outlook on the Automotive Aluminum Alloy Wheels market entropy - M&A's, deals, partnerships, product launches of all key players for the past 4 years.
Evaluate the import-export statistics, supply-demand and competitive landscape for more than top 20 countries globally for the market.
Frequently Asked Questions
What is the growth rate of Automotive Aluminum Alloy Wheels Market?
The Automotive Aluminum Alloy Wheels Market is growing at a CAGR of 9.10% over the next 5 years.
Who are the key players in Automotive Aluminum Alloy Wheels Market?
What are the significant types of Automotive Aluminum Alloy Wheels Market?
Casting, Forging, Other
What are the major end-use applications of Automotive Aluminum Alloy Wheels Market?
Passenger Vehicle, Commercial Vehicle
All our reports are custom made to your company's needs to a certain extent, we do provide 5 free consulting hours along with the purchase of each report, and this will allow you to request any additional data to customize the report as your needs.
SUBJECT MATTER EXPERT ADVICE
GLOBAL AUTOMOTIVE ALUMINUM ALLOY WHEELS MARKET BY APPLICATIONS
GLOBAL AUTOMOTIVE ALUMINUM ALLOY WHEELS MARKET BY TYPES
INCREASING DEMAND FOR AUTOMOTIVE ALUMINUM ALLOY WHEELS
STRINGENT ENVIRONMENTAL REGUALTIONS
HIGH COST ON MATERIALS
AUTOMOTIVE ALUMINUM ALLOY WHEELS GROWTH
APPLICATION OF AUTOMOTIVE ALUMINUM ALLOY WHEELS
IMPACT OF COVID 19
GLOBALAUTOMOTIVE ALUMINUM ALLOY WHEELSMARKET, BY TYPES
GLOBAL AUTOMOTIVE ALUMINUM ALLOY WHEELSMARKET, BY APPLICATION
GLOBAL AUTOMOTIVE ALUMINUM ALLOY WHEELSMARKET, BY REGION
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 Once data collection is done through secondary research, primary interviews are conducted with different stakeholders across the value chain like manufacturers, distributors, ingredient/input suppliers, end customers and other key opinion leaders of the industry. Primary research is used both to validate the data points obtained from secondary research and to fill in the data gaps after secondary research.
MARKET ENGINEERING The market engineering phase involves analyzing the data collected, market breakdown and forecasting. Macroeconomic indicators and bottom-up and top-down approaches are used to arrive at a complete set of data points that give way to valuable qualitative and quantitative insights. Each data point is verified by the process of data triangulation to validate the numbers and arrive at close estimates.
EXPERT VALIDATION The market engineered data is verified and validated by a number of experts, both in-house and external.
REPORT WRITING/ PRESENTATION After the data is curated by the mentioned highly sophisticated process, the analysts begin to write the report. Garnering insights from data and forecasts, insights are drawn to visualize the entire ecosystem in a single report.