Automotive Alloy Wheels Market: Introduction
According to the report, the global automotive alloy wheels market is projected to reach US$
24.3 Bn by 2027, expanding at a CAGR of ~6% during
the forecast period. The global automotive alloy wheels market is expected to
record a growth of ~6% owing to an increased demand for
aesthetics appeal in vehicles. Alloy wheels are slowly replacing steel wheels,
as they offer better heat dissipation, performance, and are lightweight. The
global automotive alloy wheels market is mature in developed countries and is
at the nascent stage in developing countries. Economic growth witnessed in Asia
Pacific, Latin America, and Middle East & Africa is projected to boost the
demand for mobility among the population, which in turn is estimated to propel
the global automotive alloy wheels market.
Major Key Players of the Automotive Alloy
Wheels Market are:
ARCONIC, BBS Alloy
Wheels, BORBET GmbH, CITIC Dicastal Wheel Manufacturing Co., Enkei, Foshan
Nanhai Zhongnan Aluminum Wheel Co., Ltd., Fuel Off-Road Wheels, MAXION Wheels,
MHT Luxury Wheels, RONAL GROUP, TSW Wheels, Superior Industries International,
Inc., and WHEELPROS LLC.
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Expansion of Automotive Alloy Wheels Market
Cast and forged alloy wheels are preferred in SUVs over
steel wheels. Increasing penetration of SUVs witnessed in the last five years
indicate a potential market for alloy wheels. SUVs have been early adopters of
alloy wheels due to better off road handling capabilities, improved steering,
and reduced unsprung weight of the vehicle. Electric vehicles are gaining
popularity globally. Electric vehicles must be lightweight to offset the weight
of the battery. Consequently, a rise in sales of electric vehicles is projected
to boost the sales of alloy wheels. Moreover, rise in car ownership among youth
consumers is driving the demand for aesthetically appealing wheels such as
alloy wheels.
Automotive Alloy Wheels Market: Segmentation
Based on OEM, the passenger vehicle segment held a leading
share of the global automotive alloy wheels market in 2019. Consumers are
increasingly opting for personal vehicles over commercial transport vehicles,
which in turn is boosting sales of passenger vehicles. Furthermore, a range of
vehicles including mini-compact, mini-vehicle, compact, SUVs, and sports cars
cater to the demand for comfort, luxury, and efficiency among passengers,
enabling lower income consumers to afford a passenger vehicle. This, in turn,
is anticipated to drive the passenger vehicle segment of the global automotive
alloy wheels market.
Majority alloy wheels manufactured and installed in a
vehicle have the same lifespan as that of the vehicle. Therefore, the OEM
segment is anticipated to hold a notable share of the global automotive alloy
wheels market.
Global Automotive Alloy Wheels Market
- Automotive Alloy Wheels Market, by OEM
- Commercial
Vehicle
- Passenger
Vehicle
- Minicompact
- Supermini
- Compact
- Mid-size
- Executive
- Luxury
- MPV
- SUV
- Sport
Car
- Automotive Alloy Wheels Market, by
Aftermarket
- Commercial
Vehicle
- Passenger
Vehicle
- Minicompact
- Supermini
- Compact
- Mid-size
- Executive
- Luxury
- MPV
- SUV
- Sport
Car
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In the end,
Automotive Alloy Wheels industry report specifics the major regions, market
scenarios with the product price, volume, supply, revenue, production, and
market growth rate, demand, forecast and so on. This report also presents SWOT
analysis, investment feasibility analysis, and investment return analysis.
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