- Rise in demand for lightweight vehicles globally is boosting the automotive alloy wheels market growth
- Emergence of electric vehicles is expected to accelerate the demand for automotive alloy wheels during the forecast period
- Current practice of customizing vehicles is likely to create new opportunities in the automotive alloy wheels market in the next few years
WILMINGTON, Del., Dec. 14, 2022 /PRNewswire/ -- The global automotive alloy wheels market Size is projected to grow at a CAGR of 8.1% from 2022 to 2031. Alloys are a combination of metal, magnesium, aluminum, and other elements and offer better strength in comparison to other pure metals. The lightweight nature of alloy wheels is a major factor augmenting the market.
Alloy wheels used in automobiles have a complicated structure and are required to meet various innovative criteria including style, weight, performance, and injection-molded parts. Rise in demand for lightweight vehicles across the world is projected to propel the automotive alloy wheels market expansion during the forecast period.
According to TMR report, the global automotive alloy wheels market was valued at US$ 20.2 Bn in 2021 and is anticipated to reach US$ 44.2 Bn between 2022 and 2031. Rise in demand for cost-efficient and eco-friendly vehicles is estimated to augment market growth. Additionally, surge in economic growth coupled with the advent and rise in popularity of electric vehicles is expected to fuel the market during the forecast period.
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Key Findings of Study
- Rise in Trend of Designer Wheels to Boost Market Growth: Advent of customizable vehicles in the automotive industry is projected to be a game changer for the automotive alloy wheels market. With the never-ending possibility of customizable car designs, consumers will be keener on investing in customizable vehicles, in comparison to the readily available ones. Such efforts taken by vehicle manufacturers are anticipated to increase the automotive alloy wheels market size during the forecast period.
- Increase in Demand for Carbon Fiber Materials to Bolster Growth: Carbon fiber material is lightweight; hence, it is the most preferred material for the manufacturing of vehicle parts, especially the wheels. The market trend is likely to shift toward lightweight vehicles, which is projected to create new opportunities in the automotive alloy wheels market during the forecast period.
- Rise in consumer expenditure on upgrading lifestyle has boosted the sales of two- and four-wheeler vehicles, which in turn is driving the automotive alloy wheels industry growth
- Increase in the adoption of carbon fiber and rise in investment in wheel design for improved aerodynamics is projected to augment the global automotive alloy wheels market during the forecast period
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Regional Growth Dynamics
- The market in Asia Pacific is expected to grow at a rapid pace during the forecast period. This can be ascribed to increase in disposable incomes of people and growing need to upgrade lifestyle. This augments the need for the latest and most innovative vehicles, which increases the demand for automotive alloy wheels.
- Countries such as China, India, and Japan have large automobile manufacturing bases and are currently facing surge in demand for two wheelers. This is likely to present significant opportunities in the region during the forecast period.
Performance of alloy wheels is tried and tested with the help of the latest technological devices to meet customer demand and automobile industry standards. Alloy wheels are designed to meet certain manufacturing standards, such as improved fuel efficiency and strength-to-weight ratio. Companies operating in the automotive alloy wheels market are emphasizing on the production of products that follow the latest standards in order to maintain their position in the market. Other players are investing in resources and facilities that would help them set up a base for customizable vehicles to follow the current trends and popularize their brand name during the forecast period.
Prominent players in the global automotive alloy wheels market are WHEELPROS LLC, Washi Beam, TSW Alloy Wheels, TOPY Industries Limited, Tan-ei-sya, Superior Industries International, Inc., Status Wheels, Stamford Sports Wheels, RONAL Group, Rays Co. Ltd., NAPREJAPAN, MHT Luxury Wheels, Maxion Wheels, Kosei Aluminum Co. Ltd., Kawashima Group Co. Ltd., Fuel Off-road wheels, Enkei Corporation, Japan Wheels, Foshan Nanhai Zhongnan Aluminum Wheel Co. Ltd., Citic Dicastal Wheel Manufacturing Co., BBS GmbH, Borbet GmbH, and Arconic.
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Automotive Alloy Wheels Market Segmentation
- Two Wheeler
- Passenger Vehicle
- Utility Vehicle
- Light Commercial Vehicle
- Bus & Coach
- Powder Coated/Painted Lacquered
- Diamond Cut
- Spilt Wheel
- Chrome Wheel
- 12''- 17''
- More Than 22''
- Aluminum Alloy
- Titanium Alloy
- Magnesium Alloy
- North America
- Asia Pacific
- Middle East & Africa
- Latin America
- Russia & CIS
- South Africa
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Transparency Market Research registered at Wilmington, Delaware, United States, is a global market research company providing custom research and consulting services. TMR provides in-depth insights into factors governing demand in the market. It divulges opportunities across various segments based on Source, Application, Sales Channel, and End-Use that will favor growth in the market over the next 9 years.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
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