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The alloy wheels aftermarket market size is estimated to grow at a CAGR of 3.76% between 2022 and 2027. The market size is forecast to increase by USD 559.49 million. The growth of the market depends on several factors such as an aging vehicle fleet, growing predisposition among millennials for the styling of automotive exteriors, and increasing demand for alloy wheels in the luxury vehicle segment.
This alloy wheels aftermarket market report extensively covers market segmentation by type (13-17 inches, 18 -20 inches, and 21 inches and above), vehicle type (passenger vehicle and commercial vehicle), and geography (APAC, Europe, North America, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
One of the key factors driving the alloy wheels aftermarket market growth is the growing predisposition among millennials for the styling of the automotive exterior. There has been a significant decline in the age of first-time buyers. Factors such as external styling, features, and technology used in the vehicle are significantly influencing the purchasing decision of millennials. OEM-manufactured alloy wheels usually have a simpler design.
In addition, the aftermarket supplier offers much more flexibility and customization at a lower price by taking advantage of the gap in terms of quality, flexibility, features, and cost. Furthermore, the aftermarket alloy wheel is less expensive than OEM standard alloy wheels. Hence, such factors are expected to drive market growth during the forecast period.
A key factor shaping the alloy wheels aftermarket market growth is the advancement in technologies. There is increasing adoption of carbon fiber wheel vehicles across motorsport and aerospace industries. The main advantage of carbon fiber alloy is that it is stronger than aluminum and is only half its weight. Additionally, carbon fiber alloy wheels remain intact under a light impact whereas aluminum can deform.
Moreover, there is an increasing adoption of carbon fiber wheels by OEMs to utilize in passenger vehicles, as they enable improved vehicle efficiency. For instance, in August 2017, Porsche AG (Porsche) offered a carbon alloy wheel as an option to the customers of the Porsche 911 Turbo S Exclusive Series. Hence, such factors are expected to drive market growth during the forecast period.
Fluctuations in the price of aluminum are one of the key challenges hindering the alloy wheels aftermarket market growth. Aluminum wheels are generally manufactured from an alloy of aluminum or magnesium. As a matter of fact, a significant number of alloy wheels are made up of aluminum alloys. Thus, the price volatility of aluminum directly impacts the prices of alloy wheels.
For example, in 2020, aluminum prices witnessed a significant fluctuation after the COVID-19 outbreak triggered a global economic downturn. The price of LME aluminum was USD 1,315 per ton in January 2020, which declined to USD 1,230 per ton in May 2020 due to weak demand and oversupply. Wherein, in 2022, the price of aluminum was USD 2401.69 per ton. Hence, fluctuations in prices of aluminium can negatively impact the market which in turn will hinder the market growth during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Alloy Wheels Aftermarket Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
ALCAR HOLDING GMBH: The company offers alloy wheels such as AEZ, DOTZ, DEZENT and DOTZ survival.
The research report also includes detailed analyses of the competitive landscape of the market and information about 13 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The 13-17 inches segment is estimated to witness significant growth during the forecast period. There is increasing adoption of 13-17 inches alloy wheels segment for small-sized vehicles such as hatchbacks. This segment has faster rotations due to its smaller rim size.
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The 13-17 inches segment was the largest segment and was valued at USD 1,246.65 million in 2017. The main advantage of smaller rim-sized alloy wheels in the range of 13-17 inches is that it offers more rotation per minute, which covers the road faster. when compared to bigger alloy wheels. Additionally, this segment provides higher stability as it has a smaller surface area of wheels to friction leading to the lesser wearing of wheels. Hence, such benefits are expected to fuel the growth of this segment which, in turn, will drive the market growth during the forecast period.
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APAC is estimated to contribute 49% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. One of the main factors which is significantly contributing to the growth of the global alloy wheels aftermarket market in APAC is the improved and stabilized socio-economic conditions in these countries. Several factors such as a large consumer base, rising per capita income, and ease of availing financing services are fuelling the demand for passenger as well as commercial cars in these countries which is positively impacting the market growth.
Furthermore, other factors which are significantly contributing to the growth of the commercial vehicles market in APAC are the expansive construction sector and the growing mining industry. Hence, such factors are expected to drive market growth in the region during the forecast period.
In 2020, during the COVID-19 pandemic, the growth of the global alloy wheels aftermarket market witnessed a significant slowdown due to the temporary closure of the automotive and manufacturing industries, resulting in a decline in demand for alloy wheels in APAC. However, in 2021, the initiation of large-scale vaccination drives lifted the lockdown and travel restrictions, which led to the restoration of operations in manufacturing units. Such factors are expected to drive the market during the forecast period.
The alloy wheels aftermarket report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Alloy Wheels Aftermarket Market Scope |
|
Report Coverage |
Details |
Page number |
154 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 3.76% |
Market growth 2023-2027 |
USD 559.49 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
3.54 |
Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
Performing market contribution |
APAC at 49% |
Key countries |
US, China, Japan, Germany, and UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
ALCAR HOLDING GMBH, BORBET GmbH, Forgiato, Howmet Aerospace Inc., Iochpe Maxion SA, Lenso Wheels, LKQ Corp., Neo Wheels Ltd., RONAL AG, Steel Strips Wheels Ltd., The Carlstar Group LLC, Wheel Pros LLC, and YHI INTERNATIONAL Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Vehicle Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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