Aluminum Alloy Wheel Market Analysis Europe, APAC, North America, South America, Middle East and Africa - US, Germany, France, China, Japan - Size and Forecast 2024-2028

Aluminum Alloy Wheel Market Size 2024-2028

The aluminum alloy wheel market size is forecast to increase by USD 4.45 billion at a CAGR of 6.28% between 2023 and 2028.

• The market is witnessing significant growth due to the adoption of improved emission standards, which has led to the increased demand for lightweight and fuel-efficient wheels. Another trend influencing the market is the advent of alloy wheels made from carbon fiber, offering superior strength and durability.
• However, fluctuations in raw material prices, particularly aluminum, pose a challenge to market growth. Producers must navigate these price volatilities to maintain profitability and meet customer demand. Overall, the market is expected to experience steady growth In the coming years, driven by these market trends and challenges.

What will be the Size of the Aluminum Alloy Wheel Market During the Forecast Period?

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• The market encompasses the production and sale of aluminum alloys, specifically those used In the manufacturing of wheels for two wheelers and passenger cars, as well as commercial vehicles. Aluminum alloys, including those containing copper, nickel, zinc, silicon, and other elements, have gained significant traction due to their lightweight and high strength properties. These alloys offer advantages in fuel efficiency and vehicle performance, making them increasingly popular in the automotive industry.
• The market for aluminum alloy wheels is experiencing robust growth, driven by the rising demand for lighter and more fuel-efficient vehicles. Passenger cars, particularly hatchbacks, sedans, and multi-utility vehicles, are major consumers of aluminum alloy wheels.
• In addition, the aftermarket sector is also contributing to the market's expansion, as consumers seek to upgrade their vehicles with lighter, more durable wheel options. Aluminum alloys are increasingly replacing traditional materials like advanced high-strength steel, magnesium alloys, and even carbon fiber in certain applications. The market is expected to continue its upward trajectory, driven by these trends and the ongoing shift towards lighter, more efficient vehicles.

How is this Aluminum Alloy Wheel Industry segmented and which is the largest segment?

The aluminum alloy wheel industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

• Application
  • PC
  • CV
• Type
  • Polished alloy wheel
  • Two toned alloy wheel
• Geography
  • Europe
    • Germany
    • France
  • APAC
    • China
    • Japan
  • North America
    • US
  • South America
  • Middle East and Africa

By Application Insights

• The pc segment is estimated to witness significant growth during the forecast period.

The market is experiencing significant growth, particularly In the passenger cars segment. Automakers are increasingly utilizing aluminum alloys due to their benefits, including improved fuel efficiency and enhanced aesthetic appeal. This trend is expected to continue, driving market expansion In the passenger cars sector. The automotive industry is responding to evolving consumer preferences by incorporating high-quality components, such as aluminum alloy wheels, into their vehicles. These wheels not only elevate a vehicle's visual appeal but also provide superior heat conduction compared to steel wheels. The commercial vehicles segment is another key market for aluminum alloy wheels due to their durability and weight reduction properties. Aluminum alloys, including copper, nickel, zinc, silicon, and other alloys, are increasingly used In the production of wheels for two wheelers, trucks, and various vehicle types.

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The PC segment was valued at USD 5.15 billion in 2018 and showed a gradual increase during the forecast period.

Regional Analysis

• APAC is estimated to contribute 44% 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.

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The European the market is driven by the automotive industry in major countries like Germany, France, Italy, Spain, and the UK. This growth is attributed to stringent environmental regulations, such as EU 2019/318 and EU 2018/1832, which encourage automakers to adopt advanced automotive components, including aluminum alloy wheels, to reduce vehicle weight and improve fuel efficiency. Consequently, companies supply aluminum alloy wheels to vehicle manufacturers to meet these regulatory requirements and reduce their carbon footprint. The European market is expected to expand during the forecast period due to this trend. Aluminum alloys, including Copper, Nickel, Zinc, Silicon alloys, and High-Strength Steel, are used In the production of these wheels for various vehicle types, including two wheelers, passenger cars, commercial vehicles, and trucks.

Market Dynamics

Our researchers analyzed the data with 2023 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.

What are the key market drivers leading to the rise In the adoption of Aluminum Alloy Wheel Industry?

Adoption of improved emission standards is the key driver of the market.

• The global automotive industry is witnessing a significant shift towards lighter and more fuel-efficient vehicles in response to stringent emission norms. Aluminum alloy wheels, composed of Aluminum, Copper, Nickel, Zinc, and Silicon, have gained popularity due to their ability to reduce vehicle weight. This reduction in weight contributes to improved fuel efficiency and emission reduction. In major automotive markets, including the US, Europe, China, and India, emission standards such as Euro 6 are being implemented or are expected to be enforced during the forecast period. For instance, India introduced the BS-VI emission norms for new vehicles in April 2020. As a result, the demand for aluminum alloy wheels is expected to increase In the two-wheeler, passenger car, and commercial vehicle segments, including trucks.
• The market for Aluminum Alloys, including Aluminum Alloys, Magnesium Alloys, High-Strength Steel, Carbon Fiber, Cast Iron, and Steel, is anticipated to grow substantially.

What are the market trends shaping the Aluminum Alloy Wheel Industry?

Advent of carbon fiber alloy wheels is the upcoming market trend.

• Aluminum alloy wheels are a popular choice for two wheelers and vehicles due to their lightweight property. However, carbon fiber alloy wheels, which contain Copper, Nickel, Zinc, Silicon alloy, among other elements, offer superior strength and stiffness. While aluminum alloys, such as Aluminum Alloys and High-Strength Steel, are commonly used in Passenger cars and Commercial vehicles, carbon fiber alloys are gaining traction In the automotive industry. Carbon fiber alloy wheels are lighter than aluminum alloy wheels but offer better performance and resistance to deformation. However, aluminum alloy wheels can transmit high-frequency noise, vibration, and harshness (NVH), leading to noise In the driver's cabin.
• Carbon fiber alloy wheels, on the other hand, provide a smoother ride and reduced NVH levels. Despite their advantages, carbon fiber alloy wheels are currently more expensive than aluminum alloy wheels, limiting their adoption In the aftermarket. Nevertheless, the demand for carbon fiber alloy wheels is expected to increase as their production costs decrease and their benefits become more widely recognized.

What challenges does the Aluminum Alloy Wheel Industry face during its growth?

Fluctuations in raw material prices is a key challenge affecting the industry growth.

• Aluminum alloy wheels are a key component In the automotive industry, utilizing aluminum as the primary material. Aluminum alloys are produced by combining aluminum with secondary metals like nickel, copper, zinc, and silicon. The automotive sector relies heavily on raw materials such as aluminum, steel, rubber, plastics, and glass, and price fluctuations impact the manufacturing costs and profitability of automakers. In the production of aluminum alloy wheels, magnesium is often added to aluminum to enhance durability. Manufacturing processes include forging, rolled forging, and casting. The aluminum market's volatility, due to the imbalance between supply and demand, poses a challenge to the market's growth.

Exclusive Customer Landscape

The aluminum alloy wheel market forecasting 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 aluminum alloy wheel market report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.

Customer Landscape

Key Companies & Market Insights

Companies are implementing various strategies, such as strategic alliances, aluminum alloy wheel market forecast, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence In the industry.

The industry research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:

• Accuride Corp.
• ALCAR HOLDING GMBH
• BORBET GmbH
• Capricorn Motors Pvt. Ltd
• CITIC Ltd.
• Enkei Corp.
• Fuel Off Road Wheels
• Howmet Aerospace Inc.
• Image Wheels International Ltd
• Lizhong group
• MAXION Wheels
• Minda Industries Ltd.
• RONAL AG
• Shanghai Metal Corp.
• Topy Industries Ltd.
• Toyota Motor Corp.
• Wanfeng Group Co. Ltd.
• Wheel Pros LLC
• WIL Car Wheels Ltd.
• Zhejiang Yueling Co. Ltd

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 industry 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.

Research Analyst Overview

The market encompasses a diverse range of applications In the automotive industry. Aluminum alloys, which are composed of aluminum, copper, nickel, zinc, silicon, and other elements, offer several advantages over traditional materials such as high-strength steel, magnesium alloys, cast iron, carbon fiber, and steel. Aluminum alloys are renowned for their lightweight properties, making them an ideal choice for two wheelers and passenger cars. The adoption of aluminum alloys In the automotive sector is driven by the increasing demand for fuel efficiency and reduced emissions. The use of aluminum alloys in vehicle manufacturing leads to a significant reduction in vehicle weight, resulting in improved fuel economy and reduced carbon footprint.

Moreover, aluminum alloys provide superior strength and durability, making them suitable for commercial vehicles as well. The aftermarket for aluminum alloy wheels is also growing, with an increasing number of consumers opting for wheel upgrades to enhance the aesthetics and performance of their vehicles. The demand for aluminum alloy wheels is not limited to domestic sales alone. Imported sales of aluminum alloy wheels are also on the rise, as manufacturers from different regions seek to capitalize on the growing demand for lightweight and durable wheels. The passenger car segment is a significant contributor to the market. Hatchbacks, sedans, and multi-utility vehicles (MUVs) are some of the popular vehicle types that use aluminum alloy wheels.

The adoption of aluminum alloys In these vehicle types is driven by their fuel efficiency, durability, and improved handling characteristics. Trucks are another vehicle type that is increasingly adopting aluminum alloy wheels. The use of aluminum alloys in truck manufacturing leads to reduced weight, improved fuel efficiency, and enhanced durability. The market is expected to grow at a steady pace In the coming years, driven by the increasing demand for lightweight and durable wheels In the automotive industry. The market dynamics are influenced by several factors, including regulatory initiatives, technological advancements, and consumer preferences. Regulatory initiatives, such as fuel efficiency standards and emissions norms, are driving the adoption of aluminum alloys In the automotive industry.

Technological advancements, such as the development of new alloys and manufacturing processes, are making aluminum alloys more cost-effective and accessible to manufacturers. Consumer preferences for lighter, stronger, and more fuel-efficient vehicles are also fueling the growth of the market. In conclusion, the market is a dynamic and growing sector in the automotive industry. The adoption of aluminum alloys in vehicle manufacturing is driven by several factors, including fuel efficiency, durability, and improved handling characteristics. The market is expected to grow at a steady pace In the coming years, driven by regulatory initiatives, technological advancements, and consumer preferences.

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What are the Key Data Covered in this Aluminum Alloy Wheel Market Research and Growth Report?

• CAGR of the Aluminum Alloy Wheel industry during the forecast period
• Detailed information on factors that will drive the growth and forecasting between 2024 and 2028
• Precise estimation of the size of the market and its contribution of the industry in focus to the parent market
• Accurate predictions about upcoming growth and trends and changes in consumer behaviour
• Growth of the market across Europe, APAC, North America, South America, and Middle East and Africa
• Thorough analysis of the market's competitive landscape and detailed information about companies
• Comprehensive analysis of factors that will challenge the aluminum alloy wheel market growth of industry companies

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