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The aluminum alloy wheel market size is estimated to increase by USD 3,629.04 million between 2022 and 2027. The market size is forecast to grow at a CAGR of 5.49%. The growth of the market depends on several factors such as the adoption of improved emission standards, the benefits of aluminum over conventional materials in alloy wheels, and the growing demand for lightweight vehicles.
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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 market growth is the benefits of aluminum over conventional materials in alloy wheels. There is an increasing adoption in vehicles when compared to other conventional wheels including steel wheels. The increasing adoption can be attributed to its several benefits. Some of the key benefits include rust and corrosion-free, ideal disperser of heat, and superior aesthetics. Alloy wheels which are manufactured using aluminum are highly resistant to oxidation.
Thus, this material is less vulnerable to rust and corrosion compared with other materials such as steel. Hence, such benefits can increase the demand for aluminum alloy and positively impact market growth. Thus, it is expected to drive market growth during the forecast period.
A key factor shaping the market growth is the emergence of 3D-printed titanium wheels. The process of generating three-dimensional solid objects from a digital file is termed as 3D printing. This technology is widely used in the automotive industry in order to manufacture vehicle parts such as wheels. The main advantage of 3D printing is that it increases the speed at which the parts can be produced.
Furthermore, this technology enables the manufacturer to produce wheels with different materials, offering market players the opportunity to test different materials, such as titanium, to get the best-quality wheel. There is an increasing adoption of 3D printers by many market players due to their several benefits. Hence, such factors are expected to drive market growth during the forecast period.
The advantages of substitutes such as steel wheels are one of the key challenges hindering the market growth. One of the main advantages of steel wheels is that the cost of manufacturing steel wheels is less than that of these wheels. Additionally, some of the main features of steel wheels include durability; they seldom crack or bend.
Additionally, steel wheels are naturally tough and they are not prone to damage. Furthermore, several technological advancements in wheel manufacturing have significantly reduced manufacturing costs. Also, the steel wheels are robust and lightweight due to the high-strength materials to manufacture steel wheels which enhance their performance. Hence, such factors are expected to hinder 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 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.
Accuride Corp: The company offers aluminum wheels such as accu Lite aluminum wheels and accurides duplex one wheels.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 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 PC segment is estimated to witness significant growth during the forecast period. There is increasing adoption by automakers due to their several benefits such as higher fuel efficiency and aesthetic appeal. Thus it will fuel the demand for aluminum wheels in this segment. Additionally, there is an increasing focus by several vehicle manufacturers to provide better quality products in all passenger cars due to the changing consumer needs in the automotive industry.
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The PC segment was the largest segment and was valued at USD 4,887.37 million in 2017. Some of the main advantages are that they enhance the visual appeal of a vehicle and offer superior heat conduction compared with steel wheels. Furthermore, Alloy wheels are earlier included only in luxury vehicles but now there is an increasing focus by several vehicle manufacturers and component suppliers to integrate these features in mid-level and entry-level vehicles. The main advantage of these wheels is that they can ensure safety and reduce the overall weight of the passenger vehicle, which, in turn, enhances the handling of the vehicle. Additionally, there is increasing adoption of aluminum wheels by vehicle manufacturers as it minimizes the overall weight of the vehicle. Hence, such factors are expected to fuel the growth of this segment which in turn will drive the market growth during the market growth.
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APAC is estimated to contribute 41% 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. Another region offering significant growth opportunities to vendors is Europe. Some of the key countries which are significantly contributing to the global market growth in Europe include Germany, France, Italy, Spain, and the UK.
Factors such as stringent environmental regulatory norms including the Commission Regulation (EU) 2019/318 and Commission Regulation (EU) 2018/1832 that force automakers to use advanced automotive parts including the wheels to help minimize the overall weight of the vehicle, thus improving fuel efficiency and reducing the carbon footprint. Additionally, several market players provide to vehicle manufacturers to minimize the weight of their vehicles. Furthermore, some of the prominent car manufacturers are based in Europe which include BMW AG (BMW), AUDI AG (AUDI), and Daimler AG (Daimler). Furthermore, Europe has stringent emission standards, which make it mandatory to use highly fuel-efficient technologies to improve the fuel efficiency of vehicles. Hence, such factors are expected to drive market growth in the region during the forecast period.
The Market thrives on modern manufacturing processes and technologies, ensuring high-quality and accurate alloy wheels. Computer-aided design (CAD), computer-aided manufacturing (CAM), and robotics streamline production, reducing errors and defective products. Efficiency in manufacturing is enhanced through specialized machinery and skilled labor, although production times and costs may be higher for smaller players. Established brands dominate due to their competitiveness in providing wheels for high-performance vehicles. Emerging markets see a rise in demand, driven by fuel-efficient and environmentally friendly vehicles. The shift towards lightweight components contributes to improved fuel economy and reduced carbon emissions, appealing to car enthusiasts seeking personalized, aesthetically pleasing, and safer options.
The market 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.
Aluminum Alloy Wheel Market Scope |
|
Report Coverage |
Details |
Page number |
157 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.49% |
Market growth 2023-2027 |
USD 3,629.04 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
5.3 |
Regional analysis |
Europe, APAC, North America, South America, and Middle East and Africa |
Performing market contribution |
APAC at 41% |
Key countries |
US, China, Japan, Germany, and France |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
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., and Zhejiang Yueling Co. Ltd |
Market dynamics |
Parent market analysis, Market forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our market growth and trends report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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