Automotive Aluminum Wheels Market worth $37.01 Billion by 2032, Growing at 7.65% CAGR Globally: Allied Market Research
Automotive Aluminum Wheels Market Size
Allied Market Research published a report, titled, โAutomotive Aluminum Wheels Market by Vehicle Type (Passenger Car, Light Commercial Vehicle, Bus, and Trucks), Wheel Size (Less than 15, 16 to 20, and More than 21), Distribution Channel (OEM and Aftermarket), and Propulsion Type (ICE and Electric): Global Opportunity Analysis and Industry Forecast, 2023-2032โ.
๐ฐ ๐๐จ๐ฐ๐ง๐ฅ๐จ๐๐ ๐๐๐ฆ๐ฉ๐ฅ๐ ๐๐๐ ๐๐ฌ - https://www.alliedmarketresearch.com/request-sample/A320545
Prime Determinants of Growth
The global automotive aluminum wheels market has experienced significant growth and transformation, driven by a combination of increase in vehicle production and sales, increase in demand for enhanced visual appeal in automobiles and an increase in trend towards weight reduction. Moreover, technological advancements and increase in demand for aftermarket products are likely to shape the industry's future, enhancing safety and efficiency.
๐๐๐๐๐ข๐ง๐ ๐๐๐ซ๐ค๐๐ญ ๐๐ฅ๐๐ฒ๐๐ซ๐ฌ:
ENKEI Wheels (India) Limited
Wheel Pros
Accuride Corporation
CITIC LIMITED
BBS Kraftfahrzeugtechnik AG
OTTO FUCHS KG
Ronal Group
Wanfeng Group Co., Ltd.
BBS Japan Co., Ltd.
SuperAlloy Industrial Co., Ltd.
Maxion Wheels
Uno Minda
Fuel Off-Road Wheels
MHT Luxury Wheels
ALCOA WHEELS
Zhejiang Hongxin Technology Co., Ltd.,
UNIWHEELS AG.
๐๐ก๐ ๐ฉ๐๐ฌ๐ฌ๐๐ง๐ ๐๐ซ ๐๐๐ซ ๐ฌ๐๐ ๐ฆ๐๐ง๐ญ ๐ญ๐จ ๐ฆ๐๐ข๐ง๐ญ๐๐ข๐ง ๐ข๐ญ๐ฌ ๐ฅ๐๐๐๐๐ซ๐ฌ๐ก๐ข๐ฉ ๐ฌ๐ญ๐๐ญ๐ฎ๐ฌ ๐ญ๐ก๐ซ๐จ๐ฎ๐ ๐ก๐จ๐ฎ๐ญ ๐ญ๐ก๐ ๐๐จ๐ซ๐๐๐๐ฌ๐ญ ๐ฉ๐๐ซ๐ข๐จ๐
By vehicle type, the passenger car segment held the highest market share in 2022, and is estimated to maintain its leadership status with the highest CAGR of 8.35% from 2023 to 2032. This is attributed to rise in population in developing nations, such as China and India, which creates lucrative opportunities for the penetration of electric and hybrid passenger car and assists in the growth of the automotive aluminum wheels market. In addition, factors such as rise in disposable income in countries, such as India and China, and stringent rules and regulations to promote adoption of electric vehicles are projected to increase the demand for automotive aluminum wheels in passenger vehicles, which in turn is projected to contribute toward the growth of the market.
The less than 15 segment to maintain its dominance throughout the forecast period
By wheel size, the less than 15 segment held the highest market share in 2022, and is estimated to maintain its leadership status with the highest CAGR of 8.5% from 2023 to 2032 due to their high adoption in passenger vehicle segment. In addition, the less than 15 inch segment is the lightest in weight as compared to other wheel types. This allows the vehicle suspension to respond more quickly, which enhances handling, cornering, improvingโฏoverall maneuverability, increased fuel efficiency, and better handling on the vehicle.
๐๐ง๐ญ๐๐ซ๐๐ฌ๐ญ๐๐ ๐ญ๐จ ๐๐ซ๐จ๐๐ฎ๐ซ๐ ๐ญ๐ก๐ ๐๐๐ฌ๐๐๐ซ๐๐ก ๐๐๐ฉ๐จ๐ซ๐ญ? ๐๐ง๐ช๐ฎ๐ข๐ซ๐ ๐๐๐๐จ๐ซ๐ ๐๐ฎ๐ฒ๐ข๐ง๐ - https://www.alliedmarketresearch.com/purchase-enquiry/A320545
The aftermarket segment to maintain its leadership throughout the forecast period
By distribution channel, the aftermarket segment held the highest market share in 2022, and it is estimated to maintain its leadership with the highest CAGR of 7.7% during the forecast period due to the presence of numerous companies, which are operating in the aftermarket segment for automobile components. In addition, companies operating as an aftermarket player offer a wide range of products options in the market at a relatively lower price, which helps companies to generate revenue. In addition, customers also prefer buying products from aftermarket players as they are cheaper. Such factors create opportunities for the growth of the segment in the market.
The electric segment to maintain its lead position during the forecast period.
By propulsion type, the ICE segment held the highest market share in 2022, and is estimated to maintain its leadership status throughout the forecast period 2023-2032, due to affordability of the ICE vehicle. Moreover, in major developing regions, there is lack of EV charging infrastructure. Customers are therefore more likely to choose internal combustion engines (ICEs). ICEs are mostly utilized in commercial vehicles and are going to continue to dominate the market for few years. However, the electric segment is projected to manifest the highest CAGR of 9.48% from 2023 to 2032, due to the surge in demand for electric vehicles owing to increase in the prices of fuel and strengthening government policies toward traditional internal combustion engine vehicles to reduce carbon emissions.
๐๐ซ๐จ๐๐ฎ๐ซ๐ ๐๐จ๐ฆ๐ฉ๐ฅ๐๐ญ๐ ๐๐๐ฌ๐๐๐ซ๐๐ก ๐๐๐ฉ๐จ๐ซ๐ญ ๐๐จ๐ฐ: https://www.alliedmarketresearch.com/automotive-aluminum-wheels-market/purchase-options
Asia-Pacific to maintain its dominance by 2032
By region, Asia-Pacific held the highest market share in terms of revenue in 2022 and is estimated to maintain its leadership status with the highest CAGR of 8.37% throughout the forecast period due to factors such as significant rise in income levels and increase in urbanization in emerging countries of Asia-Pacific. In addition, strengthening regulation related to vehicle emission, and subsidies and incentive scheme for hybrid & electric vehicles are helping in the market growth. Passenger electric vehicles are gaining popularity among consumers, which will further boost the demand for automotive aluminum wheels.
๐๐๐ฒ ๐๐๐ฏ๐๐ฅ๐จ๐ฉ๐ฆ๐๐ง๐ญ๐ฌ ๐ข๐ง ๐ญ๐ก๐ ๐๐ฎ๐ญ๐จ๐ฆ๐จ๐ญ๐ข๐ฏ๐ ๐๐ฅ๐ฎ๐ฆ๐ข๐ง๐ฎ๐ฆ ๐๐ก๐๐๐ฅ๐ฌ ๐๐ง๐๐ฎ๐ฌ๐ญ๐ซ๐ฒ
The leading companies are adopting strategies such as acquisition, agreement, expansion, partnership, contracts, and product launches to strengthen their market position.
โค๐๐ง ๐๐ฎ๐ง๐ ๐๐๐๐, CITIC LIMITED opened its first plant in Mexico that provides high-quality aluminum wheels for prestigious automotive brands. The plant, located in the Santa Marรญa Industrial Park, in Ramos Arizpe, represents an important investment of 100 million dollars in its first phase and is expected to generate more than 1,200 direct and indirect jobs.
โค๐๐ง ๐๐๐ฉ๐ญ๐๐ฆ๐๐๐ซ ๐๐๐๐, Maxion Wheels developed latest light vehicle wheel innovation technology, Maxion BIONIC. It is developed by teams in Brazil, Mexico, the U.S., and Germany. Maxion BIONIC answers the growing demand from OEMs for affordable, stylish, and sustainable wheel solutions, especially for light vehicle programs where wheel load is increasing.
โค๐๐ง ๐๐๐ฉ๐ญ๐๐ฆ๐๐๐ซ ๐๐๐๐, Maxion Wheels partnered with Inci Holding to start new truck steel wheels plant in Turkey by investing $150 million. These two companies plan to build a plant to offer forged aluminum Commercial Vehicle (CV) wheels beginning in 2024.
โค๐๐ง ๐๐จ๐ฏ๐๐ฆ๐๐๐ซ ๐๐๐๐, Ronal Group launched R70-blue, carbon neutral recycled aluminum wheel to reduce greenhouse gas emissions from both the aluminum production and the wheel manufacturing process. It is manufactured using recycled aluminum, which significantly reduces the need for virgin materials and minimizes the environmental footprint associated with traditional manufacturing processes.
โค๐๐ง ๐๐ฉ๐ซ๐ข๐ฅ ๐๐๐๐, Wheel Pros launched ForceForm, a new line of Made-in-America cast wheels. The ForceForm wheels are built using modern casting technology, maximizing the efficiency of available tooling & production processes, and designed to exceed Department of Transportation structural requirements.
๐๐๐จ๐ฎ๐ญ ๐ฎ๐ฌ :
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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David Correa
Allied Market Research
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