Automotive Alloy Wheel Market Trends, Key Players, Overview, Competitive Breakdown and Regional Forecast by 2030
Market Overview -
According to Market Research Future (MRFR), the global
automotive alloy wheel market is projected to reach around USD 21 billion,
registering a CAGR of 5% (forecast period). The report summarizes the global
situation, the economic situation, and the COVID-19 analysis of the overall
market.
Alloy wheels for automobiles are made from aluminum, nickel,
or magnesium material. The casting and forging method is used for the
manufacture of alloy wheels. whereas, the forged wheels are lighter and
stronger but more costly than the cast-alloy wheels. The alloy
wheels market has greater strength, better heat conduction, and
more cosmetic appearance than steel wheels. Consumers prefer the use of alloy
wheels for the external styling of vehicles and good riding quality.
Market Dynamics
Rising demand from Europe and the Asia Pacific, increasing
global alloy wheel repair centers, growing demand for lightweight wheels, and
increasing production and sales of electric vehicles are significant factors
driving the global automotive alloy wheel market.
Uncertainty of raw material prices and unorganized
aftermarket for wheels are considered to be the key factors restricting the
growth of this market. However, the improving economies of developing
countries, rising demand for high-performance wheels, and increasing demand for
advanced materials and new wheel composition provide growth opportunities for the
global market.
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Market Segmentation
The global automotive alloy wheel market has been segmented
based on finishing type, wheel type, and vehicle type. On the basis of wheel
type, the market for automotive alloy wheel is segmented based on compact-size,
mid-size, and full-size. Additionally, the market on the basis of vehicle type,
is segmented into passenger car and commercial vehicles. The global market for
automotive alloy wheel is also covered based on finishing type segment which is
further split into two-toned alloy wheel, polished alloy wheel, and others.
Factors like growing number of service centers as well as
repairing units are opening around the world support the automotive alloy wheel
market growth. The performance of the automotive alloy wheel market has also
been studied for the past and current years. Additionally, the automotive alloy
wheel market report provides analysis of these segments. The automotive alloy
wheel market segmental analysis provided in the report offers major details
about the automotive alloy wheel market based on the data and forecasts till
2025.
Regional Overview
Companies in the automotive alloy wheel market are spread
across the world. The automotive alloy wheel market report provides major
information about regional markets of North America, Europe, Asia-Pacific
(APAC), and the rest of the world. The North American automotive alloy wheel
market has many companies across the United States, Canada, and Mexico. The
automotive alloy wheel market of the Middle East, Africa, and other regions has
also been studied by analysts. The regional analysis of the automotive alloy
wheel market can be found in the market research report. Europe has companies
in the automotive alloy wheel market across Germany, France, Spain, Italy, and
the United Kingdom. A detailed analysis of the automotive alloy wheel market
across India, China, and Japan in the Asia-Pacific region is also presented in
the report.
Competitive Landscape
The automotive alloy wheel market is supported by growing
demand for alloy wheels in vehicles and rising awareness about their benefits.
The population growth around the world and increasing demand of automotive
alloy wheel market based services and products also support the market growth.
However, the automotive alloy wheel market growth can be affected due to the
highly unstable price of raw material in different parts of the world. The
report covers all such details which will help companies in the automotive
alloy wheel market to strengthen their business plan and improve their product
portfolio. The automotive alloy wheel market research report also provides
company profiles of major companies. The company profiles of many organizations
operating in the automotive alloy wheel market report highlights crucial
details like company size, revenue growth, and details of mergers and
acquisitions taking place in the automotive alloy wheel market. New companies
and established businesses can plan their strategies based on this data
provided in the automotive alloy wheel market research report.
Industry News
Wheel Pros, the largest design company, producer and supplier
of branded automotive aftermarket wheels, quality tyres, suspension components
and accessories, recently completed its acquisition of Just Wheels & Tires,
the leading developer and manufacturer of patented aftermarket customized
wheels concentrated on the premium and off-road sectors. The monetary terms of
the deal have not been stated.
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