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Global Alloy Wheels Market Size, Share & Analysis Report by Manufacturer, Region, by Material Type (Aluminum Alloy, Titanium Alloy, Magnesium Alloy) and Application, Forecasts, 2023 to 2030.

 Pulichser: Innovation Market Research

November 2023

 Pages: 118

 IMR 4182

Alloys represent a composite of metals, encompassing elements such as magnesium, aluminum, and other components, which endow them with superior strength compared to their individual metallic counterparts. The lightweight characteristics of alloy wheels are a pivotal attribute that underpins their significance in the market. The intricate structure of alloy wheels employed in automotive applications necessitates adherence to a spectrum of innovative criteria, encompassing aesthetics, weight considerations, performance standards, and precision in the injection-molded components. The escalating global demand for lightweight vehicles is poised to propel the expansion of the automotive alloy wheels market throughout the forecast period.

The increasing clamor for cost-effective and environmentally friendly vehicles is anticipated to be a driving force behind market growth. Additionally, the upsurge in economic prosperity, coupled with the advent and burgeoning popularity of electric vehicles, is expected to further fuel the market's growth trajectory in the foreseeable future.

The emergence of customizable vehicles within the automotive industry is forecasted to serve as a transformative factor for the automotive alloy wheels market. With the limitless possibilities offered by customizable car designs, consumers are increasingly inclined towards investing in tailor-made vehicles, in contrast to readily available options. These initiatives undertaken by vehicle manufacturers are expected to augment the size of the automotive alloy wheels market over the forecast period.

Enthusiasts of automobiles favor alloy wheels not only for their aesthetic enhancement but also due to the improvements in vehicle performance, enhanced fuel efficiency, and reduced weight that they offer. Furthermore, the burgeoning automotive sector in emerging economies such as China, India, and Brazil has created a substantial demand for alloy wheels. Additionally, the surge in customizing automobiles has amplified the need for alloy wheels.

The manufacturing landscape of the industry has witnessed intensifying competition over the past decade, compelling automakers to embrace cutting-edge technologies. Notably, there has been a notable minimum 30% surge in the sales of truck alloy wheels. As a result, the wheel market, across all segments, has expanded in parallel with the automotive sales. The increased sales and production of various vehicle types in both developing and developed nations, driven by the expanding mobility and investments in the transportation sector, are anticipated to contribute to revenue growth within the global market.

The alloy wheels market is categorized based on material type, type, rim size, vehicle type, and region. In terms of material type, the market encompasses aluminum alloy, titanium alloy, and magnesium alloy. Regarding type, it is segmented into forging, casting, and other categories. Rim sizes are classified into 12 Inches - 17 Inches, 18 Inches - 21 Inches, and More than 22 Inches. In the context of vehicle type, it is divided into passenger vehicles and commercial vehicles. Regionally, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Manufacturers are placing substantial emphasis on the production of lightweight and fuel-efficient vehicles. Consequently, the adoption of alloy wheels assumes paramount importance for automakers and suppliers on a global scale. Alloy wheels, due to their lighter weight, offer a compelling alternative to steel wheels, which are comparatively heavier and entail complex production processes. This shift towards alloy wheels is poised to empower automakers in their pursuit of weight reduction and enhanced fuel efficiency, making vehicles with lightweight alloy wheels more appealing to consumers in the foreseeable future.

The burgeoning pace of vehicle production is a global phenomenon. The escalating demand for lightweight alloy wheels and rims in emerging markets such as India, China, Brazil, and Mexico is anticipated to drive the expansion of the automotive alloy wheels market in the coming years. Furthermore, the enforcement of stringent emission standards in these regions is expected to further bolster the demand for alloy wheels.

The growing popularity of electric vehicles on a global scale is a salient trend. Electric vehicles necessitate a lightweight design to optimize battery range, making alloy wheels an ideal choice. Consequently, the upswing in electric vehicle sales is poised to bolster the demand for automotive alloy wheels in the near future.

The automotive alloy wheel market in Asia Pacific is poised for rapid growth in the coming years, driven by several key factors. One of the primary catalysts behind this expansion is the robust expansion of the automotive sector within the region. As economies like Japan, China, and India continue to develop and modernize, their automotive industries have experienced significant growth. This, in turn, has created a heightened demand for automotive components, including alloy wheels.

Another pivotal factor contributing to the expected growth in the Asia Pacific automotive alloy wheel market is the rise in living standards. As more individuals in these nations experience an improvement in their living standards, their preferences for high-quality and aesthetically pleasing vehicles have increased. Alloy wheels are seen as a symbol of style and performance, making them a sought-after choice for consumers looking to upgrade their vehicles. This shift in consumer preferences aligns with the market's trajectory towards greater demand for alloy wheels.

Furthermore, the Asia Pacific region boasts a substantial presence of two-wheeler manufacturers. Two-wheelers, including motorcycles and scooters, are widely popular in countries like India and China. These vehicles are often equipped with alloy wheels, both for aesthetic appeal and improved performance. As the two-wheeler market continues to grow and evolve, it is expected to contribute significantly to the demand for alloy wheels.

In contrast, North America is anticipated to hold a significant share of the automotive alloy wheel market during the forecast period. This is due to the increasing popularity of alloy wheels within the region. In the United States and Canada, in particular, consumers have shown a growing preference for alloy wheels. This preference can be attributed to the perceived benefits of alloy wheels, such as reduced weight, improved heat dissipation, and enhanced aesthetics.

The high spending incomes of consumers in the U.S. and Canada play a vital role in boosting the market's progress during the projection period. With more disposable income at their disposal, consumers are more inclined to invest in vehicle customization, including the installation of alloy wheels. As a result, the demand for alloy wheels in North America is expected to remain strong.

In this report, our team research the global Alloy Wheels market by type, application, region and manufacturer 2016 to 2022 and forcast 2023 to 2030. For the region, type and application, the sales, revenue and their market share, growth rate are key research objects; we can research the manufacturers' sales, price, revenue, cost and gross profit and their changes. What's more, we will display the main consumers, raw material manufacturers, distributors, etc. 

Geographically, this report split global into several key Regions, with sales (K Units), revenue (M USD), market share and growth rate of Alloy Wheels for these regions, from 2023 to 2030 (forecast), covering
China
USA
Europe
Japan
Korea
India
Southeast Asia
South America

Global Alloy Wheels market competition by top manufacturers/players, with Alloy Wheels sales volume, Price (USD/Unit), revenue (M USD) and market share for each manufacturer/player.

The top players including

BORBET GmbH
CITIC Dicastal Wheel Manufacturing Co
RONAL GROUP
Enkei WheelsEnkei CorporationSuperior Industries
Alcoa
Iochpe-Maxion
Uniwheel Group
Accuride
Yhi International Limited
Topy Group
Citic Dicastal
Lizhong Group
Wanfeng Auto
Kunshan Liufeng
Zhejiang Jinfei
Yueling Wheels
Zhongnan Aluminum Wheels
Anchi Aluminum Wheel
Guangdong Dcenti Auto-Parts
Japan Wheels
Kawashima Group Co., Ltd.
Kosei Aluminum Co., Ltd.
MAXION Wheels
MHT Luxury Wheels
NAPREJAPAN

On the basis of product, this report displays the production, revenue, price, market share and growth rate of each type, primarily split into
Casting
Forging
Other

On the basis on the end users/applications, this report focuses on the status and outlook for major applications/end users, sales volume, market share and growth rate of Alloy Wheels for each application, including
Passenger Vehicle
Commercial Vehicle

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