Global Automotive Alloy Wheel Market Size, Share, Forecast Report, 2020-2027
Alloy wheels for automobiles are made from aluminum, nickel, or magnesium material. The casting and forging method is used to manufacture alloy wheels. Whereas, the forged wheels are lighter and stronger but more expensive than cast alloy wheels. Alloy wheels provide greater strength, better heat conduction, and cosmetic appearance than steel wheels. Hence, consumers prefer alloy wheels for external styling of vehicle and good riding quality. The growing demand from Europe and Asia-Pacific, increasing alloy wheel repair service centers globally, increasing demand for lightweight wheels, and growing production and sales of electric vehicles are the key factors driving the global automotive alloy wheel market. Hence, the global automotive alloy wheel market is estimated to reach around USD 21 billion by 2025, registering a CAGR of ~5% during the forecast period.
The volatility of raw material prices and unorganized aftermarket for wheels are considered as the key factors restraining the growth of this market. However, improving economies of developing countries, growing demand for high-performance wheels, and rise in demand for advanced materials and new compositions in wheels are providing growth opportunities for the global market.
Segmentation: Automotive Alloy Wheel Market
The global automotive alloy wheel market has been segmented based on finishing type, wheel type, vehicle type, sales channel, and region. On the basis of finishing type, the global market has been segmented into polished alloy wheel, two-toned alloy wheel, and others. The two-toned alloy wheel segment is projected to grow at a rapid pace over the forecast period due to growing demand from SUVs. On the basis of wheel type, the global market has been segmented into compact-size, mid-size, and full-size. The compact-size segment is projected to grow at a substantial rate over the forecast period due to growing demand for lightweight wheels with high strength. On the basis of vehicle type, the global market has been segmented into passenger car and commercial vehicle. The passenger car segment is estimated to be dominant throughout the forecast period due to growing demand for passenger vehicles in emerging and developed countries. On the basis of sales channel, the global market has been segmented into OEM and aftermarket. The OEM segment is projected to be dominant throughout the forecast period due to presence of various OEM’s in developed regions, and due to the presence of a large consumer base. Furthermore, OEMs are more inclined toward the expansion of automotive wheel manufacturing facilities in emerging countries such as China, India, Mexico, and Brazil.
The market in Asia-Pacific is anticipated to hold the largest share, followed by North America and Europe throughout the forecast period due to growing production and sales of passenger car and commercial vehicles from China, Japan, Thailand, and Indonesia and growing industrialization. North America is projected to register substantial growth over the forecast period due to the increased preference for external styling and customization in wheels and growing uses of alloy wheels in vans, pickup trucks, and utility vehicles from the US and Canada. The market in Europe is growing due to growing demand for environment-friendly vehicle and ongoing industrialization across the region.
The major players operating in the global automotive alloy wheel market are Euromax Wheel (US), MHT Luxury Wheels (US), Status Wheels, Inc. (US), Wheel Pros, LLC (US), Fuel Off-Road Wheels (US), SOTA Offroad (US), Enkei Wheels India Ltd (India), Ronal AG (Switzerland), Uniwheels (Switzerland), and BBS Kraftfahrzeugtechnik AG (Germany)