Global Alloy Wheels Market Expected to Grow Substantially Owing to Technological Advancements in Manufacturing Processes [250-Pages] | Acclaimed by Research Dive

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05 Apr, 2023, 10:30 GMT

The global alloy wheels market is expected to grow primarily due to technological advancements in manufacturing processes. Passenger vehicle sub-segment is expected to flourish immensely. The market in the Asia-Pacific region is predicted to grow at a high CAGR by 2031.

NEW YORK, April 5, 2023 /PRNewswire/ -- Global Alloy Wheels Market Forecast Analysis:

As per the report published by Research Dive, the global alloy wheels market is expected to register a revenue of $31,568.2 million by 2031 at a CAGR of 6.2% during the forecast period 2022-2031.

Segments of the Alloy Wheels Market

The report has divided the market into the following segments:

  • Material Type: aluminium alloy, titanium alloy, and magnesium alloy
    • Aluminum Type– Fastest growth by 2031
      Aluminum alloy wheels provide great strength while at the same time being extremely lightweight. These characteristics of aluminum alloy wheels have increased their popularity which is expected to push the growth of this sub-segment further.
  • Type: forging, casting, and others
    • Forging – Highest market share in 2021
      The ability of forging processes to make alloy wheels stronger, more durable, and resistant to corrosion is expected to augment the growth rate of the market in the 2022-2031 timeframe.
  • Rim Size: 12 Inches - 17 inches, 18 inches - 21 inches, and more than 22 inches
    • 18 Inches–21 Inches – Most profitable in 2021
      The characteristic feature of 8- to 21-inch tires to offer more stiffness on the roads is expected to propel the sub-segment forward.
  • Vehicle Type: passenger vehicle and commercial vehicle
    • Passenger Vehicle – Most lucrative in 2021
      The rising demand for passenger cars in both emerging and developed markets is anticipated to push the market forward.
  • Region: North America, Europe, Asia-Pacific, and LAMEA
    • Asia-Pacific – Significant market share in 2021
      The rapidly increasing sales of automobiles in this region is predicted to propel the market in the forecast period.

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Dynamics of the Global Alloy Wheels Market

The technological advancements in manufacturing processes that have taken place in the recent years is expected to make the alloy wheels market a highly profitable one in the forecast period. Additionally, growing demand for fuel-efficient vehicles is predicted to propel the market forward. However, according to market analysts, high cost of alloy wheels might become a restraint in the growth of the market.

Growing expanse of automotive industry is predicted to offer numerous growth opportunities to the market in the forecast period. Moreover, increasing tendency of automobile manufacturers to reduce the weight of the automobile is expected to propel the market growth in the coming period.

COVID-19 Impact on the Global Alloy Wheels Market

The Covid-19 pandemic disrupted the routine lifestyle of people across the globe and the subsequent lockdowns adversely impacted the industrial processes across all sectors. The alloy wheels market, too, was negatively impacted due to the pandemic. The automobile manufacturing industry was one of the worst hit markets in the world during the pandemic. This led to a decrease in demand for alloy wheels from the automotive industry which, ultimately brought down the growth rate of the market.

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Key Players of the Global Alloy Wheels Market

The major players of the market include

  • Steel Strips Wheels Limited
  • MHT Luxury Wheels
  • Maxion Wheels
  • Status Wheels
  • Enkei International Inc
  • UNIWHEELSS Group
  • RONAL GROUP
  • BORBET GmbH
  • Superior Industries
  • CMWheels

These players are working on developing strategies such as product development, merger and acquisition, partnerships, and collaborations to sustain market growth.

For instance, in December 2020, Wheel Pros, a global designer and distributor of aftermarket wheels, announced that it was acquiring TSW Alloy Wheels, a leading alloy wheel designing company. This announcement is predicted to help Wheel Pros to expand its customer base substantially in the near future.

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What the Report Covers

Apart from the information summarized in this press release, the final report covers crucial aspects of the market including SWOT analysis, market overview, Porter's five forces analysis, market dynamics, segmentation (key market trends, forecast analysis, and regional analysis), and company profiles (company overview, operating business segments, product portfolio, financial performance, and latest strategic moves and developments.)

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