Alloy Wheels Market Size to Grow USD 31.6 Billion by 2031 at a CAGR of 6.2% | Valuates Reports
BANGALORE, India, Feb. 15, 2024 /PRNewswire/ -- Alloy Wheels Market Size, Share, Competitive Landscape and Trend Analysis Report by Material Type (Aluminum Alloy, Titanium Alloy, Magnesium Alloy), by Type (Forging, Casting, Others), by Rim Size (12 Inches - 17 Inches, 18 Inches - 21 Inches, More than 22 Inches), by Vehicle Type (Passenger Vehicle, Commercial Vehicle).
The Global Alloy Wheels Market size was valued at USD 17.6 Billion in 2021 and is projected to reach USD 31.6 Billion by 2031, growing at a CAGR of 6.2% from 2022 to 2031.
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Major Factors Driving the Growth of the Alloy Wheels Market
Technological developments in the production processes of aluminum alloys have improved their performance even more, making them a more desirable alternative for OEMs and consumers alike. This has led to a rise in the market's acceptance of aluminum alloys.
Given its greater strength, durability, and structural integrity as compared to other manufacturing processes like casting, forging is expected to witness significant expansion in the alloy wheel market.
The market for alloy wheels is expanding mainly due to rising consumer demand for lightweight, high-performing wheels that enhance the looks and functionality of vehicles. Modern production techniques like flow forming and forging have further improved the strength and customizability of alloy wheels, which has fueled industry growth.
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TRENDS INFLUENCING THE GROWTH OF THE ALLOY WHEELS MARKET
Because aluminum alloy has intrinsic qualities like high strength-to-weight ratio, corrosion resistance, and lightweight design, it is expected to witness substantial expansion in the alloy wheels market. Because of these qualities, aluminum alloy wheels are quite popular for use in automobile applications since they increase handling, fuel economy, and aesthetics. The method of shaping metal under high pressure produces a denser, more uniform structure in forged alloy wheels, which improves performance and safety. Furthermore, forged wheels appeal to a larger spectrum of customers looking for both performance and aesthetics since they provide customization possibilities in terms of design and polish.
The market for alloy wheels is expanding mostly as a result of consumers' growing desire for fashionable, lightweight wheels. Compared to conventional steel wheels, alloy wheels provide advantages in terms of better performance, fuel economy, and aesthetics. Alloy wheels are becoming more and more popular as buyers look for cars with improved looks and performance, which helps the market as a whole expand.
The worldwide automobile industry's expansion is a noteworthy component propelling the alloy wheels market's growth. To satisfy the demands of OEMs and aftermarket customers, alloy wheels are becoming more and more in demand as vehicle production and sales rise, especially in emerging markets. Manufacturers of alloy wheels will have several options to meet the growing demand as a result of this expansion.
The market for alloy wheels has grown dramatically as a result of the growing trend of vehicle customization. Customized alloy wheels are in high demand as consumers look for distinctive and personalized looks for their cars. In response to this trend, producers are expanding their product offerings to include a broad range of sizes, patterns, and finishes in order to accommodate a variety of consumer tastes and spur market expansion.
Performance advantages of alloy wheels include enhanced handling, braking, and acceleration. Alloy wheel demand rises in tandem with the popularity of performance-oriented vehicles among enthusiasts. Alloy wheels' strong heat dissipation qualities also make them perfect for high-performance applications, which propels market expansion.
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ALLOY WHEELS MARKET SHARE ANALYSIS
The market for alloy wheels has grown dramatically as a result of the growing trend of vehicle customization. Customized alloy wheels are in high demand as consumers look for distinctive and personalized looks for their cars. In response to this trend, producers are expanding their product offerings to include a broad range of sizes, patterns, and finishes in order to accommodate a variety of consumer tastes and spur market expansion.
Performance advantages of alloy wheels include enhanced handling, braking, and acceleration. Alloy wheel demand rises in tandem with the popularity of performance-oriented vehicles among enthusiasts. Alloy wheels' strong heat dissipation qualities also make them perfect for high-performance applications, which propels market expansion.
The subsegment of 18 to 21 inches held a dominant position in the global market in 2021 and is expected to maintain this position throughout the forecast period. The optimum driving experience when managing bends is offered by low-profile tires, which range in size from 18 to 21 inches. This is because the tire's stickier substance and reduced flexibility make it necessary to run around bends with tighter, more dependable steering. 18- to 21-inch tires often have thinner sidewalls, which maintain much more rigidity on the road. Because of the increased stiffness, some drivers may experience a little improvement in handling during corners. These variables are expected to hasten the spread of the 18-to 21-inch sub-segment during the analysis period.
Regarding vehicle type, the market was led by the passenger vehicles sub-segment in 2021 and is expected to remain so for the duration of the forecast period. The surge is primarily attributable to the recent, sharp increase in passenger car sales.
In 2021, the global market for alloy wheels was led by North America. Over the forecast period, the alloy wheel market in Asia-Pacific is expected to grow at a rapid pace and take the lead in the automotive wheel industry. This expansion is mostly the result of China and India. The region would have the largest worldwide demand for autos during the predicted period, accounting for nearly 60% of all vehicles worldwide, due to the world's highest population density and its two highly populated countries, China and India.
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Key Companies:
- Stamford Sport Wheels
- Maxion Wheels
- Fuel Off-Road Wheels
- CITIC Dicastal Wheel Manufacturing Co
- Enkei Corporation
- Borbet
- Steel Strips Wheels Ltd (SSWL)
- TSW Alloy Wheels
- Superior Industries International Inc
- Ronal Group
- MHT Luxury Wheels
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DISCOVER MORE INSIGHTS: EXPLORE SIMILAR REPORTS!
- Copper Alloy for Electric Vehicles (EV) Market
- Aluminum Alloy Wheels for Electric Vehicles Market
- Aluminium Alloy Wheel Market
- Titanium Silicon Alloy Market
- Copper Alloy Heatsink Materials Market
- Commercial Vehicle Aluminum Alloy Wheel market was valued at USD 5796.6 Million in 2023 and is anticipated to reach USD 7732.7 Million by 2030, witnessing a CAGR of 3.4% during the forecast period 2024-2030.
- Aluminum Alloy Wheels Market
- Sedan Aluminum Alloy Wheel market was valued at USD 4197.7 Million in 2023 and is anticipated to reach USD 6613.2 Million by 2030, witnessing a CAGR of 5.4% during the forecast period 2024-2030.
- Automotive Aluminum Alloy Wheel market size is expected to reach USD 18030 Million by 2029, growing at a CAGR of 3.6% from 2023 to 2029.
- Aluminum Alloy Modified Wheels Market
- Bus Aluminum Alloy Wheel market was valued at USD 59 Million in 2023 and is anticipated to reach USD 131.4 Million by 2030, witnessing a CAGR of 2.5% during the forecast period 2024-2030.
- Lightweight Aluminum Wheels Market
- Bicycle Aluminum Alloy Wheels Market
- Automotive Magnesium Alloy Wheel market was valued at USD 12100 Million in 2022 and is anticipated to reach USD 15430 Million by 2029, witnessing a CAGR of 2.9% during the forecast period 2023-2029.
- Commercial Vehicle Forged Aluminum Alloy Wheels market is projected to grow from USD 725.1 Million in 2023 to USD 901.7 Million by 2029, at a Compound Annual Growth Rate (CAGR) of 3.7% during the forecast period.
- Aircraft Wheels market was valued at USD 62 Million in 2023 and is anticipated to reach USD 78 Million by 2030, witnessing a CAGR of 3.3% during the forecast period 2024-2030.
- Aluminum Wheels and Hinges for Automobiles market is projected to reach USD 15840 Million in 2029, increasing from USD 6200 Million in 2022, with a CAGR of 14.4% during the period of 2023 to 2029.
- Electric Vehicle Wheels Market
- Spinning Flow Formed Wheels market is projected to reach USD 16180 Million in 2029, increasing from USD 8426 Million in 2022, with a CAGR of 9.4% during the period of 2023 to 2029.
- Aircraft Wheels Market revenue was USD 62 Million in 2022 and is forecast to a readjusted size of USD 78 Million by 2029 with a CAGR of 3.3% during the forecast period (2023-2029).
- Magnesium Wheel market is projected to grow from USD 21810 Million in 2023 to USD 25440 Million by 2029, at a Compound Annual Growth Rate (CAGR) of 2.6% during the forecast period.
- Hatchback Aluminum Alloy Wheel market was valued at USD 2622.3 Million in 2023 and is anticipated to reach USD 4179.6 Million by 2030, witnessing a CAGR of 4.8% during the forecast period 2024-2030.
- Sedan and Hatchback Aluminum Alloy Wheel market was valued at USD 6880.4 Million in 2023 and is anticipated to reach USD 10130 Million by 2030, witnessing a CAGR of 5.3% during the forecast period 2024-2030.
- Solid Rubber Wheel Chock market is projected to reach USD 396 Million in 2029, increasing from USD 311 Million in 2022, with a CAGR of 3.4% during the period of 2023 to 2029.
- Electric Three Wheeler Market
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