Pune, India, March 01, 2022 (GLOBE NEWSWIRE) -- The global aluminum alloy wheel market size was valued at USD 14.23 billion in 2020. The market is forecast to rise from USD 16.43 billion in 2021 to USD 30.98 billion by 2028 at a CAGR of 9.5% during the forecast period 2021-2028. Fortune Business Insights™ has mentioned these insights in the latest research report, titled, “Aluminum Alloy Wheel Market, 2021-2028.” According to the analysis, shifting consumer pattern along with robust urbanization is expected to act as a catalyst in the global business outlook. Moreover, rigorous regulations about fuel efficiency will compel automakers to invest in lightweight components.
Industry Development
September 2021: Alcoa announced the launch of its new forged aluminum dual valve wheel. The company expects it will enable the TPMS sensor to function on one valve.
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| Report Coverage | Details |
| Forecast Period | 2021-2028 |
| Forecast Period 2021 to 2028 CAGR | 9.5% |
| 2028 Value Projection | USD 30.98 billion |
| Base Year | 2020 |
| Market Size in 2020 | USD 14.23 billion |
| Historical Data for | 2017-2019 |
| No. of Pages | 200 |
| Segments covered | Finishing Type, Vehicle Type, Geography |
| Growth Drivers | Increasing Demand for Tough, Appealing, and Monetarily Feasible Wheels for Vehicles Will Drive Market Growth |
| Increase in Pace of Vehicle Production Will Fuel Market Growth | |
| High Cost of Aluminum Alloy Wheels to Restrain Market Growth |
COVID-19 Impact
Bullish Government Policies to Overcome Challenges Emanating from the Pandemic
The onslaught of the COVID-19 outbreak has had a pressing impact on the aluminum alloy wheel industry. Notably, automakers witnessed a plunge in the sale of passenger vehicles. According to the Society of Indian Automobile Manufacturers, there was around a 2.24% dip in the sales of passenger vehicles from April 2020 through March 2021. Meanwhile, China was reported to have witnessed approximately 23% lower sales in 2020, accounting for an average of 1.3 million new passenger cars compared to the first half of the preceding year.
Amidst prevailing challenges, robust government policies toward combating the outbreak could positively influence the automotive sector. Demand for the metal is expected to gain impetus in the ensuing period.
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Segments
Finishing Type, Vehicle Type, and Region are Studied
In terms of finishing type, the market is segregated into polished alloy wheel and tow-toned alloy wheel.
Based on vehicle type, the market is segmented into passenger cars and commercial vehicles.
With respect to geography, the market covers North America, Europe, Asia Pacific, and the rest of the world.
Report Coverage
The report has been prepared painstakingly through qualitative and quantitative analysis, emphasizing industry landscape, trends and market dynamics. The use of top-down and bottom-up approaches further validates the authenticity of the research report. Efforts have also been taken to boost primary and secondary research. The report also provides a birds-eye-view on global and regional market size, share, and volume.
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Drivers and Restraints
Strong Demand for Lightweight Materials to Underpin Industry Growth
Shifting industry trends toward lightweight vehicles have encouraged leading OEMs and automakers to invest in aluminum alloys. The metal has an innate ability to resist corrosion and rust. Besides, the penetration of luxury vehicles on the back of urbanization and rising purchasing power will foster market growth.
However, the high cost linked with the metal is expected to dent the market growth.
Regional Insights
Asia Pacific to Provide Lucrative Growth Opportunities with Rising Urbanization
Leading companies are expected to inject funds into the Asia Pacific aluminum alloy wheel market share in the wake of burgeoning urbanization. Moreover, emerging economies, such as China and India, have witnessed an upsurge in automotive production. According to the OICA, China produced around 25.72 million vehicles while India’s production stood at 4.51 million automobiles in 2019.
Europe is also expected to emerge as a viable investment hub due to consumers’ preference for upgraded aluminum alloy wheels. According to an analysis in BVRLA, car fleet size in the U.K. surged by 1.5% in Q1 2021. Robust government policies will support the regional expansion with Germany and the U.K. poised to witness investments galore.
Automakers and OEMs are poised to up their investments in the metal with the U.S. likely to lead from the front. Expanding globalization, as well as the presence of leading manufacturers, will aid key players vying to bolster the North America aluminum alloy wheel market growth.
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Competitive Landscape
Leading players up their Investments in Product Rollouts to Gain a Competitive Edge
The competitive scenario of the global landscape suggests leading companies could emphasize organic and inorganic strategies. An infusion of funds into product rollouts, mergers & acquisitions, R&D investments, and technological advancements will reshape industry dynamics.
Key Prominent Players Covered in the Aluminum Alloy Wheel Market:
- Status Wheels Inc. (Florida, U.S.)
- Wheel Pros LLC. (Colorado, U.S.)
- Fuel Off-Road Wheels (California, U.S.)
- Citic Dicastal Co Ltd. (Hebei, China)
- Enkei Wheels India Ltd (Pune, India)
- Ronal AG (Härkingen, Switzerland)
- BBS Kraftfahrzeugtechnik AG (Schiltach, Germany)
- Alcoa wheels (Pennsylvania, U.S.)
- MHT Luxury Wheels (California, U.S.)
- Superior Industries (Minnesota, U.S.)
Major Table of Aluminum Alloy Wheel Market:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments - Merger, Acquisitions, and Partnerships
- Distribution Analysis
- Porter’s Five Forces Analysis
- PEST Analysis
- Vendor Landscape
- Impact of COVID-19
- Global Aluminum Alloy Wheels Market Analysis, Insights and Forecast, 2017-2028
TOC Continued…
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