LOS ANGELES, Feb. 12, 2019 (GLOBE NEWSWIRE) -- Global automotive aluminum wheel market is in the phase of remarkable growth because of rising demand of vehicles across the globe. Considering the increasing significance and contribution of automotive aluminum wheels market in the automobile sector, QY Research has recently published a new report titled, “Global Automotive Aluminum Wheel Market Share and Growth 2019.” The report provides in-depth information about the global market for automotive aluminum wheel market that includes market dynamics, historical data, and other thoughtful facts.
According to this report, the global automotive aluminum wheel market was valued at US$ 13.2 Bn in 2018 and is likely to reach at US$ 14.9 Bn by 2025 end, registering a sluggish CAGR of 1.6% during the projected period, i.e. between 2019 and 2025.
Rising Demand for Corrosion Resistant Aluminum Wheels to Boost the Global Automotive Aluminum Wheel Market
Increasing demand for vehicles across the globe is the primary and the most important factor that is boosting the growth of the global aluminum wheels market. The remarkable growth in automobile sales and production is another reason for the rapid growth of this market. Several new entrants in automobile sector especially in the Asia Pacific and in Europe region is creating a positive impact on the global market. The demand for corrosion-resistant aluminum wheels has been increasing since past few years which is estimated to escalate the growth of the market. Besides, rising demand for ‘heavy metals made vehicles fitted wheels’ is also contributing in the growth of the global automotive aluminum wheel market.
However, the easy availability of lightweight wheel material such as HSLA steel is expected to hamper the growth of the market in the anticipated period.
Passenger Vehicle Segment to Lead the Global Automotive Aluminum Wheel Market
The global market is primarily segmented into type and application segment. The type segment is further segmented into forged wheels, cast wheels and Others. The cast wheel segment led the market in the year 2016 as cast wheels are much cheaper than forged wheels which are stronger yet lighter.
The application segment, on the other hand is sub-segmented into the commercial vehicle and a passenger vehicle. Although aluminum wheels are widely used in both commercial and passenger vehicles, still the majority of the aluminum wheels are used in passenger vehicles. The sales promotion is therefore always high for passenger vehicles.
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Availability of Low-Cost Labor to Create Robust Growth in Asia Pacific Automotive Aluminum Wheel Market
The market of the automotive aluminum wheel in Asia Pacific region is expected to show significant growth due to increasing manufacturing of wheels in this region. These days, to decrease the manufacturing cost, a large number of global manufacturers have started outsourcing their manufacturing activities to various countries in the Asia Pacific region. As a matter of fact, several manufacturers have started their operations in product development in developing economies mainly because of the availability of low-cost labor. Consequently, the global market for automotive wheels industry is growing rapidly in Asia Pacific region than any other developed regions.
China’s Key Players to Dominate the Global Automotive Aluminum Wheel Market
Guangdong Dcenti Auto-Parts, Borbet, Anchi Aluminum Wheel, CITIC Dicastal, Zhongnan Aluminum Wheels, Ronal Wheels, Yueling Wheels, Alcoa, Zhejiang Jinfei, Superior Industries, Kunshan Liufeng, Iochpe-Maxion, Topy Group, Uniwheel Group, YHI International Limited, Wanfeng Auto, Accuride, Lizhong Group and Enkei Wheels are some of the leading players operating in the global automotive aluminum wheel market.
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