The Automotive Alloy Wheels by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Automotive Alloy Wheels, The automotive alloy wheels market size has grown strongly in recent years. It will grow from $18.76 billion in 2023 to $20.54 billion in 2024 at a compound annual growth rate (CAGR) of 9.5%. The growth in the historic period can be attributed to rising demand for lightweight materials, aesthetic appeal and customization, performance and durability, increasing vehicle production, rising disposable income.
The automotive alloy wheels market size is expected to see strong growth in the next few years. It will grow to $29.47 billion in 2028 at a compound annual growth rate (CAGR) of 9.4%. The growth in the forecast period can be attributed to stringent fuel efficiency standards, growing electric vehicle (ev), increasing focus on sustainable materials, innovation in design and finishing , global urbanization trends. Major trends in the forecast period include material innovation, design customization, electric vehicles (evs) impact, smart and connected features, sustainability focus.
The growing automotive industry is expected to propel the growth of the automotive alloy wheels market going forward. The automotive industry refers to the development, production, marketing, and design of motor vehicles. Automotive alloy wheels are lighter in weight which helps the vehicle to reduce the overall weight and enables longer tire life and consumes less fuel, as a result, the growing automotive industry increases the demand for the automotive alloy wheels market. For instance, in October 2022, according to Zippia, a US-based career expert, the US automobile industry increased from $82.6 billion in 2021 to $100.9 billion in 2022 with an increase of 22%. Therefore, the growing automotive industry increases the demand for the automotive alloy wheels market.
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The automotive alloy wheels market covered in this report is segmented –
1) By Finishing Type: Powder Coated Or Painted Lacquered, Diamond Cut, Spilt Wheel, Chrome Wheel, Anodized, Other Finishing Types
2) By Material Type: Aluminum Alloy, Titanium Alloy, Magnesium Alloy
3) By Wheel Size Type: Compact-Size, Mid-Size, Full-Size
4) By Vehicle Type: Passenger Car, Commercial Vehicle
5) By Sales Channel: Original Equipment Manufacturer(OEM), Aftermarket
Product innovations are a key trend gaining popularity in the automotive alloy wheels market. Major companies operating in automotive alloy wheels are introducing innovative products to sustain their position in the market. For instance, in November 2022, Ronal Group, a Switzerland-based company operating in automotive alloy wheels unveiled a new R70-blue aluminum wheel, a carbon-neutral recycled aluminum wheel. This is developed to create innovations in the automotive industry ensuring environmentally friendly wheels with reduced greenhouse gas emissions.
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