Market Overview

The Automotive Alloy Wheel Market will obtain a value of USD 21 billion and a CAGR of 5% between the forecast period of 2020-2030.

Changes in weather patterns have increased demand for lightweight, corrosion-resistant alloy wheels, which is a major driver driving the Automotive Alloy Wheels market. Alloy wheels for automobiles support tubeless tires and improve braking traction. Customization activity has increased due to the preference for alloy wheels over factory-installed wheels, which will, in turn, drive sales in the aftermarket segment over the projection. This element is anticipated to propel the business. The market for automotive alloy wheels is expanding along with the auto industry and the trend toward vehicle customization.

Alloy wheels cost more than steel wheels, in any case. This is one of the challenges impeding market growth in nations with sizable populations of price-sensitive customers. Despite having enormous populations, nations like Indonesia and India have not yet adopted the trend of automobile alloy wheels. Price has a significant impact on the market's expansion. Because alloys are typically composed of metals and other components, a rise in the price of metals like iron or aluminum has a negative effect on the market. Challenges are also posed by recurrent changes in government regulations, technological improvements, and environmental codifications.

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Generally speaking, alloy wheels outperform steel wheels in terms of performance. Because they are lighter, alloy wheels improve a car's fuel economy. Additionally, they can withstand extreme weather, which reduces the possibility of technical failure. Additionally, alloy wheels enhance a vehicle's aesthetic appeal more than steel wheels, and customers frequently prefer them since they can be personalized to their use.

Market segmentation

The Automotive Alloy Wheel Market is divided into different segments

The market is divided into Alloy, Carbon Fiber, and Steel based on the kind of material. Due to the increased need for lightweight materials to meet strict emission standards and the better vehicle dynamics provided by lightweight alloy wheels, the alloy wheel sector is anticipated to have the highest CAGR throughout the expected timeline.

The market segments of the passenger, light, commercial and heavy commercial vehicle segments are divided based on the kind of vehicle. The sector for passenger cars is predicted to have the biggest market share. Increased demand for luxury cars and used alloy wheels in passenger cars, which improve comfort and convenience, can be attributed to these causes.

Regional analysis

Due to the region's developing automotive industry, Asia-Pacific is predicted to have the largest worldwide Automotive Alloy Wheel market share. The area's market has gained momentum due to the continuous industrialization and economic acceleration in nations like China and India. Europe and North America come after Asia -Pacific. During the evaluation, these two areas will be major travel destinations for market participants.

Recent developments

Approximately $100 million will be invested by Synergies Castings in a new alloy wheel production facility in India. One of India's top producers of aluminum alloy wheels is Synergies Castings. The new facility is outfitted with cutting-edge manufacturing technology like machining, painting facilities, and global casting, with an estimated annual production capacity of 2.4 million wheels.

The Scottish Highlands Council has permitted the GFG Alliance Industrial group to establish alloy wheel manufacturing in Fort William, Scottish Highlands, UK. GFG plans to open this all-aluminum wheel factory, which will employ 400 people and begin producing 2 million wheels annually in 2020.

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