According to Vision Research Reports, the global automotive alloy wheels market value is projected to reach of around US$ 24.3 Bn by 2027, expanding at a CAGR of 6% during the forecast period 2020 to 2027.
The global automotive alloy wheels market is expected to record a growth of ~6% owing to an increased demand for aesthetics appeal in vehicles. Alloy wheels are slowly replacing steel wheels, as they offer better heat dissipation, performance, and are lightweight. The global automotive alloy wheels market is mature in developed countries and is at the nascent stage in developing countries. Economic growth witnessed in Asia Pacific, Latin America, and Middle East & Africa is projected to boost the demand for mobility among the population, which in turn is estimated to propel the global automotive alloy wheels market.
Smart factory interface connections are transforming alloy wheel processing by introducing fully automated procedures such as quality control, data acquisition, and monitoring. There is a growing demand for lightweight alloy wheels that improve safety and handling of vehicles, and abide by strict industry guidelines.
The trend of big alloy wheels has given rise to stylish and superior design cars and SUVs. However, certain big-inch alloy wheels make every pothole more jarring and every speed bump more intrusive. Hence, industrial product and investment directors in the automotive alloy wheels market should focus on collaborating with researchers to gain expertise in the suspension technology.
This study on the automotive alloy wheels market analyzes the scenario for the period of 2020 to 2027, wherein, 2019 is the base year and 2018 and before is historical data. This report enables readers to make important decisions with regard to their business, with the help of a wealth of information enclosed in the study.
This VRR study on the automotive alloy wheels market also provides data on the developments made by important players and stakeholders in the market, along with a competitive analysis. The report also provides an understanding of the strengths, weaknesses, threats, and opportunities, along with the trends and restraints in the landscape. Presented in a clear sanctioned manner, this report on the automotive alloy wheels market gives readers an individual understanding of the market.
This study also discusses the underlying trends and the impact of various factors that are driving the automotive alloy wheels market, along with their influence on the evolution of the market.
This study also offers Porter’s Five Point Analysis, value chain analysis, regulatory scenario, and a SWOT analysis of the automotive alloy wheels market, in order to elaborate the crucial growth tactics and opportunities for market players contributing to the market.
Drivers of Automotive Alloy Wheels Market
Challenges for Automotive Alloy Wheels Market
Companies Undertake Research to Reduce Weight of Vehicles and Fuel Consumption
Growing consumer preference toward electric vehicles and the demand for lightweight vehicles are some of the key drivers contributing to the growth of the automotive alloy wheels market. For instance, in September 2019, Rio Tinto— an Anglo-Australian metal and mining corporation, announced the launch of Revolution-Al™, their new high strength aluminum alloy, specially designed for the development of lightweight car wheels. Companies in the market for automotive alloy wheels are extensively investing in research to gain competitive edge over other companies for the development of innovative alloy solutions.
Metal corporations in the automotive alloy wheels market are increasing efforts to gain inputs and insights from their company’s customers who test new alloys. However, manufacturing a strong alloy for die cast car wheels in order to reduce fuel consumption poses as a challenge for companies. Hence, companies in the market for automotive alloy wheels are partnering with researchers to develop new alloys that help automakers reduce the weight of wheels and also enhance the aesthetics of the vehicle.
Intelligent Polishing Systems Gain Prominence in Automotive Alloy Wheels Market
Several technologies and services are becoming increasingly mainstream in the automotive alloy wheels market. For instance, Fintek-a specialist in superfinishing methods, has gained expertise in technologies that deploy automatic surface treatment and polishing of alloy wheels. However, several methodologies go into the servicing of alloy wheels. Surface finishing specialists in the automotive alloy wheels market are investing in German-made vibratory polishing and grinding systems that are integrated in complex manufacturing production processes.
Companies in the market for automotive alloy wheels are focusing on technologies that enable fully automated alloy wheel surface finishing. They are increasing research to develop equipment that have control over abrasive effects and are developing systems that act on all surfaces of the alloy wheel. Emergence of intelligent polishing systems is one of the key drivers for the automotive alloy wheels market.
Automakers Rely on Components Made in Europe to Achieve Production Efficiency
Companies in the automotive alloy wheels market are exploring opportunities in Europe to stabilize their revenue streams. This is evident since Europe is estimated to lead the global market during the forecast period. As such, the market of automotive alloy wheel is largely fragmented with regional and local players accounting to 73% of the market stake. This indicates that regional and local players are posing as tough competition to prominent players.
Efficient technologies and innovative production cycles are becoming the key focus points for companies in the market for automotive alloy wheels. Since Europe is also flourishing in the OEM sector, automakers are resting their faith of components made in Europe. For instance, Brock-a manufacturer of alloy wheels in Europe, relies on certified management systems throughout their value chain in order to introduce continuous innovations in alloy wheels.
Growing Demand for Big Alloy Wheels Gives Rise to Aesthetically Pleasing Cars
In order to develop aesthetically pleasing cars, manufacturers are introducing big alloy wheels, especially for SUVs. As such, SUV OEM segment dominates the automotive alloy wheels market, where the market is estimated to reach a total output of ~285,100 units by the end of 2027. Hence, leading automakers are incorporating big allow wheels in SUVs. For instance, Lamborghini has announced that it will introduce 23-inch alloy wheels in its Urus SUV.
The trend of redesigning big alloy wheels in passenger vehicles are generating incremental opportunities for companies in the market for automotive alloy wheels. Big wheels are advantageous to ride over road imperfections without getting deflected. Thus, users are always demanding SUVs that provide the added comfort while driving. Hence, enhancing user experience has become one of the key focus points for companies in the automotive alloy wheels market.
Regional Analysis of Automotive Alloy Wheels Market
In terms of region, the global automotive alloy wheels market has been segregated into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. The global automotive alloy wheels market was dominated by Europe, and the region held nearly 30% share of the global market in 2019. This is majorly due to higher rate of production of premium and luxury vehicles and higher consumer demand for alloy wheels in the region. Asia Pacific followed Europe, in terms of share of the global automotive alloy wheels market, followed by North America. Counties in Africa and Latin America are emerging markets for vehicles and offer lucrative opportunities to OEM players for investment.
The global automotive alloy wheels market has been segmented based OEM, aftermarket, and region
Key Questions Answered in this Report on Automotive Alloy Wheels Market
This report answers these questions and more about the automotive alloy wheels market, aiding major stakeholders and key players in making the right decisions and strategizing for the advancement of their businesses.
This TMR report on the automotive alloy wheels market is based on a complete and comprehensive evaluation of the market, backed by secondary and primary sources. Market volume is determined by country wise model mapping of vehicle through internal & external proprietary databases, and relevant patent and regulatory databases. The competitive scenario of the automotive alloy wheels market is supported by an assessment of the different factors that influence the market on a minute and granular level. By thoroughly analyzing the historical data, current trends and announcement by the key players, researchers of the automotive alloy wheels market arrive at predictions and estimations, and calculate the forecast for the market.
This report uses an analytical triangulation method to estimate the numbers and figures of the automotive alloy wheels market, with both a bottom-up and top-down approach.
This detailed assessment of the automotive alloy wheels market, along with an overview of the landscape, is provided based on a careful examination of the avenues related to this industry. Analysts’ conclusions on how the automotive alloy wheels market is set to grow are based on carefully vetted primary and secondary sources.
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