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.
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.
Expansion of Automotive Alloy Wheels Market
Cast and forged alloy wheels are preferred in SUVs over steel wheels. Increasing penetration of SUVs witnessed in the last five years indicate a potential market for alloy wheels. SUVs have been early adopters of alloy wheels due to better off road handling capabilities, improved steering, and reduced unsprung weight of the vehicle. Electric vehicles are gaining popularity globally. Electric vehicles must be lightweight to offset the weight of the battery. Consequently, a rise in sales of electric vehicles is projected to boost the sales of alloy wheels. Moreover, rise in car ownership among youth consumers is driving the demand for aesthetically appealing wheels such as alloy wheels.
Drivers of Automotive Alloy Wheels Market
Challenges for Automotive Alloy Wheels Market
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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