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Automotive Metal Wheel Market Expected To Bring in Nearly US$ 90 Bn Revenues By The End of 2022
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The global automotive metal wheel market is expected to reflect a sluggish CAGR growth attributed to availability of light weight wheels. However, lower prices and heavy weight of the wheels has boosted demand for automotive metal wheels in cold countries. Due to its dampened speed and acceleration, manufacturers in cold regions prefer heavy metal wheels for production of vehicles as it is easier to drive in the snow. Steel wheel is expected to register the highest growth in the global market, followed by the aluminum alloy material. In terms of revenue, the aftermarket sales channel is predicted to reflect the highest growth in the global market by 2022 – end. Manufacturers are expected to register a considerable demand for casting technology for production of automotive products.
Automotive metal wheels are used in vehicles to enable faster commutation to distant destinations on ground. Heavy weight wheels witness considerable demand among the manufacturers in cold environments as light weight vehicles are comparatively faster and could skid in the snow. Metal wheels witness steady demand among automotive manufacturers as they are prone to corrosion and rust.
Benefits of Using Metal Wheels
While there are various factors restraining demand for the metal wheels in the automotive industry, various automotive manufacturers based in cold countries are witnessed to use metal for production of various automotive products. Attributed to lower prices, metal is witnessing considerable demand among the manufacturers in the automotive industry. As these wheels are relatively heavy in weight, manufacturers in the cold countries prefer using metal wheels as dampened speed and acceleration enables the driver to drive conveniently in snow. Such factors are likely to impact growth of the global metal wheels market positively during the predicted period. Furthermore, growing need to produce automotive products has revved up demand for metal among original equipment manufacturers. Such factors are likely to contribute towards growth of the global automotive metal wheel market through positively.
Casting to Represent a Leading Segment
Steel wheel is expected to register a relatively high revenue growth in the global automotive wheel market by the end of 2022. This segment is predicted to represent nearly US$ 11,000 Mn in terms of revenue during the predicted period. APEJ is expected to remain the largest market for metal wheel materials globally. Steel wheel is predicted to register the highest CAGR growth among other materials in the global market, followed by aluminum alloy wheel. In terms of revenue, aluminum alloy wheels is expected to reflect the second highest growth in the global automotive metal wheel market by 2022 – end.
Aftermarket is predicted to register the highest CAGR in the global automotive metal wheels through 2022. In terms of revenue, this segment is expected to reflect the highest growth, and is predicted to represent over US$ 18,000 Mn in 2017. OEM is expected to register the second highest revenue growth in the global automotive metal wheel market.
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Throughout 2022, luxury passenger car is expected to register the highest CAGR growth in the global automotive metal wheel market, followed by heavy commercial vehicles. Compact passenger car is predicted to reflect the highest revenue growth, and is predicted to represent over US$ 8,500 Mn by the end of 2022. In terms of revenue, mid-sized passenger cars is expected to reflect the second highest growth among other vehicles in the global automotive metal wheel market by 2022 – end. Light commercial vehicles and mid-sized passenger cars is expected to register parallel CAGR growth in the global market.
In terms of technology, casting is expected to register the highest revenue growth in the global automotive metal wheel market. This segment is expected to represent over US$ 19,000 Mn in the global market in 2017. Further, casting is predicted to register the highest CAGR in the global automotive metal wheel market throughout 2022. Forging among other technologies is predicted to register the second highest revenue growth in the global automotive metal wheel market by the end of 2017.
Competition Tracking
Leading market players operating in the global automotive metal wheel market include Iochpe-Maxion S.A., CITIC Limited, BORBET GmbH, Superior Industries International, Inc., Topy Industries Ltd., Accuride Corporation, Lizhong Wheel Group Ltd., Zhejiang Jingu Company Limited, Alcar Holding GMBH, and ENKEI Corporation.
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