Automotive Alloy Wheel Market: Quantitative Market Analysis, Current and Future Trends
Changing weather conditions across the globe have led to the adoption of lightweight and corrosion-resistant wheels in vehicles. This in turn is a key factor that is expected to drive the automotive alloy wheels market during the forecast period. Wheels are a vital part of all vehicles and an increase in production of vehicles around the world is also projected to boost the automotive alloy wheel market during the forecast period.
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Automotive alloy wheels offer superior grip on brakes, enhanced driving experience, and improved fuel efficiency. These advantages are likely to boost the automotive alloy wheel market during the forecast period. Automotive alloy wheels are more expensive than spoke wheels and require a higher maintenance cost. This leads to limited adoption of alloy wheels in commercial vehicles. This is estimated to hamper the automotive alloy wheels market during the forecast period.
The automotive alloy wheel market can be segmented based on type, wheel size, sales channel, vehicle type, and region. Based on type, the automotive alloy wheel market can be bifurcated into polished alloy wheel, two toned alloy wheel, and others. The polished alloy wheel segment accounted for a major share of the market owing to its superior esthetic appearance. Polished alloy wheels appear attractive as compared to other wheels.
In terms of wheel size (diameter of the vehicle wheel), the automotive alloy wheel market can be segregated into 13’’ to 16’’, 17’’ to 21’’, and 21’’& above. The 13’’ to 16’’ segment holds a prominent share of the market owing to its application in passenger vehicles and compact SUVs (sports utility vehicles). The segment is projected to retain its dominant position in the market during the forecast period.
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Based on sales channel, the automotive alloy wheel market can be segregated into original equipment manufacturers (OEMs) and aftermarket. The OEMs segment dominated the market due to higher production of vehicles, leading to direct incorporation of alloy wheels. Technological advancements by major OEMs to develop highly corrosion- and strain-resistant alloy wheels is a key factor restraining the aftermarket segment. Therefore, the OEMs segment is likely to dominate the market during the forecast period.
In terms of vehicle type, the automotive alloy wheel market can be classified into passenger vehicle and commercial vehicle. Passenger vehicle is the leading segment of the automotive alloy wheel market owing to higher production of these vehicles, as compared to commercial vehicles. Increasing emphasis on external appearance of the vehicle by end-users has led to a rise in adoption of alloy wheels in passenger vehicles.
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In terms of geography, the global automotive alloy wheel market can be segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Asia Pacific is anticipated to hold a prominent share of the market between 2018 and 2026, owing to the higher production of vehicles in the region. Higher rate of adoption of automotive alloy wheels in the region is due to the benefits offer by alloy wheels such as enhanced fuel economy and easy vehicle acceleration. Ease in availability of resources at a lower cost and rising government provision for industrialization in the region, especially in China, Japan, and India are likely to boost the automotive alloy wheel market in Asia Pacific during the forecast period.
Prominent manufacturers operating in the global automotive alloy wheel market include MHT Luxury Wheels, Euromax Wheel, BORBET GmbH, Maxion Wheels, Enkei, Status Wheels, Ronal Group, UNIWHEELS - United Wheels Group, Wheelpros LLC., ARCONIC, CITIC Dicastal Wheel Manufacturing Co., Foshan Nanhai Zhongnan Aluminium Wheel Co.,Ltd., BBS GmbH, Superior Industries International, Inc., and Fuel Off-Road Wheels.
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