Automotive Alloy Wheel Market Global Industry Forecast To 2023

Automotive Alloy Wheel Market Research Report - Forecast to 2023. The global automotive alloy wheel market is growing at a slow but steady pace and according to Market Research Future (MRFR), it is set to capture a CAGR of 2.9% between 2017 and 2023. Demand for light-weight wheels, which offers greater strength has continued to grow in recent years. Alloy wheels usually have superior performance advantages over steel wheels. Alloy wheels are lighter and increase fuel efficiency of a vehicle. They are also able to endure harsh climatic conditions so there is a lower risk of technical failure. In addition, alloy wheels add to the aesthetic appeal of a vehicle than steel wheels and are often the preference of consumers since they can be customized as per buyer’s specification.

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Key Players

The major player operating in the market of global automotive alloy wheel are Euromax Wheel (U.S.), MHT Luxury Wheels (U.S.), Status Wheels, Inc. (U.S.), Wheel Pros, LLC (U.S.), Fuel Off-Road Wheels (U.S.), SOTA Offroad (U.S.), Enkei Wheels India Ltd.(India), Ronal AG (Switzerland), Uniwheels (Switzerland) and BBS Kraftfahrzeugtechnik AG (Germany)

Growth in the automobile industry and growing trend of vehicle customization is also aiding to the growth of automotive alloy wheel market. However, alloy wheels are pricier than steel wheels. This is one of the factors, which is hampering the expansion of the market in countries with massive pools of price-sensitive consumers. Countries such as India and Indonesia have large population but these countries have still not given into the trend of automotive alloy wheels yet. Price is a major factor influencing the market’s growth. Alloys are generally made up of metals and other elements, so, hike in price of metals such as iron or aluminum impacts the market negatively. Periodic changes in government guidelines, advancements in technology and environmental codifications also pose challenges to the market.

Steel and alloy wheels are the two most common types of wheels used in cars. Automotive alloy wheel is made up of alloy of light metals such as aluminum, nickel and others. Alloy wheels are stronger and lighter than steel and they also improve the appearance of the car. Consumers are becoming more conscious about the external styling of the vehicles and better riding quality, which is pushing the market towards growth. Easy acceleration of the car, growing disposable income, improved driving experience and lower cost are some of the driving factors of the automotive Alloy Wheel market.

Asia-Pacific market is dominating the market of automotive alloy wheel market due to growth in automotive sector. Large demand and production of automobiles, development of automotive manufacturing industries in developing economies such as China and India are driving the market for automotive alloy wheel market. Features such as weight reduction, and better handling of vehicles help in the market growth. The increased preference for external styling and customization are pushing the market towards growth. The market in developing countries is largely driven by economic growth and ongoing industrialization, which helps in production of motor vehicles and other manufacturing output.

The report for Global Automotive Alloy Wheel Market of Market Research Future comprises of extensive primary research along with the detailed analysis of qualitative as well as quantitative aspects by various industry experts, key opinion leaders to gain the deeper insight of the market and industry performance. The report gives the clear picture of current market scenario which includes historical and projected market size in terms of value and volume, technological advancement, macro economical and governing factors in the market. The report provides details information and strategies of the top key players in the industry. The report also gives a broad study of the different market segments and regions.

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