Press release
Automotive Metal Wheel Market Delivers Higher Revenue Share as Contribution by Major Players Surge during 2017-2022 | Key Players are Borbet, Superior Industries, Lizhong Group, etc.
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Manufactures are redefining their Additive Manufacturing (AM) strategy, combined with intelligent lightweight design, to make 3D printing of metals more resource-efficient. With more and more research and development in the field of additive manufacturing, key players are manufacturing lightweight aluminum components using additive technologies-resulting in a significant reduction in resources and materials used in manufacturing per component compared to traditional industrial methods. Newer designs of components with complex shapes along with weight optimization are the some key factors resulting in a paradigm shift towards AM in automotive metal wheels manufacturing. Manufacturers of automotive metal wheels have been experimenting with Titanium alloy-especially in electric vehicles, by replacing aluminum wheel centers with titanium alloys for light weight wheels. Additionally, manufacturers are also using carbon fiber band instead of aluminum for a significant reduction in weight and rotational inertia in automotive metal wheels. Moreover, Fact.MR also predicts growing demand for carbon fiber reinforced polymer (CFRP) for wheel rims to deliver critical thermal and mechanical performance, resulting in reduced energy consumption. The ongoing light weighting trend in the automotive metal wheel market is pushing OEMs and manufacturers to strengthen their R&D along material innovations.
Superior thermal conductivity compared to Steel, more structural strength, improved grip on difficult terrains, and better corrosion resistance are some key properties pushing the demand for Aluminum alloy wheels through 2022. Enhanced scope for multiple design innovations along with better fuel economy will result in widespread consumption of alloys wheels. However, heavy steel wheels are likely to witnessed increased adoption in cold regions considering better vehicular stability in extreme winter conditions. Additionally, steel is likely to remain the most metal in the automotive metal wheel market considering its affordability.
To keep abreast with the requirements from OEMs and end-use consumers demanding lighter and performance-efficient wheels, manufacturers in the global automotive metal wheel market are investing in a broad range of product simulations during the wheel development phase. Product simulations including wheel stiffness for noise reduction, natural frequency analysis of wheels, and torque simulations are likely to improve the quality of metal wheels and reduce development time.
Competitive Landscape
Fact.MR’s comprehensive report on the global automotive metal wheel market, provides critical insights on the key players and their future market strategies likely to define the further course of the market. Fact.MR envisages that product innovations and new product launches will remain the most prominent strategy in the highly fragmented global automotive metal wheel market, to broaden the scope of their product offerings and reach to a more consumers. Owing to the significant market shift from steel wheels to aluminum wheels, Maxion Wheels recently laid the foundation for a new aluminum wheel plant in Pune, India to specifically cater to the growing demand for aluminum wheels in the region. Riding the aluminum wheels wave, Chinese wheel manufacturer CITIC Dicastal is said to build two aluminum wheels factories in Morocco, with an investment of 350 million euros. Iochpe-Maxion, CITIC Dicastal, Borbet, Superior Industries, Accuride, and Jingu Group are some key companies profiled by Fact.MR in its report on global automotive metal wheel market.
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Fact.MR has comprehensively studies the global automotive metal wheel market for the assessment period of 2017-2022. The automotive metal wheel market is anticipated to record a rather sluggish CAGR in terms of revenue sales owing to the transformational shift towards light weight wheels. Covered in 14 elaborate chapters, the report offers an extensive segment-wise analysis of key regions, cross-sectional data, and forecast.
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