Automotive Alloy Wheels Market Estimated To Experience a Hike in Growth By 2027

The global automotive alloy wheels market is expected to expand at a CAGR of ~6% between 2020 and 2027. Alloy wheels are slowly replacing steel wheels as they offer better heat dissipation, performance, and are lightweight. Increase in number of luxury vehicles and utility vehicles is estimated to fuel the market during the forecast period.

Access Complete Report of Automotive Alloy Wheels Market @ https://www.transparencymarketresearch.com/automotive-alloy-wheel-market.html

Drivers of Automotive Alloy Wheels Market

Increase in stringency of emission norms is estimated to drive the demand for lightweight components such as alloy wheels. Alloy wheels are lighter than steel wheels and help achieve better fuel economy. Automakers are adopting the automotive alloy wheel to improve fuel efficiency of the vehicle and lower emissions.
Light weighting is imperative for electric vehicles. Rise in sales of electric vehicles is anticipated to boost the demand for alloy wheels.

Rise in disposable income of consumers and revival of the global economy are boosting the demand for alloy wheels. Alloy wheels can be fabricated into intricate styles and complex shapes, thereby prompting wheel manufacturers to develop esthetically appealing wheels. Rising competition among automakers has led to increased focus on esthetic appeal of the vehicle. Alloy wheels have evolved from being a mere mechanical component to an attractive feature that promotes the brand of the vehicle. Increased emphasis by automakers to improve vehicle esthetics is projected to drive the automotive alloy wheels market.

Request a Sample- https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=45582

Challenges for Automotive Alloy Wheels Market

Alloy wheels are expensive and several car manufacturers use steel wheels as standard fitments in budget cars. Latin America and Middle East & Africa are price sensitive markets and alloy wheels have low preference primarily in the aftermarket. The high price of alloy wheels is a major factor restraining the market.
The global automotive alloy wheels market has been segmented based OEM, aftermarket, and region

Based on OEM, the market has been classified into commercial vehicle and passenger vehicle. The passenger vehicle segment dominated the global automotive alloy wheels market in 2019. Sport Utility Vehicles (SUVs) were a preferred choice of consumers, globally, accounting for 57,495 units of total 166,846 passenger vehicles sold in 2019, globally. Passenger vehicles are majorly purchased to fulfill consumers' requirement for transportation, while commercial vehicles are utilized for construction, mining, logistics and other purposes. Globally, passenger vehicles dominated vehicle sales in 2019, recording Y-o-Y growth in number of passenger vehicles sold. Furthermore, alloy wheels are adopted by automakers to reduce vehicle weight and increase fuel-efficiency of their vehicles. All these factors are boosting the passenger vehicle segment of the global automotive alloy wheels market.

Based on aftermarket, the passenger vehicle segment is anticipated to hold a leading share during the forecast period, owing to rising customization and replacements post-crash. The lifespan of alloy wheels is similar to that of the vehicle itself; hence, the aftermarket segment accounted for a minor share of the global automotive wheels market. However, maintenance and repairs of vehicles involved in a crash attributed to the increase in market share. Furthermore, rise in number of on road passenger and commercial vehicles in the near future is anticipated to propel the aftermarket segment of the global automotive alloy wheels market during the forecast period.

Ask For A Customized Report @ https://www.transparencymarketresearch.com/sample/sample.php?flag=CR&rep_id=45582

Automotive Alloy Wheels Market: Regional Analysis

In terms of region, Europe held a significant share of the global automotive alloy wheels market in 2019, owing to high production of vehicles in the region and rising demand for premium and luxury vehicles among developing countries of the region. The availability of major component manufacturers and presence of major OEMs in the region are key factors attributed to the notable share held by Asia Pacific of the global automotive alloy wheels market. Furthermore, consistent demand for passenger as well as consumer vehicles, which is attributed to an increase in the penetration of vehicles in Asia Pacific, is a prominent factor propelling the automotive alloy wheels in the region. Asia Pacific is witnessing a robust increase in penetration of passenger vehicles. Automakers are increasingly adopting alloy wheels to enhance vehicle esthetics and attract consumers in order to increase vehicle sales. Furthermore, China and Japan are leading in research and developments activities to improve vehicle performance. Vehicles require robust and lightweight vehicle components to enhance vehicle economy. This can be achieved through the adoption of alloy wheels. All these factors are propelling the automotive alloy wheels market in Asia Pacific.

Proximity to North America, which is home to several major automakers and aftermarket players, has made Latin America a favorable region for investment for several car manufacturers from other regions and investors alike Moreover, major OEMs are collaborating with these manufacturers to provide alloy wheels to automakers. All these factors are likely to drive the automotive alloy wheels market in Latin America

Enquire before Buying @ https://www.transparencymarketresearch.com/sample/sample.php?flag=EB&rep_id=45582

Automotive Alloy Wheels Market: Competition Landscape

Key players operating in the global automotive alloy wheels market include
BBS Alloy Wheels
ARCONIC
BORBET GmbH
Enkei
CITIC Dicastal Wheel Manufacturing Co.
Foshan Nanhai Zhongnan Aluminum Wheel Co., Ltd.
MHT Luxury Wheels
Fuel Off-Road Wheels
RONAL GROUP
MAXION Wheels
TSW Wheels
Superior Industries International, Inc.
WHEELPROS LLC.

Automotive Alloy Wheels Market: Segmentation

This report on the automotive alloy wheels market provides information on the basis of OEM, aftermarket, and region.

OEM

Commercial Vehicle

Passenger Vehicle

Minicompact
Supermini
Compact
Mid-size
Executive
Luxury
MPV
SUV
Sports Car
Aftermarket

Commercial Vehicle

Passenger Vehicle

Minicompact
Supermini
Compact
Mid-size
Executive
Luxury
MPV
SUV
Sports Car
Region

North America
Europe
Asia Pacific
Middle East & Africa
Latin America

More Trending Reports by Transparency Market Research -

Automotive Wheel Hub Market- https://www.transparencymarketresearch.com/automotive-wheel-hub-market-.html

Automotive Wheel Hub Spindle Market- https://www.transparencymarketresearch.com/automotive-wheel-hub-spindle-market.html

Automotive Wheel Alignment System Market- https://www.transparencymarketresearch.com/automotive-wheel-alignment-system-market.html

Automotive Wheel Speed Sensor Market- https://www.transparencymarketresearch.com/automotive-wheel-speed-sensor-market.html

Automotive Wheel Alignment Service Market- https://www.transparencymarketresearch.com/automotive-wheel-alignment-service-market.html

Automotive Wheel Hub Cap Market- https://www.transparencymarketresearch.com/automotive-wheel-hub-cap-market.html

Automotive Wheel Speed Sensor Market- https://www.transparencymarketresearch.com/automotive-wheel-speed-sensor-market.html

Automotive Wheel Alignment Machines Market- https://www.transparencymarketresearch.com/automotive-wheel-alignment-machines-market.html

About Transparency Market Research

Transparency Market Research registered at Wilmington, Delaware, United States, is a global market research firm that offers market analysis reports and business consulting. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyze information.

Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.

For More Research Insights on Leading Industries, Visit our YouTube channel - 
https://www.youtube.com/channel/UC8e-z-g23-TdDMuODiL8BKQ

Contact Us:

Rohit Bhisey

Transparency Market Research Inc.

CORPORATE HEADQUARTER DOWNTOWN,

1000 N. West Street,

Suite 1200, Wilmington, Delaware 19801 USA

Tel: +1-518-618-1030

USA - Canada Toll Free: 866-552-3453

Website: https://www.transparencymarketresearch.com

Blog: https://tmrblog.com

Email: sales@transparencymarketresearch.com

Original Source: https://www.transparencymarketresearch.com/automotive-alloy-wheel-market.html

This release was published on openPR.