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Alloy Wheels Market worth $29.62 billion by 2030, growing at a CAGR of 5.76% - Exclusive Report by 360iResearch
Alloy Wheels Market | 360iResearch
The Global Alloy Wheels Market to grow from USD 20.00 billion in 2023 to USD 29.62 billion by 2030, at a CAGR of 5.76%.
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Alloy wheels are automotive wheels manufactured from a blend of aluminum or magnesium with other elements. This combination results in a lighter, stronger, and more aesthetic wheel than traditional steel wheels. The lighter weight improves vehicle performance by reducing unsprung mass, thus enhancing handling, fuel efficiency, and brake performance. Alloy wheels are also favored for their corrosion resistance and ability to be cast into intricate designs, offering both functional and cosmetic benefits to vehicles. The increasing consumer preference for enhanced aesthetic appeal and vehicle performance has propelled the demand for alloy wheels. In addition, rising automobile sales globally, fueled by burgeoning middle-class populations and an uptick in disposable incomes, further augment market growth. However, the fluctuation in the prices of raw materials, along with the performance limitations of alloy wheels, has significantly hindered the landscape. Moreover, advancements in technology have enabled the production of lightweight alloy wheels, which offer substantial benefits in fuel efficiency and improved handling, attracting greater interest from manufacturers and consumers. The aftermarket segment also contributes significantly to the expansion, driven by vehicle owners seeking to upgrade or customize their vehicles.
In the Americas, the United States and Canada represent substantial markets for alloy wheels characterized by a strong preference for personal vehicles and a significant trend toward customization. The rising popularity of electric vehicles (EVs) in the region has also influenced the alloy wheel market, with manufacturers investing in lightweight and aerodynamic designs to enhance battery efficiency. The region's vehicle aesthetics and performance upgrades influence consumer purchasing behavior. On the other hand, in the EMEA region, European countries exhibit a robust demand for alloy wheels, influenced by stringent regulations on CO2 emissions, leading to a shift towards lightweight vehicle components. The high standard of living and the presence of several luxury vehicle manufacturers in Europe further bolster the market for premium alloy wheels. The Middle East, with its affluent consumer base and high temperatures, prefers high-quality, durable alloy wheels that can withstand harsh driving conditions. Moreover, the Asia Pacific region, including key markets such as China, Japan, and India, exhibits a growing demand for alloy wheels, primarily driven by the increasing vehicle production and consumer preference for lightweight and fuel-efficient vehicles. In China, the demand for luxury vehicles and a heightened awareness of aesthetics have significantly contributed to the rise in alloy wheel adoption. Japan, home to some of the major alloy wheel manufacturers, showcases continuous advancements in technology and design. India's market is witnessing a robust increase in the aftermarket sales of alloy wheels, attributed to the rising middle-class population and their growing disposable income.
Market Segmentation & Coverage:
This research report categorizes the Alloy Wheels Market in order to forecast the revenues and analyze trends in each of following sub-markets:
Based on Material Type, market is studied across Aluminum Alloy, Magnesium Alloy, and Titanium Alloy. The Magnesium Alloy is projected to witness significant market share during forecast period.
Based on Type, market is studied across Casting and Forging. The Casting is projected to witness significant market share during forecast period.
Based on Rim Size, market is studied across 12 Inches to 17 Inches, 18 Inches to 21 Inches, and Above 22 Inches. The 12 Inches to 17 Inches is projected to witness significant market share during forecast period.
Based on Vehicle Type, market is studied across Commercial Vehicle and Passenger Vehicle. The Commercial Vehicle is projected to witness significant market share during forecast period.
Based on Distribution, market is studied across Aftermarket and OEM. The OEM is projected to witness significant market share during forecast period.
Based on Region, market is studied across Americas, Asia-Pacific, and Europe, Middle East & Africa. The Americas is further studied across Argentina, Brazil, Canada, Mexico, and United States. The United States is further studied across California, Florida, Illinois, New York, Ohio, Pennsylvania, and Texas. The Asia-Pacific is further studied across Australia, China, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Taiwan, Thailand, and Vietnam. The Europe, Middle East & Africa is further studied across Denmark, Egypt, Finland, France, Germany, Israel, Italy, Netherlands, Nigeria, Norway, Poland, Qatar, Russia, Saudi Arabia, South Africa, Spain, Sweden, Switzerland, Turkey, United Arab Emirates, and United Kingdom. The Europe, Middle East & Africa commanded largest market share of 37.21% in 2023, followed by Americas.
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FPNV Positioning Matrix:
The FPNV Positioning Matrix is essential for assessing the Alloy Wheels Market. It provides a comprehensive evaluation of vendors by examining key metrics within Business Strategy and Product Satisfaction, allowing users to make informed decisions based on their specific needs. This advanced analysis then organizes these vendors into four distinct quadrants, which represent varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital(V).
Market Share Analysis:
The Market Share Analysis offers an insightful look at the current state of vendors in the Alloy Wheels Market. By comparing vendor contributions to overall revenue, customer base, and other key metrics, we can give companies a greater understanding of their performance and what they are up against when competing for market share. The analysis also sheds light on just how competitive any given sector is about accumulation, fragmentation dominance, and amalgamation traits over the base year period studied.
Key Company Profiles:
The report delves into recent significant developments in the Alloy Wheels Market, highlighting leading vendors and their innovative profiles. These include Accuride Corporation, ALCAR HOLDING GMBH, CITIC Dicastal Wheel Manufacturing Co, Corima, Enkei International, Inc., Foshan Nanhai Zhongnan Aluminium Wheel Co.,Ltd., Fuel Off-Road Wheels, Howmet Aerospace, JR-WHEELS, Lizhong Group, MAXION Wheels, O.Z. S.p.A., PLATI INDIA, Rimstyle Ltd., RONAL GROUP, ShenZhen Zeroracing Auto Parts Co., Ltd., Stamford Sport Wheels., STEEL STRIPS WHEELS LIMITED, Superior Industries International, TOPY INDUSTRIES LIMITED, UNIWHEELSS AG., Volker Schmidt GmbH & Co. KG, Wheel Pros, LLC, ZHEJIANG JINFEI KAIDA WHEEL CO.,LTD., and Zhejiang Wanfeng Auto Wheel Co., Ltd..
Key Topics Covered:
1. Preface
2. Research Methodology
3. Executive Summary
4. Market Overview
5. Market Insights
6. Alloy Wheels Market, by Material Type
7. Alloy Wheels Market, by Type
8. Alloy Wheels Market, by Rim Size
9. Alloy Wheels Market, by Vehicle Type
10. Alloy Wheels Market, by Distribution
11. Americas Alloy Wheels Market
12. Asia-Pacific Alloy Wheels Market
13. Europe, Middle East & Africa Alloy Wheels Market
14. Competitive Landscape
15. Competitive Portfolio
The report provides insights on the following pointers:
1. Market Penetration: Provides comprehensive information on the market offered by the key players
2. Market Development: Provides in-depth information about lucrative emerging markets and analyzes penetration across mature segments of the markets
3. Market Diversification: Provides detailed information about new product launches, untapped geographies, recent developments, and investments
4. Competitive Assessment & Intelligence: Provides an exhaustive assessment of market shares, strategies, products, certification, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players
5. Product Development & Innovation: Provides intelligent insights on future technologies, R&D activities, and breakthrough product developments
The report answers questions such as:
1. What is the market size and forecast of the Alloy Wheels Market?
2. Which are the products/segments/applications/areas to invest in over the forecast period in the Alloy Wheels Market?
3. What is the competitive strategic window for opportunities in the Alloy Wheels Market?
4. What are the technology trends and regulatory frameworks in the Alloy Wheels Market?
5. What is the market share of the leading vendors in the Alloy Wheels Market?
6. What modes and strategic moves are considered suitable for entering the Alloy Wheels Market?
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