Press release
Rolling Towards Innovation: Examining Market Dynamics and Technological Advancements in the Automotive Alloy Wheels Market
Automotive Alloy Wheels Market
The automotive alloy wheels market size is expected to see strong growth in the next few years. It will grow to $29.47 billion in 2028 at a compound annual growth rate (CAGR) of 9.4%. The growth in the forecast period can be attributed to stringent fuel efficiency standards, growing electric vehicle (ev), increasing focus on sustainable materials, innovation in design and finishing , global urbanization trends. Major trends in the forecast period include material innovation, design customization, electric vehicles (evs) impact, smart and connected features, sustainability focus.
Market Overview -
Automotive alloy wheels refer to wheels that are made with a combination of alloys such as aluminum and nickel. They are more attractive than steel wheels and lightweight. These can also withstand heat well and have more grip.
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Automotive Industry Growth Fuels Demand For Automotive Alloy Wheels Market
The growing automotive industry is expected to propel the growth of the automotive alloy wheels market going forward. The automotive industry refers to the development, production, marketing, and design of motor vehicles. Automotive alloy wheels are lighter in weight which helps the vehicle to reduce the overall weight and enables longer tire life and consumes less fuel, as a result, the growing automotive industry increases the demand for the automotive alloy wheels market. For instance, in October 2022, according to Zippia, a US-based career expert, the US automobile industry increased from $82.6 billion in 2021 to $100.9 billion in 2022 with an increase of 22%. Therefore, the growing automotive industry increases the demand for the automotive alloy wheels market.
Competitive Landscape -
Major companies operating in the automotive alloy wheels market report are Alcoa Corporation, Arconic Corporation, BBS Kraftfahrzeugtechnik AG, Borbet GmbH, Enkei Corporation, Foshan Nanhai Zhongnan Aluminum Wheel Co. Ltd., MHT Luxury Alloys, Maxion Wheels Inc., Ronal AG, Superior Industries International Inc., Topy Industries Limited, TSW Alloy Wheels, Washi Beam Co. Ltd., Wheel Pros LLC, Kosei Aluminum Co. Ltd., OZ S.p.A., HRE Performance Wheels, American Racing LLC, YHI International Limited, Advanti Racing USA, Vossen Wheels Inc., Rotiform Wheels LLC, Forgeline Motorsports Inc., Weld Racing LLC, Project Fifteen52 LLC, Fastco Canada Limited, VCT Wheels, Status Alloy Wheels Inc., SOTA Offroad Inc., Asanti Inc., Lexani Corporation, KMC Wheels Inc., Moto Metal Wheels .
Eco-Friendly Aluminum Wheel In Automotive Alloy Wheels Market
Product innovations are a key trend gaining popularity in the automotive alloy wheels market. Major companies operating in automotive alloy wheels are introducing innovative products to sustain their position in the market. For instance, in November 2022, Ronal Group, a Switzerland-based company operating in automotive alloy wheels unveiled a new R70-blue aluminum wheel, a carbon-neutral recycled aluminum wheel. This is developed to create innovations in the automotive industry ensuring environmentally friendly wheels with reduced greenhouse gas emissions.
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Key Segments -
The automotive alloy wheels market covered in this report is segmented -
1) By Finishing Type: Powder Coated Or Painted Lacquered, Diamond Cut, Spilt Wheel, Chrome Wheel, Anodized, Other Finishing Types
2) By Material Type: Aluminum Alloy, Titanium Alloy, Magnesium Alloy
3) By Wheel Size Type: Compact-Size, Mid-Size, Full-Size
4) By Vehicle Type: Passenger Car, Commercial Vehicle
5) By Sales Channel: Original Equipment Manufacturer(OEM), Aftermarket
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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