Press release
Automotive Alloy Wheels Market Research 2024 - Outlook, Overview And Forecast To 2033
Automotive Alloy Wheels Market
Automotive Alloy Wheels Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $29.47 billion In 2028 At A CAGR Of 9.4%.
The automotive alloy wheels market size has grown strongly in recent years. It will grow from $18.76 billion in 2023 to $20.54 billion in 2024 at a compound annual growth rate (CAGR) of 9.5%. The growth in the historic period can be attributed to rising demand for lightweight materials, aesthetic appeal and customization, performance and durability, increasing vehicle production, rising disposable income.
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.
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Automotive Alloy Wheels Market Major 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 Driver - 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.
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Prominent Trend - 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.
Automotive Alloy Wheels Market Players
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 .
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Largest And Fastest Growing Region In The Market
North America was the largest region in the automotive alloy wheels market in 2023. The regions covered in the automotive alloy wheels market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Automotive Alloy Wheels Market Report Structure
3. Automotive Alloy Wheels Market Trends And Strategies
4. Automotive Alloy Wheels Market - Macro Economic Scenario
5. Automotive Alloy Wheels Market Size And Growth
…..
27. Automotive Alloy Wheels Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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