Alloy Wheels Market Expected to Grow Substantially Owing to Technological Advancements in Manufacturing Processes

The global alloy wheels market is expected to grow primarily due to technological advancements in manufacturing processes. Passenger vehicle sub-segment is expected to flourish immensely. The market in the Asia-Pacific region is predicted to grow at a high CAGR by 2031.

As per the report published by Research Dive, the global alloy wheels market is expected to register a revenue of $31,568.2 million by 2031 at a CAGR of 6.2% during the forecast period 2022-2031.

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Dynamics of the Market

Drivers: The alloy wheels market is primarily driven by the growing demand for fuel-efficient vehicles. With automakers focusing on reducing carbon emissions, lightweight components like alloy wheels are in demand. Besides, the trend toward weight reduction in vehicles further boosts the demand for alloy wheels due to their high strength-to-weight ratio and aesthetic appeal.

Restraints: High cost of alloy wheels, and the need for specialized machinery & skilled labor might restrain the growth of the market.

Opportunities: Growing expanse of automotive industry is predicted to offer numerous growth opportunities to the market in the forecast period. Moreover, increasing tendency of automobile manufacturers to reduce the weight of the automobile is expected to propel the market growth in the coming period.

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COVID-19 Impact on the Global Alloy Wheels Market

The COVID-19 pandemic disrupted the routine lifestyle of people across the globe and the subsequent lockdowns adversely impacted the industrial processes across all sectors. The alloy wheels market, too, was negatively impacted due to the pandemic. The automobile manufacturing industry was one of the worst hit markets in the world during the pandemic. This led to a decrease in demand for alloy wheels from the automotive industry which, ultimately brought down the growth rate of the market.

Segments of the Alloy Wheels Market

The report has divided the market into material type, type, rim size, vehicle type, and region.

Based om material type, the aluminium alloy sub-segment is expected to have the fastest growth by 2031. Aluminum alloy wheels provide great strength while at the same time being extremely lightweight. These characteristics of aluminum alloy wheels have increased their popularity, which is expected to push the growth of this sub-segment further.

Based on type, the forging sub-segment of the alloy wheels market held the highest market share in 2021. The ability of forging processes to make alloy wheels stronger, more durable, and resistant to corrosion is expected to augment the growth rate of the market during the forecast period.

Based on rim size, the 18 inches - 21 inches sub-segment was the most profitable in 2021. The characteristic feature of 8- to 21-inch tires to offer more stiffness on the roads is expected to propel the sub-segment forward.

Based on vehicle type, the passenger vehicle sub-segment was the most lucrative in 2021. The rising demand for passenger cars in both emerging and developed markets is anticipated to push the market forward.

Based on region, the Asia-Pacific alloy wheels market accounted for the significant market share in 2021. The rapidly increasing sales of automobiles in this region is predicted to propel the market in the forecast period.

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Key Players of the Market

The major players of the alloy wheels market include Steel Strips Wheels Limited, MHT Luxury Wheels, Maxion Wheels, Status Wheels, Enkei International, Inc., UNIWHEELSS Group, RONAL GROUP, BORBET GmbH, Superior Industries, and CM Wheels. These players are working on developing strategies, such as product development, merger and acquisition, partnerships, and collaborations to sustain market growth.

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This release was published on openPR.