Press release
India Aluminum Alloy Wheel Market Set to Reach $2,440.97 Million by 2032 | CAGR 10.1%
The ๐๐ง๐๐ข๐ ๐๐ฅ๐ฎ๐ฆ๐ข๐ง๐ฎ๐ฆ ๐๐ฅ๐ฅ๐จ๐ฒ ๐๐ก๐๐๐ฅ ๐๐๐ซ๐ค๐๐ญ size has been valued at $952.05 million in 2022 and is projected to reach $2,440.97 million by 2032 with the CAGR of 10.1% during the forecast period 2023-2032. Aluminum alloy wheels are light weight components designed to be used in a vehicle which offers aesthetic look to the vehicle. Aluminum alloy wheels are designed in such a way that they can sustain in all weather conditions and at the same time are durable and long lasting. Moreover, with the growing income of the individuals across the country along with the availability of low cost aluminum alloy wheels across the Indian market, the demand for the adoption of aluminum alloy wheels has increased which creates a broader scope for the growth of the market across the country.๐๐จ๐ฐ๐ง๐ฅ๐จ๐๐ ๐๐๐ฆ๐ฉ๐ฅ๐ ๐๐๐ฉ๐จ๐ซ๐ญ (๐๐๐ญ ๐ ๐ฎ๐ฅ๐ฅ ๐๐ง๐ฌ๐ข๐ ๐ก๐ญ๐ฌ ๐ข๐ง ๐๐๐ - 155 ๐๐๐ ๐๐ฌ) ๐๐ญ: https://www.alliedmarketresearch.com/request-sample/A288135
Increase in demand for superior quality alloy wheels for vehicles and increased production of vehicles drive the market towards a positive growth. Moreover, factors such as high cost of aluminum alloy wheels and availability of steel-based wheel rims are expected to hamper the growth of the market during the forecast period. However, factors such as rise in adoption of carbon fiber in automotive industry and increasing investment on wheel design for better aerodynamics creates opportunities for the growth of the market across India.
Based on material, the aluminum segment held the highest market share in 2022, accounting for nearly three-fifths of the India Aluminum Alloy Wheel market revenue, and is estimated to maintain its leadership status throughout the forecast period. Aluminum finds rise in application in vehicle wheels due to numerous factors such as it is an extremely versatile metal along as well as it is recognized for being both, lightweight and flexible in nature. In addition, aluminum alloy used for vehicle wheels is corrosion resistance and has the nature of recycling when discarded from vehicle.
๐๐ฎ๐ฒ ๐๐จ๐ฐ & ๐๐๐ญ ๐๐ฑ๐๐ฅ๐ฎ๐ฌ๐ข๐ฏ๐ ๐๐ข๐ฌ๐๐จ๐ฎ๐ง๐ญ ๐จ๐ง ๐ญ๐ก๐ข๐ฌ ๐๐๐ฉ๐จ๐ซ๐ญ : https://www.alliedmarketresearch.com/india-aluminum-alloy-wheel-market/purchase-options
๐๐ก๐ ๐ค๐๐ฒ ๐ฉ๐ฅ๐๐ฒ๐๐ซ๐ฌ ๐ฉ๐ซ๐จ๐๐ข๐ฅ๐๐ ๐ข๐ง ๐ญ๐ก๐ข๐ฌ ๐ซ๐๐ฉ๐จ๐ซ๐ญ ๐ข๐ง๐๐ฅ๐ฎ๐๐
๐๐๐ฉ๐ซ๐ข๐๐จ๐ซ๐ง ๐๐จ๐ญ๐จ๐ซ๐ฌ ๐๐ฏ๐ญ. ๐๐ญ๐.
๐๐ง๐ค๐๐ข ๐๐ก๐๐๐ฅ๐ฌ (๐๐๐๐๐) ๐๐ข๐ฆ๐ข๐ญ๐๐
๐๐๐ฑ๐ข๐จ๐ง ๐๐ก๐๐๐ฅ๐ฌ
๐๐จ๐๐ข๐ฌ ๐๐ง๐๐ข๐ ๐๐ข๐ฆ๐ข๐ญ๐๐
๐๐๐จ ๐๐ก๐๐๐ฅ๐ฌ ๐๐ญ๐.
๐๐ฅ๐๐ญ๐ข ๐๐ง๐๐ข๐
๐๐ก๐ซ๐๐๐ง๐ข๐ฐ๐๐ฌ ๐๐๐ฌ๐ญ๐ญ๐๐๐ก ๐๐ง๐๐ฎ๐ฌ๐ญ๐ซ๐ข๐๐ฌ
๐๐ญ๐๐๐ฅ ๐๐ญ๐ซ๐ข๐ฉ๐ฌ ๐๐ก๐๐๐ฅ๐ฌ ๐๐ข๐ฆ๐ข๐ญ๐๐ (๐๐๐๐)
๐๐ง๐จ ๐๐ข๐ง๐๐
๐๐ก๐๐๐ฅ๐ฌ ๐๐ง๐๐ข๐ ๐๐ข๐ฆ๐ข๐ญ๐๐
Moreover, with the rising competition in the production of vehicles, the OEMs are forced to adopt new technologies to be installed in their vehicles. This has enabled vehicle component manufacturers to develop light weight and efficient products to be used in automobiles, which has created a wider scope for the growth of the market in the country. With the upgradation of technology, the vehicle production across India has increased by around 12% in 2022 as compared to 2021, followed by a stagnant growth in the production of automotive components in the country.
Based on distribution channel, the original equipment manufacturer (OEM) segment held the highest market share in 2022, accounting for nearly three-fourth of the India Aluminum Alloy Wheel market revenue and is estimated to maintain its leadership status throughout the forecast period. Increase in automobile sales boosts the growth of the automotive wheel industry. Share of sale of OEM in the automotive wheel segment is rising consistently. Increase in demand for automotive equipment from OEM offers lucrative growth potential for the expansion of the market. In addition, companies such as Uno Minda has an active list of OEMs such as Ford, Maruti Suzuki, Hinda and others, which install their designed aluminum alloy wheels in their models. Wide presence of customers to manufacturers creates ample opportunities for the growth of the segment in the market.
๐๐๐ญ ๐๐ฎ๐ฌ๐ญ๐จ๐ฆ๐ข๐ณ๐๐ ๐๐๐ฉ๐จ๐ซ๐ญ๐ฌ ๐ฐ๐ข๐ญ๐ก ๐ฒ๐จ๐ฎ'๐ซ๐ ๐๐๐ช๐ฎ๐ข๐ซ๐๐ฆ๐๐ง๐ญ๐ฌ: https://www.alliedmarketresearch.com/request-for-customization/A288135
Furthermore, governments support towards the introduction of green and fuel efficient vehicles has also created ample opportunities for the key manufacturers to develop aluminum alloy wheels for vehicles, which helps in increasing the performance of the vehicle. Such developments as well as government support creates ample opportunities for the growth of aluminum alloy wheel market across the India.
Based on sales channel, the domestic segment held the highest market share in 2022, accounting for nearly two-thirds of the India Aluminum Alloy Wheel market revenue and is estimated to maintain its leadership status throughout the forecast period. Domestic sales channel holds a majority of market share in the India aluminum alloy wheel market as India manufactures high number of alloy wheels and the entire production caters around 60% of the Indian consumption of aluminum alloy wheels.
๐๐ง๐ช๐ฎ๐ข๐ซ๐ฒ ๐๐๐๐จ๐ซ๐ ๐๐ฎ๐ฒ๐ข๐ง๐ : https://www.alliedmarketresearch.com/purchase-enquiry/A288135
In addition, as of 2020, alloy wheel sales for trucks were up at least 32%, which has also proved to be a factor supplementing the growth of the market in the country. Moreover, with rise in sales of vehicles, the sale of associated components such as aluminum alloy wheels has also increased subsequently. Increase in sales and production of all types of vehicles in developing and developed countries due to the growing mobility and investment in the transportation sector is expected to boost the growth of the market across India.
๐๐ญ๐ก๐๐ซ ๐๐ซ๐๐ง๐๐ข๐ง๐ ๐๐๐ฉ๐จ๐ซ๐ญ๐ฌ:
Automotive AfterMarket Industry - https://www.alliedmarketresearch.com/automotive-aftermarket-market
Port Equipment Market - https://www.alliedmarketresearch.com/port-equipment-market-A47216
Alloy Wheels Market - https://www.alliedmarketresearch.com/alloy-wheels-market-A31905
Autonomous Cranes Market - https://www.alliedmarketresearch.com/autonomous-cranes-market-A12175
๐๐จ๐ง๐ญ๐๐๐ญ:
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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