The Aluminum Alloy Wheel Market to Reach USD 31.93 Billion by 2032 Growing at 7.2% CAGR

According to the report published by Allied Market Research, The Aluminum Alloy Wheel Market to Reach USD 31.93 Billion by 2032 Growing at 7.2% CAGR. The report provides an extensive analysis of changing market dynamics, major segments, value chain, competitive scenario, and regional landscape. This research offers valuable able guidance to leading players, investors, shareholders, and startups in devising strategies for sustainable growth and gaining a competitive edge in the market.

Increase in demand for superior quality alloy wheels for vehicles and surge in production of vehicles drive the growth of the market. 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 increase in investment on wheel design for better aerodynamics creates opportunities for the growth of the market across the globe.

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 𝐑𝐞𝐩𝐨𝐫𝐭 (𝐆𝐞𝐭 𝐅𝐮𝐥𝐥 𝐈𝐧𝐬𝐢𝐠𝐡𝐭𝐬 𝐢𝐧 𝐏𝐃𝐅 - 200 𝐏𝐚𝐠𝐞𝐬) 𝐚𝐭: https://www.alliedmarketresearch.com/request-sample/A10064

The global aluminum alloy wheel market size was valued at $16.4 billion in 2022, and is projected to reach $31.9 billion by 2032, growing at a CAGR of 7.2% from 2023 to 2032.

The global aluminum alloy wheel industry is segmented into vehicle type, material, distribution channel, and region. By vehicle type, the market is segmented into two wheelers, passenger cars, and commercial vehicles. By material, the market is segmented into aluminum alloy, silicon alloy, and others. By distribution channel, the market is segmented into original equipment manufacturers (OEMs) and aftermarket. By region, the global market has been studied across North America, Europe, Asia-Pacific and LAMEA.

𝐀𝐜𝐜𝐞𝐬𝐬 𝐭𝐡𝐞 𝐟𝐮𝐥𝐥 𝐬𝐮𝐦𝐦𝐚𝐫𝐲 𝐚𝐭 : https://www.alliedmarketresearch.com/aluminum-alloy-wheel-market-A10064

Based on material, the aluminum segment held the highest market share in 2022, accounting for nearly three-fifth of the 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. In addition, installation of aluminum alloy wheels in vehicles increases the efficiency of the vehicle by reducing the oil consumption. Such factors create ample opportunities for the growth of the segment in the market.

Based on application, the passenger car segment held the highest market share in 2022, accounting for more than half of the aluminum alloy wheel market revenue and is estimated to maintain its leadership status throughout the forecast period. Increase in demand for fuel-efficient vehicles and stringent emission norms and regulations fuel the demand for aluminum alloy wheels in the country. Rise in population in the country along with rise in medium to high income group individuals with the capability to purchase cars, creates lucrative opportunities for the penetration of aluminum allow wheels in passenger car and assist in the growth of the market in the country.

𝐈𝐟 𝐲𝐨𝐮 𝐡𝐚𝐯𝐞 𝐚𝐧𝐲 𝐪𝐮𝐞𝐬𝐭𝐢𝐨𝐧𝐬, 𝐏𝐥𝐞𝐚𝐬𝐞 𝐟𝐞𝐞𝐥 𝐟𝐫𝐞𝐞 𝐭𝐨 𝐜𝐨𝐧𝐭𝐚𝐜𝐭 𝐨𝐮𝐫 𝐚𝐧𝐚𝐥𝐲𝐬𝐭 𝐚𝐭: https://www.alliedmarketresearch.com/connect-to-analyst/A10064

Based on distribution channel, the original equipment manufacturer (OEM) segment held the highest market share in 2022, accounting for nearly two-thirds of the 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.

The key players profiled in the aluminum alloy wheel market research study include Uno Minda, Maxion Wheels, Wheels India Limited, Enkei International, Inc., Mobis India Limited, Status Wheels, Howmet Aerospace, Image Wheels International Ltd., Wheel Pros., and Foshan Nanhai Zhongnan Aluminium Wheel Co., Ltd.

𝐄𝐧𝐪𝐮𝐢𝐫𝐲 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠: https://www.alliedmarketresearch.com/purchase-enquiry/A10064

𝐊𝐞𝐲 𝐃𝐞𝐯𝐞𝐥𝐨𝐩𝐦𝐞𝐧𝐭𝐬 𝐢𝐧 𝐭𝐡𝐞 𝐀𝐥𝐮𝐦𝐢𝐧𝐮𝐦 𝐀𝐥𝐥𝐨𝐲 𝐖𝐡𝐞𝐞𝐥 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐲:

In September 2023, Uno Minda entered into a collaboration with Kosei Aluminium Co. Ltd. to introduce a premium range of alloy wheels in the Indian aftermarket. These alloy wheels, available in different sizes and designs, enhance acceleration, road handling, and fuel efficiency, ensuring safer riding.

In September 2023, Maxion Wheels introduced Maxion BIONIC, the latest light vehicle wheel innovation technology. Developed by teams across Brazil, Mexico, the U.S., and Germany, Maxion BIONIC addresses the increasing demand from OEMs for affordable, stylish, and sustainable wheel solutions, particularly for light vehicle programs with increasing wheel load.

In January 2023, Wheels India Limited launched flow form technology incorporated into cast alloy wheels, considered one of the most advanced manufacturing technologies in the wheel industry. This innovative technology involves applying pressure to the inner barrel of the wheel while spinning and after casting.

In September 2022, Maxion Wheels partnered with Inci Holding to establish a new truck steel wheels plant in Turkey, with an investment of $150 million. The collaboration aims to build a plant that will offer forged aluminum Commercial Vehicle (CV) wheels, starting in 2024.

𝐁𝐮𝐲 𝐍𝐨𝐰 & 𝐆𝐞𝐭 𝐄𝐱𝐜𝐥𝐮𝐬𝐢𝐯𝐞 𝐃𝐢𝐬𝐜𝐨𝐮𝐧𝐭 𝐨𝐧 𝐭𝐡𝐢𝐬 𝐑𝐞𝐩𝐨𝐫𝐭 (200 𝐏𝐚𝐠𝐞𝐬 𝐏𝐃𝐅 𝐰𝐢𝐭𝐡 𝐈𝐧𝐬𝐢𝐠𝐡𝐭𝐬, 𝐂𝐡𝐚𝐫𝐭𝐬, 𝐓𝐚𝐛𝐥𝐞𝐬, 𝐚𝐧𝐝 𝐅𝐢𝐠𝐮𝐫𝐞𝐬) 𝐚𝐭: https://www.alliedmarketresearch.com/aluminum-alloy-wheel-market/purchase-options

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