Aluminum Alloy Wheel Market Is Thriving Worldwide Expected to Witness Significant Growth Between 2023 to 2032

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. 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.

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Aluminum alloy wheels are special type of light weight alloy wheels which are designed to reduce the overall weight of the vehicle. Moreover, aluminum alloy wheels installed in a vehicle gives an descent look to the vehicle as well as are durable and long lasting in all weather conditions. With the increasing income of individuals across the globe, the demand for light weight components has increased which has supplemented the growth of the aluminum alloy wheels across the globe.

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.

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The key manufacturers operating in aluminum alloy wheels market are inclined towards developing or casting alloy wheels are inclined towards casting aluminum casted alloy wheels for all types of vehicles which supplements the growth of the market across the the globe. For instance, in September 2023, Maxion Wheels developed the latest light vehicle wheel innovation technology, Maxion BIONIC. It is developed by teams in Brazil, Mexico, the U.S, and Germany. Maxion BIONIC answers the growing demand from OEMs for affordable, stylish, and sustainable wheel solutions, especially for light vehicle programs where wheel load is increasing. Similarly, in September, 2023, Uno Minda collaborated with Kosei Aluminum Co. Ltd. to offer premium range of alloy wheels in the global aftermarket. These alloy wheels are available in different sizes and designs, as well as are compatible with radial and regular tube tires. It will also be capable of improving acceleration & road handling, resulting in safer riding while improving fuel efficiency.

The key players profiled in this report include

Uno Minda
Maxion Wheels
Wheels India Limited
Enkei International, Inc.
Mobis India Limited
Status Wheels
Howmet Aerospace
Image Wheels International Ltd.
Wheel Pros.

Foshan Nanhai Zhongnan Aluminium Wheel Co., Ltd.
The report provides a detailed analysis of these key players of the aluminum alloy wheel market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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With the rising competition towards the production of light weight vehicles, the OEMs operating across the globe are focused to acquire new technology for the 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 across the globe. With the upgradation of technology, the vehicle production across the globe has increased by around 6% in 2022 as compared to 2021, followed by a stagnant growth in the production of automotive components across the globe.

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.

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.

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Weight of an automobile is a major challenge in the automotive industry. Aluminum is a substitute of steel, but OEM are now adopting carbon fiber-reinforced plastics (CFRP) technologies for automotive equipment manufacturing, since these materials offer further weight reduction with higher specific stiffness. In addition, numerous automotive manufacturers, such as BMW and Mercedes, are planning or have already started to scale-up their production of fuel-efficient cars through weight reduction by using carbon fibers.

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 different countries. 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 the globe.

KEY FINDINGS OF THE STUDY

By application, the commercial vehicles segment is anticipated to exhibit a remarkable growth during the forecast period.

On the basis of material, the aluminum segment is anticipated to exhibit a remarkable growth during the forecast period.

On the basis of distribution channel, the aftermarket segment is anticipated to exhibit a remarkable growth during the forecast period.

By region, the LAMEA is anticipated to exhibit a remarkable growth during the forecast period.

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