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Soaring Demand Set to Propel Automotive Alloy Wheels Market to $32.13 Billion by 2029
Automotive Alloy Wheels Market
What Is the Expected CAGR for the Automotive Alloy Wheels Market Through 2025?
The market for automotive alloy wheels has seen significant expansion in the past few years. The market value is projected to increase from $20.26 billion in 2024 to $22.05 billion in 2025, with an 8.9% compound annual growth rate (CAGR). The market's historical growth is due to factors such as the growing demand for lightweight materials, aesthetic appeal, and customization, along with increased vehicle production and rising disposable income.
What's the Projected Size of the Global Automotive Alloy Wheels Market by 2029?
The market size of automotive alloy wheels is predicted to significantly expand in the upcoming years, reaching a value of $32.13 billion by 2029 with a compound annual growth rate (CAGR) of 9.9%. The acceleration in the projected timeline can be traced back to stricter fuel efficiency standards, the rise of electric vehicles (EVs), emphasis on sustainable materials, advances in design and finishing, and worldwide urbanization trends. Material innovation, design personalization, the influence of electric vehicles (EVs), intelligent and interconnected features, and a focus on sustainability are the dominant trends predicted for the forecast period.
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Top Growth Drivers in the Automotive Alloy Wheels Industry: What's Accelerating the Market?
The surge in the automotive industry is anticipated to be a catalyst for the expansion of the automotive alloy wheels market. This industry encompasses the creation, manufacturing, advertising, and designing of motor cars. The use of automotive alloy wheels, which are typically lighter, allows vehicles to decrease their overall weight, extending tyre lifespan and reducing fuel consumption. Consequently, this rise in the automotive sector escalates the demand for automotive alloy wheels. For instance, in October 2022, Zippia, an American career specialist, reported a jump in the US automobile industry from $82.6 billion in 2021 to $100.9 billion in 2022, marking a hike of 22%. Hence, the expansion in the automotive industry drives the demand for the automotive alloy wheels market.
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What Trends Will Shape the Automotive Alloy Wheels Market Through 2029 and Beyond?
The emergence of product innovations is a significant trend becoming more prominent in the automotive alloy wheels industry. Mainstream firms in this sector are launching cutting-edge products to secure their market presence. For example, in November 2022, the Ronal Group, a Swiss company engaged in automotive alloy wheels, debuted a new product, the R70-blue aluminum wheel, which is a carbon-neutral, recycled aluminum wheel. This was developed aiming for advancement in the automotive realm by ensuring eco-friendly wheels that significantly lower greenhouse gas emissions.
What Are the Main Segments in the Automotive Alloy Wheels Market?
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), After market
Subsegments:
1) By Powder Coated Or Painted Lacquered: Gloss Finish, Matte Finish, Textured Finish
2) By Diamond Cut: Single Tone, Two-Tone
3) By Split Wheel: Multi-Spoke, Dual Tone
4) By Chrome Wheel: Polished Chrome, Matte Chrome
5) By Anodized: Clear Anodized, Colored Anodized
6. By Other Finishing Types: Hydro Dipped, Wrapped (Vinyl), Customized Finishes
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Which Top Companies are Driving Growth in the Automotive Alloy Wheels Market?
Major companies operating in the automotive alloy wheels market include 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
Which Regions Will Dominate the Automotive Alloy Wheels Market Through 2029?
North America was the largest region in the automotive alloy wheels market in 2024. The regions covered in the automotive alloy wheels market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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