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Automotive Alloy Wheels Market is Anticipated to Expand upto $31.07 Billion in 2029
Automotive Alloy Wheels
What Is the Forecasted Market Growth Rate of the Automotive Alloy Wheels Industry?
In recent times, there has been substantial growth in the market size of automotive alloy wheels. It is projected to expand from $20.26 billion in 2024 to $21.77 billion in 2025, with a compound annual growth rate (CAGR) of 7.5%. The previous period's growth was spurred by factors such as the rising demand for lightweight materials, enhancing aesthetic appeal and customization, fortifying performance and durability, escalating vehicle production, and increasing disposable income.
How Will the Automotive Alloy Wheels Market Size Evolve From 2025 to 2029?
The dimension of the automotive alloy wheels market is anticipated to witness significant increase in the foroming years. It is predicted to expand to a market value of $31.07 billion by 2029, with a compound annual growth rate (CAGR) of 9.3%. Factors such as strict fuel efficiency norms, rise in electric vehicle (EV) popularity, a concentrated emphasis on sustainable materials, design and finish innovations, as well as global urbanization trends are driving this growth in the projected period. Other trends to watch during the prediction period include material innovation, customized design, effects of electric vehicles (EVs), intelligent and connected features, and a focus on sustainability.
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What Are the Main Growth Drivers in the Automotive Alloy Wheels Market Today?
The expansion of the automotive industry is predicted to drive the growth of the automotive alloy wheels market. This involves the creation, manufacturing, promotion, and design of motor vehicles. The use of automotive alloy wheels, which are lighter in weight, allows the vehicle to decrease its total weight, prolongs the lifespan of tyres, and leads to less fuel consumption. As a result, the growth of the automotive industry is leading to increased demand in the automotive alloy wheels market. For example, Zippia, a career expert from the US, reported in October 2022 that the US car industry experienced an increase from $82.6 billion in 2021 to $100.9 billion in 2022, reflecting a 22% increase. Consequently, the automotive industry's growth is fueling the demand for the automotive alloy wheels market.
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Which Automotive Alloy Wheels Market Segment Is Expected to Lead Through 2029?
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
Which Market Trends Are Expected to Dominate Automotive Alloy Wheels Industry Growth?
One of the significant trends emerging in the automotive alloy wheels market is product innovations. To maintain their market standing, leading companies in automotive alloy wheels are rolling out novel products. For instance, in November 2022, the Ronal Group, a company based in Switzerland and part of the automotive alloy wheels sector, launched a new product, the R70-blue aluminum wheel, which is a carbon-neutral, recycled aluminum wheel. This forward-thinking creation aims to bring about innovation in the automotive industry while providing eco-friendly wheels that help to diminish greenhouse gas emissions.
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Which Companies Hold the Largest Market Share in the Automotive Alloy Wheels Sector?
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
Where Is the Automotive Alloy Wheels Market Experiencing the Highest Growth?
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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