Automotive Alloy Wheels Market Post COVID 19 Pandemic Analysis
According to the report, the global automotive alloy wheels market is projected to reach US$ 24.3 Bn by 2027, expanding at a CAGR of ~6% during the forecast period. The global automotive alloy wheels market is expected to record a growth of ~6% owing to an increased demand for aesthetics appeal in vehicles. Alloy wheels are slowly replacing steel wheels, as they offer better heat dissipation, performance, and are lightweight. The global automotive alloy wheels market is mature in developed countries and is at the nascent stage in developing countries. Economic growth witnessed in Asia Pacific, Latin America, and Middle East & Africa is projected to boost the demand for mobility among the population, which in turn is estimated to propel the global automotive alloy wheels market.
Expansion of Automotive Alloy Wheels Market
Cast and forged alloy wheels are preferred in SUVs over steel wheels. Increasing penetration of SUVs witnessed in the last five years indicate a potential market for alloy wheels. SUVs have been early adopters of alloy wheels due to better off road handling capabilities, improved steering, and reduced unsprung weight of the vehicle. Electric vehicles are gaining popularity globally. Electric vehicles must be lightweight to offset the weight of the battery. Consequently, a rise in sales of electric vehicles is projected to boost the sales of alloy wheels. Moreover, rise in car ownership among youth consumers is driving the demand for aesthetically appealing wheels such as alloy wheels.
Automotive Alloy Wheels Market: Segmentation
Based on OEM, the passenger vehicle segment held a leading share of the global automotive alloy wheels market in 2019. Consumers are increasingly opting for personal vehicles over commercial transport vehicles, which in turn is boosting sales of passenger vehicles. Furthermore, a range of vehicles including mini-compact, mini-vehicle, compact, SUVs, and sports cars cater to the demand for comfort, luxury, and efficiency among passengers, enabling lower income consumers to afford a passenger vehicle. This, in turn, is anticipated to drive the passenger vehicle segment of the global automotive alloy wheels market.
Majority alloy wheels manufactured and installed in a vehicle have the same lifespan as that of the vehicle. Therefore, the OEM segment is anticipated to hold a notable share of the global automotive alloy wheels market.
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Regional Analysis of Automotive Alloy Wheels Market
In terms of region, the global automotive alloy wheels market has been segregated into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. The global automotive alloy wheels market was dominated by Europe, and the region held nearly 30% share of the global market in 2019. This is majorly due to higher rate of production of premium and luxury vehicles and higher consumer demand for alloy wheels in the region. Asia Pacific followed Europe, in terms of share of the global automotive alloy wheels market, followed by North America. Counties in Africa and Latin America are emerging markets for vehicles and offer lucrative opportunities to OEM players for investment.
Prominent players operating in the global automotive alloy wheels market include ARCONIC, BBS Alloy Wheels, BORBET GmbH, CITIC Dicastal Wheel Manufacturing Co., Enkei, Foshan Nanhai Zhongnan Aluminum Wheel Co., Ltd., Fuel Off-Road Wheels, MAXION Wheels, MHT Luxury Wheels, RONAL GROUP, TSW Wheels, Superior Industries International, Inc., and WHEELPROS LLC.
