Global Automotive Alloy Wheel Market was valued at USD 3.1 Billion in 2022 and is projected to reach USD 5.2 Billion by 2030, growing at a CAGR of 7.6% from 2024 to 2030.
In the dynamic landscape of the automotive industry, alloy wheels have emerged as a pivotal component, blending aesthetics with performance. Manufactured from a combination of metals like aluminum and magnesium, these wheels are celebrated for their lightweight nature and superior heat dissipation. This not only enhances vehicle handling but also contributes to fuel efficiency.
The global automotive alloy wheel market has witnessed significant growth, with projections indicating a rise from USD 22.05 billion in 2022 to USD 52.6 billion by 2031, reflecting a compound annual growth rate (CAGR) of 8.2%. citeturn0search18 This surge is primarily driven by the increasing demand for fuel-efficient vehicles and the rising production of automobiles worldwide.
In India, the aluminum alloy wheel market was valued at $952.05 million in 2022 and is projected to reach $2,440.97 million by 2032, growing at a CAGR of 10.1% during the forecast period. citeturn0search8 This growth is attributed to the rising production of vehicles and the increasing preference for superior quality alloy wheels among consumers.
However, it's essential to consider the challenges associated with alloy wheels. They are generally more expensive than steel wheels, both in terms of initial purchase and repair costs. Additionally, alloy wheels can be more susceptible to damage from hard impacts, such as potholes or curbs, which are common on Indian roads. citeturn0search17
Despite these challenges, the advantages of alloy wheels, including improved vehicle performance, enhanced aesthetics, and better fuel efficiency, make them a popular choice among consumers. As the automotive industry continues to evolve, the demand for alloy wheels is expected to remain strong, driven by technological advancements and the increasing focus on vehicle efficiency.
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CITIC Dicastal
Borbet
Ronal Wheels
Howmet Aerospace
Superior Industries
Iochpe-Maxion
Wanfeng Auto
Lizhong Group
Enkei Wheels
Zhejiang Jinfei
Accuride
Topy Group
Zhongnan Alloy wheels
YHI International Limited
Yueling Wheels
By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. The Asia-Pacific region is expected to be a key driver of growth, accounting for more than 35% of total revenue growth. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the Global Automotive Alloy Wheel Market
Passenger Vehicle
Commercial Vehicle
Based on Types the Market is categorized into Below types that held the largest Automotive Alloy Wheel market share In 2023.
Casting
Forging
Other
Global (United States, Global and Mexico)
Europe (Germany, UK, France, Italy, Russia, Turkey, etc.)
Asia-Pacific (China, Global, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
South America (Brazil, Argentina, Columbia, etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
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1. Introduction of the Global Automotive Alloy Wheel Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. Global Automotive Alloy Wheel Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. Global Automotive Alloy Wheel Market, By Type
6. Global Automotive Alloy Wheel Market, By Application
7. Global Automotive Alloy Wheel Market, By Geography
Global
Europe
Asia Pacific
Rest of the World
8. Global Automotive Alloy Wheel Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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