Automotive Alloy Wheel Industry segmented by finishing type (Polished alloy wheel, Two-toned allay wheel and others), By Wheel type (Compact-size, Mid-size, Full-size), application (Passenger cars, Commercial vehicles and Two wheelers) and Region with forecast to 2023.
Automotive Alloy Wheel Market Key Players Analysed Are:
Euromax Wheel (U.S.), MHT Luxury Wheels (U.S.), Status Wheels, Inc. (U.S.), Wheel Pros, LLC (U.S.), Fuel Off-Road Wheels (U.S.), SOTA Offroad (U.S.), Enkei Wheels India Ltd. (India), Ronal AG (Switzerland), Uniwheels (Switzerland) and BBS Kraftfahrzeugtechnik AG (Germany), are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the global automotive alloy wheel market.
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Automotive Alloy Wheel Global Market Overview:
Automotive alloy wheels are wheels that are made of alloys of aluminium and magnesium. The use of alloy wheels reduces the overall weight and helps in better handling of vehicles. Alloys are typically lighter but provide greater strength and better heat conduction over pure metals. Alloy wheels offer superior grip on brakes and enhances driving experience. It also assists in improves acceleration of the vehicles, resulting in better mileage and fuel economy. Owing to these benefits, there has been the rapid replacement of conventional steel wheels with the alloy ones in the automotive industry. Furthermore, aspects such as external styling of the vehicles and better riding quality are encouraging customers to incline towards the use of automotive alloy wheels.
The factors responsible for the growth of the market are increased customer inclination towards external styling and customization, demand for light weight and corrosion resistant wheels, and focus on reducing fuel consumption. One of the latest trends gaining traction in the market is the rise in sales through online sales. Meanwhile automotive alloy wheels are more expensive than spoke wheels and require a higher maintenance cost, which leads to limited adoption of alloy wheels, especially in commercial vehicles. However, demand for alloy wheels from passenger vehicle end-user segment is high owing to the increasing emphasis by customers towards external appearance of the vehicle. In terms of sales channel, the highly corrosion and strain-resistant feature of alloy wheels limits replacement market. Hence the market for alloys wheels that are direct fitted in the vehicles during production (line-fit option) by the OEMs is relatively high.
Industry/ Innovation/ Related News:
The key strategies followed by most companies within the global automotive alloy wheel market are that of new product development and contracts & agreements.
On July 2018, DA TECHS has made £30,000 investment in expanding its Adlington facility due to unprecedented demand for its innovative alloy wheel repair service since it opened at the start of the year.
On May 2018, Momo announced the launch of a new alloy wheel inspired by the company’s first lightweight designs that were featured in motorsports throughout the ‘80s and ‘90s.
On November 2017, TSW Alloy Wheels acquired GoodRoads Auto Systems along with its many wheel brand offerings in order to offer the most effective and hassle-free distribution network within the aftermarket wheel industry.
On March 2016, Alloy wheel manufacturer Brock Alloy Wheels is adding three inch sizes to the RC27 offering.
Automotive Alloy Wheel Market – Segmentation
The global automotive alloy wheel market is segmented in to 3 key dynamics for the convenience of the report and enhanced understanding;
- Segmentation by Finishing Type: Polished alloy wheel, Two-toned alloy wheel and others
- Segmentation by Wheel Type: Compact-size, Mid-size, and Full-size
- Segmentation by Application: Passenger cars, Commercial vehicles, and Two wheelers
- Segmentation by Region: North America, Europe, Asia Pacific, and Rest of the World.
Automotive Alloy Wheel Market: Regional Analysis:
The market in Asia Pacific region is expected to grow at the fastest pace during the forecast period. It is also the fastest growing region in the market in terms of sales of new vehicles. This region has emerged as a hub for automotive production, owing to changing consumer preferences, increasing disposable income of the middle class population, and cost advantages for OEMs. Moreover, manufacturers are keen on establishing production facilities in these countries. Factors such as low production costs, availability of economical labour, lenient emission and safety norms, and government initiatives for FDIs, have led this region to witness higher growth than the matured markets of Europe and North America. Furthermore, Asia Pacific region houses countries such as China and India which is observing rising urban population, increasing per capita income, improving living standards and subsequently increasing demand for purchase automobiles. These factors will ultimately drive the market of automotive alloy wheel in this region.
List of tables:
TABLE 1 GLOBAL AUTOMOTIVE ALLOY WHEEL MATERIAL MARKET, BY FINISHING TYPE
TABLE 2 GLOBAL AUTOMOTIVE ALLOY WHEEL MATERIAL MARKET, BY WHEEL TYPE
TABLE 3 GLOBAL AUTOMOTIVE ALLOY WHEEL MATERIAL MARKET, BY APPLICATION
TABLE 4 GLOBAL AUTOMOTIVE ALLOY WHEEL MATERIAL MARKET, BY REGIONS
TABLE 5 NORTH AMERICA AUTOMOTIVE ALLOY WHEEL MATERIAL MARKET, BY FINISHING TYPE
TABLE 6 NORTH AMERICA AUTOMOTIVE ALLOY WHEEL MATERIAL MARKET, BY WHEEL TYPE
TABLE 7 NORTH AMERICA AUTOMOTIVE ALLOY WHEEL MATERIAL MARKET, BY APPLICATION
TABLE 8 U.S. AUTOMOTIVE ALLOY WHEEL MATERIAL MARKET, BY FINISHING TYPE
TABLE 9 U.S. AUTOMOTIVE ALLOY WHEEL MATERIAL MARKET, BY WHEEL TYPE
TABLE 10 U.S. AUTOMOTIVE ALLOY WHEEL MATERIAL MARKET, BY APPLICATION
TABLE 11 CANADA AUTOMOTIVE ALLOY WHEEL MATERIAL MARKET, BY FINISHING TYPE
TABLE 12 CANADA AUTOMOTIVE ALLOY WHEEL MATERIAL MARKET, BY WHEEL TYPE
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