Automotive Alloy Wheel Market – 2019 Trends, Size, Share, Growth Insight, Competitive Analysis, Statistics, Regional, And Global Industry Forecast To 2023

“\”\’Automotive Alloy Wheel Market\”\””
Automotive Alloy Wheel Market Analysis By finishing type (Polished alloy wheel, Two-toned allay wheel and Others), By Wheel type (Compact-size, Mid-size, Full-size), By application (Passenger cars, Commercial vehicles and Two wheelers) and Region – Forecast 2019-2023.

Automotive Alloy Wheel Market to Garner Decent CAGR of 2.9% During 2019 to 2023 due to propagation in Vehicle Customization to Drive Automotive Alloy Wheel Market Exponentially. Asia Pacific to Dominate Automotive Alloy Wheel Market.

Prominent Players

Some of the most prominent players in the global automotive alloy wheel market include 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).

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Automotive Alloy Wheel Market Overview

Wheels made from steel or alloy are most commonly used in the automobile industry. Alloy wheels are generally made from aluminum, magnesium or nickel. They are lighter in weight as compared to steel wheels while offering the same strength. Alloy wheels also provide better head conduction and cosmetic appearance in comparison to steel wheels. Lighter wheels can enhance handling by decreasing unsprung mass, allowing the suspension to follow the terrain in a better manner and allowing improved grip.

The survey conducted by Market Research Future projects a 2.9% CAGR during the forecast period for automotive alloy wheel market. Factors attributing to such market growth include snowballing demand for vehicles Europe and the Asia Pacific, growth in the automobile industry, and an increase in the demand for vehicle customization. However, the higher cost of alloy wheels is predicted to hamper the growth of the automotive alloy wheel market due to price-sensitive consumers.

Segmental Analysis

The MRFR report has been studied based on various market segments, based on finishing type, wheel type, and application. On the basis of finishing type, the global automotive alloy wheel market is segmented into polished alloy wheel, and two-toned alloy wheel. The polished alloy wheel segment is expected to hold a significant market share as they appear more attractive and provide an aesthetic design.

By wheel type, it is segmented into compact-size, mid-size and full-size. The compact size segment is estimated to hold a prominent share in the automotive alloy wheel market due to its usage in passenger cars and compact SUVs. On the basis of application, the market is segmented into commercial vehicles, passenger cars, and two-wheelers. The passenger cars segment is expected to showcase propelled growth due to higher demand and production of the same. Furthermore, an increasing emphasis on external appearance has led to driven demand for alloy wheels in passenger cars.

Detailed Regional Analysis

The global automotive alloy wheel market is regionally segmented into the Asia Pacific (APAC), Europe, North America, and Rest of the World (RoW). The Asia Pacific is expected to capture maximum market share during the forecast period due to propelling expansion of the automobile industry. Ongoing industrialization and economic development in India, Japan, and China are factors causing proliferation in the market growth for automotive alloy wheel market in the region. Moreover, owing to the sizeable presence of two-wheeler market and two-wheeler manufacturers in the region, the Asia Pacific is estimated to accrue notable growth in the foreseeable future.

North America and Europe are anticipated to follow the Asia Pacific in terms of market share. These two regions are projected to prove as potential destinations for new manufacturers in the industry. The growing preference for alloy wheels is expected to drive the automotive alloy wheel market in North America. Further, increasing disposable income in the working class of the U.S. and Canada are expected to garner prominent market growth during the assessment period. Also, owing to the presence of a high number of manufacturers in the region, Europe is anticipated to collect profitable market growth for automotive alloy wheel market during the assessment period.

Industry Update

Synergies Castings will invest $ 100 million in a new alloy wheel manufacturing in India. Synergies Castings is one of the key manufacturers for aluminum alloy wheels in India. The new unit is expected to be able to produce 2.4 million wheels using advanced manufacturing technologies.

The GFG Alliance Industrial group was granted permission by the Scottish Highlights Council to start a new alloy wheel manufacturing plant in Fort William, U.K. The GFG factory will have a 400-worker capacity, producing around 2 million wheels shortly.

Table Of Contents:

1 Executive Summary

2 Scope Of The Report

2.1 Market Definition

2.2 Scope Of The Study

2.2.1 Definition

2.2.2 Research Objective

2.2.3 Assumptions

2.2.4 Limitations

2.3 Research Process

2.3.1 Primary Research

2.3.2 Secondary Research

2.4 Market Size Estimation

2.5 Forecast Model

3 Market Landscape

3.1 Porters Five Forces Analysis

3.1.1 Threat Of New Entrants

3.1.2 Bargaining Power Of Buyers

3.1.3 Threat Of Substitutes

3.1.4 Segment Rivalry

3.1.5 Bargaining Power Of Buyers

3.2 Value Chain/Supply Chain Analysis

4 Automotive Alloy Wheel Market Dynamics

4.1 Introduction

4.2 Market Drivers

4.3 Market Restraints

4.4 Market Opportunities

4.5 Market Trends

Continued…

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