Market Synopsis:Alloy wheels for automotive are made from different types of materials such as aluminum, nickel, or a magnesium material. The casting and forging method is used for manufacturing alloy wheels. On the other hand, forged wheels are lighter and stronger, but also cost more than cast alloy wheels. Alloy wheels provide greater strength, better heat conduction, and cosmetic appearance as compared to steel wheels. Hence, consumers prefer alloy wheels for external styling of vehicles and good riding quality.
The survey conducted by Market Research Future (MRFR) has suggested that the global Automotive Alloy Wheel Industry is likely to register a 5% CAGR during the forecast period. Factors attributing to the ascension of the global Automotive Alloy Wheel Industry include the snowballing demand for vehicles in Europe as well as Asia Pacific and the mounting growth of the automotive industry. Further, a rise in the vehicle customization and upscaling disposable income is likely to accelerate the growth of the global automotive alloy wheels market.
Market Segmentation
The global Automotive Alloy Wheel Industry is segmented by finishing type, wheel type, vehicle type, sales channel, and region. Based on finishing type, the global Automotive Alloy Wheel Industry is segmented into polished alloy wheel and two-toned alloy wheel. The two toned alloy wheel segment is estimated to upscale at a fast pace over the forecast period. This can be owed to the growing demand for SUVs.
Based on wheel type, the global Automotive Alloy Wheel Industry is segmented into compact size, mid size, and full size. The compact-size segment is likely to project growth at a substantial rate over the forecast period due to a mounting demand for lightweight wheels which are stronger.
Based on vehicle type, the global Automotive Alloy Wheel Industry is segmented into passenger cars and commercial vehicles. The passenger car segment is likely to account for a dominant share of the market owing to the growing demand for the same in both, developing as well as developed countries.
Based on sales channel, the global Automotive Alloy Wheel Industry is segmented into OEM and aftermarket. The OEM segment is projected to be the dictator of the Automotive Alloy Wheel Industry over the assessment period. This can be owed to the presence of various OEMs in the developed regions, and the presence of a larger consumer base in these regions. Furthermore, OEMs are more inclined towards the expansion of automotive wheel manufacturing facilities in developing nations such as China, India, Mexico, and Brazil