Alloy Wheels Market Size Projected to Generate a Revenue of $31,568.2 Mn by 2031Download Sample Reports Overview
The Global Alloy Wheels Market Size is predicted to be valued at $31,568.2 million by 2031, surging from $17,600 million in 2021, at a noteworthy CAGR of 6.2%.
Impact Analysis of COVID-19 on the Alloy Wheels Market
The COVID-19 pandemic has led to severe disruptions that have affected the demand, supply, import-export, and availability of alloy wheels across end-use industries. The automotive industry was worst hit during the pandemic as the sales of automotive vehicles was drastically reduced. This has in turn affected the alloy wheels demand. COVID-19 hampered the supply of various products, including raw materials, due to various restrictions imposed by nations all over the world. Automotive companies were forced to divert capital to continue operations, starving R&D funding for advanced technology and other discretionary projects. The supply chain was affected during the early stage of the lockdown, resulting in a decrease in the alloy wheels manufacturing sector. Due to global limitations and industry closures, the manufacturing activity of alloy wheels market size was hampered during the pandemic. However, the import-export restrictions, delay in the availability of raw materials, and travel restrictions led to supply chain disruptions in the alloy wheels industry. All these factors have negatively affected the alloy wheels market growth during the pandemic.
Global Alloy Wheels Market Analysis
The alloy wheels market is experiencing significant growth due to the growing interest in aftermarket customization. Consumers are looking for ways to personalize their vehicles, and alloy wheels are a popular option for this purpose. The popularity of alloy wheels has increased as they are seen as a stylish, yet functional, upgrade that can improve the overall look and performance of a vehicle. There has been a rise in demand for high-performance alloy wheels, which are designed to improve the handling, stability, and braking performance of vehicles. This trend is particularly evident among young drivers and car enthusiasts who are looking to enhance their driving experience. The growth of the alloy wheels market is being driven by the growing interest in aftermarket customization, as well as the increasing availability of high-quality, affordable options. This trend is expected to continue in the coming years, as more and more consumers look for ways to personalize their vehicles and improve their driving experience. These are the major factors anticipated to boost the alloy wheels market share during the analysis timeframe.
However, the production and supply chain of alloy wheels can also be impacted by factors such as natural disasters, economic downturns, and political instability, leading to limited availability. The production process of alloy wheels is complex and requires specialized equipment, which can lead to a shortage of suppliers in certain regions. Moreover, the cost of production and transportation can also be high, making it difficult for some manufacturers to offer alloy wheels in certain regions. The limited availability of alloy wheels can impact their market growth, as it restricts the number of consumers who can access and purchase these products. Manufacturers and suppliers need to address these limitations to increase alloy wheels market share and reach a wider customer base.
The rise in consumer demand for alloy wheels has also led to increased competition in the market, with manufacturers offering a wide range of designs and finishes to meet the diverse needs of consumers. This has resulted in a wider selection of alloy wheels available to consumers, offering them more options to choose from. Additionally, the rise of customization options has also contributed to the growth of the alloy wheels market, as consumers are now able to personalize their vehicles to meet their individual style and performance preferences. Furthermore, the increasing consumer demand for style and performance has led to a thriving of alloy wheels market growth. With advances in technology and the rise of customization options, the demand for alloy wheels market growth is expected to continue to grow in the coming years.
Global Alloy Wheels Market, Segmentation
The global alloy wheels market is segmented based on material type, type, rim size, vehicle type and region.
The material type segment is further classified into aluminum alloy, titanium alloy, and magnesium alloy. Among these, the aluminum alloy sub-segment dominated the market share in 2021. Aluminum wheels are a better choice for a balance of cost, aesthetics, performance, and gas mileage. They are lightweight but strong, generally more attractive than steel wheels, and withstand heat well. They come in a very wide variety of sizes and finishes. Furthermore, the popularity of alloy wheels has increased in the previous few years.
The type segment is further classified into forging, casting, and others. Among these, the forging sub-segment accounted for the largest market share in 2021. Because forging is simple to make in large quantities and casting is complex, the production cost is high. However, because the casting wheels is continuously punched during the manufacturing process, the molecular structure of the casting is very tight after mounding, allowing it to withstand higher pressure. As a result, at the same strength and scale, the forged wheels hub is also slightly heavier than the casted wheels rim.
The rim size segment is further classified into 12 inches - 17 inches, 18 inches - 21 inches, and more than 22 inches. Among these, the 18 inches - 21 inches sub-segment accounted for the largest market share in 2021. Tires with a sidewall of 18 inches to 21 inches are often more flexible than those with a smaller sidewall. When driving over bumps and potholes, the tires work as dampers and can give more cushion. Because 18- to 21-inch tires weigh less, the engine may not have to work as hard to help the automobile accelerate. They may also aid in the reduction of wear on the suspension and braking systems.
The vehicle type segment is further classified into passenger vehicle and commercial vehicle. Among these, the passenger vehicle sub-segment accounted for the largest market share in 2021. The passenger vehicle category has the largest market share for aluminum alloy wheels, which is projected to continue over the projection period. Sports utility vehicles (SUV), hatchbacks, sedans, and electric automobiles [battery electric vehicle (BEV), multi-utility vehicles (MUV), and hybrid electric vehicles (HEV)] are examples of passenger cars. The passenger vehicle sector has a sizable market share and is expected to maintain its dominance during the projection period.
The alloy wheels market in the Asia-Pacific region is projected to show the fastest growth. The Asia-Pacific alloy wheels market is expected to expand due to the region's expanding automotive sector and rising living standards, particularly in countries such as Japan, China, and India. Furthermore, due to the large number of two-wheelers and two-wheeler manufacturers in the area, Asia-Pacific is expected to have a significant proportion of the aforementioned alloy wheels market trend in the approaching year
Key Players in the Global Alloy Wheels Market
Some of the leading alloy wheels market players are
- Steel Strips Wheels Limited
- Status Wheels
- RONAL GROUP
- MHT Luxury Wheels
- Enkei International Inc.
- BORBET GmbH
- Maxion Wheels
- UNIWHEELSS Group
- Superior Industries