A road wheel is an important structural part of the suspension system of a car or truck. It helps the vehicle handle both static and dynamic loads while it’s moving. With wheels being an important part of cars, the market for alloy wheels in the automotive industry is expected to grow as more cars are made around the world. Aftermarket sales are on the list of things managers want to do to make more money in both well-established and less well-established countries. According to the International Organization of Motor Vehicle Manufacturers (OICA), there were over 96 million motor vehicles sold in the United States between 2005 and 2017. This figure shows that there is a lot of room for automotive alloy wheels in the future.
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Suppliers of automotive alloy wheels, OEM system integrators, and investors are some of the people who could buy the wheels.
It’s called “Segmental Insights,” and these are things you
The global market for alloy wheels for cars can be broken down by type, wheel size, sales channel, and region.
By type, the global market for alloy wheels for cars can be broken down into polished alloy wheels, two-toned alloy wheels, and other types. Polished alloy wheels are expected to become more popular in the automotive alloy wheel market over the next few years because they look nice. This is why the name says that the wheels are polished instead of plated. Mercedes-Benz designers say that two-tone wheels are going to be the most popular in the future because they look good, which makes cars look better.
By the size of the wheel, the global market for alloy wheels for cars can be broken down into three groups: small (13–16 inches), medium (17–21 inches), and large (21–23 inches). These three groups can be used to figure out how the market will grow (21 inch and above). The small wheel size segment is expected to gain a lot of popularity because it will be used in a lot of cars and sports utility vehicles (SUVs). The logistics and construction industries are also expected to grow during the forecast period. This means that the mid-size and large wheel segments are also expected to grow.
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By sales channel, the global market for alloy wheels for cars can be broken down into OEM and aftermarket. OEMs are always looking for new ways to improve their products, like making alloy wheels that are more resistant to corrosion and stress. This is expected to help the market grow. During the forecast period, more people are going to prefer custom wheels over factory-fitted wheels. This is also going to help aftermarket sales.
This is what you need to know about your region.
The global market for alloy wheels for cars has been broken down into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa (LAMEA).
In the automotive alloy wheel market, North America is expected to grow very quickly over the next few years, thanks to the well-established presence of top manufacturers like Euromax Wheel, MHT Luxury Wheels, Status Wheels, Inc., Wheel Pros, LLC, and Fuel Off-Road Wheels in the area.
Europe is expected to see a lot of growth in the market for alloy wheels in the automotive industry over the next few years, thanks to a lot of money being spent on new technology and research and development. According to the European Automobile Manufacturers Association (ACEA), Europe invests about USD 61.83 billion a year in the automotive industry. In 2017, the European Patent Office (EPO) gave more than 8,700 patents to the automotive industry in Europe.
This is because Asia Pacific is a big exporter of parts for cars. This is why Asia Pacific is expected to be the fastest-growing market for automobile alloy wheels. The Government of India, for example, extended the anti-dumping duty on four-wheeler aluminium alloy wheel manufacturers from China, Korea RP, and Thailand for five years. This encouraged local manufacturing of these products, created jobs, and focused on the “Make in India Strategy.”
The automotive alloy wheel market in the LAMEA region is expected to grow at a healthy rate because it has become a well-known manufacturing and sales centre for the automotive industry over the last few years. More than $17 billion was invested in lightweight vehicles in Latin America between 2007 and 2016. Ernst & Young Global Limited and other sources, like the CIA World Factbook and LMC Automotive, say this. Further, alloy wheels could be improved to make lightweight cars look and run better in the future, which would make them more popular.
Some of the key players in the global automotive alloy wheel market are MHT Luxury Wheels, Status Wheels, Inc., Wheel Pros, LLC, Fuel Off-Road Wheels, SOTA Offroad, Enkei Wheels India Ltd., Ronal AG, Uniwheels, BBS Kraftfahrzeugtechnik AG, BORBET, CM Wheels, ALCOA WHEELS (Arconic), Maxion Wheels, Foshan Nanhai Zhongnan Aluminum Wheel Co., Ltd, and Superior Industries.
Automotive Alloy Wheel Market Segmentation
- Polished Alloy Wheel
- Two-Toned Alloy Wheels
By Wheel Size
- Compact (13–16 inch)
- Mid-Size (17–21 inch)
- Large (21 inch and above)
By Sales Channel
- North America
Rest of Europe
Rest of Asia-Pacific
Rest of LAMEA