Automotive Alloy Wheel Market | Synopsis and Highlights, Key Findings, Major Companies Analysis and Forecast to 2023
Research Reports
Dec 29, 2020
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 market is likely to register a 5% CAGR during the forecast period. Factors attributing to the ascension of the global automotive alloy wheel market 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.
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Market Segmentation
The global automotive alloy wheel market is segmented by finishing type, wheel type, vehicle type, sales channel, and region. Based on finishing type, the global automotive alloy wheel market 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 market 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 market 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 market is segmented into OEM and aftermarket. The OEM segment is projected to be the dictator of the automotive alloy wheel market 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.
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Detailed Regional Analysis
The global automotive alloy wheel market is segmented into the regions of North America, South America, Asia Pacific, Europe, and the Middle East & Africa. Asia Pacific is estimated to hold the most prominent share of the global automotive alloy wheel market during the assessment period. This can be accredited to the growing production and sales of passenger cars and commercial vehicles, especially in the developing nations such as China, Japan, Thailand, and Indonesia. North America and Europe are likely to undertake second largest and third largest shares of the global automotive alloy wheel market over the forecast period. Growth in North America is attributed to the increased preference for external styling and customization of wheels. Further, upscaling use of alloy wheels in vans, pickup trucks, and utility vehicles from the US and Canada is also fostering the growth of the regional automotive alloy wheel market.
Key Players
Some prominent players in the global automotive alloy wheel market include Euromax Wheel (US), MHT Luxury Wheels (US), Status Wheels, Inc. (US), Wheel Pros, LLC (US), Fuel Off-Road Wheels (US), SOTA Offroad (US), Enkei Wheels India Ltd (India), Ronal AG (Switzerland), Uniwheels (Switzerland), and BBS Kraftfahrzeugtechnik AG (Germany).
Key Questions Addressed by the Report
- What was the historic market size (2020)?
- Which segmentation (Product/ Capacity) is driving market?
- What will be the growth rate by 2023?
- How are the key players in this market?
- What are the strategies adopted by key players?
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
3.1.1 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 MARKET DYNAMICS
4.1 INTRODUCTION
4.2 MARKET DRIVERS
4.3 MARKET RESTRAINTS
4.4 MARKET OPPORTUNITIES
4.5 MARKET TRENDS
About Market Research Future:
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Edibles.
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