Aluminum Alloy Wheel Market to Grow by USD 4.45 Billion (2024-2028) as Stricter Emission Standards Drive Growth, with AI Powering Market Transformation- Technavio

NEW YORK, Oct. 15, 2024 /PRNewswire/ -- Report with the AI impact on market trends - The Global Aluminum Alloy Wheel Market size is estimated to grow by USD 4.45 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of over 6.28% during the forecast period. Adoption of improved emission standards is driving market growth, with a trend towards advent of carbon fiber alloy wheels. However, fluctuations in raw material prices poses a challenge - Key market players include Accuride Corp., ALCAR HOLDING GMBH, BORBET GmbH, Capricorn Motors Pvt. Ltd, CITIC Ltd., Enkei Corp., Fuel Off Road Wheels, Howmet Aerospace Inc., Image Wheels International Ltd, Lizhong group, MAXION Wheels, Minda Industries Ltd., RONAL AG, Shanghai Metal Corp., Topy Industries Ltd., Toyota Motor Corp., Wanfeng Group Co. Ltd., Wheel Pros LLC, WIL Car Wheels Ltd., and Zhejiang Yueling Co. Ltd.

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Key Market Trends Fueling Growth

Aluminum alloy wheels have long been a popular choice in the automotive industry due to their lightweight properties. However, carbon fiber alloy wheels are gaining traction as a substitute. Carbon fiber is stronger than aluminum and significantly lighter, making it an attractive alternative. However, the processing of aluminum alloy wheels can affect their strength and stiffness, leading to deformation under impact. In contrast, carbon fiber alloy wheels remain intact. Additionally, carbon fiber wheels offer superior performance and help manage energy better, resulting in quieter cabins for drivers. Vehicle manufacturers use carbon fiber alloy wheels in passenger vehicles to enhance efficiency, comfort, and control. Several enterprises supply carbon fiber alloy wheels to these manufacturers. The lightweight nature of carbon fiber alloy wheels also helps meet emission targets, making them a preferred choice. Consequently, the increasing adoption of carbon fiber alloy wheels may negatively impact the growth of the global aluminum alloy wheel market during the forecast period. 

The Aluminum Alloy Wheels market is experiencing significant growth due to the increasing demand for lighter and stronger wheels in various vehicle types. Aluminum, with its alloys like Copper, Nickel, Zinc, and Silicon, is a popular choice for manufacturing these wheels. Two-wheelers, passenger cars, and commercial vehicles are major consumers of Aluminum Alloy Wheels in the automotive industry. The Aftermarket sector also contributes significantly to the sales of these wheels. In terms of domestic sales, Hatchbacks, Sedans, and MultiUtility Vehicles (MUVs) are leading the way. Imported sales of Aluminum Alloy Wheels are also on the rise, especially in Passenger Cars and Trucks. Other materials like High-Strength Steel, Carbon Fiber, Cast Iron, and Steel are facing competition from Aluminum Alloys in the market. 

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Market Challenges

• The aluminum alloy wheel market faces challenges due to the volatile prices of its primary raw material, aluminum. The imbalance between aluminum's demand and supply causes price fluctuations, increasing production costs for aluminum alloy wheel vendors. This reduction in profit margins may hinder market growth during the forecast period. Consequently, vendors must increase aluminum alloy wheel prices for vehicle manufacturers. Meanwhile, vehicle manufacturers, seeking to maintain competitiveness, explore less expensive alternatives to aluminum alloy wheels. The unpredictability of aluminum prices poses a significant challenge to the growth of the global aluminum alloy wheel market.
• The automotive industry continues to explore lightweight materials for wheel production, with Aluminum Alloys being a popular choice. Aluminum alloy wheels offer benefits like reduced unsprung weight, improved fuel efficiency, and enhanced vehicle performance. However, challenges exist in their production. Aluminum alloys contain Copper, Nickel, Zinc, and Silicon for strength and durability. Magnesium Alloys and High-Strength Steel are alternatives, but each has its own advantages and disadvantages. Aluminum alloy wheels are used in various vehicle types, including trucks, two wheelers, passenger cars, and commercial vehicles. Domestic sales and imported sales contribute to the market growth. Hatchbacks, Sedans, and Multi-Utility Vehicles (MUVs) are common vehicle types using aluminum alloy wheels in the aftermarket. Despite their advantages, challenges include manufacturing costs and ensuring consistency in quality.

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Segment Overview 

This aluminum alloy wheel market report extensively covers market segmentation by

1. Application 
• 1.1 PC
• 1.2 CV
2. Type 
• 2.1 Polished alloy wheel
• 2.2 Two toned alloy wheel
3. Geography 
• 3.1 Europe
• 3.2 APAC
• 3.3 North America
• 3.4 South America
• 3.5 Middle East and Africa

1.1 PC- The Aluminum Alloy Wheel market is experiencing significant growth due to its lightweight and durable properties. Automotive manufacturers are increasingly using aluminum alloy wheels to reduce vehicle weight and improve fuel efficiency. Additionally, aluminum alloy wheels offer superior corrosion resistance and enhanced aesthetics, making them a popular choice among consumers. The market is expected to continue growing, driven by increasing demand from the automotive industry and advancements in aluminum alloy technology.

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Research Analysis

Aluminum alloy wheels are lightweight and durable automotive components, replacing traditional steel wheels in many applications. They are made by alloying aluminum with elements like Copper, Nickel, Zinc, and Silicon. Two primary types of aluminum alloys used in wheel production are Aluminum Alloys and Magnesium Alloys. Aluminum alloy wheels offer several advantages over steel wheels, including reduced unsprung weight, improved fuel efficiency, and enhanced vehicle aesthetics. They are commonly used in passenger cars, commercial vehicles, and two-wheelers. The aftermarket for aluminum alloy wheels is significant, with demand coming from both domestic sales and exports. Hatchbacks, sedans, and MultiUtility Vehicles (MUVs) are popular vehicle segments where aluminum alloy wheels are extensively used. These alloys offer high strength and low weight, making them an attractive alternative to high-strength steel and carbon fiber. The future of aluminum alloy wheels looks promising, with ongoing research and development aimed at improving their properties and reducing their production costs.

Market Research Overview

Aluminum alloy wheels are gaining popularity in the automotive industry due to their lightweight and durability. These wheels are made by alloying aluminum with elements like Copper, Nickel, Zinc, and Silicon. Two types of aluminum alloys are commonly used: Aluminum Alloys and Magnesium Alloys. Aluminum alloy wheels are preferred in various vehicle types, including two wheelers, passenger cars, and commercial vehicles. In the aftermarket, aluminum alloy wheels are increasingly being chosen for domestic sales and imported sales. Hatchbacks, Sedans, MultiUtility Vehicles (MUVs), Trucks, and other vehicle types benefit from the use of aluminum alloy wheels. Aluminum alloys offer advantages over other materials like High-Strength Steel, Carbon Fiber, Cast Iron, and Steel. The automotive industry continues to explore the potential of aluminum alloy wheels in reducing vehicle weight and improving fuel efficiency.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Application
• PC
• CV
• Type
• Polished Alloy Wheel
• Two Toned Alloy Wheel
• Geography
• Europe
• APAC
• North America
• South America
• Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio