Alloy Wheels Market Size to Garner $31.6 Billion by 2031: Allied Market Research
Increasing need for lightweight, fuel-efficient cars, the inclination of consumers for fashionable, customized cars, and the expansion of the automotive sector drive the global alloy wheels market. Based on region, the Asia-Pacific held the major share in 2021, garnering more than two-fifths of the global alloy wheels market.
Portland, OR, March 21, 2023 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global alloy wheels market generated $17.6 billion in 2021, and is estimated to reach $31.6 billion by 2031, witnessing a CAGR of 6.2% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios. The report is a helpful source of information for leading market players, new entrants, investors, and stakeholders in devising strategies for the future and taking steps to strengthen their position in the market.
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Report Coverage & Details:
| Report coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $17.6 billion |
| Market Size in 2031 | $31.6 billion |
| CAGR | 6.2% |
| No. of Pages in Report | 280 |
| Segments Covered | Rim size, Vehicle type, Material type, Type, and Region |
| Drivers | Increasing need for lightweight, fuel-efficient cars |
| Inclination of consumers for fashionable, customized cars | |
| Expansion of the automotive sector | |
| Opportunities | Increasing popularity of customizing automobiles |
| Restraints | High cost due to the complex manufacturing process |
| Rigidity of alloy wheels is inferior than that of steel |
Covid-19 Scenario:
- COVID-19 had a negative impact on the global alloy wheels market as the sudden outbreak of the pandemic disrupted the global supply chain and implemented stringent lockdown norms by governments across the globe, leading to the shutting down of manufacturing units.
- Lack of raw materials, social distancing norms, closed borders, and production constraints, due to the pandemic, across various countries such as China, India, and the U.S. greatly impacted the global market.
The report offers a detailed segmentation of the global alloy wheels market based on rim size, vehicle type, material type, type, and region. The report provides an analysis of each segment and sub-segment with the help of tables and figures. This analysis helps market players, investors, and new entrants in determining the sub-segments to be tapped on to achieve growth in the coming years.
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By rim size, the 18 inches-21 inches segment held the largest share in 2021, accounting for nearly three-fifths of the global alloy wheels market and would dominate the market in terms of revenue through 2031. The same segment would also cite the fastest CAGR of 7.2% throughout the forecast period. The report also discusses 12 inches-17 inches and more than 22 inches segments.
By vehicle type, the passenger vehicle segment contributed to around four-fifths of the global alloy wheels market revenue and is projected to rule the roost by 2031. The same segment would also display the fastest CAGR of 6.8% throughout the forecast period. The commercial vehicle segment is also studied in the report.
By material type, the aluminum alloy segment held the major share in 2021, garnering nearly three-fifths of the global alloy wheels market revenue and is projected to maintain the lion’s share by 2031. Simultaneously, the same segment would portray the fastest CAGR of 6.9% throughout the forecast period. The other segments assessed in the report include titanium alloy and magnesium alloy.
By type, the forging segment held the largest share in 2021, accounting for nearly three-fourths of the global alloy wheels market and would dominate the market in terms of revenue through 2031. The same segment would also cite the fastest CAGR of 6.5% throughout the forecast period. The casting and others segments are also studied in the report.
By region, Asia-Pacific held the major share in 2021, garnering more than two-fifths of the global alloy wheels market revenue and is projected to maintain its dominance by 2031. The same region would also showcase the fastest CAGR of 7.4% throughout the forecast period. The report also analyzes North America, Europe, and LAMEA regions.
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The prominent market players analyzed in the global alloy wheels market include, Stamford Sport Wheels, TSW Alloy Wheels, CITIC Dicastal Wheel Manufacturing Co, MAXION Wheels, Enkei Corporation, RONAL GROUP, Superior Industries International, Inc., Fuel Off-Road Wheels, Steel Strips Wheels Ltd (SSWL), BORBET GmbH, and MHT Luxury Wheels. These market players have embraced several strategies including partnership, expansion, collaboration, joint ventures, and others to highlight their prowess in the industry. The report is helpful in formulating the business performance and developments by the top players.
Similar Reports We Have on Alloy Wheels Industry:
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