Aluminum Alloy Wheel Market Growth

OREGAON, PORTLAND, UNITED STATES , June 12, 2024 /EINPresswire.com/ -- Allied Market Research published a report, titled, "Aluminum Alloy Wheel Market by Application (Two Wheelers, Passenger Cars and Commercial Vehicles), Material (Aluminum, Silicon and Others), and Distribution Channel (Original Equipment Manufacturers (OEMs) and Aftermarket): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the global aluminum alloy wheel market size was valued at $16,364.3 million in 2022, and is projected to reach $31,929.6 million by 2032, registering a CAGR of 7.2% from 2023 to 2032.

(We are providing aluminum alloy wheel industry report as per your research requirement, including the Latest Industry Insight's Evolution, Potential and Russia-Ukraine War Impact Analysis)

⏺ 120 - Tables
⏺ 58 - Charts
⏺ 200 - Pages

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐚𝐠𝐞𝐬 - https://www.alliedmarketresearch.com/request-sample/A10064

Aluminum alloy wheels are special type of light weight alloy wheels which are designed to reduce the overall weight of the vehicle. Moreover, aluminum alloy wheels installed in a vehicle gives an descent look to the vehicle as well as are durable and long lasting in all weather conditions. With the increasing income of individuals across the globe, the demand for light weight components has increased which has supplemented the growth of the aluminum alloy wheels across the globe.

With the rising competition towards the production of light weight vehicles, the OEMs operating across the globe are focused to acquire new technology for the vehicles. This has enabled vehicle component manufacturers to develop light weight and efficient products to be used in automobiles, which has created a wider scope for the growth of the market across the globe. With the upgradation of technology, the vehicle production across the globe has increased by around 6% in 2022 as compared to 2021, followed by a stagnant growth in the production of automotive components across the globe.

Weight of an automobile is a major challenge in the automotive industry. Aluminum is a substitute of steel, but OEM are now adopting carbon fiber-reinforced plastics (CFRP) technologies for automotive equipment manufacturing, since these materials offer further weight reduction with higher specific stiffness. In addition, numerous automotive manufacturers, such as BMW and Mercedes, are planning or have already started to scale-up their production of fuel-efficient cars through weight reduction by using carbon fibers.

𝐊𝐞𝐲 𝐃𝐞𝐯𝐞𝐥𝐨𝐩𝐦𝐞𝐧𝐭𝐬 𝐢𝐧 𝐭𝐡𝐞 𝐀𝐥𝐮𝐦𝐢𝐧𝐮𝐦 𝐀𝐥𝐥𝐨𝐲 𝐖𝐡𝐞𝐞𝐥 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐲:

⚫ In 𝐒𝐞𝐩𝐭𝐞𝐦𝐛𝐞𝐫 𝟐𝟎𝟐𝟑, Uno Minda entered into a collaboration with Kosei Aluminium Co. Ltd. to introduce a premium range of alloy wheels in the Indian aftermarket. These alloy wheels, available in different sizes and designs, enhance acceleration, road handling, and fuel efficiency, ensuring safer riding.
⚫ In 𝐒𝐞𝐩𝐭𝐞𝐦𝐛𝐞𝐫 𝟐𝟎𝟐𝟑, Maxion Wheels introduced Maxion BIONIC, the latest light vehicle wheel innovation technology. Developed by teams across Brazil, Mexico, the U.S., and Germany, Maxion BIONIC addresses the increasing demand from OEMs for affordable, stylish, and sustainable wheel solutions, particularly for light vehicle programs with increasing wheel load.
⚫ In 𝐉𝐚𝐧𝐮𝐚𝐫𝐲 𝟐𝟎𝟐𝟑, Wheels India Limited launched flow form technology incorporated into cast alloy wheels, considered one of the most advanced manufacturing technologies in the wheel industry. This innovative technology involves applying pressure to the inner barrel of the wheel while spinning and after casting.
⚫ In 𝐒𝐞𝐩𝐭𝐞𝐦𝐛𝐞𝐫 𝟐𝟎𝟐𝟐, Maxion Wheels partnered with Inci Holding to establish a new truck steel wheels plant in Turkey, with an investment of $150 million. The collaboration aims to build a plant that will offer forged aluminum Commercial Vehicle (CV) wheels, starting in 2024.

𝐏𝐫𝐨𝐜𝐮𝐫𝐞 𝐂𝐨𝐦𝐩𝐥𝐞𝐭𝐞 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐍𝐨𝐰: https://www.alliedmarketresearch.com/aluminum-alloy-wheel-market/purchase-options

For instance, in September, 2023, Maxion Wheels developed latest light vehicle wheel innovation technology, Maxion BIONIC. It is developed by teams in Brazil, Mexico, the U.S., and Germany. Maxion BIONIC answers the growing demand from OEMs for affordable, stylish, and sustainable wheel solutions especially for light vehicle programs where wheel load is increasing. Similarly, in March, 2023, Uno Minda approved the acquired stake in Kosei Minda Aluminium Company (KMA) and 49.90% stake in Kosei Minda Mould (KMM) from joint venture partner Kosei, Japan. Such developments create growth opportunities for the market.

In addition, as of 2020, alloy wheel sales for trucks were up at least 32%, which has also proved to be a factor supplementing the growth of the market in different countries. Moreover, with rise in sales of vehicles, the sale of associated components such as aluminum alloy wheels has also increased subsequently. Increase in sales and production of all types of vehicles in developing and developed countries due to the growing mobility and investment in the transportation sector is expected to boost the growth of the market across the globe.

𝐈𝐧𝐭𝐞𝐫𝐞𝐬𝐭𝐞𝐝 𝐭𝐨 𝐏𝐫𝐨𝐜𝐮𝐫𝐞 𝐭𝐡𝐞 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭? 𝐈𝐧𝐪𝐮𝐢𝐫𝐞 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠 - https://www.alliedmarketresearch.com/purchase-enquiry/A10064

𝐋𝐞𝐚𝐝𝐢𝐧𝐠 𝐌𝐚𝐫𝐤𝐞𝐭 𝐏𝐥𝐚𝐲𝐞𝐫𝐬: -

Uno Minda
Maxion Wheels
Wheels India Limited
Enkei International, Inc.
Mobis India Limited
Status Wheels
Howmet Aerospace
Image Wheels International Ltd.
Wheel Pros.
Foshan Nanhai Zhongnan Aluminium Wheel Co., Ltd.

𝐒𝐢𝐦𝐢𝐥𝐚𝐫 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 𝐖𝐞 𝐇𝐚𝐯𝐞 𝐨𝐧 𝐀𝐮𝐭𝐨𝐦𝐨𝐭𝐢𝐯𝐞 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐲:

https://www.alliedmarketresearch.com/aerospace-high-performance-alloys-market-A09707 - Global Opportunity Analysis and Industry Forecast, 2023-2032

https://www.alliedmarketresearch.com/aerospace-superalloy-market-A14655 - Global Opportunity Analysis and Industry Forecast, 2023-2032

https://www.alliedmarketresearch.com/automotive-wheel-market - Global Opportunity Analysis and Industry Forecast, 2023 - 2032

https://www.alliedmarketresearch.com/aluminum-alloy-wheel-market-A10064 - Global Opportunity Analysis and Industry Forecast, 2023-2032

David Correa
Allied Market Research
+ 18007925285
email us here
Visit us on social media:
Facebook
Twitter
LinkedIn

Legal Disclaimer:

EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.