Industry Background:
Automotive aluminium alloy wheels are made up by casting, forging or other machining processes with aluminium being the main alloying element. Such wheels are widely used in automotive industries as they are light in weight and provide greater strength than pure metals. Owing to light weight, aluminium wheels decreases the overall vehicle's weight thus reduces emission. Considering the growing focus towards fuel conservation and need to cut down the emission, the very market is expected to witness significant growth during forecast period.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
Key Companies Profiled | Iochpe-Maxion [Brazil], CITIC Dicastal [China], Borbet GmbH [Germany], CMW Resistance Welding Products [United States], Superior Industries Inc. [United States], Topy INDUSTRIES LIMITED [Japan], Accuride Wheels [United States], Alcoa Corporation [United States], Ronal GROUP [Switzerland], Wanfeng Group Co., Ltd [China], Lizhong Group [China], Jingu wheel [China], DFW, Uniwheel Group [Germany], ALCAR HOLDING GMBH [Germany], Zhejiang Jinfei [China], Enkei Wheels [India], Foshan Nanhai Zhongnan Aluminium Wheel Co.,Ltd [China], YHI INTERNATIONAL LIMITED [Singapore] and Zhejiang Yueling Co., Ltd [China] |
This growth is primarily driven by Emphasizing on Vehicle Weight Reduction Backed by Stringent Government Regulations to Reduce Total Emission and Increase Fuel Efficiency and Growing Number of Automobile Industries Especially in Asia Pacific.
Globally, a noticeable market trend is evident Rapid Adoption of Aluminium Alloy Wheels in Electric Vehicles (EV) and Hybrid Vehicles
The Auto Parts & Equipment sector in the Asia Pacific region has been increasing at a sustainable rate, and further growth is expected to be witnessed over the forecast period, owing to the robust investments and expansion in production facilities in the region. Major Vendors, such as Iochpe-Maxion [Brazil], CITIC Dicastal [China], Borbet GmbH [Germany], CMW Resistance Welding Products [United States], Superior Industries Inc. [United States], Topy INDUSTRIES LIMITED [Japan], Accuride Wheels [United States], Alcoa Corporation [United States], Ronal GROUP [Switzerland], Wanfeng Group Co., Ltd [China], Lizhong Group [China], Jingu wheel [China], DFW, Uniwheel Group [Germany], ALCAR HOLDING GMBH [Germany], Zhejiang Jinfei [China], Enkei Wheels [India], Foshan Nanhai Zhongnan Aluminium Wheel Co.,Ltd [China], YHI INTERNATIONAL LIMITED [Singapore] and Zhejiang Yueling Co., Ltd [China], etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
Key Developments in the Market:
June 2018 - Accuride Corporation completed the acquisition of Mefro Wheels GmbH, a rival manufacturer of automotive wheels for passenger cars, light vehicles, and commercial vehicles. Two companies did not disclose the cost of the transaction.
In February 2020, Accuride Corporation, a major component supplier to the global commercial vehicle industry, improved the weight of its Accu-Lite family of lightweight aluminum wheels and new 38-pound 10-handhole wheels. Accuride's unique design and manufacturing process combined with the superior Quantum 99 aluminum alloy performance gives Accuride special control over the grain structure.
Regulatory Insights:
As Stated by Environmental Protection Agency (EPA), Fuel Economy Regulation in United States will Require Vehicle Fleet to Average 36 miles per gallon by 2025. Thus, Demand for Aluminum Alloys Wheels are Expected to Rise to Achieve Vehicle Overall Weight Reduction in order to Increase Fuel Efficiency.
Influencing Trend:
Rapid Adoption of Aluminium Alloy Wheels in Electric Vehicles (EV) and Hybrid Vehicles and Rising Demand for Customization by Consumer as Aluminium Wheels are Aesthetically Appealing
Market Growth Drivers:
Emphasizing on Vehicle Weight Reduction Backed by Stringent Government Regulations to Reduce Total Emission and Increase Fuel Efficiency and Growing Number of Automobile Industries Especially in Asia Pacific
Challenges:
Defects in Casting of Aluminium Alloys and Effective Management of Supply Chain
Restraints:
Repairing of Automotive Aluminium Alloy Wheels is a Cumbersome Task, High Cost of Aluminium Alloy Wheels and Risk from 3rd Generation AHSS (Advanced High Strength Steel) Which is also Known as Nano Steel
Opportunities:
With Advancement in Technologies, Prices are Expected to Fluctuate and Installation Rate in Commercial Vehicles too will Increase and Rising Demand of Electrical and Hybrid Vehicles
AMA Research follows a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcases the spontaneously changing Vendors landscape impacting the growth of the market. Furthermore, our market researchers extensively analyze the products and services offered by multiple players competing to increase their market share and presence.
Customization in the Report
AMA Research features not only specific market forecasts but also includes significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints in Automotive Aluminium Alloy Wheels Market
- Analysis about New Entrants in Automotive Aluminium Alloy Wheels Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
- An Unbiased Perspective towards Market Performance & Indicators
Against this Challenging Backdrop, Automotive Aluminium Alloy Wheels Study Sheds Light on
The Automotive Aluminium Alloy Wheels Market status quo and key characteristics. To end this, Analysts at AMA organize and took surveys of the Automotive Aluminium Alloy Wheels industry Vendors. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Automotive Aluminium Alloy Wheels industry is heading and what are the top priorities. Insights are drawn from financial analysis, surveys, and interviews with key executives and industry experts.
How every company in this diverse set of Vendors can best navigate the emerging competition landscape and follow a strategy that helps them position to hold the value they currently claim or capture the new addressable opportunity.