What is Truck Alloy Wheel Market?
Alloy wheels are made of an alloy of light metals, namely aluminum, nickel, magnesium, or a combination of these metals. They offer performance advantages over steel wheels, as they are often several pounds lighter per wheel-less weight means improved fuel mileage and increased payload. The trucking industry is largely driven by E-commerce businesses. American Trucking Associations (ATA) projects a 3.4% of Trucking Freight Volume Growth in the United States by the end of 2023. This growth will likely have a positive impact on the market for alloy wheels.
Highlights from Truck Alloy Wheel Market Study
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
Key Companies Profiled | Borbet GmbH (Germany), Enkei Wheels (India) Limited (India), Ronal GmbH (Germany), CM Wheels (Ireland), Arconic (United States), Tructyre Fleet Management Ltd (United Kingdom), Citic Dicastal Co., Ltd. (China), Maxion Wheels (Germany), Accuride Wheels (United States) and U.S. Wheel Corp. (United States) |
The Michelin Group recently acquired Tructyre Fleet Management, a well-known supplier and servicer of truck tyres with 26 service sites around the UK. Research Analyst at AMA predicts that United States Vendors will contribute to the maximum growth of Global Truck Alloy Wheel market throughout the forecasted period.
Borbet GmbH (Germany), Enkei Wheels (India) Limited (India), Ronal GmbH (Germany), CM Wheels (Ireland), Arconic (United States), Tructyre Fleet Management Ltd (United Kingdom), Citic Dicastal Co., Ltd. (China), Maxion Wheels (Germany), Accuride Wheels (United States) and U.S. Wheel Corp. (United States) are some of the key players profiled in the study. Additionally, the Vendors which are also part of the research are Superior Industries International, Inc. (United States), Foshan Nanhai Zhongnan Aluminum Wheel Co., Ltd. (China) and Topy Industries Limited (Japan). Truck Alloy Wheel Market Segmentation:
Scope | Sub-Segments |
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Application / End User | Light and Heavy Duty |
Type | Casting and Forging |
Material | Aluminum,Magnesium,Others |
Diameter | 12 – 16 inch,16.5 – 20 inch |
On the basis of geography, the market of Truck Alloy Wheel has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Focus On Light Weight Wheels
Market Growth Drivers:
Trucking Industry Is the Major Driver
Challenges:
The market for truck alloy wheels is highly competitive, with several established players and new entrants vying for market share. This intense competition can put pressure on prices and profit margins.
Restraints:
A Decline in the Trucking Industry Due To Surging Fuel Prices
Opportunities:
Growth in Shipping Demand Leading to Growth in the Trucking Industry and Impact of E-Commerce Business on Trucking Industry
Key Target Audience
Truck Wheel Manufacturer, Traders/Distributors/Suppliers, Raw Material Supplier, End-User and Others
Market Leaders & Development Strategies
Accuride Corporation, a leading supplier of wheel and wheel end solutions, acquired Mefro Wheels, a German manufacturer of steel and aluminum wheels for commercial vehicles. The acquisition expanded Accuride's product portfolio and strengthened its position in the European market.
Truck owners and operators are increasingly choosing larger wheel sizes for their vehicles, which can provide better handling and performance. This trend has led to increased demand for larger diameter alloy wheels, particularly in the aftermarket.
The truck alloy wheel market is subject to various trade regulations, such as tariffs and import/export restrictions. These regulations can impact the cost and availability of raw materials and finished products, and can create challenges for manufacturers that operate in multiple countries