Aluminum Alloy Wheel Market Projected to Accelerate to $31.9 Billion by 2032, Fueled by Rising Demand for Lightweight Vehicles
According to a new report published by Allied Market Research, titled, "Aluminum Alloy Wheel Market," The aluminum alloy wheel market was valued at $16.4 billion in 2022, and is estimated to reach $31.9 billion by 2032, growing at a CAGR of 7.2% from 2023 to 2032.๐ฐ ๐๐จ๐ฐ๐ง๐ฅ๐จ๐๐ ๐๐๐ฆ๐ฉ๐ฅ๐ ๐๐๐ ๐๐ฌ - 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.
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.
๐๐ซ๐ข๐ฆ๐ ๐๐๐ญ๐๐ซ๐ฆ๐ข๐ง๐๐ง๐ญ๐ฌ ๐จ๐ ๐ ๐ซ๐จ๐ฐ๐ญ๐ก
Increase in demand for superior quality alloy wheels for vehicles and surge in production of vehicles drive the growth of the market. Moreover, factors such as high cost of aluminum alloy wheels and availability of steel-based wheel rims are expected to hamper the growth of the market during the forecast period. However, factors such as rise in adoption of carbon fiber in automotive industry and increase in investment on wheel design for better aerodynamics creates opportunities for the growth of the market across the globe.
๐ฐ ๐๐ซ๐จ๐๐ฎ๐ซ๐ ๐๐จ๐ฆ๐ฉ๐ฅ๐๐ญ๐ ๐๐๐ฌ๐๐๐ซ๐๐ก ๐๐๐ฉ๐จ๐ซ๐ญ ๐๐จ๐ฐ: https://www.alliedmarketresearch.com/aluminum-alloy-wheel-market/purchase-options
๐๐ก๐ ๐๐ฅ๐ฎ๐ฆ๐ข๐ง๐ฎ๐ฆ ๐ฌ๐๐ ๐ฆ๐๐ง๐ญ ๐ญ๐จ ๐ฆ๐๐ข๐ง๐ญ๐๐ข๐ง ๐ข๐ญ๐ฌ ๐ฅ๐๐๐๐๐ซ๐ฌ๐ก๐ข๐ฉ ๐ฌ๐ญ๐๐ญ๐ฎ๐ฌ ๐ญ๐ก๐ซ๐จ๐ฎ๐ ๐ก๐จ๐ฎ๐ญ ๐ญ๐ก๐ ๐๐จ๐ซ๐๐๐๐ฌ๐ญ ๐ฉ๐๐ซ๐ข๐จ๐
Based on material, the aluminum segment held the highest market share in 2022, accounting for nearly three-fifth of the aluminum alloy wheel market revenue, and is estimated to maintain its leadership status throughout the forecast period. Aluminum finds rise in application in vehicle wheels due to numerous factors such as it is an extremely versatile metal along as well as it is recognized for being both, lightweight and flexible in nature. In addition, aluminum alloy used for vehicle wheels is corrosion resistance and has the nature of recycling when discarded from vehicle. In addition, installation of aluminum alloy wheels in vehicles increases the efficiency of the vehicle by reducing the oil consumption. Such factors create ample opportunities for the growth of the segment in the market.
๐๐ก๐ ๐ฉ๐๐ฌ๐ฌ๐๐ง๐ ๐๐ซ ๐๐๐ซ ๐ฌ๐๐ ๐ฆ๐๐ง๐ญ ๐ญ๐จ ๐ฆ๐๐ข๐ง๐ญ๐๐ข๐ง ๐ข๐ญ๐ฌ ๐ฅ๐๐๐๐๐ซ๐ฌ๐ก๐ข๐ฉ ๐ฌ๐ญ๐๐ญ๐ฎ๐ฌ ๐ญ๐ก๐ซ๐จ๐ฎ๐ ๐ก๐จ๐ฎ๐ญ ๐ญ๐ก๐ ๐๐จ๐ซ๐๐๐๐ฌ๐ญ ๐ฉ๐๐ซ๐ข๐จ๐
Based on application, the passenger car segment held the highest market share in 2022, accounting for more than half of the aluminum alloy wheel market revenue and is estimated to maintain its leadership status throughout the forecast period. Increase in demand for fuel-efficient vehicles and stringent emission norms and regulations fuel the demand for aluminum alloy wheels in the country. Rise in population in the country along with rise in medium to high income group individuals with the capability to purchase cars, creates lucrative opportunities for the penetration of aluminum allow wheels in passenger car and assist in the growth of the market in the country.
๐๐ก๐ ๐จ๐ซ๐ข๐ ๐ข๐ง๐๐ฅ ๐๐ช๐ฎ๐ข๐ฉ๐ฆ๐๐ง๐ญ ๐ฆ๐๐ง๐ฎ๐๐๐๐ญ๐ฎ๐ซ๐๐ซ (๐๐๐) ๐ฌ๐๐ ๐ฆ๐๐ง๐ญ ๐ญ๐จ ๐ฆ๐๐ข๐ง๐ญ๐๐ข๐ง ๐ข๐ญ๐ฌ ๐ฅ๐๐๐๐๐ซ๐ฌ๐ก๐ข๐ฉ ๐ฌ๐ญ๐๐ญ๐ฎ๐ฌ ๐ญ๐ก๐ซ๐จ๐ฎ๐ ๐ก๐จ๐ฎ๐ญ ๐ญ๐ก๐ ๐๐จ๐ซ๐๐๐๐ฌ๐ญ ๐ฉ๐๐ซ๐ข๐จ๐
Based on distribution channel, the original equipment manufacturer (OEM) segment held the highest market share in 2022, accounting for nearly two-thirds of the aluminum alloy wheel market revenue and is estimated to maintain its leadership status throughout the forecast period. Increase in automobile sales boosts the growth of the automotive wheel industry. Share of sale of OEM in the automotive wheel segment is rising consistently. Increase in demand for automotive equipment from OEM offers lucrative growth potential for the expansion of the market. In addition, companies such as Uno Minda has an active list of OEMs such as Ford, Maruti Suzuki, Hinda and others, which install their designed aluminum alloy wheels in their models. Wide presence of customers to manufacturers creates ample opportunities for the growth of the segment in the market.
๐ฐ ๐๐ง๐ญ๐๐ซ๐๐ฌ๐ญ๐๐ ๐ญ๐จ ๐๐ซ๐จ๐๐ฎ๐ซ๐ ๐ญ๐ก๐ ๐๐๐ฌ๐๐๐ซ๐๐ก ๐๐๐ฉ๐จ๐ซ๐ญ? ๐๐ง๐ช๐ฎ๐ข๐ซ๐ ๐๐๐๐จ๐ซ๐ ๐๐ฎ๐ฒ๐ข๐ง๐ - https://www.alliedmarketresearch.com/purchase-enquiry/A10064
๐๐๐๐๐ข๐ง๐ ๐๐๐ซ๐ค๐๐ญ ๐๐ฅ๐๐ฒ๐๐ซ๐ฌ: -
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.
๐๐๐ฒ ๐๐๐ฏ๐๐ฅ๐จ๐ฉ๐ฆ๐๐ง๐ญ๐ฌ ๐ข๐ง ๐ญ๐ก๐ ๐๐ฅ๐ฎ๐ฆ๐ข๐ง๐ฎ๐ฆ ๐๐ฅ๐ฅ๐จ๐ฒ ๐๐ก๐๐๐ฅ ๐๐ง๐๐ฎ๐ฌ๐ญ๐ซ๐ฒ:
โซ In ๐๐๐ฉ๐ญ๐๐ฆ๐๐๐ซ ๐๐๐๐, 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.
โซ In ๐๐๐ฉ๐ญ๐๐ฆ๐๐๐ซ ๐๐๐๐, 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.
โซ In ๐๐๐ง๐ฎ๐๐ซ๐ฒ ๐๐๐๐, 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.
โซ In ๐๐๐ฉ๐ญ๐๐ฆ๐๐๐ซ ๐๐๐๐, 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.
๐๐ข๐ฆ๐ข๐ฅ๐๐ซ ๐๐๐ฉ๐จ๐ซ๐ญ๐ฌ ๐๐ ๐๐๐ฏ๐ ๐จ๐ง ๐๐ฎ๐ญ๐จ๐ฆ๐จ๐ญ๐ข๐ฏ๐ ๐๐ง๐๐ฎ๐ฌ๐ญ๐ซ๐ฒ:
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
๐๐จ๐ง๐ญ๐๐๐ญ:
David Correa
5933 NE Win Sivers Drive
205, Portland, OR 97220
United States
USA/Canada (Toll Free):
+1-800-792-5285, +1-503-894-6022
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1(855)550-5975
help@alliedmarketresearch.com
Web: www.alliedmarketresearch.com
Allied Market Research Blog: https://blog.alliedmarketresearch.com
Follow Us on | Facebook | LinkedIn | YouTube |
About Us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
This release was published on openPR.
Permanent link to this press release:
Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.
You can edit or delete your press release Aluminum Alloy Wheel Market Projected to Accelerate to $31.9 Billion by 2032, Fueled by Rising Demand for Lightweight Vehicles here
News-ID: 3680899 • Views: โฆ
More Releases from Allied Market Research
Automotive Carbon Fiber Market Poised to Reach $64.1 Billion by 2032, Driving In โฆ
The global automotive carbon fiber market size was valued at $24.13 billion in 2022, and is projected to reach $ 64.05 billion by 2032, growing at a CAGR of 11.16% from 2023 to 2032.
๐ฐ ๐๐จ๐ฐ๐ง๐ฅ๐จ๐๐ ๐๐๐ฆ๐ฉ๐ฅ๐ ๐๐๐ ๐๐ฌ - https://www.alliedmarketresearch.com/request-sample/A12796
Allied Market Research published a report, titled, "Automotive Carbon Fiber Market by Vehicle Type (Passenger Vehicle, Commercial Vehicle, and Two-Wheelers), Material (Polyacrylonitrile (PAN), Pitch), Sales Channel (OEM, Aftermarket), and Application (Structural Assembly,โฆ
Intermodal Freight Transportation Market Size, Shares, Opportunities, Industry T โฆ
According to a new report published by Allied Market Research, titled, "Intermodal Freight Transportation Market," The Intermodal Freight Transportation Market Size was valued at $42.5 billion in 2022, and is estimated to reach $109.5 billion by 2032, growing at a CAGR of 10.4% from 2023 to 2032.
๐๐จ๐ฐ๐ง๐ฅ๐จ๐๐ ๐๐๐ฆ๐ฉ๐ฅ๐ ๐๐๐ ๐๐ฌ - https://www.alliedmarketresearch.com/request-sample/A49990
๐๐๐๐๐ข๐ง๐ ๐๐๐ซ๐ค๐๐ญ ๐๐ฅ๐๐ฒ๐๐ซ๐ฌ:
UPFIELD B.V.
KITE HILL
MIYOKO'S CREAMERY
TOFUTTI BRANDS, INC.
TREELINE TREENUT CHEESE COMPANY, LLC.
VTOPIAN ARTISAN CHEESES, LLC
SAPUTO INC.
PARMELA CREAMERY
GOOD PLANET FOODS INC.
NUTSโฆ
Pharmaceutical Warehousing Market on Track to Hit $39.00 Billion Globally by 203 โฆ
According to a new report published by Allied Market Research, titled, "Pharmaceutical Warehousing Market," The market size of pharmaceutical warehousing industry was valued at $24.8 billion in 2022, and is estimated to garner $39.0 billion by 2032, growing at a CAGR of 4.7% from 2023 to 2032.
๐ฐ ๐๐จ๐ฐ๐ง๐ฅ๐จ๐๐ ๐๐๐ฆ๐ฉ๐ฅ๐ ๐๐๐ ๐๐ฌ - https://www.alliedmarketresearch.com/request-sample/A124142
Pharmaceutical warehousing is the storage and management of pharmaceutical items under regulated conditions, such as in cold chain andโฆ
Footwear Market to Receive Overwhelming Hike In Revenue That Will Boost Overall โฆ
According to the report, the global Footwear industry was estimated at $409.5 billion in 2022, and is anticipated to hit $725.1 billion by 2032, registering a CAGR of 5.9% from 2023 to 2032, driven by changing consumer preferences, technological innovations, and the growing demand for comfortable and stylish designs. Footwear is not just a necessity but also a fashion statement, with a wide variety of options available for different occasions,โฆ
More Releases for Wheel
Rail Wheel And Axle Industry Forecast to 2028 Global Market Analysis by Wheel Ty โฆ
A rail wheel and axle is a type of wheel and axel that is specially designed for railways. Growing technological advancements in train networks and trains are compelling train manufacturers to invest heavy sums in R&D for the manufacturing of light materials for wheels and axles for passenger trains, freight trains, and short-distance trains. Rise in the production of locomotives in developing and developed countries are the major driving factorโฆ
Section From Wheel Aligner Market Report 2019 Companies included 3D Wheel Aligne โฆ
We have recently published this report and it is available for immediate purchase. For inquiry Email us on: jasonsmith@marketreportscompany.com
This market study includes data about consumer perspective, comprehensive analysis, statistics, market share, company performances (Stocks), historical analysis 2012 to 2017, market forecast 2019 to 2025 in terms of volume, revenue, YOY growth rate, and CAGR for the year 2019 to 2025, etc. The report also provides detailed segmentation on theโฆ
Section From Wheel Aligner Market Report 2018 Companies included 3D Wheel Aligne โฆ
We have recently published this report and it is available for immediate purchase. For inquiry Email us on: jasonsmith@marketreportscompany.com
This market study includes data about consumer perspective, comprehensive analysis, statistics, market share, company performances (Stocks), historical analysis 2012 to 2017, market forecast 2018 to 2025 in terms of volume, revenue, YOY growth rate, and CAGR for the year 2018 to 2025, etc. The report also provides detailed segmentation on theโฆ
Global Commercial Automotive Wheel Market Forecast 2018-2025 Accuride Wheel, Bha โฆ
Recently added detailed market study "Global Commercial Automotive Wheel Market" examines the performance of the Commercial Automotive Wheel market 2018. It encloses an in-depth Research of the Commercial Automotive Wheel market state and the competitive landscape globally. This report analyzes the potential of Commercial Automotive Wheel market in the present and the future prospects from various angles in detail.
The Global Commercial Automotive Wheel Market 2018 report includes Commercial Automotive Wheelโฆ
Global Rail Wheel (Railway Wheel) Market 2018 - Lucchini RS, Rail Wheel Factory, โฆ
The Global Rail Wheel (Railway Wheel) Industry 2018 Market Research Report is a professional and in-depth study on the current state of the Rail Wheel (Railway Wheel) industry.
Firstly, Rail Wheel (Railway Wheel) Market report provides a basic overview of the Rail Wheel (Railway Wheel) industry including definitions, classifications, applications and Rail Wheel (Railway Wheel) industry chain structure. Global Rail Wheel (Railway Wheel) Market analysis is provided for the international marketโฆ
Global Rail Wheel Market Consumption 2017 Trends By Product(Rolled Rail Wheel, F โฆ
Scope Of Global Rail Wheel Market Research Report 2017
Global Rail Wheel Market Analysis, Status and Forecast 2022 Market Research Report contains a market overview of the industry which talks about market defination, product scope, revenue, growth opportunities, sales volumes and figures, growth estimation in coming years, current industry leaders and their sales/revenue metrics.
Request For Free Sample Report Here : https://www.reportsmonitor.com/request-sample/?post=486231
This report studies the global Rail Wheel market, analyzes and researchesโฆ