What is Global Automotive Alloy Wheel Market?
The Global Automotive Alloy Wheel Market is a vast and dynamic sector that focuses on the production and distribution of alloy wheels for vehicles. Alloy wheels are automobile wheels made from an alloy of aluminium or magnesium. These wheels are typically lighter, provide better heat conduction and are more visually appealing than standard steel wheels. The market for these wheels is global, meaning it encompasses manufacturers, distributors, and consumers from all around the world. The value of this market was estimated to be around US$ 11400 million in 2022. It is projected to grow and reach a value of US$ 14170 million by 2029. This growth is expected to occur at a Compound Annual Growth Rate (CAGR) of 3.1% during the forecast period of 2023-2029.
Casting, Forging, Other in the Global Automotive Alloy Wheel Market:
The Global Automotive Alloy Wheel Market is segmented based on the manufacturing process into Casting, Forging, and Others. Casting is the most common method used, accounting for about 88.7% of the market in 2019. In the casting process, molten metal is poured into a mold that has the shape of the desired wheel. Once the metal cools and solidifies, the wheel is removed from the mold, cleaned, and finished. Forging, on the other hand, involves heating a piece of metal until it becomes malleable and then using a die to shape it into a wheel. The "Others" category includes methods such as machining and stamping. Each of these methods has its own advantages and disadvantages, and the choice of method depends on factors such as the desired properties of the wheel, the cost of production, and the manufacturer's capabilities.
Passenger Vehicle, Commercial Vehicle in the Global Automotive Alloy Wheel Market:
The Global Automotive Alloy Wheel Market serves two main types of vehicles: Passenger Vehicles and Commercial Vehicles. In 2019, about 94.3% of the alloy wheels produced were used in passenger vehicles. These vehicles include cars, SUVs, and minivans. Alloy wheels are popular in this segment because they enhance the aesthetic appeal of the vehicle, improve its performance, and increase its resale value. The remaining 5.7% of the alloy wheels were used in commercial vehicles such as trucks and buses. Although the proportion of alloy wheels used in this segment is smaller, it is still significant because commercial vehicles often require stronger and more durable wheels than passenger vehicles.
Global Automotive Alloy Wheel Market Outlook:
In terms of geographical distribution, Asia-Pacific is the largest consumer of automotive alloy wheels, accounting for nearly 54.07% of the market in 2019. This region includes countries like China, India, Japan, South Korea, and Australia. The high consumption in this region can be attributed to factors such as the large population, the growing middle class, the increasing purchasing power, and the booming automotive industry. Other regions such as North America, Europe, and Latin America also contribute to the global consumption of automotive alloy wheels, but to a lesser extent.
| Report Metric | Details |
| Report Name | Automotive Alloy Wheel Market |
| Accounted market size in 2022 | US$ 11400 in million |
| Forecasted market size in 2029 | US$ 14170 million |
| CAGR | 3.1% |
| Base Year | 2022 |
| Forecasted years | 2023 - 2029 |
| Segment by Type |
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| Segment by Application |
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| Production by Region |
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| Consumption by Region |
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| By Company | CITIC Dicastal, Borbet, Ronal Wheels, Howmet Aerospace, Superior Industries, Iochpe-Maxion, Wanfeng Auto, Lizhong Group, Enkei Wheels, Zhejiang Jinfei, Accuride, Topy Group, Zhongnan Alloy wheels, YHI International Limited, Yueling Wheels |
| Forecast units | USD million in value |
| Report coverage | Revenue and volume forecast, company share, competitive landscape, growth factors and trends |
