The global alloy wheels market is anticipated to reach $31.6 billion by 2031, growing from $17.6 billion in 2021, at a CAGR of 6.2% from 2022 to 2031.
The alloy wheel's appearance is its most prominent benefit. Alloy wheels are frequently available as a luxury option in high-end variations of Indian automobiles. The general structure is essentially the same whether it is marketed as "Diamond Cut" or "Laser edged”. Alloy wheels are significantly lighter than standard steel wheels, which helps with weight reduction, fuel efficiency, braking, and acceleration. Due to their quicker heat dissipation than steel wheels, alloy wheels also help to extend the life of tires. Additionally, alloy wheels have higher grip and traction because of their lightweight construction, which transfers less weight to the coil spring. Additionally, there is a discernible change in steering and cornering ability.
The alloy wheels cost high for manufacture, are expensive to buy, and costly to repair. Due to their complex manufacturing process, alloy wheels are relatively costly. A customer has to pay approximately 50% more money to purchase an alloy wheel than for a steel wheel. As a result, automobile manufacturers do not use alloy wheels in their lower-end vehicles or, less expensive models. These factors are anticipated to hamper the market growth in the near future.
The use of real-time data collected from different equipment to assist in the supervision and direction of plant operations from remote places, reduces the need for human interaction in blast monitoring. Consequently, new alloy wheels systems are being deployed at a faster rate across a variety of sectors. These major factors are expected to drive the alloy wheels market growth during the forecast period.
Rapid growth in the awareness about the various benefits of the alloy wheels among the customers is the key factor that is anticipated to create better growth opportunities over the forecast period.
The use of automated condition monitoring technologies and increase in awareness of preventive maintenance are two factors contributing to the growth of the global alloy wheels market. The market for alloy wheels is expanding owing to increase in demand from new applications such as heating, ventilation, and cooling in manufacturing. The number of applications requiring blast monitoring has increased dramatically due to the global industrialization, which has boosted the market for alloy wheels globally.
The global market for automotive wheels was impacted by COVID-19. There have been disruptions in the supply chain as a result of factors like decreased vehicle sales, temporary closure of manufacturing facilities and enterprises that produce raw materials, and closing of international borders. The market is anticipated to rebound and expand favorably during the forecast period as things begin to return to normal.
The market for alloy wheels is anticipated to grow over the projected period as alloy wheels become more prevalent in mid-spec car models around the world and are made standard equipment on affordable car models in developing countries like India.
The key players profiled in this report include Steel Strips Wheels Limited, Status Wheel, RONAL GROUP, CMWheels, MHT Luxury Wheels, Enkei International, Inc., BORBET GmbH, Maxion Wheels, UNIWHEELS Group, Superior Industries, and Others.
The alloy wheel's appearance is its most prominent benefit. Alloy wheels are frequently available as a luxury option in high-end variations of Indian automobiles. The general structure is essentially the same whether it is marketed as "Diamond Cut" or "Laser edged”. Alloy wheels are significantly lighter than standard steel wheels, which helps with weight reduction, fuel efficiency, braking, and acceleration. Due to their quicker heat dissipation than steel wheels, alloy wheels also help to extend the life of tires. Additionally, alloy wheels have higher grip and traction because of their lightweight construction, which transfers less weight to the coil spring. Additionally, there is a discernible change in steering and cornering ability.
The alloy wheels cost high for manufacture, are expensive to buy, and costly to repair. Due to their complex manufacturing process, alloy wheels are relatively costly. A customer has to pay approximately 50% more money to purchase an alloy wheel than for a steel wheel. As a result, automobile manufacturers do not use alloy wheels in their lower-end vehicles or, less expensive models. These factors are anticipated to hamper the market growth in the near future.
The use of real-time data collected from different equipment to assist in the supervision and direction of plant operations from remote places, reduces the need for human interaction in blast monitoring. Consequently, new alloy wheels systems are being deployed at a faster rate across a variety of sectors. These major factors are expected to drive the alloy wheels market growth during the forecast period.
Rapid growth in the awareness about the various benefits of the alloy wheels among the customers is the key factor that is anticipated to create better growth opportunities over the forecast period.
The use of automated condition monitoring technologies and increase in awareness of preventive maintenance are two factors contributing to the growth of the global alloy wheels market. The market for alloy wheels is expanding owing to increase in demand from new applications such as heating, ventilation, and cooling in manufacturing. The number of applications requiring blast monitoring has increased dramatically due to the global industrialization, which has boosted the market for alloy wheels globally.
The global market for automotive wheels was impacted by COVID-19. There have been disruptions in the supply chain as a result of factors like decreased vehicle sales, temporary closure of manufacturing facilities and enterprises that produce raw materials, and closing of international borders. The market is anticipated to rebound and expand favorably during the forecast period as things begin to return to normal.
The market for alloy wheels is anticipated to grow over the projected period as alloy wheels become more prevalent in mid-spec car models around the world and are made standard equipment on affordable car models in developing countries like India.
The key players profiled in this report include Steel Strips Wheels Limited, Status Wheel, RONAL GROUP, CMWheels, MHT Luxury Wheels, Enkei International, Inc., BORBET GmbH, Maxion Wheels, UNIWHEELS Group, Superior Industries, and Others.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the alloy wheels market analysis from 2021 to 2031 to identify the prevailing alloy wheels market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the alloy wheels market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global alloy wheels market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Rim Size
- 12 Inches - 17 Inches
- 18 Inches - 21 Inches
- More than 22 Inches
By Vehicle Type
- Passenger Vehicle
- Commercial Vehicle
By Material Type
- Aluminum Alloy
- Titanium Alloy
- Magnesium Alloy
By Type
- Forging
- Casting
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Spain
- Italy
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia-Pacific
- LAMEA
- Brazil
- Saudi Arabia
- United Arab Emirates
- South Africa
- Rest of LAMEA
Key Market Players
- RONAL GROUP
- Stamford Sport Wheels
- Superior Industries International, Inc.
- TSW Alloy Wheels
- Fuel Off-Road Wheels
- CITIC Dicastal Wheel Manufacturing Co
- Steel Strips Wheels Ltd (SSWL)
- MAXION Wheels
- BORBET GmbH
- Enkei Corporation
- MHT Luxury Wheels
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: ALLOY WHEELS MARKET, BY MATERIAL TYPE
CHAPTER 5: ALLOY WHEELS MARKET, BY TYPE
CHAPTER 6: ALLOY WHEELS MARKET, BY RIM SIZE
CHAPTER 7: ALLOY WHEELS MARKET, BY VEHICLE TYPE
CHAPTER 8: ALLOY WHEELS MARKET, BY REGION
CHAPTER 9: COMPETITIVE LANDSCAPE
CHAPTER 10: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to the report titled, “Alloy Wheels Market," the alloy wheels market was valued at $17.6 billion in 2021, and is estimated to reach $31.6 billion by 2031, growing at a CAGR of 6.2% from 2022 to 2031.Alloy wheels are wheels manufactured from an alloy of aluminum or magnesium in the automotive industry. A metal and additional elements are combined to form alloys. Compared to pure metals, which are typically softer and more ductile, alloys typically offer better strength. In comparison to steel wheels, alloys made of aluminum or magnesium are often lighter for the same strength, offer better heat conduction, and frequently produce superior aesthetic results. Despite the fact that steel, the most often used material for making wheels, is an alloy of iron and carbon, the phrase"alloy wheel" is typically only used to refer to wheels manufactured of nonferrous alloys. The control of a car can be greatly improved with lightweight wheels such as alloy wheels. Aluminum alloy, which is more durable, is increasingly used to make alloy wheels.
The market for alloy wheels is anticipated to grow over the projected period as alloy wheels become more prevalent in mid-spec car models around the world and are made standard equipment on affordable car models in developing countries like India. Due to their aesthetic appeal, alloy wheels are gaining popularity over time. Compared to steel wheels, they are lighter and better able to dissipate heat from brakes and tires. Additionally, OEMs' increased capital and R&D expenditures, particularly on passenger automobiles, promote market expansion.
Forging sub-segment of type segment held the highest market share in 2021. This dominance is owing to the ease of process that can be done in a single or many steps using a variety of magnesium alloys, most frequently AZ80 and ZK60 (MA14 in Russia). Although they are substantially more expensive, wheels made using this process typically have higher hardness and ductility than wheels made of aluminum. Forging is a difficult procedure that includes rolling, exerting high pressure, heating, hammering, and/or combining these processes. As a result, the alloy's crystal structure changes and the material gains strength and lightness.
The automotive wheels market is fragmented with a number of manufacturers controlling sizable market shares. Thyssenkrupp, Superior Industries, Enkei Wheels, and HRE Wheels are a few well-known manufacturers of automobile wheels. Businesses are making significant investments in R&D to create cutting-edge products and technology.
The producers are able to provide wheels with the newest characteristics due to the technological developments in manufacturing and material science. In order to create innovative wheels, the automobile wheel market is utilizing new design techniques and components, such as high-strength steel. Structural analysis methods and simulation tools are being used by many wheel manufacturers to create high-performance vehicle wheels. These factors are anticipated to create better growth opportunities for the market growth.
The alloy wheels market is segmented into material type, type, rim size, vehicle type, and region. On the basis of material type, the market is classified into aluminum alloy, titanium alloy, and magnesium alloy. As per type, the alloy wheel market is divided into forging, casting, and others. According to rim size, market is classified into 12 inches - 17 inches, 18 inches - 21 inches, and more than 22 inches. Based on vehicle type, the market is categorized into passenger vehicle and commercial vehicle. Region wise, alloy wheels market is analyzed across North America (the U.S., Canada, and Mexico), Europe (the UK, Germany, Italy, France, Spain, and rest of Europe), Asia-Pacific (China, India, Japan, Australia, South Korea, and rest of Asia-Pacific), and LAMEA (Brazil, Saudi Arabia, United Arab Emirates, South Africa, and rest of LAMEA).
The key players profiled in the study include Steel Strips Wheels Limited, Status Wheel, RONAL GROUP, CMWheels, MHT Luxury Wheels, Enkei International, Inc., BORBET GmbH, Maxion Wheels, UNIWHEELS Group, Superior Industries, and Others. The major players in the market have been actively engaged in the adoption of various strategies such as acquisition, product launch, and expansion to remain competitive and gain an advantage over the competitors in the market.
Key Market Insights
- By material type, the aluminum alloy segment was the highest revenue contributor to the market in 2021 and is anticipated to continue its dominance over the forecast period.
- As per type, the forging segment dominated the global market in 2021 and is estimated to be the fastest growing during the forecast years.
- Based on rim size, the 18 inches - 21 inches segment was the highest revenue contributor to the market in 2021 and is estimated to be the fastest growing during the forecast years.
- On the basis of vehicle type, the passenger vehicle held the highest market share in 2021 and is projected to continue its dominance during the forecast period.
- Region wise, North America was the highest revenue contributor to the market in 2021. However, Asia-Pacific region is anticipated to grow at the fastest CAGR during the forecast period.
Companies Mentioned
- RONAL GROUP
- Stamford Sport Wheels
- Superior Industries International, Inc.
- TSW Alloy Wheels
- Fuel Off-Road Wheels
- CITIC Dicastal Wheel Manufacturing Co
- Steel Strips Wheels Ltd (SSWL)
- MAXION Wheels
- BORBET GmbH
- Enkei Corporation
- MHT Luxury Wheels
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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