Market Overview -
According to Market Research Future (MRFR), the global Alloy wheel market is projected to reach around USD 21 billion, registering a CAGR of 5% (forecast period). The report summarizes the global situation, the economic situation, and the COVID-19 analysis of the overall market.
Alloy wheels for automobiles are made from aluminum, nickel, or magnesium material. The casting and forging method is used for the manufacture of alloy wheels. whereas, the forged wheels are lighter and stronger but more costly than the cast-alloy wheels. The alloy wheels market has greater strength, better heat conduction, and more cosmetic appearance than steel wheels. Consumers prefer the use of alloy wheels for the external styling of vehicles and good riding quality.
Market Dynamics
Rising demand from Europe and the Asia Pacific, increasing global alloy wheel repair centers, growing demand for lightweight wheels, and increasing production and sales of electric vehicles are significant factors driving the global Alloy wheel market.
Uncertainty of raw material prices and unorganized aftermarket for wheels are considered to be the key factors restricting the growth of this market. However, the improving economies of developing countries, rising demand for high-performance wheels, and increasing demand for advanced materials and new wheel composition provide growth opportunities for the global market.
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Market Segmentation
The global Alloy wheel market has been segmented based on finishing type, wheel type, and vehicle type. On the basis of wheel type, the market for Alloy wheel is segmented based on compact-size, mid-size, and full-size. Additionally, the market on the basis of vehicle type, is segmented into passenger car and commercial vehicles. The global market for Alloy wheel is also covered based on finishing type segment which is further split into two-toned alloy wheel, polished alloy wheel, and others.
Factors like growing number of service centers as well as repairing units are opening around the world support the Alloy wheel market growth. The performance of the Alloy wheel market has also been studied for the past and current years. Additionally, the Alloy wheel market report provides analysis of these segments. The Alloy wheel market segmental analysis provided in the report offers major details about the Alloy wheel market based on the data and forecasts till 2025.
Regional Overview
Companies in the Alloy wheel market are spread across the world. The Alloy wheel market report provides major information about regional markets of North America, Europe, Asia-Pacific (APAC), and the rest of the world. The North American Alloy wheel market has many companies across the United States, Canada, and Mexico. The Alloy wheel market of the Middle East, Africa, and other regions has also been studied by analysts. The regional analysis of the Alloy wheel market can be found in the market research report. Europe has companies in the Alloy wheel market across Germany, France, Spain, Italy, and the United Kingdom. A detailed analysis of the Alloy wheel market across India, China, and Japan in the Asia-Pacific region is also presented in the report.
Competitive Landscape
The Alloy wheel market is supported by growing demand for alloy wheels in vehicles and rising awareness about their benefits. The population growth around the world and increasing demand of Alloy wheel market based services and products also support the market growth. However, the Alloy wheel market growth can be affected due to the highly unstable price of raw material in different parts of the world. The report covers all such details which will help companies in the Alloy wheel market to strengthen their business plan and improve their product portfolio. The Alloy wheel market research report also provides company profiles of major companies. The company profiles of many organizations operating in the Alloy wheel market report highlights crucial details like company size, revenue growth, and details of mergers and acquisitions taking place in the Alloy wheel market. New companies and established businesses can plan their strategies based on this data provided in the Alloy wheel market research report.
Industry News
Wheel Pros, the largest design company, producer and supplier of branded automotive aftermarket wheels, quality tyres, suspension components and accessories, recently completed its acquisition of Just Wheels & Tires, the leading developer and manufacturer of patented aftermarket customized wheels concentrated on the premium and off-road sectors. The monetary terms of the deal have not been stated.
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