According to Goldstein Research, “Growing sale of automobiles across the globe and rising trend of Customization of vehicles is increasing the consumer’s interest light weight alloy wheels.” Alloy wheels are a best substitute to aluminium wheels, which increases car performance with appealing looks. Alloy wheels are mainly popular among young people and performance seeker car lovers and the demand is growing mainly in aftermarkets of North America and Europe and Asia Pacific.
The global automobile alloy wheels market is segmented based on vehicles, by material and by end users. End users segment is further bifurcated into OEMs and aftermarket. In 2016, OEMs accounted for the highest share of automotive alloy wheels market with more than 80% revenue share in total market. Aftermarket sales are significantly growing owing to growing trend of vehicle customization. Aftermarket sales are majorly occupied by the car dealerships followed by the auto body shops.
Global automobile market is directly driven by the growing sales of automobiles across the globe and the automobile alloy wheels market accounted for USD 16.7 billion in 2016. Further the market is expected to expand at a CAGR of 5.8% over the forecast period i.e. 2016-2024.
Asia-Pacific is the fastest growing region for automobile alloy wheels market in 2016 and is expected to dominate the market during the forecast period of 2016-2024. Asia-Pacific automobile alloy wheels market valued USD 3.5 billion in 2016 and is estimated to reach USD 5.2 billion by 2024. China is expected to dominate the automobile alloy wheels market followed by India due to large automobile production in these countries. Rising personal disposable income and readiness to spend on customization of vehicles is accelerating the Asia Pacific aftermarket sales of alloy wheels.
Growing Automobile Industry: Major Impel
China accounted for the highest vehicle production (21.3) million between 2012 and 2015, closely followed by Japan with 8.3 million vehicle production. China is also expected to manufacture 27 vehicles by 2020, which will significantly drive the growth of alloy wheels market. In addition, China is the third largest market for U.S automotive parts, with U.S automotive parts and alloy wheels exports growing from less than USD 1 billion in 2009 to USD 2.4 billion in 2015. Given the large size of market; China and other developing countries looks to be strong prospect for the strong growth of automobile alloy wheels market. However, regular and rash driving leads to extra expenditure on alloy wheel refurbishment. Potholes and rough surfaces of roads can damage alloy wheels badly, which are restricting the growth of alloy wheels market in developing countries.
“Global Automobile Alloy Wheels Market Outlook 2024” contains detailed overview of the global automobile alloy wheels market in terms of market segmentation by vehicle type, by material type and by end users.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, market challenges, risk analysis, market attractiveness, BPS (Base Point Scale) analysis, Porter’s five force model and SWOT analysis.
Global Automobile Alloy Wheels Market Report also provides competitive outlook of some of the major players which includes profiling of companies such as Borbet, Uniwheels, CM Wheels, Alcoa Wheels, CITIC Dicastal, Maxion, Accuride, Steel Strips Wheels, Enkei wheels etc. The company profiles include business strategy, geographical revenue distribution, major information of the companies which encompasses business outlook, products, services and industries catered, financial analysis of the company and recent developments.
Overall, the report represents comprehensive synopsis on the global automobile alloy wheels market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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