Alloy Wheels Market to Endure Paradigm Shift in Aftermarket Services

Introduction

The automotive industry is projected to undergo a dramatic change with evolving customer expectations. Technological advancements, innovation, and intense competition among market players in the aftermarket industry are expected to fuel the automotive alloy wheel market during the forecast period, 2019–2026.

Additionally, technological advancements by OEMs in manufacturing alloy wheels, rising customer preference for lightweight vehicles to improve driving experience are expected to further cater growth opportunities for the automotive alloy wheel market in the near future.

Segmental Insights

The global automotive alloy wheel market can be segmented by type, wheel size, sales channel, and region.

By type, the global automotive alloy wheel market can be segmented into polished alloy wheel, two-toned alloy wheels, and others. Polished alloy wheels are expected to gain prominence during the forecast period, due to their elegant appearance.

By wheel size, the global automotive alloy wheel market can be segmented into compact (13–16 inch), mid-size (17–21 inch), and large (21 inch and above). The compact segment is expected to witness the most prominent growth, due to the application of compact alloy wheels in passenger cars and relative Sports Utility Vehicles (SUVs).

By sales channel, the global automotive alloy wheel market can be segmented into OEM and aftermarket. Rising demand for performance and styling from race enthusiasts and others is expected to accelerate the demand for new developments in design, technology and manufacturing processes to produce superior products among OEMs and aftermarket services.

Regional Insights

Geographically, the global automotive alloy wheel market has been segmented into North America, Europe, Asia Pacific, and Latin America and the Middle East & Africa (LAMEA).

North America is expected to witness significant growth in the automotive alloy wheel market during the forecast period, on account of rising technological advancements and increasing demand for n improved driving experience. Manufacturers in the region are inclined towards innovation and developments for the design and weight optimization of aluminum alloy wheels.

Vehicle manufacturing is expected to be a strategic industry in Europe. According to the European Automobile Manufacturers Association (ACEA), 19.6 million cars, vans, trucks, and buses are manufactured every year with approx. 307 vehicle assembly and production plants in 27 countries throughout Europe. The strong foothold of the automotive industry in the region is indicative of the demand potential for automotive alloy wheels.

Asia Pacific is pegged to be the fastest growing region in the automotive alloy wheel market due to the growing demand for aluminum alloy wheels and aftermarket customizations. China, being the largest country in the manufacturing and export of automotive and aftermarket products, is projected to fuel the growth of the Asia Pacific automotive alloy wheel market in the coming years.

The LAMEA region is expected to witness healthy growth in the automotive alloy wheel market with governments in the region focusing on in-house automotive production and infrastructure development.

Competitive Players

1. Alcoa Corporation
2. AMG Advanced Metallurgical Group N.V.
3. Uno Minda
4. Maxion Wheels
5. Wheels India Limited
6. Enkei International, Inc.
7. MOBIS INDIA LIMITED
8. Status Wheels
9. Howmet Aerospace
10. Image Wheels International Ltd.
11. Wheel Pros
12. Foshan Nanhai Zhongnan Aluminium Wheel Co., Ltd.
13. RONAL GROUP
14. BORBET GmbH

Recent Developments

• April 2024- NEW DELHI Uno Minda, an auto components manufacturer, has begun construction on a passenger vehicle alloy-wheel plant in Haryana, with an investment of Rs 542 crore. The facility is located at IMT Kharkhoda in Haryana and will produce 1.2 lakh wheels per month. The plan includes the construction of large-scale, technologically advanced mega factories, as well as the consolidation of existing facilities to improve operational efficiency and economic optimization. 
• February 2024- ASK Automotive Limited, a manufacturer of brake shoes and advanced braking systems for two-wheelers, has announced plans to enter a new segment in the domestic market: High-Pressure Die Casted Two-Wheeler Alloy Wheels (Licensed Products). The company has formed a partnership with Taiwan's LIOHO Machine Works Limited to gain technical expertise in developing this new product line. The seven-year collaboration aims to meet the evolving needs of both existing and potential customers.

Segmentation

1. By Vehicle Type
   1. Two Wheeler
   2. Passenger Vehicle
   3. Light Commercial Vehicle
   4. Truck
   5. Bus & Coach
2. By Finishing Type
   1. Powder Coated/Painted Lacquered
   2. Diamond Cut
   3. Split Wheel
   4. Chrome Wheel
   5. Anodized
   6. Others
3. By Rim Size
   1. 12"-17"
   2. 18"-21"
   3. More Than 22"
4. By Material Type
   1. Aluminum Alloy
   2. Titanium Alloy
   3. Magnesium Alloy
5. By Sales Channel
   1. OEM
   2. Aftermarket