Global Statistics Representing Automotive Alloy Wheel Market Scenario
A road wheel is an important structural member of the vehicular suspension system that supports the static and dynamic loads encountered during vehicle operation. With wheels being a fundamental part of vehicles, the automotive alloy wheels market is expected to grow in tandem with increasing vehicle production around the globe. According to the European Automobile Manufacturers Association (ACEA), 98.9 million motor vehicles were produced globally in 2017. Aftermarket sales are part of the management agenda in established and emerging economies to amass greater revenues. According to the International Organization of Motor Vehicle Manufacturers (OICA), the overall sales of motor vehicles accounted for over 96 million during 2005–2017; this figure reflects the potential for automotive alloy wheels during the forecast period.
The global automotive alloy wheel market is expected to grow at a CAGR of 3.1% during the forecast period, 2019–2026.
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 in the automotive alloy wheel market during the forecast period, due to their elegant appearance. As the name suggests, polished alloy wheels are polished rather than plated. According to Mercedes-Benz designers, wheels featuring a two-tone finish are expected to emerge as the most popular in the future as these wheels appear high quality, which adds to vehicles’ 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 wheel size segment is expected to gain traction with widespread application in passenger cars and relative Sports Utility Vehicles (SUVs). Mid-size and large wheel segments are also slated to witness attractive growth, with anticipated growth of logistics and construction industries during the forecast period.
By sales channel, the global automotive alloy wheel market can be segmented into OEM and aftermarket. OEMs are constantly looking for new ways to develop enhanced products such as highly corrosion- and strain-resistant alloy wheels, which is expected to drive market growth. Increasing customer preference towards customized wheels over factory-fitted wheels is also expected to augment aftermarket sales during the forecast period.
Geographically, the global automotive alloy wheel market has been segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa (LAMEA).
North America is expected to witness significant growth in the automotive alloy wheel market during the forecast period, owing to the well-established presence of leading automotive part manufacturers, including Euromax Wheel, MHT Luxury Wheels, Status Wheels, Inc., Wheel Pros, LLC, and Fuel Off-Road Wheels in the region.
Europe is expected to witness significant growth in the automotive alloy wheels market during the forecast period, backed by high investments in the automotive industry for innovation and research and development. According to the European Automobile Manufacturers Association (ACEA), Europe invests approx. USD 61.83 billion annually with over 8,700 patents granted to the automotive sector by the European Patent Office (EPO) in 2017.
Asia Pacific is pegged to be the fastest growing region in the automotive alloy wheel market on account of the large-scale export of automotive components from the region. For instance, the Government of India extended the anti-dumping duty on selected four-wheeler aluminum alloy wheels manufacturers imported from China, Korea RP, and Thailand for five years, thereby encouraging the local manufacturing of these products, generating employment, and focusing on the ‘Make in India Strategy’.
The LAMEA region is expected to witness healthy growth in the automotive alloy wheel market on account of its continuing evolution into an established manufacturing and sales hub for the automotive industry. According to Ernst & Young Global Limited and other sources, including CIA World Factbook and LMC Automotive, investments in Latin America for lightweight vehicles amounted to over USD 17.7 billion during 2007–2016. Further, optimization of alloy wheels to improve the design and quality of lightweight vehicles would bolster demand in the coming years.
Some of the key players in the global automotive alloy wheel market are MHT Luxury Wheels, Status Wheels, Inc., Wheel Pros, LLC, Fuel Off-Road Wheels, SOTA Offroad, Enkei Wheels India Ltd., Ronal AG, Uniwheels, BBS Kraftfahrzeugtechnik AG, BORBET, CM Wheels, ALCOA WHEELS (Arconic), Maxion Wheels, Foshan Nanhai Zhongnan Aluminum Wheel Co., Ltd, and Superior Industries.
Automotive Alloy Wheel Market Segmentation
By Wheel Size
By Sales Channel
Why Buy This Report?
The report on the global automotive alloy wheel market provides actionable insights with a focus on recent developments across different regions and prominent manufacturers’ development strategies. The following sections are specifically covered in the report.