[Latest] Global Aluminum Alloy Wheel Market Size/Share Worth USD 33.2 Billion by 2033 at a 7.2% CAGR: Custom Market Insights (Analysis, Outlook, Leaders, Report, Trends, Forecast, Segmentation, Growth, Growth Rate, Value)
Austin, TX, USA, Sept. 03, 2024 (GLOBE NEWSWIRE) -- Custom Market Insights has published a new research report titled “Aluminum Alloy Wheel Market Size, Trends and Insights By Finishing Type (Polished Alloy Wheel, Tow-Toned Alloy Wheel), By Vehicle Type (Passenger Cars, Commercial Vehicles), and By Region - Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2024–2033” in its research database.
“According to the latest research study, the demand of global Aluminum Alloy Wheel Market size & share was valued at approximately USD 16.3 Billion in 2023 and is expected to reach USD 17.2 Billion in 2024 and is expected to reach a value of around USD 33.2 Billion by 2033, at a compound annual growth rate (CAGR) of about 7.2% during the forecast period 2024 to 2033.”
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Aluminum Alloy Wheel Market: Overview
An aluminum alloy wheel is a type of wheel commonly used in vehicles, made primarily from an alloy of aluminum, which often includes small amounts of other metals such as magnesium, nickel, or copper.
The new market player in this industry creates aluminum alloy wheels for a variety of vehicles, such as light trucks, passenger automobiles, commercial vehicles, and race cars. These wheels are well-liked by both consumers and automakers due to their lightweight design, corrosion resistance, and attractive appearance.
Furthermore, the vehicle’s aesthetic appeal is enhanced by the aluminum alloy wheels. As a result, weight reduction is becoming increasingly important. It is anticipated that evolving customer preferences and way of life changes would create new avenues for market expansion.
During the forecast period, factors such as swift urbanization, rising vehicle demand and production, and fuel efficiency rules are anticipated to drive the growth of the aluminum alloy wheels market.
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By finishing type, the polished alloy wheel segment held the highest market share in 2023 and is expected to keep its dominance during the forecast period 2024-2033. Aluminum wheels that have been polished are not plated. The surface is polished using a polishing compound.
By vehicle type, the passenger cars segment held the highest market share in 2023 and is expected to keep its dominance during the forecast period 2024-2033. Throughout the projection period, the passenger car sector is anticipated to maintain its leading market share for aluminum alloy wheels. The passenger automobile market is the largest and is expected to stay that way for the foreseeable future.
During the past few decades, there has been a notable increase in the manufacture of automobiles in the Asia Pacific region, specifically in nations like China, Japan, South Korea, and India.
Urbanization, growing income levels, and an increase in the demand for both passenger and commercial automobiles have all contributed to this expansion. Because of this, there is a significant requirement for aluminum alloy wheels to satisfy the demands of the growing automobile market.
Borbet GmbH premier manufacturer of alloy wheels that offers an extensive selection of wheel designs and configurations, including the QX and LX19 wheels.
Report Scope
| Feature of the Report | Details |
| Market Size in 2024 | USD 17.2 Billion |
| Projected Market Size in 2033 | USD 33.2 Billion |
| Market Size in 2023 | USD 16.3 Billion |
| CAGR Growth Rate | 7.2% CAGR |
| Base Year | 2023 |
| Forecast Period | 2024-2033 |
| Key Segment | By Finishing Type, Vehicle Type and Region |
| Report Coverage | Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors and Recent Trends |
| Regional Scope | North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America |
| Buying Options | Request tailored purchasing options to fulfil your requirements for research. |
(A free sample of the Aluminum Alloy Wheel report is available upon request; please contact us for more information.)
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(Please note that the sample of the Aluminum Alloy Wheel report has been modified to include the COVID-19 impact study prior to delivery.)
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CMI has comprehensively analyzed the Global Aluminum Alloy Wheel Market. The driving forces, restraints, challenges, opportunities, and key trends have been explained in depth by Amico Group of Companies to depict an depth scenario of the market. Segment wise market size and market share during the forecast period are duly addressed to portray the probable picture of this Global Aluminum Alloy Wheel industry.
The competitive landscape includes key innovators, after market service providers, market giants as well as niche players are studied and analyzed extensively concerning their strengths, weaknesses as well as value addition prospects. In addition, this report covers key players profiling, market shares, mergers and acquisitions, consequent market fragmentation, new trends and dynamics in partnerships.
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Key questions answered in this report:
- What is the size of the Aluminum Alloy Wheel market and what is its expected growth rate?
- What are the primary driving factors that push the Aluminum Alloy Wheel market forward?
- What are the Aluminum Alloy Wheel Industry's top companies?
- What are the different categories that the Aluminum Alloy Wheel Market caters to?
- What will be the fastest-growing segment or region?
- In the value chain, what role do essential players play?
- What is the procedure for getting a free copy of the Aluminum Alloy Wheel market sample report and company profiles?
Key Offerings:
- Market Share, Size & Forecast by Revenue | 2024−2033
- Market Dynamics – Growth Drivers, Restraints, Investment Opportunities, and Leading Trends
- Market Segmentation – A detailed analysis by Types of Services, by End-User Services, and by regions
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
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Aluminum Alloy Wheel Market: Regional Analysis
By Region, Aluminum Alloy Wheel Market is segmented into North America, Europe, Asia-Pacific, Latin America, the Middle East & Africa. The Asia Pacific will lead the Aluminum Alloy Wheel Market in 2023 with a market share of 43.6% and is expected to keep its dominance during the forecast period 2024-2033.
The region’s rapid expansion is largely being driven by the large populations of China and India, which together account for almost 38% of the world’s population. This growth is linked to increased levels of urbanization and disposable money, which cause people’s choices to change.
The primary reason for the growth of the automotive industries in China, India, and South Korea is the rise in car production. India produced 4.51 million cars in 2021, according to the OICA. Furthermore, according to the International Organization of Motor Vehicle Manufacturers, China is the nation that produces the most automobiles, with 25.72 million produced in 2021.
The primary drivers of the market expansion are the existence of a healthy automotive sector and the rise in the number of manufacturers producing passenger cars.
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List of the prominent players in the Aluminum Alloy Wheel Market:
- Borbet GmbH
- Enkei Corporation
- Ronal Group
- Wheels India Limited
- Superior Industries International Inc.
- Mak Wheels
- BBS Kraftfahrzeugtechnik AG
- CM Wheels
- Alcoa Wheels
- CITIC Dicastal Co. Ltd.
- Fondmetal S.p.A.
- Mandrus Wheels
- Konig Wheels
- OZ Group
- Rays Engineering
- Speed-line Corse
- TSW Alloy Wheels
- Vossen Wheels
- XXR Wheels
- Others
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The Aluminum Alloy Wheel Market is segmented as follows:
By Finishing Type
- Polished Alloy Wheel
- Tow-Toned Alloy Wheel
By Vehicle Type
- Passenger Cars
- Commercial Vehicles
By Application
- Two Wheelers
- Passenger Cars
- Commercial Vehicles
By Distribution Channel
- Original Equipment Manufacturer
- Aftermarket
By Material
- Aluminum
- Silicon
- Others
Click Here to Get a Free Sample Report of the Global Aluminum Alloy Wheel Market @ https://www.custommarketinsights.com/report/aluminum-alloy-wheel-market/
Regional Coverage:
North America
- U.S.
- Canada
- Mexico
- Rest of North America
Europe
- Germany
- France
- U.K.
- Russia
- Italy
- Spain
- Netherlands
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- New Zealand
- Australia
- South Korea
- Taiwan
- Rest of Asia Pacific
The Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- Kuwait
- South Africa
- Rest of the Middle East & Africa
Latin America
- Brazil
- Argentina
- Rest of Latin America
This Aluminum Alloy Wheel Market Research/Analysis Report Contains Answers to the following Questions.
- Which Trends Are Causing These Developments?
- Who Are the Global Key Players in This Aluminum Alloy Wheel Market? What are Their Company Profile, Product Information, and Contact Information?
- What Was the Global Market Status of the Aluminum Alloy Wheel Market? What Was the Capacity, Production Value, Cost and PROFIT of the Aluminum Alloy Wheel Market?
- What Is the Current Market Status of the Aluminum Alloy Wheel Industry? What's Market Competition in This Industry, Both Company and Country Wise? What's Market Analysis of Aluminum Alloy Wheel Market by Considering Applications and Types?
- What Are Projections of the Global Aluminum Alloy Wheel Industry Considering Capacity, Production and Production Value? What Will Be the Estimation of Cost and Profit? What Will Be Market Share, Supply and Consumption? What about imports and exports?
- What Is Aluminum Alloy Wheel Market Chain Analysis by Upstream Raw Materials and Downstream Industry?
- What Is the Economic Impact On Aluminum Alloy Wheel Industry? What are Global Macroeconomic Environment Analysis Results? What Are Global Macroeconomic Environment Development Trends?
- What Are Market Dynamics of Aluminum Alloy Wheel Market? What Are Challenges and Opportunities?
- What Should Be Entry Strategies, Countermeasures to Economic Impact, and Marketing Channels for Aluminum Alloy Wheel Industry?
Click Here to Access a Free Sample Report of the Global Aluminum Alloy Wheel Market @ https://www.custommarketinsights.com/report/aluminum-alloy-wheel-market/
Reasons to Purchase Aluminum Alloy Wheel Market Report
- Aluminum Alloy Wheel Market Report provides qualitative and quantitative analysis of the market based on segmentation involving economic and non-economic factors.
- Aluminum Alloy Wheel Market report outlines market value (USD) data for each segment and sub-segment.
- This report indicates the region and segment expected to witness the fastest growth and dominate the market.
- Aluminum Alloy Wheel Market Analysis by geography highlights the consumption of the product/service in the region and indicates the factors affecting the market within each region.
- The competitive landscape incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled.
- Extensive company profiles comprising company overview, company insights, product benchmarking, and SWOT analysis for the major market players.
- The Industry's current and future market outlook concerning recent developments (which involve growth opportunities and drivers as well as challenges and restraints of both emerging and developed regions.
- Aluminum Alloy Wheel Market Includes in-depth market analysis from various perspectives through Porter's five forces analysis and provides insight into the market through Value Chain.
Reasons for the Research Report
- The study provides a thorough overview of the global Aluminum Alloy Wheel market. Compare your performance to that of the market as a whole.
- Aim to maintain competitiveness while innovations from established key players fuel market growth.
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What does the report include?
- Drivers, restrictions, and opportunities are among the qualitative elements covered in the worldwide Aluminum Alloy Wheel market analysis.
- The competitive environment of current and potential participants in the Aluminum Alloy Wheel market is covered in the report, as well as those companies' strategic product development ambitions.
- According to the component, application, and industry vertical, this study analyzes the market qualitatively and quantitatively. Additionally, the report offers comparable data for the important regions.
- For each segment mentioned above, actual market sizes and forecasts have been given.
Who should buy this report?
- Participants and stakeholders worldwide Aluminum Alloy Wheel market should find this report useful. The research will be useful to all market participants in the Aluminum Alloy Wheel industry.
- Managers in the Aluminum Alloy Wheel sector are interested in publishing up-to-date and projected data about the worldwide Aluminum Alloy Wheel market.
- Governmental agencies, regulatory bodies, decision-makers, and organizations want to invest in Aluminum Alloy Wheel products' market trends.
- Market insights are sought for by analysts, researchers, educators, strategy managers, and government organizations to develop plans.
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