Aluminium Alloy Wheels Market - Growth Trends and Business Strategies to 2032
The global Aluminium Alloy Wheels market was recorded at USD 22.45 billion. Projections indicate that by 2032, this market will escalate to a value of USD 37.29 billion, with a projected compound annual growth rate (CAGR) of 5.8% over the forecast period.
The driving force behind the growth in market revenue is attributed to various factors, including the increasing consumer demand for customized wheels, the upward trend in sales of luxury and premium vehicles, and the growing necessity for replacement wheels due to accidents and general wear and tear. Anticipated in the coming years is a rise in demand for aftermarket wheels, spurred by the automotive industry's heightened focus on enhancing both vehicle performance and aesthetics.
The surging desire for larger and more distinct wheels is, in part, driven by the widespread popularity of SUVs and crossover vehicles. The inclination towards broader wheels to augment the aesthetic appeal and performance of SUVs and crossovers, which represent one of the automotive industry's rapidly expanding segments, is on the rise. Consequently, manufacturers of aftermarket wheels are diversifying their offerings with an array of sizes and designs to cater to the growing demand.
Furthermore, the aftermarket wheel market is anticipated to reap substantial benefits from the increasing adoption of electric vehicles (EVs). Electric vehicles require lightweight and aerodynamic wheels to enhance their range and efficiency. In response to this demand, aftermarket wheel producers are devising state-of-the-art wheel designs that meet these specific requirements.
Moreover, the accessibility of advanced manufacturing technologies such as 3D Printing and CNC machining is empowering aftermarket wheel manufacturers to craft highly personalized and truly unique designs at a reduced cost. This trend is expected to foster higher customer demand for aftermarket wheels, particularly among those seeking exceptional and tailor-made wheel designs.
Competitive Landscape:
Michelin
Goodyear Tire & Rubber Company
Continental AG
Bridgestone Corporation
Pirelli & C. S.p.A.
Yokohama Rubber Co., Ltd.
Enkei Wheels
BBS Kraftfahrzeugtechnik AG
Castrol Limited
Mak Wheels
The global market is further segmented into type and application:
By Product Type Outlook
Alloy
Steel
Carbon Fiber
Others
By Vehicle Type Outlook
Passenger Cars
Light Commercial Vehicles
Heavy Commercial Vehicles