Alloy Wheel Aftermarket Market

Alloy Wheel Aftermarket Market Highlights

The global alloy wheel aftermarket market is expected to cross a value of USD 11.2 billion by the end of 2032. The market was valued at USD 8.02 billion in 2023 and is expected to expand at a CAGR of 3.8% between 2024-2032.

• Over the mid-term, the growing consumer preferences for personalized and unique vehicle aesthetics is the primary factor anticipated to drive the global alloy wheel aftermarket market.
• The high cost of aftermarket products is a major factor to challenge the market growth.
• The North America alloy wheel aftermarket market is projected to dominate the global market.

Alloy Wheel Aftermarket Market Outlook

The market for alloy wheels that are sold and installed as replacement or upgrade options for original equipment wheels on vehicles after the initial purchase is often known as alloy wheel aftermarket. Alloy wheels are usually made from a combination of metals, typically aluminum and other elements, and it offers numerous advantages over its alternatives, such as reduced weight, better heat dissipation, and enhanced aesthetic appeal.

According to our research experts at KD Market Insights, the growing consumer preferences for personalized and unique vehicle aesthetics is one of the major factors expected to drive the market growth. Alloy wheels offer a wide range of designs, finishes, and sizes, allowing vehicle owners to customize the look of their vehicles according to their preferences. The desire for enhanced visual appeal and individuality is therefore predicted to contribute to the market growth in the coming years. Citic Dicastal Wheel manufacturing, Hitachi Metals, Steel Strips Wheels are some of the significant parties in the global market for alloy wheel aftermarket.

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Alloy Wheel Aftermarket Market Drivers – Analyst’s Observation

According to the analysts at KD Market Insights, some key growth drivers for the global alloy wheel aftermarket market are:

• Growing Need for Replacement of Damaged or Worn-Out Wheels: The average age of vehicle across nations worldwide is increasing rapidly. Our research estimates that the average age of registered vehicles in Russia, the United States, Germany, and China were close to 14 years, 12 years, 10 years, and 6 years respectively in the year 2023. As vehicles age, owners often look for replacement options, and the aftermarket provides a platform for consumers to replace damaged or worn-out wheels and upgrade their existing wheels to alloy wheels. Such a factor is therefore predicted to drive the growth of the market in the coming years.
• Rising Influence of Motor Sports: With the growing influence of main stream motor vehicle racing, the consumers are highly inspired by racing aesthetics and performance enhancements tuning culture that would replicate the style of high-performance vehicles. This results in a rise in demand for aftermarket alloy wheels, which in turn, is expected to foster the market growth.

Which Probable Factors Could Hamper the Growing Alloy Wheel Aftermarket Market Trend?

As per our KD Market Insights analysis, some of the challenges expected to limit the global market growth of alloy wheel aftermarket are:

• High Cost of Aftermarket Products: Some of the aftermarket alloy wheels which have premium designs and finishes, are usually more expensive than the traditional wheels. The budget constraint consumers hence face are incapable of purchasing these high price products, thereby impacting the adoption of aftermarket alloy wheels.
• Concern for Proper Fit of Aftermarket Products: One of the biggest challenges among the aftermarket alloy wheel manufacturers is the issue related to the compatibility and fitment of aftermarket alloy wheels in replacement of the wheels provided by the original equipment manufacturers. The challenges associated with the compatibility is therefore expected to hinder the growth of the market in the coming years.

How is the Global Alloy Wheel Aftermarket Market Segmented?

Our experts at KD Market Insights have segmented the global alloy wheel aftermarket market as:

What are the Probable Factors Influencing the North America Alloy Wheel Aftermarket Market Forecast?

The North America alloy wheel aftermarket market is majorly driven by the growing need of the consumers in the region to seek unique and stylish options to enhance the appearance of their vehicles. The people in the region, especially in the United States, are known to have higher disposable income. According to the statistics by the Bureau of Economic Analysis of the U.S. Department of Commerce, in the month of January 2024, personal income increased by 1% at a monthly rate to touch USD 233.7 billion, whereas the disposable personal income increased by 0.3% in the said tenure. With higher spending capability of the consumers, there is a growing trend for vehicle customization and personalization, especially among younger demographics and automotive enthusiasts, as alloy wheels are valued for their aesthetic appeal and the ability to give vehicles a modern and sporty look.

As per our analysts at KD Market Insights, the following five players lead the North America alloy wheel aftermarket market growth:

• Enkei Wheels USA
• American Racing Wheels
• Koing American
• TSW Alloy Wheels
• BBS of America, Inc.

Which Key Players Top the Global Alloy Wheel Aftermarket Market Share?

As per our analysts at KD Market Insights, the competitive landscape of global alloy wheel aftermarket market facilitates our readers in identifying their closest competitors. The manufacturers who are associated with alloy wheel aftermarket market are raising their focus on expanding their presence, as well as their market share. The market has also been witnessing an upward movement in the number of collaborations between research institutions and key players, aimed at introducing advanced technologies and innovation of new products. Here is a list of the key players who top the global alloy wheel aftermarket market share:

• Iochpe-Maxion

• Citic Dicastal Wheel anufacturing
• Hitachi Metals
• Steel Strips Wheels
• American Eagle Wheels
• RONAL Group
• Borbet GmbH
• Enkei Corporation
• Superior Industries
• Maxion Wheels
• Accuride Corporation
• BBS GmbH
• Oz Racing
• DWT International Inc.
• Dare Wheels
• Vossen Wheels
• Vorsteiner
• HRE Performance Wheels
• Rotiform

What are the Recent Developments Observed in the Alloy Wheel Aftermarket Market?

Over the years, the experts at KD Market Insights have been observing the recent developments associated with global alloy wheel aftermarket market trends. Our expert’s market forecast analysis has recorded the market players adopting plentiful of key strategies including new product launches, mergers & acquisitions, and collaborations.

For instance, Uno Minda Limited recently shared that they would be investing close to USD 24 Million to expand its four wheel (4W) alloy wheel manufacturing capacity at its Bawal Haryana plant in India. The organization would also open a subsidiary and an office in Dubai to enhance its reach in the aftermarket division in the Middle East & Africa region.

Further, Advantec Wheels announced that they would invest close to USD 12 Million to set up its premium aftermarket alloy wheels brand in India that would be represented with its unique flow-forged products, allowing customers for extensive customization options.