Alloy Wheel Market

Alloy Wheel Market Highlights

The global alloy wheel market is expected to cross a value of USD 32.5 billion by the end of 2032. The market was valued at USD 18.2 billion in 2023 and is expected to expand at a CAGR of 6.4% between 2024-2032.

• Over the mid-term, the overall growth of the automotive industry is the primary factor anticipated to drive the global alloy wheel market.
• The rising concerns for low load-bearing capacity is a major factor to challenge the market growth.
• The North America alloy wheel market is projected to dominate the global market.

Alloy Wheel Market Outlook

Alloy wheel or aluminum wheel is a wheel that is made from an alloy of aluminum or a combination of aluminum and other metals. These wheels are used in different types of vehicles, majorly cars, bicycles, and motorcycles due to its lightweight, and heat dissipation properties.

According to our researchers at KD Market Insights, the overall growth of the automotive industry is one of the major factors expected to drive the growth of the alloy wheel market. Globally, with the increase in the production and sales of different types of vehicles, the demand for lightweight, durable, and aesthetically pleasing alloy wheels is also expected to increase. According to the statistics by the International Organization of Motor Vehicle Manufacturers (OICA), the total number of vehicles produced in the year 2022 was registered to be 85016728 units, of which, 61598650 units were cars, and the rest were commercial vehicles. MHT Luxury Wheels, TSW Alloy Wheels, and Steel Strips Wheels Ltd (SSWL) are some of the significant parties in the global market for alloy wheel.

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Alloy Wheel Market Drivers – Analyst’s Observation

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

• Rising Consumer Demand for Aesthetics and Vehicle Customization: Consumers nowadays are rapidly prioritizing on enhancing the visual appeal of their vehicles. As a result, the need for customized and stylish options are on the rise. As alloy wheels offer a wide range of designs, finishes, and sizes, allowing car owners to personalize their vehicles, hence, the demand for aesthetically pleasing and unique alloy wheel designs is increasing, thereby contributing to the growth of the market in the coming years.
• Enhanced Benefits Associated with the Use of Alloy Wheels: Alloy wheels are known for being lighter than traditional steel wheels. As a result, these wheels contribute to enhanced performance of the vehicle and also raises the fuel efficiency. The rise in focus of the vehicle manufacturers worldwide on improving vehicle efficiency and lowering emissions is therefore expected to increase the adoption of alloy wheels, in turn, contributing to the market growth.

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

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

• Concerns for Low Load-Bearing Capacity: Due to the lightweight nature of allow wheels, these wheels have lower load-bearing capacity as compared to other available wheel types. This concern is therefore expected to limit the market growth.
• Complex Repair Process of Alloy Wheels: The repairing cost of alloy wheels is comparatively more than steel wheels owing to the complicated wheel repairing process. The higher repair costs associated with this wheel type is therefore projected to hinder the growth of the market.

How is the Global Alloy Wheel Market Segmented?

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

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

The North America alloy wheel market is majorly driven by the growing preference among the consumers in the region for aesthetic customization of their vehicles, followed by the surge in demand for lightweight materials to enhance fuel-efficiency of vehicles. Alloy wheels offer a wide range of designs, finishes, and sizes, allowing car enthusiasts to personalize the appearance of their vehicles. The desire for unique and visually appealing vehicles is therefore expected to contribute to the growth of the alloy wheel market in North America.

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

• BBS of America, Inc.
• Enkel Wheels USA
• Konig American
• TSW Alloy Wheels
• American Racing Wheels

Which Key Players Top the Global Alloy Wheel Market Share?

As per our analysts at KD Market Insights, the competitive landscape of global alloy wheel market facilitates our readers in identifying their closest competitors. the manufacturers who are associated with alloy wheel 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 market share:

• MHT Luxury Wheels
• TSW Alloy Wheels
• Steel Strips Wheels Ltd(SSWL)
• CITIC Dicastal Wheel Manufacturing Co,
• Stamford Sport Wheels
• Superior Industries International, Inc.
• MAXION Wheels
• RONAL GROUP
• BORBET GmbH
• Enkei Corporation
• Fuel Off – Road Wheels

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

Over the years, the experts at KD Market Insights have been observing the recent developments associated with global alloy wheel 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 announced that they have acquired 81.69% stake in Kosei Minda Aluminum Company Private Limited and 49.90% in Kosei Minda Mould Private Limited from its joint venture partner Kosei, Japan. With this acquisition, the company plans to expand its 4 W alloy wheel offerings.

Further, ASK Automotive Limited stated that it has plans to produce High Pressure Die Casted Two-Wheeler (2W) Alloy Wheels in India in partnership with LIOHO Machine Works Limited, Taiwan.