Automobile Alloy Wheels Market is expected to reach 24.8 Billion USD growing at a CAGR of 5.8% by Planet Market Reports

Global Automobile Alloy Wheels Market Outlook

Automobile Alloy Wheels Market accounted for USD 16.7 billion in 2016 and the market is expected to reach USD 24.8 billion by the end of 2024.

Market Overview

Automobiles plays an important role in our day to day life, primarily being a functional tool people still takes pride in choosing alloy wheel over steel wheels as they have improve appearance as well as the performance. Automobile manufacturers also focus on providing their vehicles with alloy wheels as they are preferred by the customers owing to their looks and performance.

Automobile alloy wheels market players continuously focusing on providing cut edge technology with performance driven products. Alloy wheels also increases the acceleration and breaking performance and also improve fuel economy as they are light weight and provide better heat conduction.

Alloy wheels are generally used in passengers cars as the low commercial vehicle LCVs and high commercial vehicle HCVs majorly uses steel rims because they can bear heavy loads and have low maintenance cost.

Growing automobile industry and rising trend of customization of vehicles majorly driven the growth of automobile alloy wheels market. Major alloy wheel manufacturers are adopting various business strategies such as merger & acquisitions to sustain the huge market competition in automotive sector.

For instance, Superior Industries International Inc., the largest manufacturer of forged and cast wheels announced the acquisition of Germany based UNIWHEELS AG in March 2017.

Report: https://www.planetmarketreports.com/reports/automobile-alloy-wheels-market-10899

Market Segmentation

By Vehicle Type
Passenger vehicles
Four wheelers
Two wheelers
Commercial Vehicles
LCV Light Commercial Vehicles
HCV Heavy Commercial Vehicles

By Material Type
Aluminum
Magnesium
Carbon Fiber

By End Users

OEMs Original Equipment Manufacturer
Aftermarket

By Geography

North America US, Canada {Market Share % , Market Size USD Billion }
Europe UK, France, Italy, Germany, Spain, Hungary, Sweden, Russia, Poland and Rest of Europe {Market Share % , Market Size USD Billion }
Middle East and Africa GCC Countries, North Africa, South Africa and Rest of Middle East & Africa {Market Share % , Market Size USD Billion }
Latin America Brazil, Mexico and Rest of Latin America {Market Share % , Market Size USD Billion }
Asia Pacific China, Japan, India, Singapore, South Korea, Australia, New Zealand and Rest of Asia-Pacific {Market Share % , Market Size USD Billion }
Rest of the World{Market Share % , Market Size USD Billion }

Growth Drivers and Challenges

Growing numbers of vehicles on road and rapid urbanization bolstered the growth of global automobile alloy wheels market. In 2015, more than 72.0 million passenger cars were sold globally and 68.56 million cars were produced in the same year and these stats are estimated to reach 100 million units production of automobiles by 2020.

Moreover, alloy wheel manufacturers are coming up with advanced and innovative alloy wheels to sustain and cater the huge market demand for innovative and performance allow wheels. For instance, Dymag a performance alloy wheel manufacturer introduced carbon composite car wheels which are 40% lighter than equivalent ORM aluminium alloy wheels of the same size.

However, high cost and maintenance related to alloy wheels which are not affordable by the low income class in emerging economies also effects the growth adversely.

Market Size and Forecast

Automobile Alloy Wheels Market accounted for USD 16.7 billion in 2016 and the market is expected to reach USD 24.8 billion by the end of 2024. Further, the market is anticipated to expand at a compound annual growth rate of 5.8% over the forecast period i.e.

2016-2024.

Geographically, North America accounted for the highest revenue share in global automobile alloy wheels market in 2016 with more than USD 4.5 billion revenue share. North America s aftermarket consist of significant share in alloy wheel market with more than 75% customers are car dealerships, 20% are auto body shops and 5% are tire dealers in aftermarket.

North America is closely followed by the Europe with more than 22% share in global automobile alloy wheels market. Germany is the largest market for automobile alloy wheels with maximum consumption in German auto plants which are scattered throughout the country.

German hosts largest concentration of the 47 OEM plants throughout Europe. Asia-Pacific region will show strong growth in automobile alloy wheels demand through 2024, which is projected to expand at a CAGR of 6.3% over the forecast period.

Sales in the region will be driven by the growing automotive sector and rapid urbanization in developing countries such China and India.

Report: https://www.planetmarketreports.com/report-sample/automobile-alloy-wheels-market-10899

Key Market Players

  • Borbet
    • Synopsis
    • Business Strategy
    • Product Portfolio
    • SWOT Analysis
    • Uniwheels
    • CM Wheels
    • Alcoa Wheels
    • CITIC Dicastal
    • Maxion
    • Accuride
    • Steel Strips Wheels
    • Enkei wheels
    • Superior industries
    • TSW Alloy Wheels
    • Dymag Group Limited
    • Foshan Nanhai Zhongnan Aluminum Wheel Co., Ltd.

Market Synopsis

Market Segmentation

Global automobile alloy wheels market is segmented as follows:

  • By Vehicle Type Market Size, Demand Analysis and Growth Analysis
    • By Material Type Market Size, Demand Analysis and Growth Analysis
    • By End Users Type Market Size, Demand Analysis and Growth Analysis
    Global Automobile Alloy Wheels Market Report covered insights of below mentioned regions:
    • North America U.S., Canada {Market Size, Growth Analysis and Opportunity Analysis}
    • Latin America Argentina, Mexico, Brazil and Rest of Latin America {Market Size, Growth Analysis and Opportunity Analysis}
    • Europe Germany, Italy, Spain, France, The U.K., Netherlands, Sweden, Hungary, Russia, Poland, Rest of Europe {Market Size, Growth Analysis and Opportunity Analysis}
    • Asia-Pacific China, India, Singapore, Japan, Australia, New Zealand, South Korea and Rest of Asia Pacific {Market Size, Growth Analysis and Opportunity Analysis}
    • Middle East and North Africa MENA {Market Size, Growth Analysis and Opportunity Analysis}
    • Rest of World {Market Size, Growth Analysis and Opportunity Analysis}

    Market Dynamics: Growth Drivers, Restraints and Opportunities
  • Risk Factors
    • Regional Variations
    • Recent Trends and Developments

Market Landscape: Competition and Beyond

Market outlook for business players and entry level players to ascertain their business in dynamic ecosystem
Expert Analysis
Concluding Remarks

To Browse Similar Reports @ https://www.planetmarketreports.com/category/automotive-transportation

About Us:

Planet Market Reports gives statistical surveying reports to businesses, people and associations with a goal of helping them in their decision making process. We have huge database of market research reports & company profiles across globe.  We associated with global market research a publisher who has a wide range of research specialists & industry experts which provides you deeper penetration of market research industry.

We have statistical surveying reports from number of top publishers and update our reports collections on daily basis with most recent research data to furnish our customers with the moment online access to our database. With access to this database, our customers will be able to benefit from expert insights on worldwide businesses, items, and market patterns. We help you in your buy choice by mapping your data needs with our immense accumulation of reports.

Contact US:- 

Name: Jennifer Daniel

Email-Id: sales@planetmarketreports.com

US: +1-716-2260907

UK: +447441952057

Organization: Planet Market Reports

chetan Bhambure

Recent Posts

Challenges facing the Construction Industry (MENA) Post Pandemic 2021

As the world economy struggles to recover from the pandemic, the vaccination drive spells hope…

3 years ago

UAE firms need a bridge to International Markets says Xentrix Global

UAE based companies and agencies have no option but to penetrate new markets more effectively…

3 years ago

Forecast of Global Sodium Chloride Injection Market Analysis 2015-2019

Latest Report on Global Sodium Chloride Injection including Market Landscape, and Market size, Revenues by…

3 years ago

2020-2025 Global Varicose Vein Treatment Devices Market Forecast and Market Analysis of 2015-2019

Latest Report on Global Varicose Vein Treatment Devices including Market Landscape, and Market size, Revenues…

3 years ago

Colorectal Cancer Therapeutics Market Forecast Report for 2020-2025

Latest Report on Global Colorectal Cancer Therapeutics Market including Market Landscape, and Market size, Revenues by players,…

3 years ago

International Schools Partnership invites Students to Share their Love for the UAE through Poetry

To celebrate World Poetry Day, International Schools Partnership (ISP) has launched a student Poetry Contest…

4 years ago