Aluminum Alloy Wheel Market
Aluminum Alloy Wheel Market Trend, Opportunity, and Forecast Analysis, 2024-2032
Aluminum Alloy Wheel Market is segmented by Application, Distribution Channel, and by Region. KDMI analyst foresees market revenue to cross USD 46.35 Billion by 2032 by growing with a CAGR of 10.6% during 2024-2032.
Aluminum Alloy Wheel Market Highlights
The global aluminum alloy wheel market is expected to cross a value of USD 46.35 billion by the end of 2032. The market was valued at USD 17.40 billion in 2023 and is expected to expand at a CAGR of 10.6% between 2024-2032.
- Over the mid-term, the broadening automotive industry globally is the primary factor anticipated to drive the global aluminum alloy wheel market.
- The distress of decreased load-bearing capacity of aluminum alloy wheels is a major factor to challenge the market growth.
- The North America aluminum alloy wheel market is projected to dominate the global market.
Aluminum Alloy Wheel Market: Report Scope |
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Base Year |
2023 |
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Base Year Market Size |
USD 17.40 Billion |
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Forecast Year |
2024-2032 |
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Forecast Year Market Size |
USD 46.35 Billion |
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CAGR Value |
10.6% |
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Aluminum Alloy Wheel Market Key Trends/Major Growth Drivers |
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Restraint Factors |
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Aluminum Alloy Wheel Market Segmentation |
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Aluminum Alloy Wheel Market Key Players |
ALCAR HOLDING GMBH, BORBET GmbH, Capricorn Motors Pvt. Ltd., CITIC Ltd., Enkei Corp., Fuel OFF Road Wheels, Howmet Aerospace Inc., Image Wheels International Ltd., Lizhong group, MAXION wheels, RONAL AG, Shanghai Metal Corp., Topy Industries Ltd., Toyota Motor Corp., Wanfeng Group Co. Ltd., Wheels Pros LLC, and others. |
Aluminum Alloy Wheel Market Outlook
Aluminum alloy wheel is a wheel used in vehicles that is made out of an alloy of aluminum or a combination of aluminum and other metals. Aluminum alloy wheels are widely deployed in cars, bicycles, and motorcycles owing to its properties of light weight and dissipation of heat.
One of the key factors predicted to boost the demand for aluminum alloy wheels is the expanding automotive industry globally. According to the statistics by the International Organization of Motor Vehicle Manufacturers (OICA), total vehicle production in 2022 was 85016728 units. Out of these number, the total number of cars manufacturer were 61598650 units and the rest were commercial vehicles. Hence, with the surge in the production and sales of vehicles worldwide, it is expected that the demand for aluminum alloy wheel would also increase, thereby contributing to the overall growth of the market during the forecast period. ALCAR HOLDING GMBH, BORBET GmbH, and Capricorn Motors Pvt. Ltd. are some of the significant parties in the global market for aluminum Alloy Wheel.
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Aluminum Alloy Wheel Market Drivers – Analyst’s Observation
According to the analysts at KD Market Insights, some key growth drivers for the global aluminum alloy wheel market are:
- Growing Need for Vehicle Customization Among Consumers: One of the recent trends observed among consumers nowadays is the rise in need for visually appealing vehicles. Majorly influenced by several factors, and supported by a strong disposable income, which, according to the statistics by the Organisation for Economic Co-operation and Development (OECD) stood at 0.53 per capita percentage change in Q2 of 2023, the need for customized and stylish options for vehicles are on the rise. This, as a result, is expected to drive the growth of the market during the forecast period.
- Numerous Benefits of Aluminum Alloy Wheel: Aluminum alloy wheels are known to have several benefits over conventional wheels. For instance, aluminum alloy wheels are light in weight, which enhances the overall performance of a vehicle, such as raising the vehicle’s fuel efficiency. Recently, with the growing focus on sustainability, and shift towards greener mobility, manufacturers of vehicles worldwide are focusing on using materials that helps in increasing the vehicle’s overall efficiency. Such a factor is therefore expected to boost the demand for aluminum alloy wheel, and contribute to the market growth.
Which Probable Factors Could Hamper the Growing Aluminum Alloy Wheel Market Trend?
As per our KD Market Insights analysis, some of the challenges expected to limit the global market growth of aluminum alloy wheel are:
- Distress of Decreased Load-Bearing Capacity of Aluminum Alloy Wheels: Although, the lightweight nature of aluminum alloy wheels is beneficial for reducing the overall curb weight of the vehicle, yet, these wheels are known to have lower load-bearing capacity. Such a concern is hence predicted to act as a constraint for the growth of the market.
- High Cost of Repairing Aluminum Alloy Wheel: Another major factor anticipated to lower the growth of the market is the high cost associated with the repairing of aluminum alloy wheels. The repairing process of these wheels are much complicated when compared with the conventional wheels. This, as a result, increases the cost of repairing, in turn, hampering the market growth.
How is the Global Aluminum Alloy Wheel Market Segmented?
Our experts at KD Market Insights have segmented the global aluminum alloy wheel market as:
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By Application |
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By Distribution Channel |
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By Region |
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What are the Probable Factors Influencing the North America Aluminum Alloy Wheel Market Forecast?
The North America aluminum alloy wheel market is majorly driven by increasing demand for lightweight materials among the vehicle manufacturers in the region. In addition to this, the presence of several aftermarket vehicle service providers in the region, along with the surge in preferences for aesthetic customization among the consumers are some of the factors expected to drive the growth of the aluminum alloy wheel market in North America.
As per our analysts at KD Market Insights, the following five players lead the North America aluminum alloy wheel market growth:
- BBS of America, Inc.
- Enkel Wheels USA
- Konig American
- TSW Alloy Wheels
- American Racing Wheels
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Key Countries to Watch for in North America Aluminum Alloy Wheel Market |
Key Insights |
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United States Aluminum Alloy Wheel Market to Register the Largest Regional Market Share in 2032 |
USD 11.2 Billion |
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Canada Aluminum Alloy Wheel Market to Grow with the Highest CAGR During 2024-2032 |
10.3%
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Which Key Players Top the Global Aluminum Alloy Wheel Market Share?
As per our analysts at KD Market Insights, the competitive landscape of global aluminum alloy wheel market facilitates our readers in identifying their closest competitors. the manufacturers who are associated with aluminum 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 aluminum alloy wheel market share:
- ALCAR HOLDING GMBH
- BORBET GmbH
- Capricorn Motors Pvt. Ltd
- CITIC Ltd.
- Enkei Corp.
- Fuel OFF Road Wheels
- Howmet Aerospace Inc.
- Image Wheels International Ltd.
- Lizhong group
- MAXION wheels
- RONAL AG
- Shanghai Metal Corp.
- Topy Industries Ltd.
- Toyota Motor Corp.
- Wanfeng Group Co. Ltd.
- Wheels Pros LLC
- WIL Car Wheels Ltd.
- Zhejiang Yueliang co. Ltd.
What are the Recent Developments Observed in the Aluminum Alloy Wheel Market?
Over the years, the experts at KD Market Insights have been observing the recent developments associated with global aluminum 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, ASK Automotive Limited announced that it has partnered with LIOHO Machine Works Limited of Taiwan for producing High Pressure Die Casted Two-Wheeler (2W) Alloy Wheels in India.
Further, Uno Minda Limited announced that in alignment with its plans for expansion of 4W alloy wheel offerings, it has acquired majority of the stake of 81.69% in Kosei Minda Aluminum Company Private Limited and 49.90% in Kosei Minda Mould Private Limited from its joint venture partner Kosei, Japan.
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- Publication date: 9th March 2024
- Base year: 2022
- Forecast year: 2023-2033
- Format: PDF, PPT,Word,Excel
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