Aluminum Alloy Wheel Market Expected to Reach $31.9 Billion by 2032

According to a new report published by Allied Market Research, titled, “Aluminum Alloy Wheel Market," The aluminum alloy wheel market was valued at $16.4 billion in 2022, and is estimated to reach $31.9 billion by 2032, growing at a CAGR of 7.2% from 2023 to 2032.

Aluminum alloy wheels are special type of light weight  alloy wheels which are designed to reduce the overall weight of the vehicle. Moreover, aluminum alloy wheels installed in a vehicle gives an descent look to the vehicle as well as are durable and long lasting in all weather conditions. With the increasing income of individuals across the globe, the demand for light weight components has increased which has supplemented the growth of the aluminum alloy wheels across the globe.

The key manufacturers operating in aluminum alloy wheels market are inclined towards developing or casting alloy wheels are inclined towards casting aluminum casted alloy wheels for all types of vehicles which supplements the growth of the market across the the globe. For instance, in September 2023, Maxion Wheels developed the latest light vehicle wheel innovation technology, Maxion BIONIC. It is developed by teams in Brazil, Mexico, the U.S, and Germany. Maxion BIONIC answers the growing demand from OEMs for affordable, stylish, and sustainable wheel solutions, especially for light vehicle programs where wheel load is increasing. Similarly, in September, 2023, Uno Minda collaborated with Kosei Aluminum Co. Ltd. to offer premium range of alloy wheels in the global aftermarket. These alloy wheels are available in different sizes and designs, as well as are compatible with radial and regular tube tires. It will also be capable of improving acceleration & road handling, resulting in safer riding while improving fuel efficiency.

Furthermore, governments support towards the introduction of green and fuel efficient vehicles has also created ample opportunities for the key manufacturers to develop aluminum alloy wheels for vehicles, which helps in increasing the performance of the vehicle. Such developments as well as government support creates ample opportunities for the growth of aluminum alloy wheel market across the globe.

With the rising competition towards the production of light weight vehicles, the OEMs operating across the globe are focused to acquire new technology for the vehicles. This has enabled vehicle component manufacturers to develop light weight and efficient products to be used in automobiles, which has created a wider scope for the growth of the market across the globe. With the upgradation of technology, the vehicle production across the globe has increased by around 6% in 2022 as compared to 2021, followed by a stagnant growth in the production of automotive components across the globe.

Weight of an automobile is a major challenge in the automotive industry. Aluminum is a substitute of steel, but OEM are now adopting carbon fiber-reinforced plastics (CFRP) technologies for automotive equipment manufacturing, since these materials offer further weight reduction with higher specific stiffness. In addition, numerous automotive manufacturers, such as BMW and Mercedes, are planning or have already started to scale-up their production of fuel-efficient cars through weight reduction by using carbon fibers.

For instance, in September, 2023, Maxion Wheels developed latest light vehicle wheel innovation technology, Maxion BIONIC. It is developed by teams in Brazil, Mexico, the U.S., and Germany. Maxion BIONIC answers the growing demand from OEMs for affordable, stylish, and sustainable wheel solutions especially for light vehicle programs where wheel load is increasing. Similarly, in March, 2023, Uno Minda approved the acquired stake in Kosei Minda Aluminium Company (KMA) and 49.90% stake in Kosei Minda Mould (KMM) from joint venture partner Kosei, Japan. Such developments create growth opportunities for the market.

In addition, as of 2020, alloy wheel sales for trucks were up at least 32%, which has also proved to be a factor supplementing the growth of the market in different countries. Moreover, with rise in sales of vehicles, the sale of associated components such as aluminum alloy wheels has also increased subsequently. Increase in sales and production of all types of vehicles in developing and developed countries due to the growing mobility and investment in the transportation sector is expected to boost the growth of the market across the globe.

KEY FINDINGS OF THE STUDY

• By application, the commercial vehicles segment is anticipated to exhibit a remarkable growth during the forecast period.
• On the basis of material, the aluminum segment is anticipated to exhibit a remarkable growth during the forecast period.
• On the basis of distribution channel, the aftermarket segment is anticipated to exhibit a remarkable growth during the forecast period.
• By region, the LAMEA is anticipated to exhibit a remarkable growth during the forecast period.

The key players profiled in the aluminum alloy wheel market research study include Uno Minda, Maxion Wheels, Wheels India Limited, Enkei International, Inc., Mobis India Limited, Status Wheels, Howmet Aerospace, Image Wheels International Ltd., Wheel Pros., and Foshan Nanhai Zhongnan Aluminium Wheel Co., Ltd.