India Aluminum Alloy Wheel Market Expected to Reach $2.44 Billion by 2032-Allied Market Research

According to a recent report published by Allied Market Research, titled, “India Aluminum Alloy Wheel Market by Application, Material, Distribution Channel and Sales Channel: Opportunity Analysis and Industry Forecast, 2022–2031,” The India Aluminum alloy wheel market has been valued at $952.05 million in 2022 and is projected to reach $2,440.97 million by 2032 with the CAGR of 10.1% during the forecast period 2023-2032.

The aluminum alloy wheel market across India is projected to grow at a suitable rate due to the increased demand for light weight material to be installed in vehicles which supplements the growth of the market across the country.

Aluminum alloy wheels are light weight components designed to be used in a vehicle which offers aesthetic look to the vehicle. Aluminum alloy wheels are designed in such a way that they can sustain in all weather conditions and at the same time are durable and long lasting. Moreover, with the growing income of the individuals across the country along with the availability of low cost aluminum alloy wheels across the Indian market, the demand for the adoption of aluminum alloy wheels has increased which creates a broader scope for the growth of the market across the country.

The key manufacturers operating in India which 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 country. 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 Indian 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 India.

Moreover, with the rising competition in the production of vehicles, the OEMs are forced to adopt new technologies to be installed in their 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 in the country. With the upgradation of technology, the vehicle production across India has increased by around 12% in 2022 as compared to 2021, followed by a stagnant growth in the production of automotive components in the country.

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 the country. 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 India.

COVID-19 Impact Analysis

COVID-19 created an adverse impact on the manufacturing industry in the country. With the implementation of lockdown across the globe and in India, the manufacturing industry faced shortage of labor and raw material required for casting aluminum alloy wheels. This shortage created an adverse effect on the overall industry. Moreover, with the implementation of lockdown, sale of automobiles decreased due to discontinuation in salary & jobs, which restrained the growth of the market in the country. The market started to gain its momentum in mid of 2021 when the vehicle and component production regained its strength as the manufacturers started their production in an efficient way, which created numerous opportunities for the growth of the market in the country..

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.
• On the basis of sales channel, the domestic segment is anticipated to exhibit a remarkable growth during the forecast period.

The key players profiled in the research study include Capricorn Motors Pvt. Ltd., Enkei Wheels (INDIA) Limited, Maxion Wheels, Mobis India Limited, Neo Wheels Ltd., Plati India, Shreeniwas Casttech Industries, Steel Strips Wheels Limited (SSWL), Uno Minda, and Wheels India Limited.