Automotive alloy wheels are made from either an alloy of aluminum or magnesium or a mixture of both. It usually lighters and provides improved heat conduction and improved cosmetic appearance over steel wheels. Hence, growing consumer's preference for alloy wheels for external styling of the vehicle. Alloy wheels are lightweight wheels that improve the steering and speed of a vehicle. Growing demand for luxuries vehicle and the rising demand for lightweight vehicles are some of the key drivers for the growth of the automotive alloy wheel market.
MARKET SCOPE
The "Global Automotive Alloy Wheel Market Analysis to 2028" is a specialized and in-depth study of the automotive and transportation industry with a special focus on the global market trend analysis. The report aims to provide an overview of the automotive alloy wheel market with detailed market segmentation by type, size, vehicle type, and geography. The report provides key statistics on the market status of the leading automotive alloy wheel market players and offers key trends and opportunities in the market.
MARKET SEGMENTATION
- Based on type, the global automotive alloy wheel market is segmented into polished alloy wheel, two toned alloy wheel, painted alloy wheel and others.
- On the basis of size, the market is segmented into compact, mid-size and large.
- Based on vehicle type, the global automotive alloy wheel market is segmented into passenger cars and commercial vehicles.
MARKET DYNAMICS
Drivers:
- Growing demand for lightweight and corrosion-resistant alloy wheels is increasing owing to changing weather conditions which significantly fueling the growth of the automotive alloy wheel market.
- In the current scenario, growing preference for alloy wheels over factory fitted wheels for giving attractive looks coupled with the rise in customization activity in the vehicle are propelling the growth of the automotive alloy wheel market.
- Increasing demand for vehicle across the globe result in a rising number of a vehicle which also positively impacting on the growth of the automotive alloy wheel market.
REGIONAL FRAMEWORK
The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global market based on various segments. It also provides market size and forecast estimates from the year 2019 to 2028 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), the Middle East and Africa (MEA), and South America. The automotive alloy wheel market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting the market from both demand and supply side and further evaluates market dynamics affecting the marketduring the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA, and South America after evaluating political, economic, social and technological factors affecting the automotive alloy wheel market in these regions.
IMPACT OF COVID-19 ON AUTOMOTIVE ALLOY WHEEL MARKET
COVID-19 first began in Wuhan (China) during December 2019 and since then it has spread at a fast pace across the globe. The US, India, Brazil, Russia, France, the UK, Turkey, Italy, and Spain are some of the worst affected countries in terms confirmed cases and reported deaths. The COVID-19 has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. Shutdown of various plants and factories has affected the global supply chains and negatively impacted the manufacturing, delivery schedules, and sales of products in global market. Few companies have already announced possible delays in product deliveries and slump in future sales of their products. In addition to this, the global travel bans imposed by countries in Europe, Asia-Pacific, and North America are affecting the business collaborations and partnerships opportunities.
MARKET PLAYERS
The report covers key developments in the automotive alloy wheel market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the marketwere acquisitions, and partnership & collaborations. These activities have paved way for the expansion of business and customer base of market players. The market payers from automotive alloy wheel market are anticipated to lucrative growth opportunities in the future with the rising demand for automotive alloy wheel in the global market.
The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the automotive alloy wheel market. In addition, the report focuses on leading industry players with information such as company profiles, components, and services offered, financial information of the last 3 years, the key development in the past five years.
- BBS GmbH
- BORBET GmbH
- CITIC Limited
- Enkei International, Inc.
- FUTEX ALLOY (CHANGSHU) Co., Ltd
- MHT Luxury Wheels Inc.
- Ronal Group
- Superior Industries International, Inc.
- TSW Alloy Wheels
- UNIWHEELS AG