Aluminum Alloy Wheels Materials Market Size, Share, Growth, and Industry Analysis, By Type (Polished alloy wheel & Two toned alloy wheel), By Application (OEM & After Market) and Regional Forecast to 2033

ALUMINUM ALLOY WHEELS MATERIALS MARKET REPORT OVERVIEW

The Global Aluminum Alloy Wheels Materials Market size was USD 1923.42 million in 2024 and the market is projected to touch USD 2238.11 million by 2033, exhibiting a CAGR of 1.53% during the forecast period.

Aluminium alloy wheels are widely acknowledged as high-end auto accessories; they are light, strong, and good-looking. These wheels are produced as aluminium with some other alloys, and the characteristics of these wheels include improved fuel economy, better handling because of their light weight, and increased dissipation of heat through the brake pads. They are preferred aesthetically due to the possibility of their spectacular designs and finishing that add to the beauty of a car. Secondly, aluminium alloy wheels do not corrode, are appropriate for different climates, and are long-lasting with the correct care and attention.

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COVID-19 Impact

"Market Growth Accelerated due to Growing Concern to Minimise the Emission of Greenhouse Gases"

The Global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

COVID-19 brought about several Challenges for the aluminium alloy wheels market; some of these were restricted global supplies, which affected the availability of raw materials and components used in manufacturing the wheels. Closings and slowed production in the automotive industry also added to this problem by delaying the delivery and installation of its products. There was also a reduction in consumer spending power as people’s certainty about the economic environment contracted, which also led to less demand for luxurious automotive accessories such as aluminium alloy wheels.

LATEST TRENDS

"Focus on Reducing the Weight of the Wheel Constructions to Propel the Market Growth"

New trends that are observed in the aluminium alloy wheels market are the focus on reducing the weight of the wheel constructions in order to improve the cars’ efficiency. There is also an emerging trend towards the need for special and attractive wheels for a car that would suit every customer’s taste. The trends of future technologies include intelligent systems for monitoring the condition of tyres and their pressure, as well as new forms of coatings for the vehicle body with increased strength and stylish appearances. Furthermore, there is an aspect that is gaining precedence in sustainability, where manufacturers are seeking sustainable materials as well as ways of manufacturing that will not harm the environment, whether during the manufacturing process, during use, or at the end of the product’s life span.

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ALUMINUM ALLOY WHEELS MATERIALS MARKET SEGMENTATION

By Type

Based on type the market can be categorized into Polished alloy wheel & Two toned alloy wheel

• Polished Alloy Wheel: Highly famous for giving a mirror-like and high-gloss sheen to any piece of work. Usually preferred for its traditional and luxurious look. Will tarnish easily, so it has to be polished often so that it can be shiny. 

• Two-Toned Alloy Wheel: Is a product with two different colours or finishes combined on a single product. Provides an individualised appearance on vehicles. The rising trend is also due to the fact that they reach the goal of adding an aesthetic and personal touch to the interior or exterior of homes.

By Application

Based on application the market can be categorized into OEM & After Market

• OEM (Original Equipment Manufacturer):Wheels were incorporated directly at the time of manufacturing the vehicle by the manufacturers. Manufactured to suit a certain body style as well as the engine and power outputs of a certain make and model. Nowadays, it is incorporated into new automobiles as a value-added feature for looks and performance. 

• Aftermarket:Wheels that are purchased and fitted to a car other than by the maker of the vehicle and are different from the original spare wheels. Available in different designs, sizes, and surfaces to ensure that it meets the various customer needs and preferences. Favoured by car owners who wish to modify or amplify the looks and power of their automobiles.

Driving Factors

"Demand for Lightweight and Fuel-Efficient Vehicles to Expand the Market"

One of the key Driving Factors of Aluminum Alloy Wheels Market growth is Demand for Lightweight and Fuel-Efficient Vehicles. As consumers and regulatory establishments call for more efficient fuel consumption with low emissions, the use of lightweight wheels such as aluminium alloy wheels is preferred to heavier materials such as steel. They impact vehicle stability, consumption rate, and emissions quantity, thus positively affecting the vehicle’s stability, the consumption rates of fuel, and the level of emissions to the environment. 

"Rising Demand for Customisation and Aesthetics to Advance the Market"

Customers today love to give their cars a facelift and are thus now looking for more stylish aluminium alloy wheels that can also be customised. This is why manufacturers are developing numerous designs and different styles, types of finishes, and sizes to ensure that different consumers from different parts of the world get products of their preference.

Restraining Factor

"Fluctuations in the Price of Raw Materials to Pose Potential Impediments on this Market"

"The fluctuations in the price of raw materials such as aluminium and other constituent metals affecting the production of alloys comprised the market restraints for aluminium alloy wheels. Oscillations in the prices of raw materials affect the cost of wheel manufacturing, hence the profitability of wheel manufacturers, and this causes shifts in wheel pricing and market volatility. "

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ALUMINUM ALLOY WHEELS MATERIALS MARKET REGIONAL INSIGHTS

"North America to Dominate the Market due to its Automobile Industry"

The market is primarily segregated into Europe, Latin America, Asia Pacific, North America, and Middle East & Africa.

North America has emerged as the most dominant region in the Aluminum Alloy Wheels Materials Market share as the region has an automobile industry that needs alloy wheels for the production of premium automobiles that are equipped with aluminium alloy wheels either as a standard or an option. Furthermore, North America has a strong aftermarket segment that involves vehicle owners replacing their rims for looks and/or performance enhancements. This is backed by the fact that some of the leading automotive manufacturers are located and/or have their headquarters in North America, in addition to improvements in the technological aspect pertaining to wheels and their manufacturing in the region.

KEY INDUSTRY PLAYERS

Key Players Transforming the Aluminum Alloy Wheels Materials Market through

List of Market Players Profiled

• Superior Industries International (U.S.)
• UNIWHEELS Group (Germany)
• Foshan Nanhai Zhongnan Aluminum Wheel Co., Ltd. (China)
• Ronal Group (Ronal Wheels) (Switzerland)
• Enkei (Japan)

INDUSTRIAL DEVELOPMENT

February 2024: In February 2024, Ronal Group, the leading manufacturer, recently signed a deal with one of the biggest suppliers of aluminium in Europe to work on low-carbon Al alloys for wheels.

REPORT COVERAGE

This report is based on historical analysis and forecast calculation that aims to help readers get a comprehensive understanding of the global Aluminum Alloy Wheels Materials Market from multiple angles, which also provides sufficient support to readers’ strategy and decision-making. Also, this study comprises a comprehensive analysis of SWOT and provides insights for future developments within the market. It examines varied factors that contribute to the growth of the market by discovering the dynamic categories and potential areas of innovation whose applications may influence its trajectory in the upcoming years. This analysis encompasses both recent trends and historical turning points into consideration, providing a holistic understanding of the market’s competitors and identifying capable areas for growth.

This research report examines the segmentation of the market by using both quantitative and qualitative methods to provide a thorough analysis that also evaluates the influence of strategic and financial perspectives on the market. Additionally, the report's regional assessments consider the dominant supply and demand forces that impact market growth. The competitive landscape is detailed meticulously, including shares of significant market competitors. The report incorporates unconventional research techniques, methodologies and key strategies tailored for the anticipated frame of time. Overall, it offers valuable and comprehensive insights into the market dynamics professionally and understandably.