The market is gaining huge traction owing to rise in renovation and replacement activities of older heavy wheels. Booming automotive industry coupled with rising trend of customization resulting in external styling of the vehicles is driving the market growth. Increase in spending on the aftermarket product by the major players is further pushing the market growth. Owing to relatively inexpensive, lightweight, better heat conduction, excellent load bearing capacity & quicker acceleration are some of the prominent factors driving the market demand. In addition to this, strict regulation imposed on emission and fuel efficiency of the vehicles is further pushing the market uphill.
The latest report by Value Market Research expects the Global Alloy Wheel Aftermarket Market to reach USD 6.73 billion by 2022. It was valued USD 9.29 billion in 2030. The report foresees a 4.12% CAGR from 2022 to 2030.
PASSENGER VEHICLE DOMINATED THE PRODUCT SEGMENT
On the basis of product, passenger vehicle led the segment and has accounted major share in 2018. Rise in disposable income, growing middle-class population and an increase in sales of passenger cars is driving the market growth.
NORTH AMERICA LED THE REGIONAL MARKET
The rise in enthusiastic car riders leading to high spending on the customization to improve car aesthetics is driving the regional market growth. Also, upsurging demand for automotive vehicles from China, India and other emerging economies is further fueling the market demand. Cost-benefit of aftermarket wheel over OEM is attracting potential population towards aftermarket products is again spurring the market growth.
MAJOR PLAYERS OF THE MARKET
Some of the prominent players of the market are Accuride, Arconic, CITIC Dicastal, Enkei Wheels (India) Limited, Uniwheels Group, and YHI International Limited.
As per this study the Global Alloy Wheels Aftermarket Market was valued USD 6.73 BN (by revenue) in 2022 and is anticipated to reach USD 9.29 BN by 2028 with a CAGR of 4.12%.
Alloy wheels are the wheels which are made of alloys of aluminum and magnesium, and provide easy acceleration to the cars, resulting in better mileage and fuel economy. Alloy wheels minimize the unsprung weight and help in better handling of vehicles. They have been rapidly adopted across the automotive industry for the replacement of steel wheels with alloy wheels due to the several benefits offered over the conventional steel wheels.
Market Dynamics
The consumers are becoming more conscious of the external styling of the vehicles and better riding quality, which is expected to act as a catalyst for the growth of the alloy wheels aftermarket. The major advantage of using aftermarket alloy wheels is their cost-efficiency with respect to the price offered by OEM dealerships which are also expected to fuel the market growth over the time span. Owing to their light weight, which offers improved acceleration to vehicles they are being rapidly adopted across the automotive industry thereby fueling industry expansion.
This detailed market study is centered on the data obtained from multiple sources and is analyzed using numerous tools including porter's five forces analysis, market attractiveness analysis and value chain analysis. These tools are employed to gain insights of the potential value of the market facilitating the business strategists with the latest growth opportunities. Additionally, these tools also provide a detailed analysis of each application/product segment in the global market of alloy wheels aftermarket.
Market Segmentation
The broad alloy wheels aftermarket market has been sub-grouped into the product. The report studies these subsets with respect to the geographical segmentation. The strategists can gain a detailed insight and devise appropriate strategies to target specific market. This detail will lead to a focused approach leading to identification of better opportunities.
By Wheel Type
Compact-Size Vehicle Type (15-17 Inches)
Mid-Size Vehicle Type (18-20 Inches)
Full-Size Vehicle Type (20-22 Inches)
Regional Analysis
Furthermore, the report comprises of the geographical segmentation which mainly focuses on current and forecast demand for alloy wheels aftermarket in North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The report further focuses on demand for individual application segments in all the regions.
Global Alloy Wheels Aftermarket Market Share by Region (Representative Graph)
The report also covers detailed competitive landscape including company profiles of key players operating in the global market. The key players in the alloy wheels aftermarket market include Fuel Off-Road Wheels, Status Wheels Inc., MHT Luxury Wheels, Enkei Wheels India Ltd., SOTA Offroad, Wheel Pros LLC, Ronal AG, Konig Wheels, Lenso Wheels, Uniwheels AG. An in-depth view of the competitive outlook includes future capacities, key mergers & acquisitions, financial overview, partnerships, collaborations, new product launches, new product developments and other developments with information in terms of H.Q.
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