The Alloy Wheels Aftermarket Market is being driven by Aging vehicle fleet
The Alloy Wheels Aftermarket Market is expected to grow at a CAGR of 4.36% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 680.4 million. In the automotive industry, carbon fiber alloy wheels have emerged as a superior alternative to traditional aluminum alloy wheels, particularly in high-performance applications. Carbon fiber alloy is a lightweight and incredibly strong material, boasting strength superior to aluminum alloy and weight roughly half that of its counterpart. While aluminum alloy wheels offer some weight savings, their strength and rigidity can be compromised during manufacturing processes. Consequently, carbon fiber alloy wheels maintain their structural integrity even under light impact, providing enhanced performance and durability compared to aluminum alloy wheels.
Get more information on Alloy Wheels Aftermarket Market by requesting a sample report
The market is segmented based on
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
However, the market also witnesses some limitations, which are as follows:
Rich Experience: 20+ years leading global market research, trusted insights across industries.
Unlock Business Potential with Technavio: Maximize ROI with Technavio's tailored market research: deep dives and actionable insights.
Your Guide to Market Success: Empower your business with Technavio's market research and future-proof your decisions.
|
Market Scope |
|
|
Report Coverage |
Details |
|
Page number |
164 |
|
Base year |
2023 |
|
Historic period |
2018-2022 |
|
Forecast period |
2024-2028 |
|
Growth momentum & CAGR |
Accelerate at a CAGR of 4.36% |
|
Market growth 2024-2028 |
USD 680.4 million |
|
Market structure |
concentration |
|
YoY growth 2023-2024(%) |
4.11 |
|
Key countries |
China, US, Japan, Germany, and UK |
|
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Find out which segment is leading the market by accessing the free PDF report
The Alloy Wheels Aftermarket has witnessed significant growth in recent years due to the increasing demand for vehicles with enhanced traction and stability. Alloy wheels, made primarily from alloys of magnesium, aluminum, or steel, have become a popular choice for both mid-priced vehicles and luxury passenger cars. These circular objects play a crucial role in vehicle dynamics, improving handling and reducing unsprung weight. The aviation industry has also influenced the automotive world, with the use of lightweight materials like magnesium alloys becoming more prevalent in the production of alloy wheels. However, technological constraints and supply disruptions have posed challenges for Tier 1 manufacturers in meeting the increasing demand. The aftermarket has emerged as a viable solution for enthusiasts seeking to upgrade their vehicles with high-performance alloy wheels. Moreover, the shift towards lightweight materials in the automotive industry to reduce emissions and vehicular fuel consumption has further boosted the demand for alloy wheels. Despite lower vehicle sales, the automotive wheels aftermarket continues to thrive, offering a wide range of options for consumers.
The global automotive components and equipment market encompasses businesses producing parts and accessories for various automobile segments, including passenger cars (PCs), electric vehicles (EVs), commercial vehicles (CVs), heavy-duty vehicles, off-road vehicles, motorcycles, scooters, quad bikes, and three-wheelers. According to Technavio, the market size is determined by the consolidated revenue generated by automotive components and equipment manufacturers. Key growth drivers in this sector include the rising demand for electronic components in automobiles, such as electronic control units (ECUs) and other electrical components, fueled by the increasing sales of EVs, motorcycles, and PCs over the past decade. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
Safe and Secure SSL Encrypted
One user only.
Quick & easy download option
Unlimited user access (Within your organization).
Complimentary Customization Included
*For Enterprise license, go to checkout page
Get the report (PDF) sent to your email within minutes.
