Latest News:- Aluminum Alloy Wheel Market: PC is expected to lead the Application segment during 2024-2028

Aluminum Alloy Wheel Market to grow at a CAGR of 6.28% during 2024-2028

The Aluminum Alloy Wheel Market is expected to grow at a CAGR of 6.28% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 4445.9 million. In the automotive industry, carbon fiber alloy wheels serve as a significant alternative to aluminum alloy wheels due to their superior strength-to-weight ratio. While aluminum alloy wheels offer lightweight advantages, their processing can impact their strength and stiffness, making them susceptible to deformation under pressure. In contrast, carbon fiber alloy wheels maintain their integrity under similar conditions. Furthermore, carbon fiber wheels provide enhanced performance, even with a weight reduction of approximately 50% compared to aluminum alloy wheels. Additionally, aluminum wheels generate high-frequency noise, vibration, and harshness (NVH), contributing to unwanted cabin noise. 

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The PC subsegment is expected to dominate the Application segment during the forecast period 

Technavio analysts predict that the PC subsegment will lead the Application segment during 2024 and 2028 The Aluminum Alloy Wheel Market represents a significant business opportunity due to the increasing demand for lightweight, durable, and fuel-efficient automotive components. Manufacturers are shifting from traditional steel wheels to aluminum alloy wheels to reduce vehicle weight and enhance performance. Key players in this market include Alcoa, Hankook Tire, and Wanfeng Trimax. Market growth is driven by factors such as rising automotive production and increasing consumer preference for premium vehicles.

Here are the various ways based on which the market is segmented: 

• Application
  • PC
  • CV
• Type
  • Polished alloy wheel
  • Two toned alloy wheel
• Geography
  • Europe
  • APAC
  • North America
  • South America
  • Middle East and Africa

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• Wealth of Experience: Technavio is an established name in the world of market research. It holds an expertise of more than 20 years in the field, has published 21,000+ reports thereby extensively covering the area in various industries and range of regions
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There are several factors that are causing the market to flourish adoption of improved emission standards

Learn which are the obstacles that the market is experiencing in the way of its growth by accessing the free PDF report

Research Analysis Overview

Title: Aluminum Alloy Wheels: A Game Changer in Automotive Industry Aluminum Alloys, including Carbon Fiber, High-Strength Steel, Magnesium Alloys, and Silicon alloy, have revolutionized the automotive industry with their lightweight and robust properties. Replacing traditional materials like Iron and Steel, these alloys have found extensive use in manufacturing Aluminum Alloy Wheels. Aluminum Alloy Wheels offer several advantages over conventional steel wheels. They are lighter, resulting in improved fuel efficiency and enhanced vehicle performance. Moreover, they provide better corrosion resistance due to the presence of elements like Zinc, Nickel, and Copper. The demand for Aluminum Alloy Wheels is not limited to Passenger Cars only. They are increasingly being adopted in Multi-Utility Vehicles (MUVs), Sedans, Hatchbacks, Commercial Vehicles, and even Two wheelers. The aftermarket for Aluminum Alloy Wheels is thriving, with consumers seeking to upgrade their vehicles for better aesthetics and performance. Domestic sales of Aluminum Alloy Wheels in India are on the rise, driven by the growing preference for fuel-efficient vehicles and the increasing awareness of the benefits of these wheels. The future of Aluminum Alloy Wheels looks bright, with continuous research and development leading to advancements in materials and manufacturing processes.

Market Research Overview

The global automotive components and equipment market encompasses businesses producing parts and accessories for various vehicle types, 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 for the automotive components and equipment market include the surge in electronic components utilization in automobiles, fueled by the rising sales of EVs, motorcycles, and PCs, which has significantly boosted the demand for electronic control units (ECUs) and other electrical components in the past decade.

The Aluminum Alloy Wheel Market is experiencing significant growth, fueled by the adoption of improved emission standards. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

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