Aluminum Alloy Wheel Market Analysis | APAC to Dominate Market Growth through 2023-2027
The adoption of improved emission standards, the benefits of aluminum over conventional materials in alloy wheels, and the growing demand for lightweight vehicles are transforming the Aluminum Alloy Wheel Market. It is estimated to exhibit growth at a CAGR of 5.49% between 2022 and 2027 followed by USD 3,629.04 Mn revenue growth.
Quick Info: Stringent environmental regulatory norms including the Commission Regulation (EU) 2019/318 and Commission Regulation (EU) 2018/1832 force automakers to use advanced automotive parts including aluminum alloy wheels to help minimize the overall weight of the vehicle, thus improving fuel efficiency and reducing the carbon footprint
Technavio has been monitoring the Global Aluminum Alloy Wheel Market's growth trajectory through a detailed analysis of the prevalent market forces, trends, and drivers along with competitive benchmarking.
APAC to Lead Market Growth
41% of the growth of the global market during the forecast period will originate from APAC. One more region offering significant growth opportunities to manufacturers is Europe. Key countries that are significantly contributing to the global aluminum alloy wheel market growth in Europe include Germany, France, Italy, Spain, and the UK.
APAC to Lead Aluminum Alloy Wheel Market Globally
Some of the prominent car manufacturers are based in Europe which include BMW AG (BMW), AUDI AG (AUDI), and Daimler AG (Daimler).
To add furthermore, Accuride Corp., ALCAR HOLDING GMBH, BORBET GmbH, Capricorn Motors Pvt. Ltd, CITIC Ltd., Enkei Corp., Fuel Off-Road Wheels, Howmet Aerospace Inc., Image Wheels International Ltd, Lizhong Group, MAXION Wheels, Minda Industries Ltd., RONAL AG, Shanghai Metal Corp., Topy Industries Ltd., Toyota Motor Corp., are some of the leading market participants when it comes to Aluminum Alloy Wheel Market
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Aluminum Alloy Wheel Market: Key Highlights of the Report for 2023-2027
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