Global Automobile Alloy Wheels Market Hit USD 24.8 billion by 2024

Posted September 27, 2017 by Marktwain

Global Automobile Alloy Wheels Market is expected to expand at a CAGR of 5.8% over the forecast period i.e. 2016-2024.

Alloy wheel manufacturers are coming up with advanced and innovative alloy wheels to sustain and cater the huge market demand for innovative and performance allow wheels. Backed up by the strong growth of automotive industry, automobile alloy wheels market is likely to have a promising future in the coming years. According to Goldstein Research, “Growing sale of automobiles across the globe and rising trend of Customization of vehicles is increasing the consumer’s interest in light weight alloy wheels is fuelling the growth of automobile alloy wheels market all across the globe.”

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Alloy wheels are a best substitute to aluminium wheels, which increases car performance with appealing looks. Alloy wheels are mainly popular among young people and performance seeker car lovers and the demand is growing mainly in aftermarkets of North America, Europe and Asia Pacific. The global automobile alloy wheels market segmentation has been carried out on the basis of vehicles, material and end users. End users segment is further bifurcated into OEMs and aftermarket. In 2016, OEMs accounted for the highest revenue share of automotive alloy wheels market with more than 80% revenue share in total market. Aftermarket sales are significantly growing owing to growing trend of vehicle customization. Aftermarket sales are majorly occupied by the car dealerships followed by the auto body shops. Global automobile alloy wheels market size reached USD 16.7 billion in 2016. Further the market is expected to expand at a CAGR of 5.8% over the forecast period i.e. 2016-2024. China accounted for the highest vehicle production (21.3) million between 2012 and 2015, closely followed by Japan with 8.3 million vehicle production. China is also expected to manufacture 27 vehicles by 2020, which will significantly drive the growth of alloy wheels market. In addition, China is the third largest market for U.S automotive parts, with U.S automotive parts and alloy wheels exports growing from less than USD 1 billion in 2009 to USD 2.4 billion in 2015. Given the large size of market; China and other developing countries looks to be strong prospect for the strong growth of automobile alloy wheels market. Asia-Pacific region projected highest growth rate in global automobile alloy wheels market and is expected to maintain its dominance during the forecast period of 2016-2024. Asia-Pacific automobile alloy wheels market valued USD 3.5 billion in 2016 and is estimated to reach USD 5.2 billion by 2024.

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Market Segmentation
• By Vehicle Type
o Passenger vehicles
• Four wheelers
• Two wheelers
o Commercial Vehicles
• LCV (Light Commercial Vehicles)
• HCV (Heavy Commercial Vehicles)
• By Material Type
o Aluminum
o Magnesium
o Carbon Fiber
• By End Users
o OEMs (Original Equipment Manufacturer)
o Aftermarket
• By Geography
o North America (US, Canada)
o Europe (UK, France, Italy, Germany, Spain, Hungary, Sweden, Russia, Poland and Rest of Europe)
o Middle East and Africa (GCC Countries, North Africa, South Africa and Rest of Middle East & Africa)
o Latin America (Brazil, Mexico and Rest of Latin America)
o Asia Pacific (China, Japan, India, Singapore, South Korea, Australia, New Zealand and Rest of Asia-Pacific)
o Rest of the World

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“Global Automobile Alloy Wheels Market Outlook 2024” contains detailed overview of the global automobile alloy wheels market in terms of market segmentation by vehicle type, by material type and by end users.
Further, for the in-depth analysis, automobile alloy wheels market report encompasses the industry growth drivers, market challenges, risk analysis, market attractiveness, BPS (Base Point Scale) analysis, Porter’s five force model and SWOT analysis.

Global Automobile Alloy Wheels Market Report also provides competitive outlook of some of the major players which includes profiling of companies such as Borbet, Uniwheels, CM Wheels, Alcoa Wheels, CITIC Dicastal, Maxion, Accuride, Steel Strips Wheels, Enkei wheels etc. The company profiles include business strategy, geographical revenue distribution, major information of the companies which encompasses business outlook, products, services and industries catered, financial analysis of the company and recent developments.

Overall, the report represents comprehensive synopsis on the global automobile alloy wheels market trends that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.

About Goldstein Research

Based in the US, Goldstein Research currently has a strong presence in the American and Asian countries. In the next five years, we strive to expand our reach to 50+ nations spanning across Europe, Asia and parts of the Middle East and Africa. We strive to realize a strong brand presence globally through our quality research and forecasting solutions.

Our mission is simple: to develop insightful business solutions, help our clients make powerful future decisions to keep them well ahead of the game which is the market, and leave a mark across businesses and communities through our well-defined ideas and clear cut forecasts. Our analysts working on latest automotive industry research reports to help various tech-giants, tech start-ups and entry players to assess the current and upcoming business scenario. We believe in vigorous examination of the current market scenario and build around creative ideas and approaches that are most suitable to our clients’ needs and business agenda.

Contact for more Info:
Mark Twain
(Global Sales Head)
USA: + 1-646-568-7747
Canada: +1-437-886-1181
UK: +44-203-318-6627
[email protected]
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Categories Industry
Tags automobile alloy wheels market , automobile alloy wheels market report , automobile alloy wheels market share , automobile alloy wheels market size , automobile alloy wheels market trends , automobile alloy wheels market segmentation
Last Updated September 27, 2017