According to the report, the global automotive alloy wheels market is projected to reach US$ 24.3 Bn by 2027, expanding at a CAGR of ~6% during the forecast period. The global automotive alloy wheels market is expected to record a growth of ~6% owing to an increased demand for aesthetics appeal in vehicles.
Alloy wheels are slowly replacing steel wheels, as they offer better heat dissipation, performance, and are lightweight. The global automotive alloy wheels market is mature in developed countries and is at the nascent stage in developing countries. Economic growth witnessed in Asia Pacific, Latin America, and Middle East & Africa is projected to boost the demand for mobility among the population, which in turn is estimated to propel the global automotive alloy wheels market.
Expansion of Automotive Alloy Wheels Market
Cast and forged alloy wheels are preferred in SUVs over steel wheels. Increasing penetration of SUVs witnessed in the last five years indicate a potential market for alloy wheels. SUVs have been early adopters of alloy wheels due to better off road handling capabilities, improved steering, and reduced unsprung weight of the vehicle. Electric vehicles are gaining popularity globally. Electric vehicles must be lightweight to offset the weight of the battery. Consequently, a rise in sales of electric vehicles is projected to boost the sales of alloy wheels. Moreover, rise in car ownership among youth consumers is driving the demand for aesthetically appealing wheels such as alloy wheels.
Request PDF Sample For More Information@ https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=45582
Automotive Alloy Wheels Market: Segmentation
Based on OEM, the passenger vehicle segment held a leading share of the global automotive alloy wheels market in 2019. Consumers are increasingly opting for personal vehicles over commercial transport vehicles, which in turn is boosting sales of passenger vehicles. Furthermore, a range of vehicles including mini-compact, mini-vehicle, compact, SUVs, and sports cars cater to the demand for comfort, luxury, and efficiency among passengers, enabling lower income consumers to afford a passenger vehicle. This, in turn, is anticipated to drive the passenger vehicle segment of the global automotive alloy wheels market.
Majority alloy wheels manufactured and installed in a vehicle have the same lifespan as that of the vehicle. Therefore, the OEM segment is anticipated to hold a notable share of the global automotive alloy wheels market.
