According to a recent market study published by Growth Market Reports, titled, “Alloy Aluminum Forged Wheel Market Segments – by Vehicle Type (Passenger Cars, Light Commercial Vehicles, and Heavy Commercial Vehicles), Distribution Channel (OEM and Aftermarket), and Region: Size, Share, Trends and Opportunity Analysis, 2023-2031“, the market size was USD 8.6 billion in 2022 and is expected to surpass USD 13.3 billion expanding at a CAGR of 5.2% by the end of 2031. The market is propelled by the increasing use of lightweight alloy wheels in electrical vehicles.
Key Market Players Profiled in the Report
- CITIC Limited
- Forgeline Motorsports, LLC
- Brixton Forged LLC;
- Schott Wheel
- Howmet Aerospace
- Enkei International, Inc.
- BORBET GmBH
- RONAL GROUP
- Superior Industries International Inc
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The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include vehicle type, distribution channel, and competitor analysis.
This report also includes a complete analysis of industry players and covers their latest developments, product portfolio, pricing, mergers, acquisitions, and collaborations. Moreover, it provides crucial strategies that are helping market players to expand their market share.
Highlights on the Segments of the Alloy Aluminum Forged Wheel Market
On the basis of region, the global alloy aluminum forged wheel market is classified as North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Asia Pacific is projected to dominate the global market owing to rising technological innovations in terms of vehicle wheel manufacturing in the region. The demand for high-end vehicles which are lightweight and efficient in performance is increasing the adoption of alloy aluminum forged wheels in various automotive models, thus, driving the market in the region.
North America is expected to be a rapidly growing region in the global market during the projected period. The purchase of luxury and electric vehicles is increasing at a considerable pace in the region in recent years. The growing preference for buying vehicles that are trending for features, weight, safety, and efficiency is boosting the integration of alloy aluminum forged wheels in high-end vehicles.
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Key Takeaways from the Study:
- Alloy aluminum forged wheels are manufactured with the forging process of a billet, or a sizable square piece of a solid piece of aluminum into a wheel shape. The forging process makes the wheel robust, durable, and highly resistant to oxidation and corrosion.
- There are two methods used for producing alloy aluminum forged wheels, closed-die forging and open-die forging. However, the closed-die method is majorly followed owing to its tolerance to tight dimensions.
- The alloy aluminum forged wheels are lighter in comparison to steel wheels. This enables reduced consumption of fuel, minimal wearing down, and improved comfort of writing.
- The Aluminum forged wheels are commonly installed in high-end vehicles and high-performance cars. Automotive manufacturers are focusing on developing lightweight and efficient vehicles that reduce maintenance costs and improve customer experience.
- The adoption of lightweight alloy wheels in Electric Vehicles (EVs) is one of the key drivers of the alloy aluminum forged wheels market. EV manufacturers are able to develop highly efficient, lightweight, and low-power-consuming vehicles with these types of wheels.
- The growing demand for safe and impact-resistant wheels in vehicles is another factor propelling the market. The aluminum forged wheels are thermal impact resistant as they rapidly dissipate heat, and they also have a high load-bearing capacity in comparison with wheels of steel.
- The increasing demand for luxury vehicles with growing disposable income and high spending on buying high-end vehicle parts is expected to increase growth opportunities for the players in the market.
- Based on the vehicle type, the alloy aluminum forged wheels market is divided into passenger cars, light commercial vehicles, and heavy commercial vehicles. The passenger cars segment is projected to expand at the fastest CAGR during the forecast period owing to the growing demand for lightweight material in the making of passenger cars and rising innovative designs.
- In terms of distribution channel, the market is bifurcated into OEMs and aftermarkets. The OEM segment is projected to hold a major revenue share of the market owing to the increasing preference of customers in buying wheels from original equipment manufacturers. OEMs are offering high-quality and cost-effective wheels which is increasing customer trust in them.
Read 200 Pages Research Report with Detailed TOC on “Alloy Aluminum Forged Wheel Market Segments – by Vehicle Type (Passenger Cars, Light Commercial Vehicles, and Heavy Commercial Vehicles), Distribution Channel (OEM and Aftermarket), and Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) – Global Industry Analysis, Growth, Share, Size, Trends, and Forecast, 2023 – 2031”
Key Segments Covered
- Passenger Cars
- Light Commercial Vehicles
- Heavy Commercial Vehicles
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
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