Global Aluminum Alloy Automotive Wheels Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Aluminum Alloy Automotive Wheels Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Aluminum Alloy Wheels are made from an alloy of aluminum. Alloys are mixtures of a metal and other elements. They generally provide greater strength over pure metals, which are usually much softer and more ductile.

Market Overview:

The latest research study on the global Aluminum Alloy Automotive Wheels market finds that the global Aluminum Alloy Automotive Wheels market reached a value of USD 18319.72 million in 2022. It’s expected that the market will achieve USD 24931.4 million by 2028, exhibiting a CAGR of 5.27% during the forecast period.

Assessment of the Overall Impact of COVID-19 on the Industry

The embargo and economic crisis triggered by the COVID-19 pandemic severely affected the financial situation of manufacturers in 2020. the COVID-19 situation caused market uncertainty, supply chain disruptions, a decline in business, and end-user panic. However, after the embargo was lifted in most countries, the market rebounded and the government returned to normalcy. The disruption caused by the automotive industry directly affected the sector as it is dependent on automobiles. According to the Society of Indian Automobile Manufacturers, sales of passenger cars declined by 2.24% from April 2021 to March 2021. In addition, China, one of the major suppliers, is also facing a COVID-19 boom. In China, an average of 1.3 million new passenger cars will be sold each month in the first six months of 2020. The COVID-19 pandemic outbreak in several countries has led to a global economic slowdown. Stringent measures implemented to contain the coronavirus have largely influenced the market scenario. Various factors such as labor and raw material shortages have led to numerous difficulties in the development and design of new equipment, creating a gap between supply and demand. Market leaders are focused on meeting the order backlog to maintain a steady revenue stream.

Risk Assessment on COVID-19

To date, the total number of COVID-19 cases worldwide has exceeded 474 million, with more than 6.1 million deaths. The cumulative number of diagnoses exceeds 140 million in three countries worldwide: the United States, India and Brazil, in that order. The three countries with the lowest number of confirmed cases were New Zealand, Australia and Vietnam. The three countries with the highest number of new diagnoses in the quarter were India, Brazil, and the United States, in that order. The sample countries with the lowest number of new diagnoses were New Zealand, China, and Singapore. Three countries with more than 400,000 cumulative deaths worldwide were the United States, Brazil, and India. The three countries with the lowest cumulative number of deaths in the sample were New Zealand, Singapore and Vietnam. The countries with more than 50 million people vaccinated with the new crown vaccine were China, the United States, and India. The countries in the sample with the lowest number of completed vaccinations were Vietnam, Iraq, and New Zealand. The countries with the fewest number of new confirmations below 5,000 days per day were the United States, Brazil, and Russia, in that order. Nineteen countries maintained no more than 5,000 new confirmations per day for more than 500 days, reflecting better vaccination effectiveness. According to the report, combining the five rankings, the United States is facing the most serious epidemic prevention challenges, followed by Brazil, India, the United Kingdom and France. The U.S. leads the world with more than 34 million cumulative diagnoses and more than 600,000 cumulative deaths. The U.S. ranks first in the world in severity with only 62 days with less than 5,000 new diagnoses per day. Brazil and India, among the developing countries, also face a serious situation and are among the world's leaders in several dimensions, including cumulative confirmed and new diagnoses. And the development of the epidemic in major European countries is not optimistic. France, the United Kingdom and Italy occupy high positions in the ranking of cumulative confirmed cases and cumulative deaths. According to global media reports, the U.S. has suffered from ineffective epidemic prevention policies, unfair distribution of supplies, and chaotic social infrastructure protection since the outbreak. Demonstrations against government blockade measures have erupted in several European countries, and the confrontational mood of the public has added to the difficulties of the government in advancing the epidemic prevention work. Developing countries such as Brazil and India have a dense population, weak public health infrastructure and geographic climate, and the epidemic is further aggravated by the new variant of Delta. The data show that New Zealand and Australia are the least affected countries in the sample so far. According to the analysis, this is due to the unique geographical location of the Oceania countries away from other continents, lower population density and active control measures. Asian countries, represented by China, Korea, Singapore, and Vietnam, have benefited from strong management tools and effective prevention and control measures such as decisive prohibition of entry, isolation and screening, and border quarantine, which have yielded good results in terms of confirmation, deaths, and control of the epidemic cycle. Singapore and Vietnam ranked low in the cumulative number of new coronary pneumonia deaths among all sample countries; South Korea has had 537 days with less than 5,000 new cases per day by adjusting the level of epidemic prevention. China has the lowest number of new confirmed cases among the sample countries and the highest number of vaccinations worldwide. Some analysts point out that a large country of 1.4 billion people was able to effectively control the outbreak thanks to a series of strong measures from prevention to treatment in China. For example, at the beginning of the outbreak, the Chinese government responded quickly by implementing strict travel control and quarantine policies, while empowering the prevention of the epidemic through extensive nucleic acid testing and big data tracking of the closely connected population. Medical facilities were rapidly expanded through the construction of hospitals and other medical facilities in some areas with a high incidence of the epidemic and the deployment of medical resources nationwide. Establish community volunteer organizations to assist in management and prevention of virus importation. A flight meltdown system was established to orderly resume entry and exit exchanges in a controlled manner. At the same time, China has relied on its research capabilities to take the lead in vaccine development and has vigorously promoted its universal vaccination program, which has now surpassed 1.4 billion doses, the highest number of vaccinations in the world. China has also provided more than 500 million doses of New Crown vaccine and stockpile to more than 100 countries and international organizations worldwide, equivalent to one-sixth of the total current global production of New Crown vaccines. However, from a global perspective, it remains an objective fact that vaccine distribution is grossly uneven. Vaccination in developing countries is significantly worse than in developed countries. Because of factors such as poor medical care and hoarding of vaccines by individual developed countries, there is still a large gap to achieve the goal of herd immunization. The report also found that against the backdrop of inadequate global vaccine supply, governments can still effectively control the spread of the virus through strong prevention and control measures. For example, Vietnam has kept the number of new confirmations low despite low vaccination levels because of its effective border controls and quarantine measures.

Region Overview:

From 2022-2027, Asia Pacific is estimated to witness robust growth prospects.

Company Overview:

CITIC Dicastal is one of the major players operating in the Aluminum Alloy Automotive Wheels market, holding a share of 14.77% in 2021.

CITIC Dicastal Co., Ltd. is an aluminum wheel manufacturing company invested by China CITIC Group Corporation in 1988. Its predecessor was Dicastal Wheel Manufacturing Co., Ltd. In October 2007, the shareholding system was reformed. In August 2012, it was officially renamed as CITIC Dicastal Co., Ltd. Sales of aluminum alloy wheels for the automotive industry. The company provides casting, forging and spinning services for the wheels.

Superior Industries Founded in 1957, Superior Industries has grown to become one of the world's largest manufacturers of aluminum wheels for light vehicles. Superior has the expertise and technology to design, manufacture and sell aluminum wheels for original equipment manufacturers in North America. It supplies cast aluminum wheels to automotive and light truck manufacturers.

Segmentation Overview:

Among different product types, Casting segment is anticipated to contribute the largest market share in 2027.

Application Overview:

By application, the Passenger Vehicle segment occupied the biggest share from 2017 to 2022.

Key Companies in the global Aluminum Alloy Automotive Wheels market covered in Chapter 3:

Rnal Wheels
Kunshan Liufeng Machinery Industry Co., Ltd.
Lizhong Group
Accuride
Alcoa
Zhejiang Jinfei
Superior Industries
Topy Group
CITIC Dicastal
Zhongnan Aluminum Wheels
Wanfeng Auto
Iochpe-Maxion
Borbet

In Chapter 4 and Chapter 14.2, on the basis of types, the Aluminum Alloy Automotive Wheels market from 2018 to 2029 is primarily split into:

Casting
Forging
Other

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Aluminum Alloy Automotive Wheels market from 2018 to 2029 covers:

Passenger Vehicle
Commercial Vehicle

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)