Alloy Wheel Market Forecasts to 2030 – Global Analysis By Type (Forging, Casting and Other Types), Rim Size (12 Inches - 17 Inches, 18 Inches - 21 Inches, More than 22 Inches and Other Rim Sizes), Vehicle Type (Passenger Vehicle, Commercial Vehicle and Ot

Alloy Wheel Market Forecasts to 2030 – Global Analysis By Type (Forging, Casting and Other Types), Rim Size (12 Inches - 17 Inches, 18 Inches - 21 Inches, More than 22 Inches and Other Rim Sizes), Vehicle Type (Passenger Vehicle, Commercial Vehicle and Other Vehicle Types), Material Type and by Geography

According to Stratistics MRC, the Global Alloy Wheel Market is accounted for $20.60 billion in 2023 and is expected to reach $35.77 billion by 2030 growing at a CAGR of 8.2% during the forecast period. Alloy wheels, sometimes referred to as rims, are composed of a combination of metals—usually magnesium or aluminum, blended with additional materials to improve strength and durability. Compared to conventional steel wheels, these wheels have a number of benefits, such as reduced weight, better heat dissipation, and improved aesthetic appeal. Moreover, the vehicle performs better overall and uses less fuel when its weight is reduced. Alloy wheels are also well-known for their sleek and contemporary styles, which makes them a well-liked option for auto enthusiasts who value both style and utility.

According to the International Alloy Wheel Association, alloy wheels have gained widespread popularity in the automotive industry due to their lightweight construction, improved performance attributes, and aesthetic appeal.

Market Dynamics:

Driver:

Weight loss and enhanced performance

The growing demand for lightweight materials in the automotive industry is one of the main factors propelling the alloy wheel market. Alloy wheels, which are usually made of aluminum or magnesium alloys, play a major role in lowering the total weight of automobiles. Additionally, with less unsprung weight, the vehicle performs better overall and has better handling and braking responsiveness. This weight efficiency also increases fuel efficiency.

Restraint:

Limited suitability for severe circumstances

An additional limitation found in the alloy wheel market concerns the alloy wheels poor resistance to inclement weather. Alloy wheels are more likely than steel wheels to corrode over time in areas with high snowfall or frequent use of road salt. This restriction creates difficulties for drivers in these types of climates and emphasizes the value of alloy wheel maintenance and protective coatings. Furthermore, improved corrosion resistance is the goal of alloy formulation advancements, but consumers in areas with harsh weather still have to take this limitation into account.

Opportunity:

New developments in material science

Industry experts point to the ongoing advancements in alloy wheel material technology as one opportunity. The goal of ongoing research and development is to develop sophisticated alloy formulations that strike a balance between affordability, strength, and lightweight design. Moreover, the advent of innovative alloys, such as hybrid compositions, offers wheel manufacturers a chance to launch wheels with enhanced performance attributes, broadening the market's appeal and catering to industry and consumer demands.

Threat:

Variable costs of raw materials

The alloy wheel market is threatened by the erratic pricing of raw materials, particularly magnesium and aluminum. Unpredictable changes in production costs can have an effect on manufacturer’s profit margins. Additionally, to reduce the risks brought on by the volatility of raw material prices, the industry must develop stable supplier relationships, investigate alternative materials, and implement strategic procurement practices.

Covid-19 Impact:

The COVID-19 pandemic had a major effect on the alloy wheel market, leading to production delays, problems with the supply chain, and a decrease in consumer spending on optional automotive aftermarket parts. Lockdowns, closed manufacturing facilities, and decreased customer mobility caused the market for alloy wheels to temporarily decline. Although there was a slow recovery as regulations relaxed, market fluctuations and changes in consumer preferences persisted, forcing manufacturers to modify their resilience, supply chain diversification, and digital engagement plans in order to meet the persistent difficulties.

The Casting segment is expected to be the largest during the forecast period

It is projected that the casting segment will command the largest market share for alloy wheels. Melted metal is poured into a mold during the casting process, which enables complex designs and affordable mass production. This process is the industry leader in alloy wheel production because it can produce a wide range of designs, sizes, and finishes. Additionally, casting makes it possible for producers to satisfy customer’s varied aesthetic preferences and demands for customization. Although forging provides greater strength, casting is more widely used because it can accomplish intricate designs at a much lower cost.

The Titanium Alloy segment is expected to have the highest CAGR during the forecast period

In the alloy wheel market, the titanium alloy segment is projected to have the highest CAGR. Because of their remarkable strength-to-weight ratio, resistance to corrosion, and ability to withstand high temperatures, titanium alloys are becoming more and more popular. These alloys are favored for a variety of applications, including alloy wheels, because they provide better performance and durability. Furthermore, the titanium alloy market has expanded as a result of the automotive industry's growing need for lightweight, high-performance wheels. The market for alloy wheels has also seen a surge in the use of titanium alloys due to improvements in manufacturing technologies that have reduced their cost and increased their accessibility.

Region with largest share:

Asia-Pacific holds the largest market share for alloy wheels. Due to a number of factors, this region has become the dominant player in the market. The demand for alloy wheels has increased as a result of the fast industrialization and urbanization of nations like China and India, which have increased car sales and production. Further driving the market's growth is the region's expanding middle class and rising disposable incomes, which have raised consumer spending on automobiles. Moreover, several significant automakers and suppliers are based in Asia-Pacific, which supports a positive ecosystem for the alloy wheel sector.

Region with highest CAGR:

North America has the highest CAGR in the alloy wheel market. Due to a number of factors, the region has experienced significant growth in recent years. First off, buyers in North America are becoming more and more interested in customized options and high-performance cars. Additionally, automotive enthusiasts in the region have a preference for alloy wheels due to their superior handling, increased fuel efficiency, and improved aesthetics. Second, alloy wheel adoption in North America has increased due to the growing emphasis on lightweight materials for better vehicle performance and fuel economy.

Key players in the market

Some of the key players in Alloy Wheel market include Ronal Group, Borbet GmbH, Superior Industries International, Inc, Enkei International, Inc., Maxion Wheels, Steel Strips Wheels Ltd (SSWL), TSW Alloy Wheels, Stamford Sport Wheels, Uniwheelss Group and HRE Performance Wheels.

Key Developments:

In January 2024, Steel Strips Wheels Ltd (SSWL) is set to invest INR 138 crore in AMW Autocomponent Ltd as part of an insolvency resolution plan. The decision follows the approval of the resolution plan by the NCLT Ahmedabad. The investment, a blend of equity and debt, aims to settle financial and operational obligations, marking the fulfillment of SSWL's commitment under the approved plan.

In August 2023, Superior Industries, Inc., a Minnesota-based manufacturer and global supplier of bulk material processing and handling systems, announced the acquisition of CEMCO, Inc. CEMCO is a 60-year-old manufacturing company and originator of the modern Vertical Shaft Impact (VSI) Crusher, which influenced production of high quality road-making material.

In July 2023, Ronal Group is partnering with Lamborghini to develop the wheel for its SC63 Le Mans Daytona hybrid (LMDh) race car. The car will participate in the WEC FIA World Endurance Championship and IMSA (International Motor Sport Association) series from 2024. The Swiss wheel maker has vast experience in supplying motorsport-grade wheels, such as the 89 FIA World Champion titles won on its products in Formula 1.

Types Covered:
• Forging
• Casting
• Other Types

Rim Sizes Covered:
• 12 Inches - 17 Inches
• 18 Inches - 21 Inches
• More than 22 Inches
• Other Rim Sizes

Vehicle Types Covered:
• Passenger Vehicle
• Commercial Vehicle
• Other Vehicle Types

Material Types Covered:
• Magnesium Alloy
• Aluminum Alloy
• Titanium Alloy
• Other Material Types

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances