Automobile Alloy Wheels Market Outlook - 2017
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“Automobile Alloy Wheels Market Outlook”.
Automobiles plays an important role in our day to day life, primarily being a functional tool people still takes pride in choosing alloy wheel over steel wheels as they have improve appearance as well as the performance. Automobile manufacturers also focus on providing their vehicles with alloy wheels as they are preferred by the customers owing to their looks and performance.
Automobile alloy wheels market players continuously focusing on providing cut edge technology with performance driven products.
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Alloy wheels also increases the acceleration and breaking performance and also improve fuel economy as they are light weight and provide better heat conduction. Alloy wheels are generally used in passengers cars as the low commercial vehicle (LCVs) and high commercial vehicle (HCVs) majorly uses steel rims because they can bear heavy loads and have low maintenance cost.
Growing automobile industry and rising trend of customization of vehicles majorly driven the growth of automobile alloy wheels market. Major alloy wheel manufacturers are adopting various business strategies such as merger & acquisitions to sustain the huge market competition in automotive sector.
For instance, Superior Industries International Inc., the largest manufacturer of forged and cast wheels announced the acquisition of Germany based UNIWHEELS AG in March 2017.
- 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 Carbon Fiber
- By End Users
o OEMs (Original Equipment Manufacturer)
Growth Drivers and Challenges
Growing numbers of vehicles on road and rapid urbanization bolstered the growth of global automobile alloy wheels market. In 2015, more than 72.0 million passenger cars were sold globally and 68.56 million cars were produced in the same year and these stats are estimated to reach 100 million units production of automobiles by 2020.
Moreover, 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. For instance, Dymag a performance alloy wheel manufacturer introduced carbon composite car wheels which are 40% lighter than equivalent ORM aluminium alloy wheels of the same size.
However, high cost and maintenance related to alloy wheels which are not affordable by the low income class in emerging economies also effects the growth adversely.
Market Size and Forecast
Global automobile alloy wheels market accounted for USD 16.7 billion in 2016 and the market is expected to reach USD 24.8 billion by the end of 2024. Further, the market is anticipated to expand at a compound annual growth rate of 5.8% over the forecast period i.e.
Geographically, North America accounted for the highest revenue share in global automobile alloy wheels market in 2016 with more than USD 4.5 billion revenue share. North America's aftermarket consist of significant share in alloy wheel market with more than 75% customers are car dealerships, 20% are auto body shops and 5% are tire dealers in aftermarket.
North America is closely followed by the Europe with more than 22% share in global automobile alloy wheels market. Germany is the largest market for automobile alloy wheels with maximum consumption in German auto plants which are scattered throughout the country.
German hosts largest concentration of the 47 OEM plants throughout Europe. Asia-Pacific region will show strong growth in automobile alloy wheels demand through 2024, which is projected to expand at a CAGR of 6.3% over the forecast period.
Sales in the region will be driven by the growing automotive sector and rapid urbanization in developing countries such China and India.
Key Market Players
o Business Strategy
o Product Portfolio
o SWOT Analysis
• CM Wheels
• Alcoa Wheels
• CITIC Dicastal
• Steel Strips Wheels
• Enkei wheels
• Superior industries
• TSW Alloy Wheels
• Dymag Group Limited
• Foshan Nanhai Zhongnan Aluminum Wheel Co., Ltd.
Global automobile alloy wheels market is segmented as follows:
• By Vehicle Type (Market Size, Demand Analysis and Growth Analysis)
• By Material Type (Market Size, Demand Analysis and Growth Analysis)
• By End Users Type (Market Size, Demand Analysis and Growth Analysis)
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