Automotive Wheel Market: Reporting And Evaluation Of Recent Industry Development

Posted by surendra choudhary on April 9th, 2021

Sluggish Business Activities amidst COVID-19 Pandemic Affect Sales of Automotive Wheels

The automotive wheel market in Asia Pacific is projected to grow at a fast rate during the forecast period. However, the auto industry in India is growing at a sluggish pace due to the ongoing COVID-19 (coronavirus) pandemic. As such, car manufacturing is slowly picking pace whilst manufacturers are making efforts to inhibit the spread of coronavirus. Facility shutdowns and delayed shipments of raw materials have been common restraining factors for automobile manufacturers. Manufacturing in the Indian auto industry is gaining momentum, as companies are strictly abiding by government guidelines to ensure the safety of their workers and employees. These factors are projected to drive the automotive wheel market during the forecast period.

Manufacturers Invest in State-of-the-art SAE- and TUV-approved Facilities

Companies in the automotive wheel market are pushing their boundaries to deploy technological innovations in components. Vossen Wheels-a manufacturer of luxury and performance forged wheels, has gained efficacy in the development of custom finish automotive wheels that are SAE- (Society of Automotive Engineers) and TUV- (Tough Utility Vehicle) approved. Companies in the automotive wheel market are increasing their production capabilities to manufacture high-end, deep-dish wheels that are joining the bandwagon of premier products.

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Manufacturers are directing their investments in state-of-the-art TUV-approved facilities in order to gain global recognition in the market landscape. They are investing in brand-new machineries that offer tinted gloss black and other finishes to automotive wheels. The concept of Fine Element Analysis (FEA) is growing popular among automotive wheel manufacturers who aim to gain a competitive edge over other market players.

Development of Lightweight Automotive Wheels In Line with Fuel Emission Regulations

The decline of car weight has been an issue of central focus for automakers. Hence, companies in the automotive wheel market are increasing their research spending to innovate in alloy wheels. For instance, Rio Tinto-an Anglo-Australian multinational metal corporation, joined forces with researchers at the Arvida Research and Development Centre (ARDC), Canada, to introduce Revolution-Al™, a new high strength aluminum alloy developed to make lightweight car wheels. There is a growing need to develop stronger alloys for die cast car wheels that help reduce fuel consumption.

Lightweight car wheels are in high demand to improve the safety and handling of vehicles. With the help of improved automotive wheels, manufacturers are able to meet strict industry standards of governments, pertaining to fuel emission regulations. Car manufacturers in the automotive wheel market are working closely with their customers to gain data about their experience through various trails and tests.

Automatic Alloy Wheel Surface Treatment Becomes Mainstream with Industry 4.0 Revolution

Pre-polishing and finishing of automotive alloy wheels play an instrumental role in car manufacturing. Hence, stakeholders in the automotive wheel market are extending their fine polishing services to car manufacturers. For instance, Fintek - a provider of surface finishing and superfinishing solutions, is capitalizing opportunities in the booming Industry 4.0 revolution, which is bringing a significant change in fine polishing for alloy wheels. As such, alloy wheels are estimated to dictate the highest revenue share among all wheel types in the automotive wheel market.

Lucrative opportunities in Industry 4.0 are creating value-grab opportunities for automotive wheel manufacturers. As such, the market is estimated to register a modest CAGR of ~4% during the forecast period. Automatic surface treatment, deburring, and polishing of wheels hold promising potentials for car manufacturers amidst the Industry 4.0 revolution.