Global Automotive Alloy Wheel Market to Garner Decent CAGR of 2.9%

Posted by Abhijeet Bendre on November 12th, 2019

Global Automotive Alloy Wheel Market to Garner Decent CAGR of 2.9% During Forecast Period. Propagation in Vehicle Customization to Drive Automotive Alloy Wheel Market Exponentially. Asia Pacific to Dominate Automotive Alloy Wheel Market Between 2017 to 2023

Automotive Alloy Wheel Market Overview

Wheels made from steel or alloy are most commonly used in the automobile industry. Alloy wheels are generally made from aluminum, magnesium or nickel. They are lighter in weight as compared to steel wheels while offering the same strength. Alloy wheels also provide better head conduction and cosmetic appearance in comparison to steel wheels. Lighter wheels can enhance handling by decreasing unsprung mass, allowing the suspension to follow the terrain in a better manner and allowing improved grip.

The survey conducted by Market Research Future projects a 2.9% CAGR during the forecast period for automotive alloy wheel market. Factors attributing to such market growth include snowballing demand for vehicles Europe and the Asia Pacific, growth in the automobile industry, and an increase in the demand for vehicle customization. However, the higher cost of alloy wheels is predicted to hamper the growth of the automotive alloy wheel market due to price-sensitive consumers.

Segmental Analysis

The MRFR report has been studied based on various market segments, based on finishing type, wheel type, and application. On the basis of finishing type, the global automotive alloy wheel market is segmented into polished alloy wheel, and two-toned alloy wheel. The polished alloy wheel segment is expected to hold a significant market share as they appear more attractive and provide an aesthetic design.

By wheel type, it is segmented into compact-size, mid-size and full-size. The compact size segment is estimated to hold a prominent share in the automotive alloy wheel market due to its usage in passenger cars and compact SUVs. On the basis of application, the market is segmented into commercial vehicles, passenger cars, and two-wheelers. The passenger cars segment is expected to showcase propelled growth due to higher demand and production of the same. Furthermore, an increasing emphasis on external appearance has led to driven demand for alloy wheels in passenger cars.

Detailed Regional Analysis

The global automotive alloy wheel market is regionally segmented into the Asia Pacific (APAC), Europe, North America, and Rest of the World (RoW). The Asia Pacific is expected to capture maximum market share during the forecast period due to propelling expansion of the automobile industry. Ongoing industrialization and economic development in India, Japan, and China are factors causing proliferation in the market growth for automotive alloy wheel market in the region. Moreover, owing to the sizeable presence of two-wheeler market and two-wheeler manufacturers in the region, the Asia Pacific is estimated to accrue notable growth in the foreseeable future.

North America and Europe are anticipated to follow the Asia Pacific in terms of market share. These two regions are projected to prove as potential destinations for new manufacturers in the industry. The growing preference for alloy wheels is expected to drive the automotive alloy wheel market in North America. Further, increasing disposable income in the working class of the U.S. and Canada are expected to garner prominent market growth during the assessment period. Also, owing to the presence of a high number of manufacturers in the region, Europe is anticipated to collect profitable market growth for automotive alloy wheel market during the assessment period.

Browse more at: https://www.marketresearchfuture.com/reports/automotive-alloy-wheel-market-3931

Prominent Players

Some of the most prominent players in the global automotive alloy wheel market include Euromax Wheel (U.S.), MHT Luxury Wheels (U.S.), Status Wheels, Inc. (U.S.), Wheel Pros, LLC (U.S.), Fuel Off-Road Wheels (U.S.), SOTA Offroad (U.S.), Enkei Wheels India Ltd. (India), Ronal AG (Switzerland), Uniwheels (Switzerland), and BBS Kraftfahrzeugtechnik AG (Germany).

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