The global aluminum alloy wheel market is projected to grow at stable CAGR over the forecast period (2017 to 2022), according to a report available on Radiant Insights, Inc. Growing need for light weight wheels in automobiles can influence demand for aluminum alloy wheels. Such wheels are likely to offer superior heat conduction and grip on brakes.
Increasing use of aluminum alloy wheels to enhance acceleration of vehicle is anticipated to propel growth of market. Shifting preference for light weight alloy wheels over conventional steel wheels to increase fuel efficiency in vehicles can augment market expansion. Rising demand for external styling of vehicles and superior rising experience can also boost market growth in the forthcoming years. Growing adoption of corrosion resistant alloy wheels owing to changing weather conditions can further stimulate market growth during the forecast period (2017 to 2022).
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However, rising demand for wheels made from heavy metals in countries witnessing heavy snowfalls can hamper growth of market. Heavy metal alloy wheels can prevent vehicles from skidding over snow or hail.
To cater to rising demand for aluminum alloy wheels, most companies are expected to invest in R&D activities to develop advanced products. For instance, Accuride recently introduced new aluminum alloy wheels called Quantum 99. These alloys are expected to be offer 20 percent more strength than company’s previous alloys. In addition, it is expected to be 11% light, allowing consumers to achieve high fuel efficiency. Moreover, optimized microstructure of this alloy can increase wheel performance, durability, and strength. The new wheel is predicted to be available in two different versions like two hand hole version and five hand hole version.
The aluminum alloy wheel market can be segregated on the basis of application and region. Based on application, the market can be categorized into commercial vehicles, passenger vehicles, and motorcycle. Passenger vehicles segment is estimated to contribute to growth of market owing to high maintenance of aluminum alloy wheels as compared to spoke wheels.
Regional segmentation of the aluminum alloy wheel market includes Europe, North America, Asia Pacific, Middle East and Africa, and South America. North America is estimated to witness significant growth over the forecast period attributed to rising adoption of allow wheels. In addition, increasing disposable income among working class population can also drive regional growth in the forthcoming years.
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In Asia Pacific, the aluminum alloy wheel market is anticipated to grow well during the forecast period attributed to rising living standards in countries like Japan, India, and China. In addition, increasing number of two wheeler and four wheeler manufacturers can augment growth of market. China is expected to be the largest producer of aluminum alloy wheels, thereby driving market expansion in the region.
Europe is predicted to contribute well in market expansion owing to presence of numerous automobile manufacturing companies in the region. Rising adoption of advanced casting processes by manufacturing companies to achieve dynamic mechanical characteristics can stimulate regional growth.
In Middle East and Africa, the aluminum alloy wheel market is estimated to grow well over the forecast period. Increasing use of premium quality aluminum in South Africa to manufacture alloy wheels can drive regional market during the forecast period.
Some of the leading companies operating in the aluminum alloy wheel market are Foshan Nanhai Zhongnan Aluminum Wheel, Guangdong Dcenti Auto-Parts, Kunshan Liufeng, Meshindo Alloy Wheel, and Jiangsu United Aluminum. Most companies are likely to adopt market strategies like mergers and acquisitions to maintain their market value.
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