Alloy Aluminum Forged Wheel Market Size, Share, Growth and Industry Analysis by Sensors (Aluminum-Magnesium-Silicon-Copper Deformed Aluminum Alloy, And, Aluminum-Magnesium-Silicon-Copper Deformed Aluminum Alloy), By Application (Passenger Vehicle, And, Commercial Vehicle), Regional Insights, and Forecast To 2032

Updated On: 15 April 2024

Alloy Aluminum Forged Wheel Market REPORT OVERVIEW

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The global alloy aluminum forged wheel market is expected to be worth USD 3549 million in 2022, the market is projected to touch USD 5098.3 million by 2029 with a CAGR of 5.2% during the forecast period.

An alloy aluminum forged wheel is a high-performance automotive component made by forging a solid piece of aluminum alloy. This manufacturing process results in a wheel with superior strength, durability, and reduced weight compared to cast wheels. The forged construction enhances the wheel's structural integrity, making it ideal for sports cars and performance vehicles.

These wheels offer better handling, improved acceleration, and enhanced fuel efficiency, making them a popular choice among automotive enthusiasts seeking top-notch performance and aesthetics for their vehicles. These factors have helped in the rapid development of alloy aluminum forged wheel market share.  

COVID-19 Impact: Reduction in Demand for Automotive Sector During Pandemic Decreased Market Share

The outbreak of pandemic of COVID-19 changed the dimensions of many industries. The COVID-19 pandemic had a notable impact on the alloy aluminum forged wheel industry. As the virus spread, lockdowns and supply chain disruptions affected production and distribution. Automotive manufacturers faced reduced demand due to economic uncertainties, resulting in lower orders for forged wheels.

Additionally, restrictions on non-essential businesses led to temporary closures of automotive aftermarket stores, affecting sales further. International travel restrictions also impacted the import and export of raw materials and finished wheels. Despite these challenges, some positive trends emerged, as people sought personal transportation to avoid public transport, leading to increased demand for aftermarket wheels for car customization projects. These factors have reduced the demand for the market.

LATEST TRENDS

"Advancements in Metallurgy and Engineering Techniques to Fuel Market Growth"

In recent times, new innovations in alloy aluminum forged wheels have revolutionized the automotive industry. Advancements in metallurgy and engineering techniques have resulted in lighter yet stronger wheel designs. Hybrid materials, such as carbon-fiber reinforced aluminum, have been introduced to enhance performance and reduce weight even further. Manufacturers are utilizing computer-aided design and simulation tools to optimize wheel shapes for improved aerodynamics and cooling.

Additionally, 3D printing technology is being explored to create intricate wheel designs with precision. Furthermore, the integration of smart sensors into forged wheels offers real-time monitoring of tire pressure and temperature, enhancing safety and performance. These innovations underscore the industry's commitment to pushing the boundaries of performance, efficiency, and aesthetics.

Alloy Aluminum Forged Wheel Market SEGMENTATION

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• By Type:

The market can be divided on the basis of type into the following segments:

Aluminum-magnesium-silicon-copper deformed aluminum alloy, and, aluminum-magnesium-silicon-copper deformed aluminum alloy. The Aluminum-magnesium-silicon-copper deformed aluminum alloy segment is anticipated to dominate the market during the forecast period.

• By Application:

Based on application, the market share is bifurcated into the following segments:

Passenger vehicle, and, commercial vehicle. The passenger vehicle segment is expected to dominate the market during the forecast period.

DRIVING FACTORS

"Improved Heat Dissipation Provided by These Wheels to Amplify Market Growth"

Several driving factors contribute to the increasing popularity of alloy aluminum forged wheels in the automotive industry. The foremost factor is their remarkable strength-to-weight ratio, providing enhanced performance and fuel efficiency. The pursuit of better handling, braking, and acceleration motivates car enthusiasts and sports car manufacturers to opt for these wheels.

Additionally, forged wheels offer improved heat dissipation, reducing the risk of brake fade during intense driving. Their aesthetic appeal and unique designs also attract consumers looking to customize their vehicles. Moreover, the wheels' durability and resistance to deformation make them ideal for challenging terrains and adverse weather conditions. These factors are responsible for the rapid development of the market growth.

"Reduced Carbon Emissions and Improved Fuel Economy to Improve Market Growth"

In addition to the previously mentioned factors, other driving forces in the popularity of alloy aluminum forged wheels include advancements in manufacturing techniques. Innovations like flow forming and rotary forging enable cost-effective production while maintaining high-quality standards. Environmental concerns and regulations also play a role, as lightweight forged wheels contribute to reduced carbon emissions and improved fuel economy. The automotive aftermarket's growing demand for customization options has led to a surge in the popularity of forged wheels with diverse finishes and designs.

Furthermore, the adoption of electric vehicles and hybrid cars creates a need for lightweight components, making alloy aluminum forged wheels an attractive choice for automakers aiming to improve energy efficiency. The above-mentioned factors are accelerating alloy aluminum forged wheel market growth.

RESTRAINING FACTOR

"Requirement of Sophisticated Equipment to Bring Down Market Share"

Despite their numerous advantages, alloy aluminum forged wheels also face certain restraining factors. The primary one is their higher cost compared to traditional cast wheels, which can deter price-conscious consumers. The specialized manufacturing process requires sophisticated equipment, leading to increased production expenses. Additionally, limited availability and longer lead times for custom designs may hinder quick adoption.

For certain applications, such as heavy-duty trucks and off-road vehicles, other materials like steel may be preferred due to their durability and lower cost. Moreover, some consumers may be skeptical about the need for premium wheels, especially if their driving habits don't demand high-performance features. All of these factors can have a negative impact on the market.

Alloy Aluminum Forged Wheel Market Regional Insights

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"Europe to Dominate Market Share in Upcoming Years "

The leading region in the alloy aluminum forged wheel market is Europe. Europe's prominence in the automotive industry, particularly in the luxury and high-performance vehicle segments, drives the demand for advanced wheel technologies. With a strong focus on precision engineering and innovation, European manufacturers have been at the forefront of developing cutting-edge alloy aluminum forged wheels.

 The region's stringent regulations regarding vehicle emissions and fuel efficiency also contribute to the popularity of lightweight forged wheels. Additionally, the presence of renowned automotive brands and a culture that values superior craftsmanship and aesthetics further strengthens Europe's position as the leading market for alloy aluminum forged wheels.

Key Industry Players

"Leading Players adopt Acquisition Strategies to Stay Competitive "

Several players in the market are using acquisition strategies to build their business portfolio and strengthen their market position. In addition, partnerships and collaborations are among the common strategies adopted by companies. Key market players are making R&D investments to bring advanced technologies and solutions to the market.

List of Market Players Profiled

• CITIC Dicastal (China)
• Borbet (Germany)
• Ronal Wheels (Germany)
• Alcoa (U.S.)
• Superior Industries (U.S.)
• Iochpe-Maxion (Brazil)
• Uniwheel Group (Poland)
• Wanfeng Auto (China)
• Lizhong Group (China)
• Enkei Wheels (Japan)
• Zhejiang Jinfei (China)
• Jiangsu Pomlead (China)

Report Coverage

The report provides an insight into the industry from both the demand and supply sides. Further, it also gives information on the impact of COVID-19 on the market, the driving and the restraining factors along with the regional insights. Market dynamic forces during the forecast period have also been discussed for the better understanding of the market situations. A list of the top industry players has also been mentioned in the report in order to provide a better understanding of the competition that is prevailing in the market.