Forged Alloy Aluminum Wheel Market Size, Share, Growth, and Industry Growth by Type (OEM and Aftermarket) By Application (Passenger Vehicle and Commercial Vehicle), Regional Insights, and Forecast To 2031

Updated On: 08 April 2024

Forged Alloy Aluminum Wheel Market REPORT OVERVIEW

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The global forged alloy aluminum wheel market size was USD 4749.2 million in 2021 and market is projected to touch USD 8305.9 million by 2031, at a CAGR of 5.75% during the forecast period.

The excellent toughness and light weight of forged alloy aluminum wheels make them useful in a variety of applications. The visual appeal of the car is also enhanced with aluminum alloy wheels. Because the quantity of carbon dioxide emitted is inversely correlated with the amount of gasoline consumed and the size of the vehicle, lowering weight becomes an urgent requirement for automakers to produce lighter, more environmentally friendly, and safer vehicles.

New chances for market expansion are anticipated to arise as a result of evolving consumer lifestyles and preferences for light automobiles. During the anticipated period, it is anticipated that the market for forged alloy aluminum wheels would develop due to the quick urbanization, rise in vehicle demand and production, and fuel economy standards.

COVID-19 Impact: Supply Chain Disruptions Led to Market’s Decline.

Manufacturers suffered a significant financial hit as a result of the lockdown and economic crisis brought on by the COVID-19 epidemic. Because of the COVID-19 issue, the market was unsure, the supply chain was disrupted, companies suffered, and end users were terrified. When the lockdown was lifted in the majority of the countries, the market did, however, recover, and business as usual resumed in the government. This sector of the economy is reliant on automobiles, so any interruptions there have an immediate impact here.

Manufacturers suffered a significant financial hit in 2020 as a result of the lockdown and economic crisis brought on by the COVID-19 epidemic. Because of the COVID-19 issue, the market was unsure, the supply chain was disrupted, companies suffered, and end users were terrified. When the lockdown was lifted in the majority of the countries, the market did, however, recover, and business as usual resumed in the government. This sector of the economy is reliant on automobiles, so any interruptions there have an immediate impact here.

LATEST TRENDS

"Rising Consumer Demands Will Accelerate the Market."

Vehicle makers are focusing on creating safe, opulent, and lightweight solutions in response to consumer demand. Some of the largest prospects in the car business can only be provided by lightweight materials and luxurious interiors. This implies that suppliers will need to create solutions to assist OEMs in meeting ever-tighter rules and the more diverse tastes of customers.

By substituting lightweight metals like magnesium alloys, aluminum alloys, high-strength steel, and carbon fiber for cast iron and steel parts, the weight of a vehicle's body may be reduced. The fuel consumption of the car is lowered instantly as a result. For instance, the U.S. Department of Energy claims that equipping 25% of the U.S. fleet with lightweight parts and high-efficiency engines might result in a greater fuel savings. Therefore, it is anticipated that a high demand for lightweight cars and a rise in the rate of vehicle production would create a favorable trend for this market during the course of the projection period.

Forged Alloy Aluminum Wheel Market Segmentation

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• By Type Analysis

By type, market is segmented into OEM and aftermarket. The linear vibrating segment will dominate the market in the coming years.

• By Application Analysis

Based on applications, the market is classified into passenger vehicle and commercial vehicle. The passenger vehicle segment will lead the global share through 2031.

DRIVING FACTORS

"Demand for Fuel-Efficient Automobiles to Drive the Market."

Global demand for fuel-efficient automobiles has significantly expanded due to the automotive industry's growing emphasis on lightweight materials and the need for lightweight materials itself. When compared to its steel counterparts, forged alloy aluminum wheels stand out for their ability to resist corrosion and rust. Therefore, in addition to being lightweight, it also has a longer lifespan, which is advantageous to the consumers financially. Additionally, as a result of urbanization and a rise in consumer wealth, the way that buyers approach automobile purchases are evolving toward luxury. During the anticipated period, this is anticipated to fuel market expansion.

"New Technology and Competitiveness to Augment the Demand."

Automakers have been obliged to embrace new technology as a result of the manufacturing industry's escalating competitiveness over the past ten years. Truck-specific sales of forged alloy aluminum wheels increased by at least 30%. Consequently, just as car sales soared, so did the consequent growth in sales of these types of wheels. Due to rising mobility and investments in the transportation sector, there will likely be an increase in the sales and manufacturing of all sorts of cars in both emerging and developed nations, which will help the global market expand financially.

RESTRAINING FACTORS

"Cost of Fuel and Prices of Steel and Aluminum to Hinder the Market"

The cost of fuel, the availability of iron and bauxite ore, and other factors affect the price of steel and aluminum, although steel is often less expensive than aluminum. In the crust of the Earth, aluminum is the metal that is found in the greatest quantity. The primary reason it is costly is how much power is used in the extraction process. These wheels are more sophisticated than conventional steel wheels when the production methods are compared. As a result, alloy wheels are often more expensive than steel ones. Additionally, it could be cheaper to fix steel wheels than alloy wheels. As a result, the cost element can limit market expansion.

Forged Alloy Aluminum Wheel Market REGIONAL INSIGHTS

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"Asia Pacific to Grow Rapidly within the Forecast Period."

The highest market share is now held by Asia Pacific. The high population density in nations like China and India, which make up a larger portion of the world's population, is a crucial element driving the expansion of this area. This expansion is attributable to increased urbanization and disposable money, which have caused people's preferences to change. The growth of the automotive industries in South Korea, India, and China is mostly attributable to increased car production. According to the International Organization of Motor Vehicle Manufacturers, China was the nation that manufactured the most cars, numbering millions. The main drivers of the market expansion are the existence of a healthy automotive industry and the rising number of passenger vehicle manufacturers.

KEY INDUSTRY PLAYERS

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead in the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolio.

List of Market Players Profiled

• Arconic (U.S.)
• Lizhong Group (China)
• Superior Industries (U.S.)
• Accuride (U.S.)
• Borbet (Germany)
• Ronal Wheels (Switzerland)
• Hongxin Wheel (China)
• Wanfeng Auto (China)
• Gemsy Wheels (U.S.)
• CITIC Dicastal (China)
• Zhejiang Jinfei (China)
• BBS JAPAN (Japan)
• RAYS Wheels (Japan)

REPORT COVERAGE

The market research study examines the worldwide market in detail, focusing on important elements such as leading players, product/services or type, and leading end-use applications. Aside from that, the research analyses major advancements and provides insights into lighting market trends. In addition to the causes indicated above, the paper includes a number of other factors that have contributed to recent growth.