Aluminum Alloy Wheel Market Outlook – 2027
The aluminum alloy involves material such as aluminum alloy, magnesium alloy, and others. The manufacturers of alloy wheel markets are more focused to reduce car weight and to limit the amount of exhaust emission. In addition, there has been an increase in the popularity of alloy wheels in the last few years. Earlier, motorcycle manufacturers utilized spoke rims, which are incorporated in specific types of motorcycles even today. Alloy wheels are used due to high resilience and lightweight. Generally, two-wheeler rims/wheels are made of aluminum, nickel, and other material, while alloys and steel are extensively utilized for two-wheeler rims. Furthermore, alloy wheels enhance the aesthetic appearance of the two-wheeler. Automakers are being forced to manufacture lighter and environmentally friendlier, cheaper and safer cars as the amount of carbon dioxide emitted is proportional to the size of the car and the amount of fuel consumption, reduction of weight becomes a critical criterion. The rapid urbanization, increase in vehicle production, surge in demand for automobiles, regulations related to fuel efficiency, and improvement in dynamics are expected to further boost the evolution of the market during the forecast period.
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COVID-19 scenario analysis:
- The direction of the industry is expected to remain unchanged, but there is uncertainty regarding the timeframe, the supply chain can even take a year to revive back again.
- COVID-19 is one of the first pandemics of its kind that is forcing the automotive industry to re-think its business.
- The epidemic has placed more pressure on the automotive industry for its business model transformation, as the industry is facing demand shock with an uncertain recovery timeline.
- The cash burn rate in the industry is currently less than 2 months as many original equipment manufacturers (OEM) will likely soon face liquidity issues as operating cash flow diminishes during the crisis.
Top impacting factors: Market Scenario Analysis, Trends, Drivers and Impact Analysis
Factors such as the high demand for light-weighted vehicles and the increase in pace of vehicle production drive the growth of the market. Moreover, the relatively high cost of magnesium and aluminum alloys wheel hamper the market growth during the forecast period. Furthermore, growth in the market for electric vehicles is expected to offer lucrative opportunities for the market growth shortly.
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The globally automotive alloy wheel market trends are as follows:
High demand for light-weighted vehicles
Increase in demand for lightweight material from the automotive industry and rise in focus on fuel economy have tremendously increased the demand for lightweight vehicles across the globe. Customers are shifting toward luxury due to the increase in urbanization and the buying power of customers, which boosts the growth of the automotive alloy wheel market during the forecast period.
Increase in pace of vehicle production
The competitive level of manufacturing companies has increased at a very huge pace in the past decade, which has enforced automakers to adopt new technologies. Increase in the production of passenger cars and commercial vehicles in developing and developed countries owing to the growing transportation sector is expected to augment revenue growth of the global market.
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Key benefits of the report:
- This study presents the analytical depiction of the aluminum alloy wheel industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with a detailed analysis of the aluminum alloy wheel share.
- The current market is quantitatively analyzed from 2020 to 2027 to highlight the aluminum alloy wheel scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed aluminum alloy wheel analysis based on competitive intensity and how the competition will take shape in the coming years.
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