Rapid Adoption of Lightweight Wheels to Boost the Automotive Alloy Wheel Market
Added: (Fri Mar 08 2019)
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Transparency Market Research in its new report titled, “Automotive Alloy Wheel Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2018 – 2026,” provides key insights on the automotive alloy wheel market. The TMR report anticipates that the rapid adoption of lightweight and corrosion-resistant wheels in vehicles owing to changing weather conditions across the globe will drive the automotive alloy wheel market during the forecast period i.e, 2018-2026. Wheels are a vital part of all vehicles and an increase in production of vehicles around the world is also projected to boost the automotive alloy wheel market during the forecast period. Automotive alloy wheels offer superior grip on brakes, enhanced driving experience, and improved fuel efficiency. These advantages are likely to boost the automotive alloy wheel market during the forecast period, says the report.
The TMR report has split the automotive alloy wheel market based on type, wheel size, sales channel, vehicle type, and region. In terms of type, the automotive alloy wheel market is bifurcated into polished alloy wheel, two toned alloy wheel, and others. The polished alloy wheel segment accounted for a major share of the market owing to its superior esthetic appearance. Polished alloy wheels appear attractive as compared to other wheels. On the basis of sales channel, the automotive alloy wheel is segregated into original equipment manufacturers (OEMs) and aftermarket. Among these, the OEMs segment dominated the market due to higher production of vehicles, leading to direct incorporation of alloy wheels. Technological advancements by major OEMs to develop highly corrosion- and strain-resistant alloy wheels is a key factor restraining the aftermarket segment. Therefore, the OEMs segment is likely to dominate the market during the forecast period.
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In accordance with vehicle type, the automotive alloy wheel market is classified into passenger vehicle and commercial vehicle. Passenger vehicle is the leading segment of the automotive alloy wheel market owing to higher production of these vehicles, as compared to commercial vehicles. According to the report, increasing emphasis on external appearance of the vehicle by end-users has led to a rise in adoption of alloy wheels in passenger vehicles. In terms of geography, the global automotive alloy wheel market can be segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Asia Pacific is anticipated to hold a prominent share of the market between 2018 and 2026, owing to the higher production of vehicles in the region. Higher rate of adoption of automotive alloy wheels in the region is due to the benefits offer by alloy wheels such as enhanced fuel economy and easy vehicle acceleration. Ease in availability of resources at a lower cost and rising government provision for industrialization in the region, especially in China, Japan, and India are likely to boost the automotive alloy wheel market in Asia Pacific during the forecast period.
Some of the major companies operating in the global automotive alloy wheel market are profiled in this report and these include MHT Luxury Wheels, Euromax Wheel, BORBET GmbH, Maxion Wheels, Enkei, Status Wheels, Ronal Group, UNIWHEELS - United Wheels Group, Wheelpros LLC., ARCONIC, CITIC Dicastal Wheel Manufacturing Co., Foshan Nanhai Zhongnan Aluminium Wheel Co.,Ltd., BBS GmbH, Superior Industries International, Inc., and Fuel Off-Road Wheels.
Transparency Market Research (TMR) is a U.S.-based provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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