September 14, 2021
According to the research report titled ‘Global Automotive Aluminium Alloy Wheel Market Size study, by Product Type (Casting, Forging and Others) by Application (Passenger Vehicle, Commercial Vehicle), and Regional Forecasts 2021-2027’, available with Market Study Report, global automotive aluminium alloy wheel market is slated to register significant growth over 2021-2027.
As per the report findings, surging demand for vehicles, and increasing collaborations among wheel manufacturers & automobile companies are catalyzing the growth of global automotive aluminium alloy wheel market. For instance, Volkswagen Group of America collaborated with BBS Wheels in March 2021 to work on the new Enthusiast Fleet Concept Jetta GLI having BBS CH-R 20 inch wheels.
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As per the estimates given by the International Trade Administration, China is expected to be the world’s largest automotive market, with the Chinese government projecting a total production of 35 million vehicle units by the year 2025.
Additionally, favorable government initiatives, rising private sector investments, and continuous product innovations are also fueling the growth of the industry sphere.
It is to be noted that aluminium is used to enhance the stiffness as well as the tensile strength of wheels, further reducing the cost of vehicle.
Despite the positive outlook, high cost associated with research & development is likely to restrain the development of global automotive aluminium alloy wheel market over the projected timeframe.
From a regional point of view, Latin America, North America, Europe, and Asia Pacific are major contributors to overall industry remuneration. Among these, North America currently holds a major market share, and is slated to record a considerable growth rate over the projected period. This can be ascribed to presence of several established companies throughout the region, rising demand for luxurious vehicles, and heavy investments by prominent players.
Speaking of the competitive scope, Ronal AG, Borbet GmbH, CITIC Dicastal Co., Ltd., Lizhong Wheel Group Ltd., Wanfeng Auto Holding Group Co., Ltd., Zhejiang Jinfei Kaida Wheel Co., Ltd., Guangdong Dcenti Auto-Parts Stock Ltd., Co., Zhejiang Yueling Co., Ltd., YHI International Ltd. and Zhongnan Aluminum Wheel Co., Ltd. among others are the leading companies in global automotive aluminium alloy wheel market.