Automotive Wheel Market expected to grow significantly
Date: 2018-09-10   Author: Ronak Bora  Category: #market

Automotive Wheel Market expected to grow significantly

Automotive Wheel Market for Aluminum segment is anticipated to grow at over 4.8% over the forecast timespan. Its demand is growing at a faster pace in developing economies including India, Japan, China owing to increasing number of manufacturing units in these regions. Growing fuel productivity and affluence in acceleration owing to lower vehicle weight are important driving factors for automotive wheel market development.

Regular wheel contributes more than 85% of overall industry size in 2016. Strong demand for cost-effective commercial vehicles and passenger cars is anticipated to drive the automotive wheel market growth. Technological advancements coupled with the growing demand for corrosion-resistant components will propel product penetration.

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Shifting consumer preference for comfort & improved driving experience along with increasing corrosion resistant automobile machineries preference is projected to propel automotive wheel demand. Flourishing global transportation sector coupled with requirement to enhance fuel efficiency are foremost factors anticipated to drive overall automotive wheel market growth.

Global vehicle industry was more than 96 million units in 2016 with China being the top contributor. Rising demand for luxury cars has also encouraged the global industry trends. For instance, Jaguar Land Rover, a Tata Motors subsidiary, sale rose up to 30% in 2013 as compared to the previous year.

Upsurge in consumer expenditure on high end vehicles coupled with increasing population will drive the industry demand. Emergence of nuclear families owing to rapid urbanization will boost product penetration.

Expansion in global transportation industry along with rise in frequency of public travelling are among the key factors fueling the industry demand. Strong availability of substitute alloy materials accompanied by high manufacturing costs owing to inclusive manufacturing process may affect automotive wheel market price trend.

Surge in emission regulations and necessity for lightweight cars by several customers will expand the aftermarket size. Development in the online sale platforms has particularly given a boost to the industry innovations. Superior properties including growing usage of social media, mobile technology and internet penetration will positively impact the overall aftermarket automotive wheel market expansion.

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Passenger cars will worth over USD 77 billion by 2024. Shifting lifestyles and growing disposable income are the key driving factors of industry growth. Heavy research and development initiatives coupled with emergence of cost efficient passenger cars will further stimulate the product demand.

Automotive wheel market in Asia Pacific is expected to value more than USD 53 billion by 2024. Growing vehicle manufacturing particularly in India and China remains the significant driving factor for industry growth. Development of manufacturing units owing to favorable socio-economic environments will drive the regional demand.

Global industry share is highly fragmented with large presence of several regional manufacturers. Major industry players include Titan Europe Gmbh, SuperAlloy Industrial Company, ALCAR Holding, Starco, Jantsa, Mefro, CLN Group, Otto Fuchs, Trelleborg, Ronal AG and Maxion.

Other prominent automotive wheel market players are Steel Strips, Borbet and Topy Industries Limited. Most of the crucial players have been developing new product launches along with mergers & acquisitions to strengthen their profitability as well as geographical presence.

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About Author


Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for AlgosOnline and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport.

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