Global
aluminum
alloy wheel market is expected to witness a massive growth in the
forecast period. In the automotive industry, alloy wheels are the type of
wheels that are made up of an alloy of aluminum or magnesium, and these alloys
are a mixture of metal and other elements. They provide much greater strength
over pure metals and are usually softer and ductile. Alloys of aluminum or
magnesium are typically lighter for the same strength and they offer better
heat conduction and produce better-quality cosmetic advent over steel wheels.
The
market has been experiencing huge growth in vehicle sales across the globe
along with rapid urbanization, which is bolstering the growth of the aluminum
alloy wheel market. Passenger cars are significantly witnessing as they have
the most demanding vehicle type by the consumers. The progressing stats of
these vehicles are steadily surging, and this is augmenting the growth of the
market in the current scenario.
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In
addition to this, the manufacturers of aluminum alloy wheels are constantly
providing novel products in order to differentiate from other key players in
the market, which will eventually aid the market to develop progressively over
the forecast period. Looking at this mammoth hype, existing, as well as new
investors, have started investing tremendously in the R&D activities of
this market and this will also encourage the manufacturers to come up with some
intense innovations. Thus, the aluminum alloy wheel market will foresee an
enormous development in the near future.
The
aluminum alloy wheel market is segmented on the basis of product (analysis,
casting, forging); by application (passenger vehicles (four wheelers, two
wheelers), commercial vehicles (light commercial vehicles (LCV), heavy
commercial vehicles (HCV) and by region (North America, Europe, Middle East
& Africa, Latin America, Asia Pacific).
Geographically,
Europe is the most notable market for the aluminum alloy wheel, as it embraces
the highest share of the market in the existing scenario. This region is
anticipated to dominate the market during the estimated time span, because
there is massive demand for four wheelers in this region due to the rise in the
population. This is aiding the region to explore massive expansion over the
forecast period.
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Market Segment:
Key Applications
•
Passengers Cars
•
Commercial Vehicles
•
Motorcycle
Key Regions
•
North America
•
Europe
•
Asia Pacific
•
Middle East and Africa
•
South America
Key Vendors
•
Accuride
•
Alcoa
•
Borbet
•
Chongqing Jieli
•
CITIC Dicastal Wheel Manufacturing
•
Enkei Wheels
•
Foshan Nanhai Zhongnan Aluminum Wheel
•
Guangdong Dcenti Auto-Parts
Key Questions Answered in this Report
•
What will the market size be in 2022?
•
What are the key factors driving the global aluminum alloy wheel market?
•
What are the challenges to market growth?
•
Who are the key players in the aluminum alloy wheel market?
•
What are the market opportunities and threats faced by the key players?
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