The rising awareness among the global population for the product benefit tends to increase the production of a product of Automotive Alloy Wheel Market in a positive way. The manufacturers are hopeful about the possibilities of their market growth. And the analyst is also prepared the report by predicting the high growth rate than the recent rate of growth. A wide range of market players is the vital factor to gain the attraction of the larger buyers, as well as the regional market, existed across the globe.
The automotive alloy wheel market is in a growth phase due to increasing demand for light weight wheels that have the same strength as steel wheels alongside having high thermal stability & ductility. Automotive alloy wheels are made from either an alloy of magnesium or aluminum or a mixture of both. Automotive alloy wheels are light weight wheels which improve the steering and speed of a car. Since aluminum or magnesium alloy is a good conductor of heat, automotive alloy wheels decrease heat dissipation from brakes and reduce the risk of brake failure under extreme driving conditions. Automotive alloy wheels have complex geometry and satisfy the manifold design criteria, such as weight, style, performance and manufacturability.
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Automotive Alloy Wheel Market: Dynamics
Increasing demand for light weight and corrosion resistant alloy wheels is increasing due to changing weather conditions, which is a key factor boosting the growth of the automotive alloy wheel market. Automotive alloy wheels support tubeless tires and also offer better grip on brakes.
These are some of the benefits that are likely to increase the demand for automotive alloy wheels, which in turn, will accelerate the growth of the automotive alloy wheel market in the upcoming years. The nominal reduction in fuel consumption and precise steering handling are some of the other important factors that will drive the growth of the automotive alloy wheel market.
The demand for vehicles fitted with wheels made from heavy metal is increasing in cold countries as these wheels successfully offer resistance to skidding during snow or hail. This factor is estimated to hamper the growth of the automotive alloy wheel market in the upcoming years.
In the current scenario, the preference for alloy wheels over factory fitted wheels has led to an increase in customization activity, which, in turn, will fuel sales in the aftermarket segment during the forecast period. This factor is expected to become a driver for the automotive alloy wheel market.
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Automotive Alloy Wheel Market: Segmentation
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Automotive Alloy Wheel Market: Regional Outlook
North America is anticipated to hold a prominent share in the global automotive alloy wheel market owing to growing preference for alloy wheels. That apart, high disposable income witnessed in the working class population of the US and Canada is another factor expected to elevate the market during the forecast period.
The automotive alloy wheel market is expected to grow in the Asia Pacific region due to the growing automotive industry as well as increasing living standards, especially in countries, such as Japan, China and India. Moreover, owing to the high number of two wheelers as well as two wheeler manufacturers in the region, Asia Pacific is also estimated to hold a prominent share in the said market in the upcoming years.
Europe is projected to contribute a considerable share in the global automotive alloy wheel market due to the presence of a large number of automobile manufacturers in the region. Middle East and Africa is expected to grow at a moderate rate in the global automotive alloy wheel market during the forecast period.
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Automotive Alloy Wheel Market: Key Players
Examples of some of the market participants identified across the value chain of the global automotive alloy wheel market include:
- Borbet GmbH
- Ronal Group (Ronal Wheels)
- Arconic (ALCOA WHEELS)
- CITIC Dicastal Wheel Manufacturing Co., Ltd
- MAXION Wheels
- UNIWHEELS Group
- Foshan Nanhai Zhongnan Aluminum Wheel Co., Ltd.
- Superior Industries International
- FUTEX ALLOY (CHANGSHU) Co., Ltd
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