Alloy Wheel Market to Expand at a CAGR of 6.2% in the Forecast Period of 2024 to 2030

The Alloy Wheel Market size was valued at USD 18.69 Billion in 2023 and the total Alloy Wheel Market revenue is expected to grow at a CAGR of 6.2% from 2024 to 2030, reaching nearly USD 28.47 Billion.

Alloy Wheel Market Overview:

Alloy wheels, crafted from aluminum or magnesium alloys, are favored for their lightweight nature, strength, and corrosion resistance. These attributes enhance vehicle performance, including improved handling and fuel efficiency, while offering diverse design options for customization. Consequently, many automobile manufacturers now provide alloy wheels as standard or optional features.​

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Alloy Wheel Market Dynamics

The surge in demand for alloy wheels is attributed to their advantages over traditional steel wheels, such as reduced weight leading to better acceleration and fuel economy, and superior resistance to corrosion, extending their lifespan. Additionally, the growing trend of vehicle personalization has amplified consumer interest in alloy wheels.​

Alloy Wheel Market Outlook and Future Trends :

The market is set to benefit from advancements in manufacturing technologies, including flow-forming and forging, which produce stronger and lighter wheels. The rising popularity of larger rim sizes, especially in SUVs and pickup trucks, further propels market expansion. Moreover, the integration of smart technologies and the emphasis on sustainable practices are expected to shape future market dynamics.​

Key Recent Developments

Uno Minda collaborated with Kosei Aluminium Co. Ltd. to introduce a premium range of alloy wheels in the Indian aftermarket, enhancing vehicle performance and safety. Additionally, Maxion Wheels unveiled Maxion BIONIC, a light vehicle wheel innovation developed across teams in Brazil, Mexico, the U.S., and Germany, addressing OEMs' demand for affordable, stylish, and sustainable wheel solutions. ​

Country-Specific Mergers and Acquisitions

In Vietnam, the alloy wheel market is witnessing increased foreign investments aimed at enhancing production capabilities to meet rising domestic and international demand. Thailand's market has experienced strategic alliances between local manufacturers and global automotive companies, fostering technology transfer and expanding production capacities. Japanese firms are investing in Southeast Asian markets to strengthen their regional presence. South Korea's industry is characterized by collaborations between domestic manufacturers and international partners to develop advanced alloy wheel technologies. Singapore serves as a hub for regional distribution, with companies establishing partnerships to streamline supply chains. In the U.S., the market is marked by acquisitions aimed at diversifying product portfolios and enhancing technological capabilities. European companies are engaging in mergers to consolidate market positions and invest in sustainable manufacturing practices.

Alloy Wheel Market Segmentation

by Rim

Size 12 Inches - 17 Inches
18 Inches - 21 Inches
More than 22 Inches

by Vehicle Type

Passenger Vehicle
Commercial Vehicle

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Some of the current players in the Alloy Wheel Market are:

1. Borbet GmbH
2. Enkei Wheels
3. Ronal Group
4. Momo Wheels
5. BBS Kraftfahrzeugtechnik AG
6. OZ Group
7. TSW Alloy Wheels
8. Advan Wheels
9. Rays Engineering
10. SSR Wheels
11. Konig Wheels
12. American Racing
13. Fikse Wheels
14. HRE Performance Wheels
15. Vossen Wheels
16. Rotiform Wheels

conclusion :

The alloy wheel market is on a trajectory of robust growth, fueled by technological innovations, strategic partnerships, and evolving consumer preferences. As manufacturers continue to focus on lightweight, durable, and customizable solutions, the market is poised to meet the dynamic demands of the global automotive industry.​

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