Demand for light weight wheels driving the adoption of aluminum metal wheels.
A comprehensive study by Fact.MR on the global market for automotive metal wheels offers critical insights on the aforesaid market, assessed for a period of five years, 2017-2022. Fact.MR forecasts that the global automotive metal wheel market would record a sluggish CAGR through 2022, lying in the high value-low growth quadrant during the said timeline.
The global automotive metal wheel market is anticipated to stand at a valuation of approximately US$ 92 Billion by the end of the forecast period. Fact.MR opines that increasing demand for light weight wheels for better fuel economy and vehicular performance is a major factor restraining the widespread adoption of automotive metal wheel, globally. Moreover, since metal wheels are more exposed to rust and corrosion, automotive wheel manufacturers prefer using alloy.
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Conversely, wheels made of steel will continue to witness increased demand in regions with ice and snow, considering increased unsprung weight provided to the vehicles for efficient performance in difficult terrains with high probability of skidding. Moreover, steel wheels offer a more affordable winter alternative to alloy wheels. As per the market analysis, steel among other materials including aluminum alloy, magnesium, and composites is projected to hold nearly 35% of the total market share, representing a valuation of approximately US$ 34.3 Billion in the global market of automotive metal wheel by 2022 end.
The report also indicates that the ongoing material innovations and demand for overall lighter vehicles, may forestall the market decline over the next few years and present growth opportunities to aluminum alloy wheel manufacturers. Key players like Maxion Wheels and CITIC Dicastal are acknowledging this transformational shift by setting up aluminum wheel factories in India and Morocco, respectively. Fact.MR predicts that growing demand for car styling will contribute significantly to the adoption of aluminum alloy wheels in the coming years. Moreover, manufactures are also experimenting with carbon fiber-presently found in ultra-luxury cars. As per the report, aluminum alloy wheel segment is expected to hold nearly 27.6% of the total revenue share.
An extensive analysis of the global automotive metal wheel market on the basis of vehicle type reveals that the compact passenger cars segment will hold the maximum revenue share owing to the increase in sales of compact passenger cars and growing demand for vehicle customizations. Additionally, aftermarket sales of metal wheels, specifically aluminum alloy wheels, is projected to record a comparatively high revenue throughout 2022, compared to OEM owing to cost-effective and diverse fitments and installations in the former. Aftermarket is poised to create a US$ 66.2 Billion opportunity for the manufacturers of automotive metal wheels, owing to growing inclination towards exclusivity and customization. Research also predicts that carbon-fiber will remain the most sought-after material in the aftermarket owing to its strength and weight characteristics.
The report on global automotive metal wheel market provides an extensive description of top 10 key players along with a detailed analysis of their product offerings and key financials. Key players such as Iochpe-Maxion, CITIC Dicastal, Borbet, Superior Industries, Topy, Accuride, and Lizhong Group are profiled in the Fact.MR’s report on global automotive metal wheel market. Growing production of electric and autonomous vehicles is likely to change the traditional relations between OEMs and suppliers resulting in strategic partnerships and collaborations, predicts Fact.MR. Additionally, product innovations, specifically in terms of designs, will be greatly considered by manufacturers looking to make a mark in the otherwise crowded automotive metal wheel market. Manufacturers will continue to focus on lessening rolling resistance through a variety of approaches.
In terms of technology, casting is anticipated to dominate the global automotive metal wheel market, with over US$ 72 Billion worth of revenue share, followed by forging technology. In the regional landscape, APEJ currently holds a dominant position. Europe, on the other hand is slated to emerge as a lucrative market for automotive metal wheel manufacturers in the near future.