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. 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.
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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.
Aluminum Alloy Metal in for a Bright Future in the Global Automotive Metal Wheel Market
Superior thermal conductivity compared to Steel, more structural strength, improved grip on difficult terrains, and better corrosion resistance are some key properties pushing the demand for Aluminum alloy wheels through 2022. Enhanced scope for multiple design innovations along with better fuel economy will result in widespread consumption of alloys wheels.
However, heavy steel wheels are likely to witnessed increased adoption in cold regions considering better vehicular stability in extreme winter conditions. Additionally, steel is likely to remain the most metal in the automotive metal wheel market considering its affordability.
Ongoing Design Innovations to Reinvent the Automotive Metal Wheel Landscape
To keep abreast with the requirements from OEMs and end-use consumers demanding lighter and performance-efficient wheels, manufacturers in the global automotive metal wheel market are investing in a broad range of product simulations during the wheel development phase.
Product simulations including wheel stiffness for noise reduction, natural frequency analysis of wheels, and torque simulations are likely to improve the quality of metal wheels and reduce development time.
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Competitive Landscape
Fact.MR’s comprehensive report on the global automotive metal wheel market, provides critical insights on the key players and their future market strategies likely to define the further course of the market.
Fact.MR envisages that product innovations and new product launches will remain the most prominent strategy in the highly fragmented global automotive metal wheel market, to broaden the scope of their product offerings and reach to a more consumers.
Owing to the significant market shift from steel wheels to aluminum wheels, Maxion Wheels recently laid the foundation for a new aluminum wheel plant in Pune, India to specifically cater to the growing demand for aluminum wheels in the region.
Riding the aluminum wheels wave, Chinese wheel manufacturer CITIC Dicastal is said to build two aluminum wheels factories in Morocco, with an investment of 350 million euros. Iochpe-Maxion, CITIC Dicastal, Borbet, Superior Industries, Accuride, and Jingu Group are some key companies profiled by Fact.MR in its report on global automotive metal wheel market.
About the Report
Fact.MR has comprehensively studies the global automotive metal wheel market for the assessment period of 2017-2022. The automotive metal wheel market is anticipated to record a rather sluggish CAGR in terms of revenue sales owing to the transformational shift towards light weight wheels.
Covered in 14 elaborate chapters, the report offers an extensive segment-wise analysis of key regions, cross-sectional data, and forecast.
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