Pune, India, May, 2018 /press release/- Market Research Future Published a Half Cooked Research Report on Global Automotive Alloy Wheel Research Report.
The global automotive alloy wheel market is growing at a slow but steady pace and according to Market Research Future (MRFR), it is set to capture a CAGR of 2.9% between 2017 and 2023. Demand for light-weight wheels, which offers greater strength has continued to grow in recent years. Alloy wheels usually have superior performance advantages over steel wheels. Alloy wheels are lighter and increase fuel efficiency of a vehicle. They are also able to endure harsh climatic conditions so there is a lower risk of technical failure. In addition, alloy wheels add to the aesthetic appeal of a vehicle than steel wheels and are often the preference of consumers since they can be customized as per buyer’s specification.
Growth in the automobile industry and growing trend of vehicle customization is also aiding to the growth of automotive alloy wheel market. However, alloy wheels are more pricey than steel wheels. This is one of the factors, which is hampering the expansion of the market in countries with massive pools of price-sensitive consumers. Countries such as India and Indonesia have large population but these countries have still not given into the trend of automotive alloy wheels yet. Price is a major factor influencing the market’s growth. Alloys are generally made up of metals and other elements, so, hike in price of metals such as iron or aluminum impacts the market negatively. Periodic changes in government guidelines, advancements in technology and environmental codifications also pose challenges to the market.
Asia-Pacific is likely to have the maximum share of the global automotive alloy wheel market between 2017 and 2023, owing to the expanding automotive sector. The ongoing industrialization and economic acceleration in countries such as India and China has provided an impetus to the region’s market. North America and Europe follow Asia Pacific. These two regions will important destinations for market player during the assessment period.
There are many small and large vendors operating in the global automotive alloy wheel market, who compete with each other on product, cost and reliability. MHT Luxury Wheels (U.S.), Euromax Wheel (U.S.), Enkei Wheels India Ltd.(India), Wheel Pros, LLC (U.S.), Ronal AG (Switzerland), Uniwheels (Switzerland), Status Wheels, Inc. (U.S.) , Fuel Off-Road Wheels (U.S.), SOTA Offroad (U.S.) and BBS Kraftfahrzeugtechnik AG (Germany) are some of the prominent players in the global automotive alloy wheel market. These industry players are ratifying various approaches including mergers and acquisitions to remain competitive.
The global automotive alloy wheel market is segmented based on finishing type, wheel type and application. On the basis of finishing type, the global automotive alloy wheel market is segmented into polished alloy wheel, two-toned alloy wheel and others. On the basis of wheel type, it is segmented into compact-size, mid-size and full-size. On the basis of application, it is segmented into commercial vehicles, passenger cars and two wheelers.