The global aluminum alloy wheel market 2019-2023 is expected to post a CAGR of more than 2% during the forecast period, according to the latest market research report by Technavio.
Automakers are focused on developing lightweight vehicles to increase efficiency and to provide a better driving experience. Manufacturers are using lightweight materials such as high-strength aluminum for structural applications and reduce the weight of the vehicle. Aluminum alloy wheels are lighter than steel wheels and enhance performance and handling of the vehicle. With the growing demand for lighter vehicles, many vendors are offering lightweight aluminum wheels. For example, IOCHPE manufactures a variety of aluminum alloy wheels and conducts computer modeling to optimize the weight of the wheels. The growing demand for lightweight vehicles will drive the need for the aluminum alloy wheel market during the forecast period.
This market research report on the global aluminum alloy wheel market 2019-2023 also provides an analysis of the most critical trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a significant factor that has the potential to significantly impact the market and contribute to its growth or decline.
In this report, Technavio highlights the use of aluminum wheels in autonomous vehicles as one of the key emerging trends in the global aluminum alloy wheel market.
Global aluminum alloy wheel market: Use of aluminum wheels in autonomous vehicles
Major automakers such as Audi, Daimler AG, and Nissan are launching autonomous vehicles with aluminum alloy wheels to improve stability and performance. Many manufacturers are offering technologically advanced aluminum alloy wheels for autonomous vehicles. For example, Michelin offered its Acorus flexible-wheel technology to NAVYA to produce driverless buses in London. The technology helps NAVYA to deliver more aluminum alloy wheels. The increasing penetration of autonomous vehicles will further fuel the growth of the aluminum alloy wheels market.
Several vendors such as Arconic (Alcoa Wheels) are offering alloy wheels for heavy vehicles such as trucks and buses to reduce the vehicles weight. Arconic offers aluminum alloy wheels for heavy-duty trucks, medium-duty trucks, and buses. Similarly, Accurides Quantum 99 aluminum alloy wheel was developed for commercial vehicles to help reduce the vehicles weight. Many such developments among vendors will boost the markets growth during the forecast period, says an analyst at Technavio.
Global aluminum alloy wheel market: segmentation analysis
This market research report segments the global aluminum alloy wheel market by application (passenger vehicle and commercial vehicle) and geography (APAC, Europe, MEA, North America, and South America).
APAC led the market in 2018 with a market share of nearly 48%, followed by Europe, North America, South America, and MEA respectively. The dominance of APAC can be attributed to the highest number of potential first-time buyers of passenger and commercial vehicles.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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