Automotive Aluminum Alloy Wheel Market, in terms of revenue, was estimated to be USD 16.06 Billion in 2021 and is expected to reach USD 28.94 Billion in 2028, growing at a CAGR of 8.78% from 2022 to 2028.
Many vehicles are made of cast aluminum due to the alloy in them being light and strong. Aluminum alloy used for wheel usually contain 97% of aluminum. A second metal is added to provide durability since pure aluminum is too soft. There are three processes for making wheels from aluminum such as, forging, rolled forging and casting. Moreover, rising vehicle ownerships along with continuous support from the government for the adoption of alternative fuelled vehicles are further supporting the automotive aluminum wheel market growth. For instance, according to OICA as of 2017, the global vehicle production accounted for around 97.3 million units and Asia Pacific contributed for over 50% of the total global production. Increasing demand for vehicles across the globe is the primary and the most important factor that is boosting the growth of the global automotive aluminum wheels market. Automotive Aluminum Alloy Wheel (AAAW) Market applies the most effective of each primary and secondary analysis to weighs upon the competitive landscape and also the outstanding market players expected to dominate AAAW Market place for the forecast 2022– 2028.
The study provides a decisive view of the global AAAW market by segmenting the market based on product type, application and region. Based on type, automotive aluminum wheel market is segmented into painting wheels, polished wheels, plating wheels, and vacuum plating wheel.
|Historical data||2018 - 2021|
|Forecast Period||2021 - 2028|
|Market Size in 2021:||USD 16.06 Billion|
|Base year considered||2021|
|Forecast Period CAGR %:||8.78%|
|Market Size Expected in 2028:||USD 28.94 Billion|
|Tables, Charts & Figures:||175|
|Key Players/Companies||CITIC Dicastal, Ronal Wheels, Superior Industries, Borbet, Iochpe-Maxion, Alcoa, Wanfeng Auto, Uniwheel Group, Lizhong Group, Topy Group, Enkei Wheels, Zhejiang Jinfei, Accuride, YHI, Yueling Wheels, Zhongnan Aluminum Wheels|
|Segments Covered||By Material Type, By Vehicle Type, By End User|
|Regional Analysis||North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Afric|