Automotive alloy wheels are made of aluminium, magnesium, or a combination of the two. It is usually lighter, has better heat conduction, and has a better aesthetic appeal than steel wheels. As a result, there is an increasing trend among consumers for alloy wheels for car exterior style. Alloy wheels are lightweight and increase a vehicle’s handling and speed. Growing demand for luxury automobiles, as well as increased need for lightweight vehicles, are important drivers of the automotive alloy wheel market.
According to SPER market research, ‘Automotive Alloys Market– By Type of Alloy, By Application, By Vehicle Type, By Technology: Regional Outlook, Competitive Strategies, and Segment Forecast to 2032’ state that the Global Automotive Alloys Market is predicted to reach USD 93.53 billion by 2032 with a CAGR of 8.33%.
Because of the growing demands of the automotive industry for lightweight materials and greater focus on fuel economy, there has been a progressive improvement in the requirement for fuel-efficient automobiles. Aluminium alloys are notable for their resistance to rust and corrosion when compared to their steel equivalents. Because of this, it is not only lightweight but also has a longer lifespan, which benefits the clients monetarily. Customers are also adopting a more upscale approach when acquiring automobiles as a result of urbanization and increased consumer purchasing power, which is anticipated to boost the market’s expansion over the projected timeframe. It is anticipated that rising mobility and investments in the transportation industry will boost the production and sales of various cars in established and emerging countries, supporting the growth of the global market’s revenue.
The primary obstacle impeding the market’s expansion is the exorbitant cost of magnesium and aluminium alloys. These alloys are expensive because of the energy needed to make them as well as the high costs of assembly and manufacturing for these low-density materials, which raises the price of cars as a whole. Moreover, another factor impeding the growth of the automotive alloy market throughout the forecast period is the fluctuating cost of raw materials.
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Impact study of COVID-19 indicates that global shutdowns and oil price changes caused a sharp drop in car sales in the first few months of the previous year. Prominent automakers are utilizing various strategies to mitigate the adverse effect on their business operations, such as evaluating their dealerships to allow for the restoration of services. The immediate impact of COVID-19 on the automotive industry has resulted in the closure of assembly plants in the US, manufacturing facilities in Europe, and the export of Chinese parts. However, as long as a COVID-19 breakthrough is not achieved, the automotive industry can continue to be resilient given the ongoing efforts of key companies to prevent revenue losses by pursuing recovery techniques like mergers and acquisitions.
Over the course of the forecast period, East Asia is expected to emerge as the world’s largest market for automotive alloys for a variety of reasons, including continued economic growth, rising vehicle production, rapid urbanization, and an increasing desire for lightweight cars. Additionally, some of the markets key players of Global automotive alloy market are Alcoa Corporation, AMG Advanced Metallurgical Group N.V, ArcelorMittal S.A., Constellium, Kobe Steel Ltd., Novelis Inc., Thyssenkrupp AG, UACJ Corporation.
Automotive Alloys Wheel Market Segmentation:
By Product: Based on the Product, Global Automotive Alloy Market has been segmented as; Steel, Magnesium, Aluminium, and Others
By Application: Based on the Application, Global Automotive Alloys are segmented as ; Structural, Powertrain, Exteriors and Others
By Vehicle type: Based on Vehicle Type, Global Automotive Alloys are segmented as; Passenger Car, Light Commercial Vehicle, Heavy Commercial Vehicle.
By Technology: Based on the Technology, Global Automotive Alloys Market is segmented as; Conventional, Smart Connected
By Region: The automotive alloy market has been divided into four regions based on geography: North America, Europe, Asia-Pacific (APAC), and the rest of the globe. Due in large part to China’s developed automotive sector, APAC is expected to be the largest market for automotive alloys throughout the forecast period. For instance, in previous decade China produced more than one-third of all vehicles produced worldwide and more than two-thirds of all vehicles produced in the APAC area. Japan and India are also significant vehicle markets in addition to China. The region’s large population and improvements in the economic standing of individuals in developing nations like China, Indonesia, Thailand, and India are also factors contributing to the market’s expansion.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.
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Automotive Alloy Wheel Market Future Outlook
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