LONDON, June 27, 2023 (GLOBE NEWSWIRE) -- The Business Research Company’s research on the automotive alloy wheels market forecasts the global automotive alloy wheels market size to grow from $17.2 billion in 2022 to $18.8 billion in 2023 at a compound annual growth rate (CAGR) of more than 9%. The global automotive alloy wheels market size is then expected to grow to $26.6 billion in 2027 at a CAGR of 9%.
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The expanding automotive sector is likely to boost the automotive alloy wheels market ahead. The automotive industry encompasses the creation, manufacture, marketing, and design of automobiles. Automotive alloy wheels are less in weight, allowing the vehicle to be lighter overall, allowing for longer tyre life and consuming less fuel; as a result, the rising automotive sector raises demand for the automotive alloy wheels market. According to Zippia, a US-based career specialist, the US vehicle sector expanded by 22% in October 2022, from $82.6 billion in 2021 to $100.9 billion in 2022. As a result, the rising automobile sector boosts demand for the automotive alloy wheel market.
Major players in the automotive alloy wheels market are Alcoa Wheels, Arconic Corporation, BBS GmbH, Borbet GmbH, Enkei Corporation, Foshan Nanhai Zhongnan Aluminum Wheel Co. Ltd., Fuel Off-Road Wheels, MAXION Wheels.
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Product innovations are a prevalent trend in the vehicle alloy wheels market. To maintain their market position, major automotive wheel manufactures are offering revolutionary products. For example, in November 2022, Ronal Group, a Swiss business that manufactures automobile alloy wheels, announced a new R70-blue aluminium wheel that is carbon-neutral recycled aluminium. This is being developed in order to generate improvements in the automotive sector that will ensure environmentally friendly wheels with lower greenhouse gas emissions.
North America was the largest region in the automotive alloy wheels market in 2022. The regions covered in the global automotive alloy wheels market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The global automotive alloy wheels market is segmented by finishing type into powder coated or painted lacquered, diamond cut, spilt wheel, chrome wheel, anodized, other finishing types; by material type into aluminum alloy, titanium alloy, magnesium alloy; by wheel size type into compact-size, mid-size, full-size; by vehicle type into passenger car, commercial vehicle; by sales channel into original equipment manufacturer (OEM), aftermarket.
Automotive Alloy Wheels Global Market Report 2023 by The Business Research Company provides insights on the automotive alloy wheels market size, automotive alloy wheels market segments, automotive alloy wheels market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
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