The Europe Automotive Aluminum Wheels Market would witness market growth of 6.9% CAGR during the forecast period (2024-2031).
Automotive Aluminum Wheels are lightweight, durable, and stylish components used in Internal Combustion Engine (ICE) propelled vehicles. These wheels are crafted from high-strength Aluminum alloys, offering a balance of strength and weight reduction benefits. Their lightweight nature enhances overall vehicle performance by reducing unsprung mass, which translates to improved handling, acceleration, and fuel efficiency. Therefore, the Germany market would utilize 7,162.1 thousand units of Aluminum Wheels in Internal Combustion Engine (ICE) propelled vehicles by 2031.
The Germany market dominated the Europe Automotive Aluminum Wheels Market by Country in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $2,002.3 million by 2031. The UK market is experiencing a CAGR of 6.4% during (2024 - 2031). Additionally, The France market would exhibit a CAGR of 7.7% during (2024 - 2031).
The market has witnessed significant growth in recent years, driven by increasing consumer preference for lightweight and high-performance wheels, stringent fuel efficiency regulations, and the growing demand for aesthetically appealing vehicles. Aluminum wheels offer several advantages over traditional steel wheels, including reduced weight, improved fuel efficiency, enhanced handling and performance, and corrosion resistance.
In addition, Aluminum wheel adoption has increased consistently in the automotive industry due to automakers' efforts to reduce vehicle weight and enhance fuel economy. They are now a standard feature in many modern vehicles across different segments, ranging from compact cars to luxury SUVs and sports cars. Additionally, the aftermarket demand for Aluminum wheels has been growing, with consumers seeking to upgrade their vehicles for performance and aesthetics.
Moreover, with the rapid expansion of the electric vehicle industry in Europe, it is anticipated that the demand for aluminum wheels, which are essential components of electric vehicles, will increase in direct correlation. According to data from the International Energy Agency, after the surge in 2020, electric vehicle sales in Europe increased by over 65 percent annually to 2.3 million in 2021. Norway (86 percent), Iceland (72 percent), Sweden (43%), and the Netherlands (30 percent) were expected to hold the largest market shares for new electric vehicle sales in Europe in 2021, followed by France (19 percent), Italy (9 percent), and Spain (8%). Thus, the expansion of the automotive sector and increasing electric vehicle numbers in Europe will drive the growth of the regional automotive aluminum wheels market.
Free Valuable Insights: The Global Automotive Aluminum Wheels Market will Hit USD 32.2 Billion by 2031, at a CAGR of 7.6%
Based on Propulsion Type, the market is segmented into ICE and Electric. Based on Wheel Size, the market is segmented into Less Than 15, 16 to 20 and More than 21. Based on Vehicle Type, the market is segmented into Passenger Car, Light Commercial Vehicle Bus and Trucks. Based on Distribution Channel, the market is segmented into Aftermarket and OEM. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
By Propulsion Type (Volume, Thousand Units, USD Billion, 2020-2031)
By Wheel Size (Volume, Thousand Units, USD Billion, 2020-2031)
By Vehicle Type (Volume, Thousand Units, USD Billion, 2020-2031)
By Distribution Channel (Volume, Thousand Units, USD Billion, 2020-2031)
By Country (Volume, Thousand Units, USD Billion, 2020-2031)
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