The North America Automotive Aluminum Wheels Market would witness market growth of 7.2% CAGR during the forecast period (2024-2031).
Automotive Aluminum Wheels find extensive use in passenger cars, offering a blend of performance, style, and practicality. Crafted from lightweight Aluminum alloys, these wheels contribute to improved fuel efficiency, handling, and overall driving dynamics. Their reduced weight reduces unsprung mass, enhancing suspension response and ride comfort, especially on uneven road surfaces. Therefore, the US market would utilize 15,264.6 thousand units of Aluminum Wheels in passenger cars by 2031.
The US market dominated the North America Automotive Aluminum Wheels Market by Country in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $5,926.6 million by 2031. The Canada market is registering a CAGR of 9.6% during (2024 - 2031). Additionally, The Mexico market would showcase a CAGR of 8.7% during (2024 - 2031).
The market is characterized by continuous innovation to improve performance, durability, and aesthetics. One of the areas of innovation is the development of lightweight Aluminum alloys with enhanced strength and stiffness properties. Advanced alloy formulations enable the production of lightweight wheels that offer superior load-bearing capacity and impact resistance, ensuring durability in challenging operating conditions. One such development is incorporating magnesium, silicon, and copper elements into Aluminum. These elements enhance the mechanical properties of Aluminum, providing greater tensile strength and improved fatigue resistance. For instance, the utilization of alloys 6061 and 7075 in the fabrication of automotive wheels has become prevalent owing to their exceptional strength-to-weight ratios and corrosion resistance.
Additionally, advancements in surface finishing technologies have enabled the creation of Aluminum wheels with premium finishes and protective coatings. These finishes enhance the visual appeal of Aluminum wheels while providing resistance to corrosion, abrasion, and environmental damage. High-quality finishes such as chrome plating, powder coating, and painted coatings are increasingly popular among consumers seeking durable and aesthetically pleasing vehicle wheels. Chrome plating involves applying a thin layer of chromium onto the surface of Aluminum wheels. This process imparts a mirror-like, highly reflective finish and significantly enhances the wheel's resistance to corrosion and oxidation. The chrome plating process includes steps such as cleaning the wheel, applying a nickel layer for adhesion, and finally, the chromium layer.
In addition, Canada's electric vehicle industry is expected to increase significantly over the next several years due to a combination of factors, including customer acceptance, falling battery costs, and technological breakthroughs. As electric vehicle adoption accelerates, the demand for aluminium wheels will grow proportionally. As per the article titled New Motor Vehicle Registrations, third quarter 2022, released by Statistics Canada, as a proportion of the total number of new motor vehicle registrations, zero-emission vehicles (ZEVs) constituted 34,313 during the third quarter of 2022. Voluntary annual growth of 43.2% was observed in the quantity of newly registered ZEVs. Hence, the growing electric vehicle adoption and automotive sector expansion in North America will boost the region's demand for automotive aluminium wheels.
Free Valuable Insights: The Automotive Aluminum Wheels Market is Predict to reach 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 U.S., Mexico, Canada, and Rest of North America.
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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