According to a new report, published by KBV research, The Global Automotive Aluminum Wheels Market size is expected to reach $32.2 billion by 2031, rising at a market growth of 7.6% CAGR during the forecast period.
The ICE segment is generating the highest revenue in the Global Automotive Aluminum Wheels Market by Propulsion Type in 2023; thereby, achieving a market value of $22.5 billion by 2031. Consumer preferences, regulatory environments, and infrastructure limitations vary significantly across regions, influencing the demand for ICE vehicles. ICE vehicles remain the preferred choice in many markets due to factors such as range anxiety, charging infrastructure availability, and familiarity with traditional fueling options. Therefore, these factors can assist in the growth of the segment.
The 16 to 20 segment is registering a CAGR of 8% during (2024 - 2031). Larger wheels are often seen as a premium feature that enhances the visual appeal of a vehicle. Consumers are increasingly opting for 16 to 20-inch wheels to give their cars a sportier, more aggressive look. These wheels contribute to the aesthetic appeal and align with the performance capabilities expected in high-end vehicles. Therefore, these aspects will pose lucrative growth prospects for the automotive aluminum wheels market.
The Passenger Car segment is leading the Global Automotive Aluminum Wheels Market by Vehicle Type in 2023; thereby, achieving a market value of $15 billion by 2031. Original Equipment Manufacturers (OEMs) are incorporating aluminum wheels as standard equipment in many new passenger car models. This trend is driven by aluminum wheels' advantages in terms of weight, performance, and aesthetics. Therefore, owing to these factors, the segment will witness enhanced demand in the coming years.
The OEM segment is experiencing a CAGR of 8.3% during (2024 - 2031). The automotive industry has experienced steady growth in vehicle production, driven by rising demand from emerging markets, increasing urbanization, and growing consumer affluence. As vehicle production expands, the demand for aluminum wheels from OEMs also increases, as automakers widely prefer aluminum wheels due to their lightweight properties, aesthetic appeal, and performance benefits. Hence, these aspects will drive the expansion of the segment.
Full Report: https://www.kbvresearch.com/automotive-aluminum-wheels-market/
The Asia Pacific region dominated the Global Automotive Aluminum Wheels Market by Region in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $13 billion by 2031. The Europe region is anticipating a CAGR of 6.9% during (2024 - 2031). Additionally, The North America region would exhibit a CAGR of 7.2% during (2024 - 2031).
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 Geography (Volume, Thousand Units, USD Billion, 2020-2031)
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