Alloy Wheels Aftermarket Market to grow by USD 559.49 million from 2022 to 2027; Market is fragmented due to the presence of prominent companies like ALCAR HOLDING GMBH, BORBET GmbH and Forgiato, and many more - Technavio
APAC is estimated to contribute 49% to the growth of the global market during the forecast period.
NEW YORK, Jan. 18, 2024 /PRNewswire/ -- The alloy wheels aftermarket market market is estimated to grow by USD 559.49 million from 2022 to 2027, growing at a CAGR of 3.76%. The alloy wheels aftermarket market market is fragmented owing to the presence of many global and regional companies. A few prominent companies that offer alloy wheels aftermarket market market are ALCAR HOLDING GMBH, BORBET GmbH, Forgiato, Howmet Aerospace Inc., Iochpe Maxion SA, Lenso Wheels, LKQ Corp., Neo Wheels Ltd., RONAL AG, Steel Strips Wheels Ltd., The Carlstar Group LLC, Wheel Pros LLC, and YHI INTERNATIONAL Ltd. The report provides a full list of key companies, their strategies, and the latest developments. Download a Free Sample before buying
Company Offering:
- ALCAR HOLDING GmbH: The company offers Aftermarket alloy wheels. The company offers alloy wheels through its brands such as AEZ, DOTZ, DEZENT, and DOTZ SURVIVAL, for the passenger vehicle aftermarket sector.
- For details on companies and their offerings – Buy the report!
By Geography, the market is classified as APAC, Europe, North America, South America, and Middle East and Africa. APAC will have the largest share of the market. In the APAC region, the Alloy Wheels Aftermarket Market is thriving due to factors such as Automotive Tuning, increasing demand for Customization, and Performance Enhancement. Wheel Manufacturers are focusing on Rim Sizes and Lightweight Wheels to cater to Automotive Aesthetics and Vehicle Handling preferences. Market Trends indicate a growing preference for Alloy Materials like Aluminum and Magnesium, known for their durability. Consumers, including Racing Enthusiasts, are driving demand through Automotive Retailers and Online Sales Channels. Wheel Design and Replacement Wheels are key features highlighted in Automotive Shows, reflecting the market's dynamism and innovation
Download a free sample report to get more insights on the market share of various regions and the contribution of the segments.
- Impactful driver- Aging vehicle fleet
- Key Trend - Technological advancement
- Major Challenges - Fluctuations in the price of aluminum
Market Segmentation
- The 13-17 inches segment will contribute the largest share of the market. Smaller alloy wheels (13-17 inches) offer higher rotation per minute, enabling vehicles to cover roads faster while ensuring increased stability with reduced friction and wear. These advantages are poised to drive segmental growth, propelling market expansion in the forecast period. This trend aligns with factors such as Automotive Shows, Vehicle Upgrades, Market Growth Drivers, Regional Market Analysis, Pricing Strategies, Brand Recognition, Quality Standards, Environmental Impact, Fuel Efficiency, Wheel Finishes (such as chrome, painted), Installation Services, and Customer Reviews and Feedback.
Technavio Research experts have provided more insights on the market share of segments - View a Free Sample Report
Related Reports:
The aluminum alloy wheel market size is estimated to grow at a CAGR of 5.49% between 2022 and 2027. The market size is forecast to increase by USD 3,629.04 million.
The automotive steel wheels market size is estimated to grow at a CAGR of 3.68% between 2023 and 2028. The market size is forecast to increase by USD 1.91 billion.
TOC:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Vehicle type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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SOURCE Technavio
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