Forged Alloy Aluminum Wheel Market Report

The global forged alloy aluminum wheel market is anticipated to gain growth at a robust CAGR during the forecast period 2019-2025. The monopoly situation in the global forged alloy aluminum wheel market could weaken as the forging technology becomes more mature. Price and availability of raw materials are anticipated to play a role in price fluctuations in the global forged alloy aluminum wheel market, if they take place. According to analysts, the global forged alloy aluminum wheel market is predicted to enjoy a rewarding future.

Innovation could make a significant contribution to the development of the global forged alloy aluminum wheel market. In September 2019, CITIC Dicastal, a Chinese supplier for aluminum wheel and chassis components, announced that it respectively ranked fifth and second in lists of Top 100 Leading Enterprises and Top 100 Enterprises of Innovation in strategic emerging industries of Hebei, China in 2019.

Important Points to Remember

●  Better strength and durability compared to other wheel types to help increase the adoption of forged alloy aluminum wheel

●  OEM to account for a sizable share of the global forged alloy aluminum wheel market

●  Passenger vehicle to exhibit stronger growth in the global forged alloy aluminum wheel market

●  Europe to collect a leading share of the global forged alloy aluminum wheel market in terms of consumption

Manufacturers to Implement New Operating Model to Streamline and Reorganize Operations

Some of the market leaders studied in the report are Superior Industries, YHI, Alcoa, Lizhong Group, BBS GmbH, Zhejiang Jinfei, CITIC Dicastal, Cromodora Wheels, Borbet, RAYS Wheels, Gemsy Wheels, BBS JAPAN, Ronal Wheels, Wanfeng Auto, and Accuride. The competition in the global forged alloy aluminum wheel market could become intense in the coming years. In September 2019, Alcoa, a US company producing bauxite, alumina, and aluminum products, announced a new operating model to build an operator-centric, a more integrated, and a leaner organization accelerating its strategic priorities.

Use of Forged Alloy Aluminum Wheel to Increase with Rising Trend of Lightweight Vehicles

●  Adoption of forged alloy aluminum wheel is expected to increase in the automotive industry due to its lighter weight

●  End users could prefer forged alloy aluminum wheel over cast wheel due to its superior features, including greater resistance to oxidation and corrosion, higher durability, and more strength

●  Automotive manufacturers are anticipated to create strong demand for forged alloy aluminum wheel because of its advantages of improved fuel efficiency and better overall performance

●  However, forging could be a more expensive and time-consuming process compared to casting

●  Nonetheless, customers may be willing to pay more for forged alloy aluminum wheel because of its many benefits related to quality and value

By Product Type

●  OEM

●  Aftermarket

By Application

●  Passenger Vehicle

●  Commercial Vehicle

Among product types, OEM is expected to show substantial growth in the global forged alloy aluminum wheel market in the near future. Among applications, passenger vehicle is forecast to account for a commanding share of the global forged alloy aluminum wheel market in terms of both sales and consumption. High demand for passenger vehicle because of the development of autonomous models and introduction of new crossovers is anticipated to help the application segment to gain growth in the global forged alloy aluminum wheel market.

By Region

North America and China are predicted to become highly important markets for forged alloy aluminum wheel in terms of consumption. Nevertheless, Europe could secure a larger consumption share of the global forged alloy aluminum wheel market during the forecast period. The report provides comprehensive analysis of key regional forged alloy aluminum wheel markets based on market share, CAGR, recent market developments, and other critical factors. The regional analysis offered in the report will help players to become familiar with competitive situations in different regions and countries. Both developed and developing regions are broadly analyzed in the report to help identify rewarding growth opportunities in the global forged alloy aluminum wheel market.

The automotive industry has undergone myriad changes over the past century. It has stirred a revolution, setting in motion trends that have completely transformed the transportation industry. Digitalization has drastically helped business models evolve by leaps and bounds. Major developments in the emerging economies have provided the automotive and transportation industry is a massive boost in recent years.

Increasing investments in automobile manufacturing, especially in the developing countries, strengthening trade and business opportunities, and growing e-commerce has all made its contribution towards shaping the automotive and transportation industry. Our reports take a detailed look at the various factors driving this industry and assess the lucrative opportunities for the players in the near future. The reports discuss the future of artificial intelligence, Internet of Things, vehicle-to-vehicle communication, and autonomous vehicles with utmost objectivity. The next-generation technological advancements and changing outlooks of the players have been studied with unbiased scrutiny for a clear picture of the trajectory of the industry.