Market Overview:
The global forged aluminum wheels market is estimated to be valued at US$ 2,362.8 Mn in 2018 and is projected to register a CAGR of 5.5% over the forecast period (2018–2030), according to a new study by Transparency Market Research (TMR). The market is expected to be worth US$ 3,584.4 Mn by 2030 end. In terms of volume, the global forged aluminum wheels market stood at 9,711 thousand units in 2017 and is anticipated to reach 14,927 thousand units by 2030 end expanding at a CAGR of 5%. The growth of the global forged aluminum wheels market can be attributed to various factors such as increasing demand for lightweight vehicles and rising adoption of advanced manufacturing technologies for forging aluminum wheels. Additionally, growing demand from luxury car segment is also propelling the growth of this market. However, volatility in prices of raw materials used for forging aluminum wheel production may hamper the overall growth prospects of this market during the forecast period. On basis on type segmentation Under 16 inches Forged Aluminum Wheels held majority share in terms revenue followed by 16-24 inches Forged Aluminum Wheels . 25-36 inches Forged Aluminum Wheels are expected witness highest CAGR over forecast period owing increasing adoption commercial vehicle globally . Passenger Vehicle accounted largest application share in 2017 and Commercial Vehicle will witness highest CAGR over next decade due stringent emission norms being implemented across globe .
Product Definition:
Forged aluminum wheels are made by pressing a disc of aluminum into a mold under high pressure. This produces a wheel that is denser and stronger than one that is cast. Forged wheels are used where strength and durability are important, such as on race cars and off-road vehicles.
Under 16 inches Forged Aluminum Wheels:
Under 16 inches forged aluminum wheels it's a wheel with diameter less than 16 inches. Forged aluminum wheels are manufactured by the forging process, where the metal is heated and formed under pressure. The smaller size of these wheels makes them lighter which results in better fuel economy and performance for vehicles that require high performance but limited weight.
16-24 inhes Forged Aluminum Wheels:
The 16-24 inhes forged aluminum wheels are the latest trend in the automotive industry. The forging process of these wheels makes them stronger and also reduces their weight. They are mainly used for heavy commercial vehicles such as trucks, vans, and buses that require high load carrying capacity.
Application Insights:
The passenger vehicle segment accounted for the largest share of over 70.0% in 2017 and is expected to continue its dominance over the forecast period. Increasing demand for lightweight forged aluminum wheels from various automotive manufacturers is projected to remain a key factor driving industry growth during the next seven years.
Forged aluminum wheels are widely used in several commercial vehicles such as trucks, bakkies, tankers, buses and coaches among others owing to their ability to deliver high load capacity with reduced weight as compared with conventional steel or iron wheel designs. The growing popularity of ¢â‚¬Ëœlight-weighted durable goods¢â‚¬â„¢ has been a major factor encouraging automotive manufacturers across the globe towards using forged aluminum wheels on commercial vehicles instead of traditional counterparts which results into increased revenue generation during the forecast period.
Regional Analysis:
Asia Pacific forged aluminum wheels market is anticipated to witness significant growth over the forecast period owing to increasing demand from developing countries such as India, China and Japan. The region is expected to grow at a CAGR of XX% from 2018 to 2030 in terms of volume. This can be attributed to rising sales of passenger cars and light commercial vehicles in these countries on account of improving economic conditions, growing disposable income levels among middle-class groups, changing lifestyles along with increased emphasis on safety features associated with forged aluminum wheels.
Europe accounted for the largest share in terms of both volume and revenue owing to high demand from automotive industry coupled with stringent emission norms set by governments across various European nations such as U.K.
Growth Factors:
- Increasing demand for lightweight vehicles: The global trend of downsizing and weight reduction in vehicles is expected to drive the demand for forged aluminum wheels, as they are lighter than traditional steel wheels.
- Rising popularity of luxury cars: The increasing popularity of luxury cars is also expected to boost the demand for forged aluminum wheels, as these vehicles require high-quality components.
- Growing automotive sector in developing countries: The automotive sector in developing countries is growing rapidly, which is expected to create opportunities for the forged aluminum wheel market.
- Technological advancements: Advancements in manufacturing technologies are resulting in the development of new and innovative products that are more durable and efficient than traditional ones. This is likely to benefit the forged aluminum wheel market growth over the forecast period.
Scope Of The Report
Report Attributes
Report Details
Report Title
Forged Aluminum Wheels Market Research Report
By Type
Under 16 inches Forged Aluminum Wheels, 16-24 inhes Forged Aluminum Wheels, 25-36 inches Forged Aluminum Wheels, Other
By Application
Passenger Vehicle, Commercial Vehicle
By Companies
Maxion Wheels, CMWA, Superior Industries, Ronal Group, Alcoa, ACME, Enkei Wheels India Ltd, Accuride Corporation, UNITED WHEELS GROUP, BORBET GmbH, Maxion Wheels, Inovit Inc, Gemsy, Hongxin, MHT Wheels, Nordwheel, CFW, Xinfa, Jinfei, Wanfeng
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
165
Number of Tables & Figures
116
Customization Available
Yes, the report can be customized as per your need.
Global Forged Aluminum Wheels Market Report Segments:
The global Forged Aluminum Wheels market is segmented on the basis of:
Types
Under 16 inches Forged Aluminum Wheels, 16-24 inhes Forged Aluminum Wheels, 25-36 inches Forged Aluminum Wheels, Other
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
Passenger Vehicle, Commercial Vehicle
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
- Maxion Wheels
- CMWA
- Superior Industries
- Ronal Group
- Alcoa
- ACME
- Enkei Wheels India Ltd
- Accuride Corporation
- UNITED WHEELS GROUP
- BORBET GmbH
- Maxion Wheels
- Inovit Inc
- Gemsy
- Hongxin
- MHT Wheels
- Nordwheel
- CFW
- Xinfa
- Jinfei
- Wanfeng
Highlights of The Forged Aluminum Wheels Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of market.
- Historical data and forecast.
- Estimations for the forecast period 2030.
- Developments and trends in the market.
- By Type:
- Under 16 inches Forged Aluminum Wheels
- 16-24 inhes Forged Aluminum Wheels
- 25-36 inches Forged Aluminum Wheels
- Other
- By Application:
- Passenger Vehicle
- Commercial Vehicle
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the Forged Aluminum Wheels Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
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8 Reasons to Buy This Report
- Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
- Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
- Implemented Robust Methodology to Prepare the Report
- Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
- Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
- Provides Information About the Top-winning Strategies Implemented by Industry Players.
- In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
- Customization of the Report Available
Frequently Asked Questions?
Forged aluminum wheels are made from a single piece of metal that is heated until it becomes malleable. The wheel is then shaped by a machine and then cooled to make it strong enough to support the weight of the car.
Some of the major companies in the forged aluminum wheels market are Maxion Wheels, CMWA, Superior Industries, Ronal Group, Alcoa, ACME, Enkei Wheels India Ltd, Accuride Corporation, UNITED WHEELS GROUP, BORBET GmbH, Maxion Wheels, Inovit Inc, Gemsy, Hongxin, MHT Wheels, Nordwheel, CFW, Xinfa, Jinfei, Wanfeng.
The forged aluminum wheels market is expected to grow at a compound annual growth rate of 5.5%.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Forged Aluminum Wheels Market Overview
4.1 Introduction
4.1.1 Market Taxonomy
4.1.2 Market Definition
4.1.3 Macro-Economic Factors Impacting the Market Growth
4.2 Forged Aluminum Wheels Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Forged Aluminum Wheels Market - Supply Chain Analysis
4.3.1 List of Key Suppliers
4.3.2 List of Key Distributors
4.3.3 List of Key Consumers
4.4 Key Forces Shaping the Forged Aluminum Wheels Market
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Global Forged Aluminum Wheels Market Size & Forecast, 2018-2028
4.5.1 Forged Aluminum Wheels Market Size and Y-o-Y Growth
4.5.2 Forged Aluminum Wheels Market Absolute $ Opportunity
Chapter 5 Global Forged Aluminum Wheels Market Analysis and Forecast by Type
5.1 Introduction
5.1.1 Key Market Trends & Growth Opportunities by Type
5.1.2 Basis Point Share (BPS) Analysis by Type
5.1.3 Absolute $ Opportunity Assessment by Type
5.2 Forged Aluminum Wheels Market Size Forecast by Type
5.2.1 Under 16 inches Forged Aluminum Wheels
5.2.2 16-24 inhes Forged Aluminum Wheels
5.2.3 25-36 inches Forged Aluminum Wheels
5.2.4 Other
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global Forged Aluminum Wheels Market Analysis and Forecast by Applications
6.1 Introduction
6.1.1 Key Market Trends & Growth Opportunities by Applications
6.1.2 Basis Point Share (BPS) Analysis by Applications
6.1.3 Absolute $ Opportunity Assessment by Applications
6.2 Forged Aluminum Wheels Market Size Forecast by Applications
6.2.1 Passenger Vehicle
6.2.2 Commercial Vehicle
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global Forged Aluminum Wheels Market Analysis and Forecast by Region
7.1 Introduction
7.1.1 Key Market Trends & Growth Opportunities by Region
7.1.2 Basis Point Share (BPS) Analysis by Region
7.1.3 Absolute $ Opportunity Assessment by Region
7.2 Forged Aluminum Wheels Market Size Forecast by Region
7.2.1 North America
7.2.2 Europe
7.2.3 Asia Pacific
7.2.4 Latin America
7.2.5 Middle East & Africa (MEA)
7.3 Market Attractiveness Analysis by Region
Chapter 8 Coronavirus Disease (COVID-19) Impact
8.1 Introduction
8.2 Current & Future Impact Analysis
8.3 Economic Impact Analysis
8.4 Government Policies
8.5 Investment Scenario
Chapter 9 North America Forged Aluminum Wheels Analysis and Forecast
9.1 Introduction
9.2 North America Forged Aluminum Wheels Market Size Forecast by Country
9.2.1 U.S.
9.2.2 Canada
9.3 Basis Point Share (BPS) Analysis by Country
9.4 Absolute $ Opportunity Assessment by Country
9.5 Market Attractiveness Analysis by Country
9.6 North America Forged Aluminum Wheels Market Size Forecast by Type
9.6.1 Under 16 inches Forged Aluminum Wheels
9.6.2 16-24 inhes Forged Aluminum Wheels
9.6.3 25-36 inches Forged Aluminum Wheels
9.6.4 Other
9.7 Basis Point Share (BPS) Analysis by Type
9.8 Absolute $ Opportunity Assessment by Type
9.9 Market Attractiveness Analysis by Type
9.10 North America Forged Aluminum Wheels Market Size Forecast by Applications
9.10.1 Passenger Vehicle
9.10.2 Commercial Vehicle
9.11 Basis Point Share (BPS) Analysis by Applications
9.12 Absolute $ Opportunity Assessment by Applications
9.13 Market Attractiveness Analysis by Applications
Chapter 10 Europe Forged Aluminum Wheels Analysis and Forecast
10.1 Introduction
10.2 Europe Forged Aluminum Wheels Market Size Forecast by Country
10.2.1 Germany
10.2.2 France
10.2.3 Italy
10.2.4 U.K.
10.2.5 Spain
10.2.6 Russia
10.2.7 Rest of Europe
10.3 Basis Point Share (BPS) Analysis by Country
10.4 Absolute $ Opportunity Assessment by Country
10.5 Market Attractiveness Analysis by Country
10.6 Europe Forged Aluminum Wheels Market Size Forecast by Type
10.6.1 Under 16 inches Forged Aluminum Wheels
10.6.2 16-24 inhes Forged Aluminum Wheels
10.6.3 25-36 inches Forged Aluminum Wheels
10.6.4 Other
10.7 Basis Point Share (BPS) Analysis by Type
10.8 Absolute $ Opportunity Assessment by Type
10.9 Market Attractiveness Analysis by Type
10.10 Europe Forged Aluminum Wheels Market Size Forecast by Applications
10.10.1 Passenger Vehicle
10.10.2 Commercial Vehicle
10.11 Basis Point Share (BPS) Analysis by Applications
10.12 Absolute $ Opportunity Assessment by Applications
10.13 Market Attractiveness Analysis by Applications
Chapter 11 Asia Pacific Forged Aluminum Wheels Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Forged Aluminum Wheels Market Size Forecast by Country
11.2.1 China
11.2.2 Japan
11.2.3 South Korea
11.2.4 India
11.2.5 Australia
11.2.6 South East Asia (SEA)
11.2.7 Rest of Asia Pacific (APAC)
11.3 Basis Point Share (BPS) Analysis by Country
11.4 Absolute $ Opportunity Assessment by Country
11.5 Market Attractiveness Analysis by Country
11.6 Asia Pacific Forged Aluminum Wheels Market Size Forecast by Type
11.6.1 Under 16 inches Forged Aluminum Wheels
11.6.2 16-24 inhes Forged Aluminum Wheels
11.6.3 25-36 inches Forged Aluminum Wheels
11.6.4 Other
11.7 Basis Point Share (BPS) Analysis by Type
11.8 Absolute $ Opportunity Assessment by Type
11.9 Market Attractiveness Analysis by Type
11.10 Asia Pacific Forged Aluminum Wheels Market Size Forecast by Applications
11.10.1 Passenger Vehicle
11.10.2 Commercial Vehicle
11.11 Basis Point Share (BPS) Analysis by Applications
11.12 Absolute $ Opportunity Assessment by Applications
11.13 Market Attractiveness Analysis by Applications
Chapter 12 Latin America Forged Aluminum Wheels Analysis and Forecast
12.1 Introduction
12.2 Latin America Forged Aluminum Wheels Market Size Forecast by Country
12.2.1 Brazil
12.2.2 Mexico
12.2.3 Rest of Latin America (LATAM)
12.3 Basis Point Share (BPS) Analysis by Country
12.4 Absolute $ Opportunity Assessment by Country
12.5 Market Attractiveness Analysis by Country
12.6 Latin America Forged Aluminum Wheels Market Size Forecast by Type
12.6.1 Under 16 inches Forged Aluminum Wheels
12.6.2 16-24 inhes Forged Aluminum Wheels
12.6.3 25-36 inches Forged Aluminum Wheels
12.6.4 Other
12.7 Basis Point Share (BPS) Analysis by Type
12.8 Absolute $ Opportunity Assessment by Type
12.9 Market Attractiveness Analysis by Type
12.10 Latin America Forged Aluminum Wheels Market Size Forecast by Applications
12.10.1 Passenger Vehicle
12.10.2 Commercial Vehicle
12.11 Basis Point Share (BPS) Analysis by Applications
12.12 Absolute $ Opportunity Assessment by Applications
12.13 Market Attractiveness Analysis by Applications
Chapter 13 Middle East & Africa (MEA) Forged Aluminum Wheels Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Forged Aluminum Wheels Market Size Forecast by Country
13.2.1 Saudi Arabia
13.2.2 South Africa
13.2.3 UAE
13.2.4 Rest of Middle East & Africa (MEA)
13.3 Basis Point Share (BPS) Analysis by Country
13.4 Absolute $ Opportunity Assessment by Country
13.5 Market Attractiveness Analysis by Country
13.6 Middle East & Africa (MEA) Forged Aluminum Wheels Market Size Forecast by Type
13.6.1 Under 16 inches Forged Aluminum Wheels
13.6.2 16-24 inhes Forged Aluminum Wheels
13.6.3 25-36 inches Forged Aluminum Wheels
13.6.4 Other
13.7 Basis Point Share (BPS) Analysis by Type
13.8 Absolute $ Opportunity Assessment by Type
13.9 Market Attractiveness Analysis by Type
13.10 Middle East & Africa (MEA) Forged Aluminum Wheels Market Size Forecast by Applications
13.10.1 Passenger Vehicle
13.10.2 Commercial Vehicle
13.11 Basis Point Share (BPS) Analysis by Applications
13.12 Absolute $ Opportunity Assessment by Applications
13.13 Market Attractiveness Analysis by Applications
Chapter 14 Competition Landscape
14.1 Forged Aluminum Wheels Market: Competitive Dashboard
14.2 Global Forged Aluminum Wheels Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 Maxion Wheels
14.3.2 CMWA
14.3.3 Superior Industries
14.3.4 Ronal Group
14.3.5 Alcoa
14.3.6 ACME
14.3.7 Enkei Wheels India Ltd
14.3.8 Accuride Corporation
14.3.9 UNITED WHEELS GROUP
14.3.10 BORBET GmbH
14.3.11 Maxion Wheels
14.3.12 Inovit Inc
14.3.13 Gemsy
14.3.14 Hongxin
14.3.15 MHT Wheels
14.3.16 Nordwheel
14.3.17 CFW
14.3.18 Xinfa
14.3.19 Jinfei
14.3.20 Wanfeng
