The automotive alloy wheel market in Australia is growing due to rising consumer interest in vehicle customization and performance enhancements. Alloy wheels offer durability, improved handling, and aesthetic appeal, making them popular among car enthusiasts. The market is driven by demand for lightweight and stylish options, with brands offering a range of designs and finishes. Additionally, the trend toward electric vehicles has increased demand for alloy wheels to improve efficiency. With a focus on personalization and vehicle aesthetics, Australia’s automotive alloy wheel market is set to expand, attracting both mainstream and luxury car buyers.
Market Research Future Insights
According to MRFR analysis, the global Automotive Alloy Wheel Market is expected to register a CAGR of ~5% from 2022 to 2030 and hold a value of over USD 21 billion by 2030.
Automobile alloy wheels are constructed of aluminum, nickel, or magnesium. Alloy wheels are made using the casting and forging process. Forged wheels, on the other hand, are lighter and stronger but more costly than cast alloy wheels. Alloy wheels outperform steel wheels in terms of strength, heat conduction, and aesthetics. As a result, people favor alloy wheels for vehicle aesthetics and superior ride quality. The primary drivers driving the global automotive alloy wheel market include rising demand from Europe and Asia-Pacific, an increase in alloy wheel repair service centers worldwide, a rising need for lightweight wheels, and rising production and sales of electric cars.
Regional Analysis
Asia-Pacific would have the largest market, followed by North America and Europe, due to rising production and sales of passenger and commercial vehicles from China, Japan, Thailand, and Indonesia, as well as rising industrialization. Due to the rising demand for exterior design and wheel personalization as well as the expanding usage of alloy wheels in vans, pickup trucks, and utility vehicles from the US and Canada, North America is predicted to have significant development throughout the projection period. Due to the region's continuous development and rising demand for environmentally friendly vehicles.
Market Segmentation
The Global Automotive Alloy Wheel Market has been segmented into Finishing Type, Wheel Type, and Vehicle Type
Based on the Finishing Type, the market has been segmented into Polished Alloy Wheels, Two-toned Alloy Wheels, and Others.
Based on the Wheel Type, the market has been segmented into Compact-Size, Mid-Size, and Full-Size.
Based on the Vehicle Type, the market has been segmented into Passenger cars, Commercial Vehicles.
Key Players
Some of the key market players are Euromax Wheel, MHT Luxury Wheels, Status Wheels Inc. Wheel Pros, Fuel Off-Road Wheels, SOTA Offroad, Enkei Wheels India Ltd, Ronal, Uniwheels, BBS Kraftfahrzeugtechnik AG.
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