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The increasing demand for premium automotive alloy wheels and the increasing production of automobiles are driving the expansion of the Indian aluminum alloy wheels market.
Wilmington, Del. , Nov. 15, 2023 (GLOBE NEWSWIRE) — Allied Market Research has released a report titled “India Aluminum Alloy Wheels Market Through Application (Two-Wheelers, Passenger Cars, and Commercial Cars), Through Material (Aluminum, Silicon, and Others), Through Distribution Channel (OEMs) and Aftermarket), and Through Sales Channel (Domestic and Imported): Industry Opportunity Analysis & Forecast, 2023-2032 »According to the report, India’s aluminum alloy wheel market was valued at $952. 05 million in 2022 and is expected to reach $2,440. 97 million by 2032 with a CAGR of 10. 1% in the forecasted period 2023-2032.
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Key Determinants of Growth The increasing demand for premium automotive alloy wheels and increasing vehicle production are driving the market towards positive expansion. In addition, aspects such as the maximum load of aluminum alloy wheels and the availability of metal wheels are expected to hinder expansion. However, points such as the increasing adoption of carbon fiber in the automotive industry and increased investment in wheel design for greater aerodynamics are creating opportunities for market expansion across India.
Report Coverage & Details:
Cover page of the report
Details
Forecast Period
2023-2032
Reference year
2022
Market in 2022
$952. 1 million
Market in 2032
$2,441. 0 million
CAGR
10. 1%
Number of pages in the report.
161
Segments Covered
Application, Hardware, Distribution Channel, Sales Channel
Drivers
Increased Demand for Premium Alloy Wheels for Vehicles Increasing Vehicle Production
Opportunities
Increasing Adoption of Carbon Fiber in the Automotive Industry Increasing Investment in Wheel Design for Greater Aerodynamics
Restrictions
High Cost of Aluminum Alloy Wheels Availability of Steel Wheels
Impact of COVID-19
COVID-19 has had a negative effect on the country’s productive industry.
With the implementation of the lockdown around the world and in India, the production industry has faced a shortage of hard work and raw material to cast aluminum alloy wheels.
This shortage has had a negative effect on the entire industry. In addition, with the implementation of the blockade, car sales declined due to the elimination of wages and jobs, which limited the expansion of the market in the country.
The Aluminum Segment Will Maintain Its Leading Status Throughout the Forecast Period
In terms of materials, the aluminum segment held the highest market share in 2022, accounting for approximately three-fifths of the Indian aluminum alloy wheel market revenue, and is expected to maintain its leading prestige during the forecast period. Aluminum is seeing more and more use in vehicle wheels due to many factors, such as the fact that it is an incredibly flexible steel and is known for being lightweight and flexible in nature. Furthermore, the aluminum alloy used for vehicle wheels is corrosion resistant and has the nature of being recycled when disposed of from the vehicle. Furthermore, installing aluminum alloy wheels on cars increases the power of the vehicle by reducing oil consumption. These points create enough opportunities for the expansion of the segment in the market.
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The passenger car segment will maintain its leading status throughout the forecast period
According to the applications, the passenger car segment had the highest market share in 2022, which accounted for almost a share of the gains of the Indian aluminum alloy wheel market and is expected to maintain its leading prestige during the forecast period. Efficient cars and strict emission criteria and regulations are driving the demand for aluminum alloy wheels in the country. The country’s growing population, coupled with the growing number of middle- to high-income Americans with the ability to purchase automobiles, are creating lucrative opportunities for aluminum penetration, licensing passenger car wheels, and contributing to the expansion of the market in the country.
The original equipment manufacturer (OEM) segment will maintain its leading prestige during the forecast period.
On the basis of distribution channel, the original appliance manufacturers (OEMs) segment held the highest market share in 2022, accounting for approximately three-quarters of the gains of the Indian aluminum alloy wheel market and is expected to maintain its leading prestige across the globe. Rising car sales are driving the expansion of the car wheel industry. The percentage of OEM sales in the automotive wheel segment is expanding. The increasing demand for automotive appliances by OEMs offers lucrative expansion prospects for market expansion. In addition, corporations such as Uno Minda have an active list of OEMs such as Ford, Maruti Suzuki, Hinda, and others, who install their engineered aluminum alloy wheels on their models. The wide presence of consumers among the brands creates many opportunities for the expansion of the segment in the market.
The domestic segment will maintain its leading status throughout the forecast period
On the basis of sales channel, the domestic segment held the highest market share in 2022, accounting for approximately two-thirds of the Indian aluminum alloy wheel market profits and is expected to maintain its leading prestige during the period. forecast. The channel has the market share primacy in the Indian aluminum alloy wheels market as India manufactures a gigantic quantity of alloy wheels and the entire production covers about 60% of the aluminum alloy wheels consumption of the India. In addition, major brands are expanding their production. to meet the demand in India, which will eventually complement the market expansion in the country.
Key Market Players:-
Capricorn Motors Pvt. Ltd. Limited.
Enkei Wheels (INDIA) Limited
Maxion Wheels
Mobis India Limited
Neo Wheels Ltd.
India
Shreeniwas Casttech Industries
Limited Steel Strip Wheels (SSWL)
One Minda
Wheels India Limited.
The report provides detailed research of the key players in the India aluminum alloy wheels market. These players have followed other methods such as new product launches, collaborations, expansion, joint ventures, deals, and others to increase their market share and dominant shares. in other regions. The report is valuable as it highlights the business performance, operating segments, product portfolio, and strategic moves of market players to provide the competitive scenario.
Get a comprehensive report (PDF with qualitative and quantitative data, information, statistics, tables, graphs, figures) – https://www. alliedmarket. com/india-aluminum-alloy-wheel-market/purchase-options
Similar reports we have on the industry:
Global Aluminum Alloy Wheels Market Research Report 2023-2032
Aerospace Superalloys Market Research Report 2023-2032
Alloy Wheels Market Research Report 2023-2032
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