LONDON--(BUSINESS WIRE)--The global aluminum alloy wheel market is expected to post a CAGR of about 2% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
There has been a significant rise in demand for lightweight automotive designs primarily due to the improving fuel economy standards. Government regulations for ensuring the vehicle emissions to fall within the acceptable emission standards are encouraging vehicle manufacturers to use lightweight materials for manufacturing lightweight vehicles. Furthermore, automakers are focusing on developing lightweight vehicles to increase efficiency and to provide a better driving experience. They are also using lightweight materials such as high-strength aluminum for reducing the weight of the vehicle. Aluminum alloy wheels are lighter compared to the steel wheels, thus becoming popular among automotive manufacturers for enhancing the performance and handling of the vehicles. Thus, with the growing production of lighter vehicles, the demand for aluminum alloy wheels is likely to surge considerably during the forecast period.
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As per Technavio, the use of aluminum wheels in autonomous vehicles will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Aluminum Alloy Wheel Market: Use of Aluminum Wheels in Autonomous Vehicles
Major automakers such as Audi, Daimler AG, and Nissan are launching autonomous vehicles with aluminum alloy wheels to improve stability and performance. Many manufacturers are offering technologically advanced aluminum alloy wheels for autonomous vehicles. Vehicle manufacturers are also partnering with technology companies for integrating vehicles with certain levels of artificial intelligence for creating advanced autonomous vehicles. Furthermore, various aluminum alloy wheel market players and vehicle manufacturers are combining their R&D resources for designing and developing successful prototypes of autonomous vehicles. Thus, the growing use of aluminum wheels in autonomous vehicles will eventually boost the aluminum alloy wheel market growth during the forecast period.
“The advent of 3D printed wheel from titanium, increased benefits of aluminum in alloy wheels over conventional materials, and increasing government regulations to curb pollution are some other major factors that will increase the aluminum alloy wheel market size during the forecast period”, says a senior analyst at Technavio.
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Global Aluminum Alloy Wheel Market: Segmentation Analysis
This market report segments the global aluminum alloy wheel market by application (passenger vehicle and commercial vehicle) and geography (APAC, Europe, MEA, North America, and South America).
APAC led the market in 2018, followed by Europe, North America, South America, and MEA, respectively. The region is likely to account for the maximum aluminum alloy wheel market growth due to the highest production of passenger and commercial vehicles in China, India, Japan, and South Korea. Also, vendors are setting up their manufacturing plants in the emerging economies of the region, resulting in increasing production of aluminum alloy wheels during the forecast period.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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