Automotive

Global Truck Aluminum Alloy Wheel Market

September 22, 2021
ID: SR/AU-34
Format:Pdf
Pages:220

Global Truck Aluminum Alloy Wheel Market: By Type (Casting, Forging and others), By Application (Long distance trucks, Short Distance trucks and others) and By Region (North America, Europe, Asia-Pacific, South America, and the Middle East & Africa) - Forecast till 2027.

Description

Global Truck Aluminum Alloy Wheel Market valued at USD 13.72 Billion in 2020 and projected to reach USD 16.32 Billion by 2027, growing at a CAGR of 2.65% during the forecast period, 2021-2027.

Due to its lightweight and flexibility, aluminum alloy wheels can be designed and manufactured as per the requirement of vehicles, which contributes to the growth of the Truck Aluminum Alloy Wheel Market.

Moreover, extended tire life, increased payload and reduced fuel consumption have made a path for developing the Truck Aluminum Alloy Wheel Market in the upcoming years.

Additionally, factors such as reduced maintenance costs and extended brake pad life are anticipated to drive the global growth of the Truck Aluminum Alloy Wheel Market.

What is Truck Aluminum Alloy Wheel?

An aluminum alloy is a chemical composition of elements like copper, magnesium, manganese, silicon, tin, and zinc added to pure aluminum to increase its properties, primarily its strength, durability, flexibility, etc.

Aluminum alloy wheels are wheels that are made from an alloy of aluminum. The aluminum alloy wheel usually has better heat conductivity, anti-corrosive properties and is much lighter than the steel wheel, making it the best option for heavy vehicles like trucks.

Growth Driver

Lightweight and flexibility of Aluminum alloy wheels

The Truck Aluminum Alloy Wheel Market is projected to grow in the forecast period because of its lightweight and flexibility, coupled with consumers’ inclination towards durability and productivity of metal products, which are also fuelling the growth of the Truck Aluminum Alloy Wheel Market. Additionally, it is easier and cheaper to transport aluminum alloy than most other metals due to its lightweight.

Great chemical and physical properties

Due to the excellent chemical and physical properties of aluminum alloy, such as strength, resistance against temperature changes, corrosion resistance, reflectivity and elasticity, etc., the growth of the truck aluminum alloy wheel market will further accelerate during the forecast period. Moreover, the cost-effectiveness of the truck aluminum alloy wheel, along with the extended breakpad life, also contributes to the growth of the Truck Aluminum Alloy Wheel Market.

Pre Covid-19 impact

Factors such as the increasing use of trucks and rising supply chain demand stimulate the Truck Aluminum alloy wheel market growth. Additionally, the recyclability and cost-effectiveness of aluminum alloy wheels also created opportunities for the truck aluminum alloy wheel market during the Pre-covid era. The growth rate of the Truck Aluminum alloy wheel market was near 8% in 2016-2018, while in 2019, the growth rate of the Truck Aluminum alloy wheel market was 4.4%, due to the manufacturing cuts in china owing to the rising covid-19 situation.

Covid-19 impact

In 2020, the COVID-19 disease began to spread around the world. Globally, millions of people were infected with the COVID-19 disease, and major countries worldwide have implemented lockdowns and stop-work orders. Except for the medical supplies and life support products industries, most industries have been greatly affected, and the truck aluminum alloy wheel industry has also been greatly affected.

In 2018, the truck aluminum alloy wheel market experienced a growth rate of 7.8%, while the global market growth in 2020 was 2.65%, which is lower than the previous years. This results in a slowdown in the market across the globe.

Post Covid-19 impact

The aluminum industry will have significant growth due to the global supply chain requirements after the COVID-19 pandemic. Globally, countries are building a stronger & flexible supply chain system during the post-COVID-19 pandemic period. Governments also have been offering financial support to the aluminum sector and implementing structural transformation. Therefore, with the outbreak of the COVID-19, the truck aluminum alloy wheel market will grow significantly, which has positively impacted the ecotourism market value in 2021 and subsequent years.

Type Segmental Analysis

Based on the type, the truck aluminum alloy wheel market is segregated into Casting and forging. The Forging segment is estimated to have the highest market share in the type Segmental Analysis for the truck aluminum alloy wheel market due to its durability and great resistance against temperature change. However, the Casting segment is projected to grow with higher CAGR throughout the forecast period owing to its anti-corrosive properties and is much lighter than the forged wheel, making it the best option for heavy vehicles like trucks.

Application Segmental Analysis

The truck aluminum alloy wheel market is classified into Long-Distance Trucks and Short Distance Trucks based on the application.

The Long Distance Trucks is projected to account for the largest market share as it ensures Just-in-time delivery, more flexibility and direct transportation on longer routes.

The Short Distance Trucks will also grow with a significant CAGR due to their faster and door-to-door delivery, Shorter transit times.

Region Segmental Analysis

The truck aluminum alloy wheel market is segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa.

The Asia Pacific is estimated to project considerable growth over 2021-2027 in the truck aluminum alloy wheel market, owing to the biggest commercial vehicle industry and manufacturing firms coupled with public investments in countries like China, Japan, India, etc. About 70% of the market’s overall growth is expected to originate from the Asia Pacific region.

North America will show a significant growth rate during the forecast period in the truck aluminum alloy wheel market. It is due to the growing use of wheels with a polished aluminum finish and the rapid development of the automobile industry in the region.

Competitor Analysis

BORBET, ENKEI, ALCOA WHEELS (Arconic), Ronal Wheels, CM Wheels, CITIC Dicastal, Maxion Wheels, UNIWHEELS Group, Anchi Aluminum Wheel.

Key Stakeholders

Market research and consulting firms
Industry associations
Local Governments
Tourists
Ecological Groups
Research organizations and consulting companies
Tourism Agencies
NGOs
Regulatory bodies

Scope of the Report

Report Attribute	Details
Market Size Value in 2020	USD 13.72 Billion
The revenue forecast in 2027	USD 16.32 Billion
Growth Rate	CAGR of 2.65% from 2021 to 2027
Historical data	2017-2019
Forecast period	2021 – 2027
Region covered	America, Europe, Asia-Pacific, South America, and Middle East & Africa
Key companies Profiled	BORBET, ENKEI, ALCOA WHEELS (Arconic), Ronal Wheels, CM Wheels, CITIC Dicastal, Maxion Wheels, UNIWHEELS Group, Anchi Aluminum Wheel

Recent Developments

In September 2021, Alcoa Wheels launched a new forged aluminum dual valve wheel loaded with the tire pressure monitoring system (TPMS) sensor that can operate on one valve while air pressure is serviced on the other.
In January 2021, Alcoa collaborated with China Power Investment Corporation (CPI) on projects worth more than 7.5 billion for aluminum and energy projects.
In December 2021, Citic Dicasta set up the second production plant for aluminum rims in Kenitra with a budget of 350 million euros.

Market Modelling

By Type

Forging
Casting

By Application

Long-distance trucks
Short distance truck

By Region

North America
Europe
Asia Pacific
South America
Middle East & Africa

Table Of Contents

Methodology

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Frequently Asked Questions (FAQ):

What is the size of the truck aluminum alloy wheel market?

Global Truck Aluminum Alloy Wheel Market valued at USD 13.72 Billion in 2020 and projected to reach USD 16.32 Billion by 2027.

What is the growth rate of the truck aluminum alloy wheel market?

The truck aluminum alloy wheel market is growing at a CAGR of 2.65% during the forecast period, 2021-2027.

What does an aluminum alloy wheel mean?

What are the growth drivers of the truck aluminum alloy wheel market?

The lightweight and flexibility of Aluminum alloy wheels and the aluminum alloy’s excellent chemical and physical properties are the growth drivers of the truck aluminum alloy wheel market.

What is the competitive landscape of the truck aluminum alloy wheel market?

BORBET, ENKEI, ALCOA WHEELS (Arconic), Ronal Wheels, CM Wheels, CITIC Dicastal, Maxion Wheels, UNIWHEELS Group, Anchi Aluminum Wheel are the key companies of the truck aluminum alloy wheel market.

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Global Truck Aluminum Alloy Wheel Market