PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1498743
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1498743
Alloy Wheels Aftermarket Market size was valued at USD 8,019.32 Million in 2023, expanding at a CAGR of 3.98% from 2024 to 2032.
The market segment that deals with the sale and installation of alloy wheels that are not included as original equipment (OE) when the vehicle is produced is known as the aftermarket alloy wheels market. Owners of vehicles frequently buy these wheels to upgrade, replace, or alter their current wheels.
Alloy Wheels Aftermarket Market- Market Dynamics
Consumer's emphasis on car aesthetics and performance benefits is expected to propel market demand
Customers frequently want to add unique touches to their cars, and alloy wheels are a common way to do so. One of the main reasons alloy wheels are in high demand in the aftermarket industry is the visual upgrade they offer. The demand for improvements and replacement parts is driven by the fleet's aging and the quantity of vehicles on the road. Older car owners frequently use the aftermarket to replace tatty wheels or to improve the look and functionality of their cars.
Alloy wheels are lighter than conventional steel wheels, they can reduce unsprung weight and enhance vehicle performance. For those who enjoy performance driving, alloy wheels are a desirable addition since they can result in improved acceleration, braking, and fuel efficiency. Furthermore, alloy wheels are now more widely available and affordable thanks to advancements in manufacturing technology. Consumers find alloy wheels more appealing due to advancements in strength, durability, and design options brought about by techniques like flow forming and sophisticated forging. The emergence of e-commerce platforms has facilitated consumers' access to a vast array of alloy wheel options. The abundance of options, affordable prices, and ease of home delivery offered by online retail channels increase alloy wheel aftermarket sales.
Alloy Wheels Aftermarket Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 3.98% over the forecast period (2024-2032)
Based on Type segmentation, the 13-17 inches segment was predicted to show maximum market share in the year 2023, owing to high demand for passenger cars.
Based on Vehicle Type segmentation, the passenger vehicles segment was the leading Vehicle Type in 2023, due to the high demand for alloy wheels in passenger vehicles such as hatchbacks, SUVs, etc.
Based on Sales Channel segmentation, the online segment was the leading sales channel in 2023, owing to high demand for various alloy wheel types.
On the basis of region, Asia Pacific was the leading revenue generator in 2023, owing to high production of automobiles in automotive industries in China, India, etc.
The Global Alloy Wheels Aftermarket Market is segmented on the basis of Type, Vehicle Type, Sales Channel, and Region.
The market is divided into three categories based on Type: 13-17 inches, 18-20 inches, and more than 20 inches. The abrasives segment dominates the market. The increasing demand for smaller size or 13-17 inches alloy wheels is projected to fuel market growth.
The market is divided into three categories based on Vehicle Type: passenger vehicles, and commercial vehicles. The passenger vehicles segment dominates the market. The increasing demand for small cars and luxury vehicles is expected to proliferate the segment's growth.
The market is divided into two categories based on Sales Channels: online and offline. The online segment dominates the market and is expected to maintain its high dominance during the forecast period. Online platforms include a wide range of alloy wheel products which is boosting the market growth.
Alloy Wheels Aftermarket Market- Geographical Insights
Geographically, this market is widespread in the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. North America holds a significant market share for aftermarket alloy wheels due to high vehicle ownership and a strong culture of vehicle customization. The region has high disposable income, many automotive enthusiasts, and a strong presence of major aftermarket suppliers.
The Alloy Wheels Aftermarket market is mainly dominated by large market players. Market player focuses on developing innovative designs and lightweight materials, such as magnesium and advanced alloys. Several companies have been expanding their product line to include wheels for electric and hybrid vehicles. For example, Enkei Corporation continues to innovate with new designs and materials, focusing on reducing weight and improving durability.
In March 2023, Ronal Group launched a new product line of alloy wheels with advanced manufacturing to boost its product portfolio.
In May 2023, OZ Group introduced the latest alloy wheel design with product called OZ Ultraleggera Evo series.