Global Aluminum Alloy Wheel Market 2019-2023 | Use of Aluminum Wheels in Autonomous Vehicles to Boost Growth | Technavio
08 November 2019 - 8:00PM
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
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Technavio has announced its latest market
research report titled global aluminum alloy wheel market 2019-2023
(Graphic: Business Wire)
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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market research, download a free sample:
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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.
Technavio’s sample reports are free of charge and contain
multiple sections of the report, such as the market size and
forecast, drivers, challenges, trends, and more. Request a free
sample report
Some of the key topics covered in the report include:
Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
About Technavio
Technavio is a leading global technology research and advisory
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trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
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and potential markets and assess their competitive positions within
changing market scenarios.
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Technavio Research Jesse Maida Media & Marketing Executive
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