Alloy wheels Market Report and Segments upto 2030
Market Overview - According to Market Research Future (MRFR), the global automotive alloy wheel market is projected to reach around USD 21 billion, registering a CAGR of 5% (forecast period). The report summarizes the global situation, the economic situation, and the COVID-19 analysis of the overall market. Alloy wheels for automobiles are made from aluminum, nickel, or magnesium material. The casting and forging method is used for the manufacture of alloy wheels. whereas, the forged wheels are lighter and stronger but more costly than the cast-alloy wheels. The alloy wheels market has greater strength, better heat conduction, and more cosmetic appearance than steel wheels. Consumers prefer the use of alloy wheels for the external styling of vehicles and good riding quality. Market Dynamics Rising demand from Europe and the Asia Pacific, increasing global alloy wheel repair centers, growing demand for lightweight wheels, and increasing production and sales of electric vehicles are