COVID-19 Impact and Recovery Analysis- Global Aluminum Alloy Wheel Market 2020-2024 | Growing Demand for Lightweight Vehicles to Boost Market Growth | Technavio
LONDON--(BUSINESS WIRE)--Jun 19, 2020--
The aluminum alloy wheel market is expected to grow by USD 0.52 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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Technavio has announced its latest market research report titled Global Aluminum Alloy Wheel Market 2020-2024 (Graphic: Business Wire)
There has been a significant rise in demand for lightweight automotive designs primarily due to the high fuel economy standards. Government regulations with respect to emission standards are encouraging vehicle manufacturers to use lightweight materials, in a bid to increase fuel efficiency and to provide a better driving experience. Aluminum alloy wheels are lighter compared to the steel wheels, and are thus becoming popular among automotive manufacturers to enhance 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 significant trends and market drivers that will influence market growth over 2020-2024.
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. Vehicle manufacturers are also partnering with technology companies for integrating vehicles with certain levels of artificial intelligence to create 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 boost the aluminum alloy wheel market growth during the forecast period.
“Factors such as the emergence of 3D-printed wheels of titanium, and the advent of carbon fiber alloy wheels will have a significant impact on the growth of the aluminum alloy wheels market value during the forecast period,” says a senior analyst at Technavio.
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Aluminum Alloy Wheel Market: Segmentation Analysis
This market research report segments the aluminum alloy wheel market by application (passenger cars and commercial vehicles) and geography (APAC, Europe, North America, South America, and MEA).
The APAC region led the aluminum alloy wheel market in 2019, followed by Europe, North America, South America, and MEA respectively. During the forecast period, the APAC region is expected to register the highest incremental growth due to the highest production of passenger and commercial vehicles in China, India, Japan, and South Korea.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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SOURCE: Technavio Research
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PUB: 06/19/2020 11:00 AM/DISC: 06/19/2020 11:01 AM