Global Light Automotive Alloy Wheel Market Size Will Reach $11.95 Billion in 2023

Light automotive vehicle alloy wheels refer to wheels made of alloy materials (such as aluminum alloy, magnesium alloy, etc.) and used for various types of light vehicles (generally referring to M1, M2, and N1 vehicles with a maximum total mass not exceeding 3.5 tons). Compared to traditional steel wheels, alloy wheels for light vehicles have advantages such as lighter weight, higher strength, and better heat dissipation performance.

In the design and manufacturing process of light automotive vehicle alloy wheels, advanced technologies and processes such as precision casting, high-pressure die casting, forging, etc. are usually used to ensure the strength and reliability of the wheels. In addition, light automotive vehicle alloy wheels can also undergo some special treatments, such as anodizing, painting, inlay, etc., to improve their aesthetics and durability.

Analysis of the Global Light Automotive Alloy Wheel Segmentation Market

According to different manufacturing processes, light automotive vehiclealloy wheels can be divided into two categories: casting wheels and forging wheels. Among them, casting wheels occupy a larger market share. According to our research data, the global casting light vehicle alloy wheel segment is expected to generate revenue of $8.72 billion in 2023, with a market share of up to 72.97%. It is expected that casting wheels will continue to dominate in the coming years.

In terms of application, light automotive vehicle alloy wheels are mainly used in passenger vehicles and light commercial vehicles. Among them, the demand for passenger vehicles is greater and it is expected to continue to maintain a leading position in the coming years. In addition, with the continuous development of the new energy vehicle market, the demand for high-performance alloy wheels is also increasing.

Global Light Automotive Alloy Wheel Market Size and Share Forecast by Type and Application

Source: www.globalmarketmonitor.com