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Global Truck Aluminum Alloy Wheel Market: By Type (Casting, Forging and others), By Application (Long distance trucks, Short Distance trucks and others) and By Region (North America, Europe, Asia-Pacific, South America, and the Middle East & Africa) - Forecast till 2030.
What is Truck Aluminum Alloy Wheel?
An aluminum alloy is a chemical composition of elements like copper, magnesium, manganese, silicon, tin, and zinc added to pure aluminum to increase its properties, primarily its strength, durability, flexibility, etc. Aluminum alloy wheels are wheels that are made from an alloy of aluminum. The aluminum alloy wheel usually has better heat conductivity, anti-corrosive properties and is much lighter than the steel wheel, making it the best option for heavy vehicles like trucks.Growth Driver
Lightweight and flexibility of Aluminum alloy wheels
The Truck Aluminum Alloy Wheel Market is projected to grow in the forecast period because of its lightweight and flexibility, coupled with consumers’ inclination towards durability and productivity of metal products, which are also fuelling the growth of the Truck Aluminum Alloy Wheel Market. Additionally, it is easier and cheaper to transport aluminum alloy than most other metals due to its lightweight.Great chemical and physical properties
Due to the excellent chemical and physical properties of aluminum alloy, such as strength, resistance against temperature changes, corrosion resistance, reflectivity and elasticity, etc., the growth of the truck aluminum alloy wheel market will further accelerate during the forecast period. Moreover, the cost-effectiveness of the truck aluminum alloy wheel, along with the extended breakpad life, also contributes to the growth of the Truck Aluminum Alloy Wheel Market.Pre Covid-19 impact
Factors such as the increasing use of trucks and rising supply chain demand stimulate the Truck Aluminum alloy wheel market growth. Additionally, the recyclability and cost-effectiveness of aluminum alloy wheels also created opportunities for the truck aluminum alloy wheel market during the Pre-covid era. The growth rate of the Truck Aluminum alloy wheel market was near 8% in 2016-2018, while in 2019, the growth rate of the Truck Aluminum alloy wheel market was 4.4%, due to the manufacturing cuts in china owing to the rising covid-19 situation.Covid-19 impact
In 2020, the COVID-19 disease began to spread around the world. Globally, millions of people were infected with the COVID-19 disease, and major countries worldwide have implemented lockdowns and stop-work orders. Except for the medical supplies and life support products industries, most industries have been greatly affected, and the truck aluminum alloy wheel industry has also been greatly affected. In 2018, the truck aluminum alloy wheel market experienced a growth rate of 7.8%, while the global market growth in 2020 was 2.65%, which is lower than the previous years. This results in a slowdown in the market across the globe.Post Covid-19 impact
The aluminum industry will have significant growth due to the global supply chain requirements after the COVID-19 pandemic. Globally, countries are building a stronger & flexible supply chain system during the post-COVID-19 pandemic period. Governments also have been offering financial support to the aluminum sector and implementing structural transformation. Therefore, with the outbreak of the COVID-19, the truck aluminum alloy wheel market will grow significantly, which has positively impacted the ecotourism market value in 2021 and subsequent years.Type Segmental Analysis
Based on the type, the truck aluminum alloy wheel market is segregated into Casting and forging. The Forging segment is estimated to have the highest market share in the type Segmental Analysis for the truck aluminum alloy wheel market due to its durability and great resistance against temperature change. However, the Casting segment is projected to grow with higher CAGR throughout the forecast period owing to its anti-corrosive properties and is much lighter than the forged wheel, making it the best option for heavy vehicles like trucks.Application Segmental Analysis
The truck aluminum alloy wheel market is classified into Long-Distance Trucks and Short Distance Trucks based on the application. The Long Distance Trucks is projected to account for the largest market share as it ensures Just-in-time delivery, more flexibility and direct transportation on longer routes. The Short Distance Trucks will also grow with a significant CAGR due to their faster and door-to-door delivery, Shorter transit times.Region Segmental Analysis
The truck aluminum alloy wheel market is segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. The Asia Pacific is estimated to project considerable growth over 2022-2030 in the truck aluminum alloy wheel market, owing to the biggest commercial vehicle industry and manufacturing firms coupled with public investments in countries like China, Japan, India, etc. About 70% of the market’s overall growth is expected to originate from the Asia Pacific region. North America will show a significant growth rate during the forecast period in the truck aluminum alloy wheel market. It is due to the growing use of wheels with a polished aluminum finish and the rapid development of the automobile industry in the region.Competitor Analysis
BORBET, ENKEI, ALCOA WHEELS (Arconic), Ronal Wheels, CM Wheels, CITIC Dicastal, Maxion Wheels, UNIWHEELS Group, Anchi Aluminum Wheel.Key Stakeholders
- Market research and consulting firms
- Industry associations
- Local Governments
- Tourists
- Ecological Groups
- Research organizations and consulting companies
- Tourism Agencies
- NGOs
- Regulatory bodies
Scope of the Report
| Report Attribute | Details |
|---|---|
| Market Size Value in 2020 | USD 13.72 Billion |
| The revenue forecast in 2027 | USD 16.32 Billion |
| Growth Rate | CAGR of 2.65% from 2021 to 2027 |
| Historical data | 2017-2019 |
| Forecast period | 2021 – 2027 |
| Region covered | America, Europe, Asia-Pacific, South America, and Middle East & Africa |
| Key companies Profiled | BORBET, ENKEI, ALCOA WHEELS (Arconic), Ronal Wheels, CM Wheels, CITIC Dicastal, Maxion Wheels, UNIWHEELS Group, Anchi Aluminum Wheel |
Recent Developments
- In September 2021, Alcoa Wheels launched a new forged aluminum dual valve wheel loaded with the tire pressure monitoring system (TPMS) sensor that can operate on one valve while air pressure is serviced on the other.
- In January 2021, Alcoa collaborated with China Power Investment Corporation (CPI) on projects worth more than 7.5 billion for aluminum and energy projects.
- In December 2021, Citic Dicasta set up the second production plant for aluminum rims in Kenitra with a budget of 350 million euros.
Market Modelling
By Type- Forging
- Casting
- Long-distance trucks
- Short distance truck
- North America
- Europe
- Asia Pacific
- South America
- Middle East & Africa
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Report Content
- Research Strategic Development
1.1. Market Modelling
1.2. Product Analysis
1.3. Market Trend and Economic Factors Analysis
1.4. Market Segmental Analysis
1.5. Geographical Mapping
1.6. Country Wise Segregation
- Research Methodology
2.1. Identification of Target Market
2.2. Data Acquisition
2.3. Refining of Data/ Data Transformations
2.4. Data Validation through Primary Techniques
2.5. Exploratory Data Analysis
2.6. Graphical Techniques/Analysis
2.7. Quantitative Techniques/Analysis
2.8. Visual Result/Presentation
- Executive Summary
- Market Insights
4.1. Supply Chain Analysis
4.2. Economic Factor Analysis
4.2.1. Drivers
4.2.2. Trends
4.2.3. Opportunities
4.2.4. Challenges
4.3. Technological Landscape
4.4. Competitors & Product Analysis
4.5. Regulatory Framework
4.6. Company market share analysis, 2022
4.7. Porter’s Five forces analysis
4.8. Price point analysis
4.9. New Investment Analysis
4.10. PESTEL Analysis
4.11. Pre Covid-19 Impact
4.12. Covid-19 Impact
4.13. Post Covid-19 Impact
- Global Truck Aluminum Alloy Wheel Market, 2017-2030
5.1. Market size & Forecast, 2017-2030
5.1.1. Demand
5.1.1.1. By Value (USD Million)
5.2. Market Share & Forecast, 2017-2030
5.2.1. By Type
5.2.1.1. Casting
5.2.1.2. Forging
5.2.1.3. Others
5.2.2. By Application
5.2.2.1. Long Distance Trucks
5.2.2.2. Short Distance Trucks
5.2.2.3. Others
5.2.3. By Region
5.2.3.1. North America
5.2.3.2. Europe
5.2.3.3. Asia Pacific
5.2.3.4. The Middle East & Africa
5.2.3.5. South America
- North America Truck Aluminum Alloy Wheel Market, 2017-2030
6.1. North America Truck Aluminum Alloy Wheel Market size & Forecast, 2017-2030
6.1.1. Demand
6.1.1.1. By Value (USD Million)
6.2. North America Truck Aluminum Alloy Wheel Market Share & Forecast, 2017-2030
6.2.1. By Type
6.2.1.1. Casting
6.2.1.2. Forging
6.2.1.3. Others
6.2.2. By Application
6.2.2.1. Long Distance Trucks
6.2.2.2. Short Distance Trucks
6.2.2.3. Others
6.2.3. By Country
6.2.3.1. U.S
6.2.3.2. Canada
6.2.3.3. Mexico
6.2.4. Price-Point Analysis, By Sensor
6.2.5. Manufacturer & Distribution List (Top 5)
6.2.6. Company Market Share (Top 3-5)
6.2.7. Economic Impact Study on North America Truck Aluminum Alloy Wheel Market
- Europe Truck Aluminum Alloy Wheel Market, 2017-2030
7.1. Europe Truck Aluminum Alloy Wheel Market size & Forecast, 2017-2030
7.1.1. Demand
7.1.1.1. By Value (USD Million)
7.2. Europe Truck Aluminum Alloy Wheel Market Share & Forecast, 2017-2030
7.2.1. By Type
7.2.1.1. Casting
7.2.1.2. Forging
7.2.1.3. Others
7.2.2. By Application
7.2.2.1. Long Distance Trucks
7.2.2.2. Short Distance Trucks
7.2.2.3. Others
7.2.3. By Country
7.2.3.1. Germany
7.2.3.2. UK
7.2.3.3. France
7.2.3.4. Italy
7.2.3.5. Rest of Europe
7.2.4. Price-Point Analysis, By Sensor
7.2.5. Manufacturer & Distribution List (Top 5)
7.2.6. Company Market Share (Top 3-5)
7.2.7. Economic Impact Study on Europe Truck Aluminum Alloy Wheel Market
- Asia Pacific Truck Aluminum Alloy Wheel Market, 2017-2030
8.1. Asia Pacific Truck Aluminum Alloy Wheel Market size & Forecast, 2017-2030
8.1.1. Demand
8.1.1.1. By Value (USD Million)
8.2. Asia Pacific Truck Aluminum Alloy Wheel Market Share & Forecast, 2017-2030
8.2.1. By Type
8.2.1.1. Casting
8.2.1.2. Forging
8.2.1.3. Others
8.2.2. By Application
8.2.2.1. Long Distance Trucks
8.2.2.2. Short Distance Trucks
8.2.2.3. Others
8.2.3. By Country
8.2.3.1. China
8.2.3.2. India
8.2.3.3. Japan
8.2.3.4. Australia
8.2.3.5. Rest of Asia pacific
8.2.4. Price-Point Analysis, By Sensor
8.2.5. Manufacturer & Distribution List (Top 5)
8.2.6. Company Market Share (Top 3-5)
8.2.7. Economic Impact Study on Asia-Pacific Truck Aluminum Alloy Wheel Market
- The Middle East & Africa Truck Aluminum Alloy Wheel Market, 2017-2030
9.1. The Middle East & Africa Truck Aluminum Alloy Wheel Market size & Forecast, 2017-2030
9.1.1. Demand
9.1.1.1. By Value (USD Million)
9.2. The Middle East & Africa Truck Aluminum Alloy Wheel Market Share & Forecast, 2017-2030
9.2.1. By Type
9.2.1.1. Casting
9.2.1.2. Forging
9.2.1.3. Others
9.2.2. By Application
9.2.2.1. Long Distance Trucks
9.2.2.2. Short Distance Trucks
9.2.2.3. Others
9.2.3. By Country
9.2.3.1. Saudi Arabia
9.2.3.2. UAE
9.2.3.3. South Africa
9.2.3.4. Rest of The Middle East & Africa
9.2.4. Price-Point Analysis, By Sensor
9.2.5. Manufacturer & Distribution List (Top 5)
9.2.6. Company Market Share (Top 3-5)
9.2.7. Economic Impact Study on The Middle East & Africa Truck Aluminum Alloy Wheel Market
- South America Truck Aluminum Alloy Wheel Market, 2017-2030
10.1. South America Truck Aluminum Alloy Wheel Market size & Forecast, 2017-2030
10.1.1. Demand
10.1.1.1. By Value (USD Million)
10.2. South America Truck Aluminum Alloy Wheel Market Share & Forecast, 2017-2030
10.2.1. By Type
10.2.1.1. Casting
10.2.1.2. Forging
10.2.1.3. Others
10.2.2. By Application
10.2.2.1. Long Distance Trucks
10.2.2.2. Short Distance Trucks
10.2.2.3. Others
10.2.3. By Country
10.2.3.1. Brazil
10.2.3.2. Argentina
10.2.3.3. Rest of South America
10.2.4. Price-Point Analysis, By Sensor
10.2.5. Manufacturer & Distribution List (Top 5)
10.2.6. Company Market Share (Top 3-5)
10.2.7. Economic Impact Study on South America Truck Aluminum Alloy Wheel Market
- Competitor Analysis
11.1. Company Description
11.2. Financial Analysis
11.3. Key Products
11.4. Key Management Personnel
11.5. Contact Address
11.6. SWOT Analysis
11.7. Company profile
11.7.1. BORBET
11.7.2. ENKEI
11.7.3. Ronal Wheels
11.7.4. CM Wheels
11.7.5. ALCOA WHEELS (Arconic)
11.7.6. CITIC Dicastal
11.7.7. Maxion Wheels
11.7.8. UNIWHEELS Group
11.7.9. Anchi Aluminum Wheel
11.7.10. Other Prominent Players.
Frequently Asked Questions (FAQ):
Global Truck Aluminum Alloy Wheel Market is estimated to reach USD 54,284 million by 2030, growing at a CAGR of 10.65% during the forecast period, 2022-2030, and it was valued at USD 40,233 million in 2022.
The truck aluminum alloy wheel market is growing at a CAGR of 2.65% during the forecast period, 2022-2030.
An aluminum alloy is a chemical composition of elements like copper, magnesium, manganese, silicon, tin, and zinc added to pure aluminum to increase its properties, primarily its strength, durability, flexibility, etc.
The lightweight and flexibility of Aluminum alloy wheels and the aluminum alloy’s excellent chemical and physical properties are the growth drivers of the truck aluminum alloy wheel market.
BORBET, ENKEI, ALCOA WHEELS (Arconic), Ronal Wheels, CM Wheels, CITIC Dicastal, Maxion Wheels, UNIWHEELS Group, Anchi Aluminum Wheel are the key companies of the truck aluminum alloy wheel market.
