Global Automotive Aluminium Alloy Wheel Market to reach USD $billion by 2027.Global Automotive Aluminium Alloy Wheel Market is valued approximately at USD $Billion in 2020 and is anticipated to grow with a healthy growth rate of more than % over the forecast period 2021-2027.
The U.S. current-account deficit increased and reached US$ 234.8 billion in Q4 2021. However, the Canadian Dollar exchange (CAD) increased by 29.9% in Q1 22 to reach US$ 294.4 billion, widening the imbalance by US$ 68.6 billion. In the first quarter of 2022, exports of goods and services rose by US$ 27.7 billion, totaling US$ 1.07 trillion. However, the nation’s goods and services deficit decreased to US$ 79.9 billion in June from US$ 87.9 billion in May, which was corrected, a US$ 5.7 billion decrease that indicated some relief. On the other hand, the annual inflation rate in the country hit 8.7%.
The use of aluminium is used to enhance tensile strength and stiffness of wheels which reduces the cost of vehicle. The global Automotive Aluminium Alloy Wheel market is being driven by the collaboration of automotive companies and wheel manufacturers. For instance: in March 2021, Volkswagen of America collaborated with BBS to launch new Enthusiast Fleet Concept Jetta GLI by adopting BBS CH-R 20-inch wheels.
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The other driving factor for the market is the expanding automotive industry. For instance, According to OICA, Africa produced 776,967 passenger cars in 2018, which rose to 787,287 in 2019, representing a 1.3 percent growth. Also, according to the International Trade Administration (ITA), China is the world’s largest automotive market, with the Chinese government expecting 35 million vehicles to be produced by 2025. Likewise, according to OICA, the number of light commercial vehicles produced in Canada rose by 6.2 percent from 1,348,932 in 2018 to 1,431,904 in 2019 Furthermore, the continuous product innovation, high investments by the private companies and favorable government initiatives to promote automotive industry will provide new opportunities for the global Automotive Aluminium Alloy Wheel industry. However, high cost related to the research & development may impede market growth over the forecast period of 2021-2027.
The global Automotive Aluminium Alloy Wheel Market is analyzed geographically based on key regions such as Asia Pacific, North America, Europe, Latin America, and Rest of the World. North America is the leading region across the world in terms of market share and is anticipated to exhibit the highest CAGR over the forecast period 2021-2027 due to presence of large established companies, high investments by the companies and increasing demand for luxurious vehicles in the region.
Major market player included in this report are: Zhongnan Aluminum Wheels YHI Yueling Wheels Guangdong Dcenti Auto-Parts Zhejiang Jinfei Wanfeng Auto Lizhong CITIC Dicastal Borbet Ronal Wheels
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The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players.
The detailed segments and sub-segment of the market are explained below:
By Product Type: Casting Forging Others By Application: Passenger Vehicle Commercial Vehicle
By Region: North America U.S. Canada Europe UK Germany France Spain Italy ROE
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Asia Pacific China India Japan Australia South Korea RoAPAC Latin America Brazil Mexico Rest of the World
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