2014-02-12 15:15:03 - Global Automotive Aluminum Wheels Industry 2012-2016 - a new market research report on companiesandmarkets.com
The Global Automotive Aluminium Wheels market is to grow at a CAGR of 8.48 percent over the period 2012-2016. One of the key factors contributing to this market growth is the increasing demand for vehicles across the world. The Global Automotive Aluminium Wheels industry has also been witnessing an increasing manufacturing of wheels in the APAC region. However, the availability of other lightweight wheel material could pose a challenge to the growth of this market.
Many large global firms are nowadays outsourcing manufacturing activities to low-cost destinations in the APAC region to reduce manufacturing costs. In fact, many automotive manufacturers have started product development operations in developing countries to leverage the talented and low-cost labor available there. For instance, in 2011,
several automotive companies in Western Europe and North America outsourced a large number of manufacturing operations to China. As a result, the Global Automotive Aluminium Wheels industry is growing at a faster pace in developing economies as compared to developed economies.
One of the main drivers in the market is the increase in automobile production and sales. The increasing demand for vehicles has led to an increase in the demand for tyres, which has further fostered the demand for automotive aluminium wheels.
One of the main challenges in the market is the availability of other light weight wheel materials such as micro alloyed HSLA steel. This is expected to have a negative impact on the usage of aluminium in automotive wheels.
The key vendors dominating this space include Central Motor Wheel Co. Ltd., CiTiC Dicastal Wheel Manufacturing Co. Ltd., Ronal Group, and Superior Industries International Inc. The other vendors mentioned in the report are Accuride Corp., Alcoa Inc., BORBET GmbH, Enkei Wheels India Ltd., and United Wheels Group.
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