Growing consumer preference toward electric vehicles and the demand for lightweight vehicles are some of the key drivers contributing to the growth of the automotive alloy wheels market. For instance, in September 2019, Rio Tinto— an Anglo-Australian metal and mining corporation, announced the launch of Revolution-Al™, their new high strength aluminum alloy, specially designed for the development of lightweight car wheels. Companies in the market for automotive alloy wheels are extensively investing in research to gain competitive edge over other companies for the development of innovative alloy solutions.
Metal corporations in the automotive alloy wheels market are increasing efforts to gain inputs and insights from their company’s customers who test new alloys. However, manufacturing a strong alloy for die cast car wheels in order to reduce fuel consumption poses as a challenge for companies. Hence, companies in the market for automotive alloy wheels are partnering with researchers to develop new alloys that help automakers reduce the weight of wheels and also enhance the aesthetics of the vehicle.
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Intelligent Polishing Systems Gain Prominence in Automotive Alloy Wheels Market
Several technologies and services are becoming increasingly mainstream in the automotive alloy wheels market. For instance, Fintek-a specialist in superfinishing methods, has gained expertise in technologies that deploy automatic surface treatment and polishing of alloy wheels. However, several methodologies go into the servicing of alloy wheels. Surface finishing specialists in the automotive alloy wheels market are investing in German-made vibratory polishing and grinding systems that are integrated in complex manufacturing production processes.
Companies in the market for automotive alloy wheels are focusing on technologies that enable fully automated alloy wheel surface finishing. They are increasing research to develop equipment that have control over abrasive effects and are developing systems that act on all surfaces of the alloy wheel. Emergence of intelligent polishing systems is one of the key drivers for the automotive alloy wheels market.
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Automakers Rely on Components Made in Europe to Achieve Production Efficiency
Companies in the automotive alloy wheels market are exploring opportunities in Europe to stabilize their revenue streams. This is evident since Europe is estimated to lead the global market during the forecast period. As such, the market of automotive alloy wheel is largely fragmented with regional and local players accounting to ~73% of the market stake. This indicates that regional and local players are posing as tough competition to prominent players.
Efficient technologies and innovative production cycles are becoming the key focus points for companies in the market for automotive alloy wheels. Since Europe is also flourishing in the OEM sector, automakers are resting their faith of components made in Europe. For instance, Brock-a manufacturer of alloy wheels in Europe, relies on certified management systems throughout their value chain in order to introduce continuous innovations in alloy wheels.
Growing Demand for Big Alloy Wheels Gives Rise to Aesthetically Pleasing Cars
In order to develop aesthetically pleasing cars, manufacturers are introducing big alloy wheels, especially for SUVs. As such, SUV OEM segment dominates the automotive alloy wheels market, where the market is estimated to reach a total output of ~285,100 units by the end of 2027. Hence, leading automakers are incorporating big allow wheels in SUVs. For instance, Lamborghini has announced that it will introduce 23-inch alloy wheels in its Urus SUV.
The trend of redesigning big alloy wheels in passenger vehicles are generating incremental opportunities for companies in the market for automotive alloy wheels. Big wheels are advantageous to ride over road imperfections without getting deflected. Thus, users are always demanding SUVs that provide the added comfort while driving. Hence, enhancing user experience has become one of the key focus points for companies in the automotive alloy wheels market.
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