As Stated by Environmental Protection Agency (EPA), Fuel Economy Regulation in United States will Require Vehicle Fleet to Average 36 miles per gallon by 2025. Thus, Demand for Aluminum Alloys Wheels are Expected to Rise to Achieve Vehicle Overall Weight Reduction in order to Increase Fuel Efficiency.
The article cited AMA's "Global Automotive Aluminium Alloy Wheels Market Study" explored substantial growth in Asia Pacific and CAGR of 1.0%. According to the report, Rapid Adoption of Aluminium Alloy Wheels in Electric Vehicles (EV) and Hybrid Vehicles
is one of the primary growth factors for the market. Emphasizing on Vehicle Weight Reduction Backed by Stringent Government Regulations to Reduce Total Emission and Increase Fuel Efficiency
is also expected to contribute significantly to the Automotive Aluminium Alloy Wheels market. Overall, applications of Automotive Aluminium Alloy Wheels, and the growing awareness of them, is what makes this segment of the industry important to its overall growth. The Distribution Channels, such as OEMs, is boosting the Automotive Aluminium Alloy Wheels market. Additionally, the rising demand from SMEs and various industry verticals, macro-economic growth are the prime factors driving the growth of the market.The Vehicle type, such as Passenger car, is boosting the Automotive Aluminium Alloy Wheels market. Additionally, the rising demand from SMEs and various industry verticals, macro-economic growth are the prime factors driving the growth of the market.
AMAs Analyst on the Global Automotive Aluminium Alloy Wheels market identified that the demand is rising in many different parts of the world as "With Advancement in Technologies, Prices are Expected to Fluctuate and Installation Rate in Commercial Vehicles too will Increase
". Furthermore, some recent industry insights like "In February 2020, Accuride Corporation, a major component supplier to the global commercial vehicle industry, improved the weight of its Accu-Lite family of lightweight aluminum wheels and new 38-pound 10-handhole wheels. Accuride's unique design and manufacturing process combined with the superior Quantum 99 aluminum alloy performance gives Accuride special control over the grain structure." is constantly making the industry dynamic.
The report provides an in-depth analysis and forecast about the industry covering the following key features: o Industry outlook including current and future market trends, drivers, restraints, and emerging technologies o Analyses the Global Automotive Aluminium Alloy Wheels market according to Type, Application, and regions o Analyzes the top 10 players in terms of market reach, business strategy, and business focus o Provides stakeholders insights and key drivers & trends of the market
Market Size Estimation In market engineering method, both top-down and bottom-up approaches have been used, along with various data triangulation process, to predict and validate the market size of the Automotive Aluminium Alloy Wheels market and other related sub-markets covered in the study.
o Key & emerging players in the market have been observed through secondary research. o The industrys supply chain and overall market size, in terms of value, have been derived through primary and secondary research processes. o All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources.
Data Triangulation The overall market size is calculated using market estimation process, the market was further split into various segments and sub-segments. To complete the overall market engineering and arriving at the exact statistics for all segments and sub-segments, the market breakdown and data triangulation procedures have been utilized, wherever applicable. The data have been triangulated by studying various influencing factors and trends identified from both demand and supply sides of various applications involved in the study. Along with this, the market size has been validated using both top-down and bottom-up approaches.