Commercial Vehicle Alloy Wheel Market, By Type (Casting and Forging), By Application (Passenger Vehicle and Commercial Vehicle), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) – Market Trends, Analysis and Forecast till 2034

Commercial Vehicle Alloy Wheel Market was valued at US$ 18.6 billion in 2024 and is projected to grow at a CAGR of 7.9% to reach US$ 37.2 billion by 2034.

Commercial vehicle alloy wheels are wheels made from aluminium alloy used on commercial vehicles such as trucks, buses, and trailers. They are becoming increasingly popular due to several advantages over traditional steel wheels, which are driving sales in the commercial vehicle alloy wheel market.A major advantage of commercial vehicle alloy wheels is their significantly lighter weight compared to steel wheels, which can result in increased fuel efficiency and payload capacity. The lighter weight of alloy wheels can also improve handling and braking performance, especially in heavy-duty freight vehicles.

Moreover, alloy wheels conduct heat better than steel wheels, which can help to improve brake performance and reduce tire wear. Alloy wheels can give a commercial vehicle a more stylish appearance which is an important factor behind the growing popularity of the commercial vehicle alloy wheel market.Two main types of alloy wheels are available in the commercial vehicle alloy wheel market. Cast aluminium wheels are the most common type and are made by pouring molten aluminium into a mold. Forged aluminium wheels, on the other hand, are stronger and lighter than cast aluminium wheels as they are made by hammering a billet of aluminium into shape.Stricter emission regulations worldwide are pushing manufacturers to produce lighter commercial vehicles. Alloy wheels are significantly lighter than traditional steel wheels, which can help to improve fuel efficiency and reduce emissions. Hence, their demand in the commercial vehicle alloy wheel market has steadily increased in recent years.

There are currently 3.5 million fleets and 32 million commercial cars operating in North America. In 2022, 8.3 million commercial cars were produced in the United States, while 13.3 million commercial vehicles were produced in all of North America. Growth in global commercial road vehicle fleets is expected to drive demand for wearable parts, such as the commercial vehicle alloy wheel market.

Disclaimer: This data is only a representation. Actual data may vary and will be available in the report.

Drivers of the Commercial Vehicle Alloy Wheel Market:      

Fuel Efficiency: 

• Alloy wheels are significantly lighter than traditional steel wheels. This weight reduction improves fuel efficiency for trucks, buses, and other commercial vehicles. With rising fuel costs, fleet operators are increasingly looking for ways to save on gas, making alloy wheels an attractive option and driving sales in the commercial vehicle alloy wheel market.

Stricter emission regulations:

• Governments around the world are enacting stricter emission regulations to combat climate change. Lighter vehicles contribute to lower emissions, and alloy wheels play a part in achieving this goal.
• For example, in March 2024, the EPA finalized new greenhouse gas emission rules from heavy-duty cars for Model Years 2027–2032. In December 2022, the EPA finalized standards to minimize emissions that produce smog and soot from Model Year 2027 and, later, heavy-duty engines.

Growing Demand for Aftermarket Parts:

• As the global commercial vehicle fleet ages, the demand for replacement parts like alloy wheels rises. The aftermarket segment is a significant commercial vehicle alloy wheel market driver.

Improved Vehicle Performance and safety:

•   Alloy wheels offer superior heat dissipation compared to steel wheels. This translates to better braking performance and improved handling, especially for heavy-duty vehicles. This increased safety assurance is a major driver in the commercial vehicle alloy wheel market.

Demand for Visual Aesthetics:

• Compared to steel wheels, alloy wheels come in a wider variety of styles and finishes. This allows fleet owners and individual truck owners to customize the look of their vehicles.

Restrains in the Commercial Vehicle Alloy Wheel Market:

• Higher Initial Cost: Alloy wheels are more expensive than steel wheels up front. This can be a significant barrier for cost-conscious fleet operators, especially those operating large fleets of vehicles, creating a significant drawback for the commercial vehicle alloy wheel market.
• Repair Challenges: Alloy wheels are more susceptible to damage than steel wheels. They can crack or bend if they hit a pothole or other road hazard. While repairs are possible, they can be expensive and time-consuming.
• Regulations: Strict regulations govern the weight and size of commercial vehicles, which can limit the range of alloy wheels available for certain types of vehicles.

Key Opportunities in the Commercial Vehicle Alloy Wheel Market:

• Increasing demand for lightweight vehicles: Alloy wheels are significantly lighter than steel wheels, which can help to improve fuel efficiency and reduce emissions. This is becoming increasingly important as governments worldwide introduce stricter greenhouse gas emission regulations.
• Expansion of the e-commerce industry: The growth of the e-commerce industry is leading to an increase in demand for delivery trucks and vans, which in turn is driving demand for the commercial vehicle alloy wheel market.
• Technological advancements: Alloy wheel manufacturers are constantly developing new technologies to improve the performance and durability of their products. This makes alloy wheels an even more attractive option for commercial vehicle fleets.

Commercial Vehicle Alloy Wheel Market is segmented based on by Type, by Application and Region.

Type Insight

• Casting- This segment dominates the commercial vehicle alloy wheel market due to its cost-effectiveness and suitability for high-volume production. Casting is a simpler and faster process; hence, it has seen wider adoption.
• Forging- This segment is expected to witness rapid growth in the upcoming forecast period since trucks and buses that carry heavier loads benefit from the superior strength and durability of forged wheels. Performance-driven applications in demanding conditions or prioritizing fuel efficiency are other reasons for the adoption of forged vehicles.

Application Insights

• Commercial Vehicle- This is the fastest-growing segment of the target market, led by the growing demand for delivery vans and trucks to support the booming e-commerce industry. The major market drivers are increasing demand for lightweight trucks and trailers for better fuel efficiency and rising focus on fleet modernization and safety regulations.
• Passenger Vehicle- This is the dominant segment of the Commercial Vehicle Alloy Wheel Market due to the higher overall production volume of passenger cars compared to commercial vehicles. Alloy wheels enhance a car's appearance and offer better handling due to their lighter weight, fueling their adoption in this segment.

Regional Insights:
Commercial Vehicle Alloy Wheel Market Regional Insights:

In region, the Commercial Vehicle Alloy Wheel Market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

• Asia Pacific currently holds the dominant market share of the commercial vehicle alloy wheel market due to well-established industry players who have set up bases in this region, taking advantage of the growing market and lower production costs, creating more demand. Massive investment in product technology and innovation drives the market here. The rise in vehicle ownership in cities is also another growth factor.
• North America region is projected to witness the fastest growth rate in the forecast period due to rising disposable incomes, increasing industry investments in production technologies, and a rapidly growing demand for commercial and passenger vehicles. Alloy wheels offer a more visually appealing option than traditional steel wheels and are seeing greater adoption.
• Europe has a mature Commercial Vehicle Alloy Wheel Market with a strong focus on ergonomics and functionality. Stringent safety regulations and large per-household spending on automobiles are expected to further contribute to market growth. As seen in most European cities, a well-developed goods carrier transport system also significantly fuels the target market.
• Latin America region is a nascent market expected to show small amount of growth due to developing manufacturing industries, and rising demand for both commercial and personal vehicles. Growing economies will require more carrier vehicles to support trade leading to increased demand.
• Middle East & Africa: This region's Commercial Vehicle Alloy Wheel Market is expected to witness significant growth in the coming years, driven by several factors, such as the rapidly growing luxury and sports automobile sector. Moreover, Improved infrastructure will likely lead to increased long-haul transportation, requiring robust wheels like alloy ones.

Report Scope:

Attribute	Details
Market Size 2024	US$ 18.6 billion
Projected Market Size 2034	US$ 37.2 billion
CAGR Growth Rate	7.9 %
Base year for estimation	2023
Forecast period	2024-2034
Market representation	Revenue in USD Billion & CAGR from 2024 to 2034
Market Segmentation	By Type- Casting and Forging By Application- Commercial Vehicle, and Passenger Vehicle
Regional scope	North America - U.S., Canada Europe - UK, Germany, Spain, France, Italy, Russia, Rest of Europe Asia Pacific - Japan, India, China, South Korea, Australia, Rest of Asia-Pacific Latin America - Brazil, Mexico, Argentina, Rest of Latin America Middle East & Africa - South Africa, Saudi Arabia, UAE, Rest of Middle East & Africa
Report coverage	Revenue forecast, company share, competitive landscape, growth factors, and trends

Segments Covered in the Report:

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2024 to 2034. For the purpose of this study, has segmented the Commercial Vehicle Alloy Wheel Market report based on By Type, By Application and Region:

Commercial Vehicle Alloy Wheel Market, By Type:

•  Casting
• Forging

Commercial Vehicle Alloy Wheel Market, By Application:

• Commercial Vehicle
• Passenger Vehicle

Commercial Vehicle Alloy Wheel Market, By Region:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Russia
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • Israel
  • South Africa
  • Rest of Middle East & Africa

The key players operating in the Commercial Vehicle Alloy Wheel Market include CITIC Dicastal, Ronal Wheels, Superior Industries, Borbet, Iochpe-Maxion, Alcoa, Wanfeng Auto, Uniwheel Group, Lizhong Group, and Topy Group.

Disclaimer: This data is only a representation. Actual data may vary and will be available in the report.

• In September 2023, Uno Minda, a major Tier 1 supplier, collaborated with Kosei Aluminum to release a new line of alloy wheels targeted at the Indian aftermarket for commercial vehicles.

• CITIC Dicastal*
  • Company Overview
  • Product Portfolio
  • Key Highlights
  • Financial Performance
  • Business Strategies
• Ronal Wheels
• Superior Industries
• Borbet
• Iochpe-Maxion
• Alcoa
• Wanfeng Auto
• Uniwheel Group
• Lizhong Group
• Topy Group

"*" marked represents similar segmentation in other categories in the respective section.

1. Research Objective and Assumption
   • Preface
   • Research Objectives
   • Study Scope
   • Years Considered for the study
   • Assumptions
   • Abbreviations
2. Research Methodology
   • Research data
   • Primary Data
     • Primary Interviews
     • Primary Breakdown
     • Key data from Primary Sources
     • Key Thickness Insights
   • Secondary Data
     • Major Secondary Sources
     • Secondary Sources
   • Market Estimation
   • Top-Down Approach
     • Approach for estimating Market Share by Top-Down Analysis (Supply Side)
   • Bottom-Up Approach
     • Approach for estimating market share by Bottom-up Analysis (Demand Side)
   • Market Breakdown and Data Triangulation
   • Research Assumptions
3. Market Preview
   • Executive Summary
   • Key Findings—Global Outlook for medical carts Strategies
     • Key Questions this Study will Answer
     • Market Snippet, By Type
     • Market Snippet, By Application
     • Market Snippet, By Region
   • Opportunity Map Analysis
   • Executive Summary—3 Big Predictions
4. Market Dynamics, Regulations, and Trends Analysis
   • Market Dynamics
     • Drivers
     • Restrains
     • Market Opportunities
     • Market Trends
   • DR Impact Analysis
   • PEST Analysis
   • Porter’s Five Forces Analysis
   • Opportunity Orbit
   • Market Investment Feasibility Index
   • Macroeconomic Factor Analysis
5. Market Segmentation, By Type, Forecast Period up to 10 Years, (US$ Bn)

• Overview
  • Market Value and Forecast (US$ Bn), and Share Analysis (%), Forecast Period up to 10 Years
  • Y-o-Y Growth Analysis (%), Forecast Period up to 10 Years
  • Segment Trends
• Casting 
• Overview
• Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
• Forging
  • Overview
  • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years

Market Segmentation, By Application, Forecast Period up to 10 Years, (US$ Bn)

• Overview
  • Market Value and Forecast (US$ Bn), and Share Analysis (%), Forecast Period up to 10 Years
  • Y-o-Y Growth Analysis (%), Forecast Period up to 10 Years
  • Segment Trends
• Passenger Vehicle
  • Overview
  • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
• Commercial Vehicle
  • Overview
  • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years

Global Market, By Region, Forecast Period up to 10 Years, (US$ Bn)

• Overview
  • Market Value and Forecast (US$ Bn), and Share Analysis (%), Forecast Period up to 10 Years
  • Y-o-Y Growth Analysis (%), Forecast Period up to 10 Years
  • Regional Trends
• North America
  • Market Size and Forecast (US$ Bn), By Type, Forecast Period up to 10 Years
  • Market Size and Forecast (US$ Bn), By Application Type, Forecast Period up to 10 Years
  • Market Size and Forecast (US$ Bn), By Country, Forecast Period up to 10 Years
    • U.S.
    • Canada
• Europe
  • Market Size and Forecast (US$ Bn), By Type, Forecast Period up to 10 Years
  • Market Size and Forecast (US$ Bn), By Application Type, Forecast Period up to 10 Years
  • Market Size and Forecast (US$ Bn), By Country, Forecast Period up to 10 Years
    • UK
    • France
    • Germany
    • Russia
    • Italy
    • Rest of Europe
• Asia Pacific
  • Market Size and Forecast (US$ Bn), By Type, Forecast Period up to 10 Years
  • Market Size and Forecast (US$ Bn), By Application Type, Forecast Period up to 10 Years
  • Market Size and Forecast (US$ Bn), By Country, Forecast Period up to 10 Years
    • India
    • Japan
    • South Korea
    • China
    • Rest of Asia Pacific

• Latin America
  • Market Size and Forecast (US$ Bn), By Type, Forecast Period up to 10 Years
  • Market Size and Forecast (US$ Bn), By Application Type, Forecast Period up to 10 Years
  • Market Size and Forecast (US$ Bn), By Country, Forecast Period up to 10 Years
• Brazil
• Mexico
• Rest of Latin America
• Middle East & Africa
  • Market Size and Forecast (US$ Bn), By Type, Forecast Period up to 10 Years
  • Market Size and Forecast (US$ Bn), By Application Type, Forecast Period up to 10 Years
  • Market Size and Forecast (US$ Bn), By Country, Forecast Period up to 10 Years
• GCC
• Israel
• South Africa
• Rest of Middle East

Competitive Landscape

• Heat Map Analysis
• Market Presence and Specificity Analysis

Company Profiles

• CITIC Dicastal
  •  Company Overview
  • Product Portfolio
  • Key Highlights
  • Financial Performance
  • Business Strategies
• Ronal Wheels
  •  Company Overview
  • Product Portfolio
  • Key Highlights
  • Financial Performance
  • Business Strategies

• Superior Industries
  •  Company Overview
  • Product Portfolio
  • Key Highlights
  • Financial Performance
  • Business Strategies

• Borbet
  •  Company Overview
  • Product Portfolio
  • Key Highlights
  • Financial Performance
  • Business Strategies

• Iochpe-Maxion
  •  Company Overview
  • Product Portfolio
  • Key Highlights
  • Financial Performance
  • Business Strategies

• Alcoa
  •  Company Overview
  • Product Portfolio
  • Key Highlights
  • Financial Performance
  • Business Strategies

• Wanfeng Auto
  •  Company Overview
  • Product Portfolio
  • Key Highlights
  • Financial Performance
  • Business Strategies

• Uniwheel Group
•  Company Overview
• Product Portfolio
• Key Highlights
• Financial Performance
• Business Strategies
• Lizhong Group
  •  Company Overview
  • Product Portfolio
  • Key Highlights
  • Financial Performance
  • Business Strategies
• Topy Group
  •  Company Overview
  • Product Portfolio
  • Key Highlights
  • Financial Performance
  • Business Strategies

The Last Word

• Future Impact
• About Us
• Contact