The market for forged wheels in my country is expanding at a high compound annual growth rate and is projected to exceed 300 billion yuan by 2025, with products specifically designed for new energy vehicles (NEVs) accounting for an increasingly significant share. Market demand is driven by factors such as the rising penetration rate of NEVs, the implementation of new regulations regarding vehicle modification, the growth of off-road modification demand fueled by the popularity of self-driving tours, replacement rates in the high-end vehicle aftermarket, and the demand for personalized upgrades for family vehicles. Concurrently, the market share of lightweight flow-formed and forged wheels is expected to climb from 32% in 2022 to 57% by 2025.
Domestic forged wheel brands have made strides in my country's commercial vehicle market, breaking the long-standing monopoly held by foreign brands in the forged aluminum alloy wheel sector. Domestic brands have continuously increased their R&D investment and improved the technical capabilities of high-end products like forged wheels; several domestic brands now offer products that match advanced international standards in terms of strength, lightweight design, and other performance metrics.
Certain enterprises specialize in the R&D, design, manufacturing, and sales of forged aluminum alloy wheels.
The automotive wheel industry is expected to evolve through trends such as industrial consolidation and scaling up, the shift toward high-end products, and the adoption of lightweight designs.
