Alloy Wheel Market for Motorcycle – Introduction
Popularity of alloy wheels has been rising in the last few years. Earlier, motorcycle manufacturers utilized spoke rims, which are incorporated in specific types of motorcycles even today. Alloy wheels are used due to their high resilience and light weight. Generally, two-wheeler rims/wheels are made of aluminum, nickel, and other material, while alloys and steel are extensively utilized for two-wheeler rims. Furthermore, alloy wheels enhance the aesthetic appearance of the two-wheeler.
Presently, customers pay more emphasis on style and aesthetic appearance of the vehicle or motorcycle, which is a key factor that is anticipated to boost this market during the forecast period. The maintenance cost of the wheel or rim is less as compared to the conventional spoke type rim. Alloy wheels possess a longer lifespan, as they are generally made of non-corrosive materials, which protects against rust and other environmental factors, while onventional spoke type rims are highly susceptible to rust and corrosion.
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Alloy Wheel Market for Motorcycle – Competitive Landscape
RICO was founded in 1984, and currently has its headquarters in Delhi, India. The company specializes in the manufacture of components by employing the high pressure die casting process. It manufactures various types of automotive products including oil pump assembly, Fuel System Parts, Lube oil filter Heads, turbine housing, hub assembly, and wheels.
Rockman Industries Ltd. (Hero Group)
Hero Group was founded in 1950, while Rockman Industry was established in 1960. The company’s headquarters are located in New Delhi India. The company specializes in the manufacture of aluminum die casting products and alloy wheels that are used in the automobile industry. The company’s major customers include BorgWarner, Magna international, Brose, Mando, Bosch, Royal Enfield, Hero, and Mahindra.
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Foshan Nanhai Zhongnan Aluminium Wheel Co., Ltd.
Foshan Nanhai Zhongnan Aluminium Wheel Co., Ltd. was founded in 1990, presently, its headquarters are located in Nanhai District, Foshan City, Guangdong Province, China. The company specializes in the manufacture of aluminum alloy wheels, across China. The company is having over 700 employees and can produce over 1.5 million aluminum alloy wheels and more than 3 million aluminum alloy motorcycle wheels every year.
Endurance Technologies Limited
Endurance Technologies Limited was founded in 1985, with headquarters in Aurangabad, India. The company primarily manufactures suspension, transmission, braking systems, and aluminum die casting products.
Rising demand for two wheelers globally
Rising demand for two wheelers, globally, is a major factor driving the alloy wheel market for two wheelers. Moreover, demand for vehicles is increasing consistently, as Asia Pacific and North America are major producers and consumers of two wheelers globally. Disposable income and per capita income of people in these regions is increasing, which in turn is driving sales of two wheelers. China and India are leading countries, globally, in terms of sales and production of two wheelers. Sales and production of two-wheelers is projected to directly impact the demand for alloy wheels for 2 wheeler during the forecast period.
Increase in demand for efficient and eco-friendly two wheelers
Increase in demand for eco-friendly and fuel-efficient vehicles is a major factor boosting the alloy wheel market for motorcycle. Rising prices of conventional fuel and the depletion of fossil fuel resources are prompting customers to switch from conventional fuel driven two wheelers to eco-friendly motorcycles. Conventional fuel powered motorcycles emit hazardous gases that are harmful for humans and the environment. Various companies are manufacturing electric vehicles which are light weight and easy for maintenance. This is a key factor that is estimated to boost the alloy wheel market for two wheelers during the forecast period.
Alloy Wheel Market for Motorcycle – Segmentation
The global alloy wheel market for motorcycle can be segmented based on:
- Sales Channel
- Motorcycle Type
Alloy Wheel Market for Motorcycle – By material
Based on material, the alloy wheel market for motorcycle can be classified into:
- Aluminum alloy
Alloy Wheel Market for Motorcycle – By Sales Channel
Based on sales channel, the alloy wheel market for motorcycle can be bifurcated into:
Alloy Wheel Market for Motorcycle – By Vehicle Type
Based on vehicle type, the alloy wheel market for motorcycle can be segregated into:
- Sport bike
- Sport touring
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