Aluminum alloy wheel industry growth may reach 8.48% in the next three years

It is understood that the global auto aluminum alloy wheel industry will grow at a compound annual average growth rate of 8.48% from 2014 to 2016, and the main factor contributing to the growth of this market is the ever-increasing demand for automobiles around the world.

In recent years, many large global companies have carried out production outsourcing activities in the Asia-Pacific region with a view to reducing costs. Many automobile manufacturers are developing product development operations in developing countries to make full use of talents and cheap labor. In 2011, several large car manufacturers in Western Europe and North America successively outsourced their production in China. Therefore, compared with developed economies, the global automobile aluminum alloy wheel industry is developing at a faster rate in developing economies.

One of the main driving factors for the growth of the aluminum wheel market is the increase in car production and sales.

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