中国现在已成为全世界的汽车铝轮毂制造中心，目前出口的市场主要是零售市场，但是这几年来，很多国外主机厂，已开始从中国直接采购汽车铝轮毂，原因在于：

　　在国内汽车铝轮毂的成本构成中，原材料占总成本的比例约55%至60%，人工成本占4%至5%。国外发达国家生产同类产品的成本构成中，原材料成本约占50%，人工成本约占15%至20%。人工成本的较大差距是国内汽车铝轮毂行业竞争优势的重要部分。目前国外汽车铝合金行业的平均利润率已经下降到2%以下，售价已无下降空间，国际汽车大厂为了控制成本，开始转向中国采购具有价格优势的汽车铝轮毂，或者合资建厂，日本厂家都在中国有合资工厂。中国另一大优势是上游资源丰富，不过并非是上游铝土矿资源丰富，而是氧化铝厂家众多，氧化铝价格竞争激烈，民营氧化铝厂家打破中铝垄断后遍地开花，对铝轮毂行业来说，原材料成本是最关键的，中国厂家在这方面有优势。不过2008年氧化铝价格飙升，导致很多厂家亏损，虽然氧化铝价格在2008年后半段下跌，但是在各大厂家减产的努力下，氧化铝价格已经持续走稳，并且略有上升。

　　中国的汽车铝轮毂产量则飞速增长，2001年中国汽车铝轮毂出口数量为350万只，2003年度出口近1000 万只，2008年出口达到3500万只，八年时间增长到10倍。2008年国内产量大约3500万只，其中OEM销量大约为3000万只，库存大约150万只，售后市场大约150万只。铝合金摩托车轮毂是我国铝轮毂的另一大支系，年产量大约1500-2000万只。

　　汽车产业的火爆刺激了众多城市和企业上马铝轮毂项目，包头、重庆、西宁、洛阳、抚顺、遵化、广元、运城、康平、通辽、百色、沈阳、佳木斯、沛县、白银、徐州、汶川都有百万级的铝轮毂项目在筹备或建设中。实际铝轮毂在全球乘用车的普及率已经达到68%，未来空间不会太大，尤其是国内小企业大多依托欧美售后市场，而欧美售后市场受经济危机打击严重，市场萎缩了很多，而OEM领域，门槛极高，认证时间长，耗费精力与资金都很大，需要持续多年的资金支持。

　　更主要是中国虽然有近百家铝轮毂厂家，真正有实力的厂家不多。中国的铝轮毂厂家规模比较大的通常都具有外资背景，或者与外方合作。台资背景的大多以出口为主，并且主要出口日本市场，这些台资企业通常都有日资股份，如六和机械有丰田的股份。港资背景通常都和大企业合作，以OEM市场为主攻方向。内资企业大规模的也是主攻OEM市场，小的则主攻售后市场。中信戴卡背靠超级大企业中信集团，资金不是问题，敢于大规模投入是中信戴卡成功的关键，另一个就是中信戴卡的起步很早。万丰奥特也是起步比较早，2006年上市，融资是其发展壮大的强力支持。今飞机械是国企改制而来，资金方面也比较充足，摩托车轮毂所占的比例很大，今飞与印度厂家有合资企业。华泰在2001年起家时也有外资背景，外资在最初的深圳工厂有60%的股份。目前华泰遍地开花，更直接并购国外生产线。立中则背靠拥有铝矿的立中集团，且在新加坡上市，发展潜力巨大。中南铝车轮技术实力强，和日资合作使其在产品品质方面比较优秀。富诚以出口为主。明岐则主要和比亚迪合作。精元重工背靠中国第一大轮胎集团佳通集团。上海友发则是友发集团成员，主攻售后市场，也在新加坡上市。无锡振发是印度尼西亚企业，也在印尼上市。

　　不过也有好消息，欧美的铝轮毂厂家目前都处在破产边缘，如Hayes Lemmerz已经在2009年5月11日申请破产，其他企业的日子也不好过，最知名的德国BBS，2008年销售额只有不足8千万欧元，下降了40%，亏损巨大。这些企业会缩减规模，会给中国厂家更多机会，不过机会也是给那些中信戴卡之类的大厂。

　　全球范围看，日本是三巨头，中央精机（CMW）、远轻铝业（ENKEI）、TOPY，分别对应丰田、本田和日产。其余如旭铝、日立金属、宇部兴产（UBE），规模较小，分别对应本田、日产、马自达。UBE还不到100亿日元。德国也是三巨头，BORBET、RONAL、UNIWHEEL，都是未上市的私人半家族企业，有百年历史，收购过众多小厂家。UNIWHEEL规模比较小，售后市场比例高。BORBET和RONAL则包揽宝马、奔驰、奥迪、保时捷。美国主要是SUPERIOR和Hayes Lemmerz，两家公司度日维艰。

图表  2008年全球铝轮毂主要厂家市场占有率（按收入）
 
来源：水清木华研究中心

China has become a manufacturing center of aluminum automotive wheels in the world now. The export of wheels mainly focuses on the retail market. In the recent years, many foreign OEMs have begun to purchase aluminum automotive wheels directly from China because:

In the cost structure of Chinese aluminum automotive wheels, raw materials account for 55%-60% of the total cost, and labor cost takes 4%-5%. For developed countries, raw materials account for 50%, and labor cost takes 15%-20%. Therefore, China has competitive advantages in labor cost. At present, the average profit margin of foreign automotive aluminum alloy industry has fallen to 2%, so there is no possibility for the decline of selling price. In order to control the cost, international automobile giants have begun to purchase from China aluminum automotive wheels with price advantage or set up joint ventures in China. Japanese manufacturers have already established joint ventures in China.

China also has advantage in upstream resources, but the advantage is reflected in the quantity of alumina manufacturers instead of rich bauxite resources. The competition in the prices of alumina is fierce. After breaking the monopoly of Chinalco, private alumina factories emerged everywhere. To the aluminum wheel industry, raw material cost is the most important factor, in which Chinese manufacturers have advantage. Roaring alumina prices in 2008 made many manufacturers suffer losses. Although alumina price decreased in the second half of 2008, it was kept stable with a slight increase after major manufacturers made efforts to reduce output.

China's output of aluminum automotive wheels rises rapidly. In 2001, China exported 3.5 million aluminum automotive wheels; in 2003, nearly 10 million; in 2008, 35 million, 10 times that in 2001. China produced 35 million aluminum automotive wheels in 2008, of which 30 million ones were for OEM sale, 1.5 million for inventory, and 1.5 million for after-market. Aluminum-alloy motorcycle wheel industry is an important branch of China's aluminum wheel industry, with the annual output of 15-20 million.

Prosperous automobile industry stimulates a number of cities and enterprises to start aluminum wheel projects. In Baotou, Chongqing, Xining, Luoyang, Fushun, Zunhua, Guangyuan, Yuncheng, Kangping, Tongliao, Baise, Shenyang, Jiamusi, Peixian, Baiyin, Xuzhou and Wenchuan, aluminum wheel projects with the investment of RMB in millions have been under preparation or construction. In fact, aluminum wheels are applied to 68% of passenger cars in the world, so the development space for aluminum wheel hubs is limited. Majority of small Chinese enterprises rely on the after-markets of Europe and America, which get inflicted seriously by the economic crisis. As for the field of OEM, it is hard to enter, and requires efforts and funds for continuous years.

Although China has nearly 100 aluminum wheel manufacturers, but few of them have real strength. In China, large aluminum wheel manufacturers are generally supported by foreign investors. Manufacturers funded by Taiwan investors are mostly export-oriented, with the export mainly to Japan, and usually Japanese investors have their shares, for example, Toyota holds shares of Lioho Machinery. Manufacturers funded by Hong Kong investors often cooperate with larger enterprises, aiming at OEM market. Large-scale local enterprises also target OEM market, while small enterprises are engaged in after-market. Citic Dicastal is backed up by the super-large enterprise --- CITIC Group, so it has no difficulty in gathering capital and it has the courage to invest in large scale, which is the key to its success. Besides, Citic Dicastal started to work in aluminum wheel industry earlier than others. Wanfeng Auto is also a pioneer in the industry and was first listed in 2006, and its development depends on financing. Jinfei Machinery is an enterprise restructured from a state-owned enterprise with adequate fund, and motorcycle wheel business takes a large proportion of its business. Jinfei Machinery has set up joint ventures with Indian manufacturers. In the initial phase of 2001, Huatai was supported by foreign investors, who held 60% shares of the first Huatai factory in Shenzhen. At present, Huatai has branches all over China, even merges and acquires foreign production lines directly. Lizhong Wheel is listed in Singapore, depending on Lizhong Group that has aluminum mines, and it has great development potential. Zhongnan Aluminum Wheel enjoys technology strength and cooperates with Japanese investors to produce products with good quality. Fucheng aims at export. Mingqi mainly cooperates with BYD. Jingyuan Heavy Duty Machinery is backed up by the largest tire enterprise --- GITI Tire Group. Shanghai Youfa is a member of Youfa Group and listed in Singapore, aiming at after-sale market. Wuxi Zhenfa is an Indonesian enterprise listed in Indonesia.

Currently, European and American manufacturers of aluminum wheels are at the verge of bankruptcy, for example, Hayes Lemmerz filed for bankruptcy on May 11, 2009. In German, the annual sales of the best-known enterprise --- BBS was less than 8 million euros in 2008, declining 40% with huge losses. However, the situation will benefit Chinese enterprises, especially large enterprise like Citic Dicastal.

In Japan, the giants --- CMW, ENKEI and TOPY cooperate with Toyota, Honda and Nissan respectively. Asahi Aluminum, Hitachi Metals and UBE that have smaller scale cooperate with Honda, Nissan and Mazda respectively. UBE has less than JPY10 billion. In German, the giants --- BORBET, RONAL and UNIWHEEL are unlisted semi-private family enterprises with a history of one hundred years and they acquired a number of small manufacturers. The scale of UNIWHEEL is relatively smaller, but has much shares in after-market. BORBET and RONAL cooperate with BMW, Mercedes-Benz, Audi and Porsche. American SUPERIOR and Hayes Lemmerz are surviving difficultly

Market Shares of Global Aluminum Wheel Manufacturers in 2008 (by Revenue)
 
Source: ResearchInChina