Automotive Steel Wheels Market: Introduction
According to the report, the global automotive steel wheels market is projected to reach ~US$ 13.4 Bn by 2027, expanding at a CAGR of ~3% during the forecast period. The can be attributed to the increase in production of heavy commercial vehicles and rise in usage of vehicle on off-road conditions. Moreover, expansion of automotive steel wheels market can be ascribed to the rise in urbanization in conjunction with increased construction, road infrastructure developments, and mining activities. Furthermore, an increase in the demand for mobility and transport is projected to boost the sale of passenger and commercial vehicles, which is likely to propel the market.
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Expansion of Automotive Steel Wheels Market
Demand for steel wheels is rising, as they are more affordable than their counterpart, i.e. alloy wheels. A steel wheel does not crack under intense loading or while driven on rough terrain. Furthermore, a dent or deformation of the steel wheel can be easily rectified by hammering the material. This makes the steel wheel highly suitable for driving on rugged or uneven terrain. Therefore, steel wheels are majorly adopted in commercial vehicle and passenger vehicle. Developments aimed at improving the performance of steel wheels, including weight reduction and invention of new coatings for enhancing corrosion resistance, are anticipated to propel the automotive steel wheels market globally. Furthermore, expansion of the manufacturing sector coupled with rapid infrastructure development, increasing logistics activities, and rising mining activities in order to cater to the increasing demand for raw material is driving demand for commercial vehicle worldwide, and these vehicles are a major market for steel wheels.
Development by key players and advancements in technology and materials used during the manufacturing of steel wheels are likely to propel the market during the forecast period. For instance, the steel wheel coating technology developed by EverSteel wheels extends life of wheels up to 5 years. This type of coating is sought by consumers to prolong the life of steel wheels of their vehicle. Based on OEM, the global automotive steel wheels market has been segmented into passenger vehicle and commercial vehicle. The passenger vehicle segment dominated the global automotive steel wheels market in 2019.
Passenger vehicles are majorly purchased to fulfil consumers’ requirement for transportation, while commercial vehicle are utilized for construction, mining, logistics, and other purposes. This fuels the demand for more affordable and durable type of wheels, suitable for heavy duty and off-road and driving in more rugged conditions. This, in turn, is boosting the global automotive steel wheels market.
Regional Analysis of Automotive Steel Wheels Market
In terms of region, the global automotive steel wheels market has been segregated into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Asia Pacific dominated the market for 2019 owing to high production of vehicle in the region and rising demand for vehicle from developing countries including Malaysia, Thailand, and the Philippines. The market in Europe and North America is anticipated to expand at a sluggish pace attributed to increased penetration of alloy wheels in the region. OEM manufacturers in the region are focused on the design and development of diverse alloy wheels. The market in Latin America and Middle East & Africa is projected to expand at a steady pace attributed to a rise in sales of used vehicle in Brazil, Argentina, Kenya, and Tanzania.
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Prominent players operating in the global automotive steel wheels market include Accuride Corporation, ALCAR WHEELS GMBH, Automotive Wheels Ltd, Central Motor Wheel of America, Inc., CLN Coils Lamiere Nastri SpA, Klassic Wheels Limited, MAXION Wheels, Steel Strips Group, THE CARLSTAR GROUP, LLC., Thyssenkrupp AG, TOPY AMERICA, INC., U.S. WHEEL CORP., and Yantai Baosteel Wheel Co.,Ltd.
Global Automotive Steel Wheels Market: Segmentation
- Automotive Steel Wheels Market, by OEM
- Commercial Vehicle
- Passenger Vehicle
- Minicompact
- Supermini
- Compact
- Mid-size
- Executive
- Luxury
- MPV (Multi-purpose vehicle)
- SUV
- Sports Car
- Auto motive Steel Wheels Market, by Aftermarket
- Commercial Vehicle
- Passenger Vehicle
- Minicompact
- Supermini
- Compact
- Mid-size
- Executive
- Luxury
- MPV (Multi-purpose vehicle)
- SUV
- Sports Car
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