The automotive steel wheels manufacturing industry is continuously evolving with innovations in innovative wheel designs, sizes, and materials offerings to improve vehicle performance. Rising demand for lightweight steel wheels and the advent of electric cars in the developed nations are the key factors propelling the automotive steel wheels market growth. Also, automotive market leaders are constantly involved in R&D activities to devise the latest and highest production techniques as well as to explore the strongest but lightest-weight material options that can be to use into the wheel production processes. Steel wheels still finds application under heavy load carrying vehicles such as commercial vehicle. Medium and Heavy-Duty Trucks (M&HDT) ranging from class 3 – 8, generally uses steel wheels owing to their higher rated weight carrying capacity as opposed to alloy wheels. There is an increase in the adoption of automotive vehciles in South America, Africa, and Asia, while North America and Europe are focusing on adoption of electric vehicles during the forecast period.
The global automotive steel wheels market has been segmented into five major regions: North America, Europe, APAC, MEA, and SAM. APAC holds the dominant share in the automotive steel wheels market and it is expected to be the fastest-growing region in the global market in forecasted period. Governments of various countries are supporting local manufacturers to enhance automotive sector in the country which is bolstering the market growth. The advent of alloy wheels in passenger vehicles segment for lightweight and better aesthetics is major restraining factor for the market. However, in heavy vehicles steel wheels has major preference due to strength and cost of the wheels.
STEEL STRIPS WHEELS LIMITED, SHANGHAI BAOSTEEL AUTOPARTS CO. LTD., MANGELS, Klassic Wheels Ltd., and Fastco Canada – ARE PROMINENT MARKET PARTICIPANTS IN AUTOMOTIVE STEEL WHEELS MARKET
The top five companies in the automotive steel wheels market include STEEL STRIPS WHEELS LIMITED, SHANGHAI BAOSTEEL AUTOPARTS CO. LTD., MANGELS, Klassic Wheels Ltd., and Fastco Canada. The above listing of key players is derived by considering multiple factors such as overall revenue, current automotive steel wheels portfolio, new product launches, market initiatives, investment in technology up-gradation, mergers & acquisitions, and other joint activities.
Rise in population and the lack of supporting infrastructure for transportation are the major factors supporting the automotive steel wheels market. Further, increasing demand for vehicles in APAC region is mounting the market growth. For instance, as per the data published by Australian Bureau Statistics in January 2020 about 19.8 million motor registrations done. And it was also recorded an increase by about 1.5 % in the commercial vehicles from 2019 to 2020. Moreover, as per the data among the other automotive manufactures Toyota was among leading company. Also, certain strategic decision taken by the market player are accelerating the market growth. For instance, in June, 2017, Accuride Corporation, a supplier of components to the North American and European commercial vehicle industries, has announced that it has completed its acquisition of Mefro Wheels GmbH.