Report : Automotive Steel Wheels Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Rim Size (13–15 Inches, 16–18 Inches, 19–21 Inches, and More Than 21 Inches) Vehicle Type (Heavy Commercial Vehicle, Light Commercial Vehicle, and Passenger Vehicle), and End User (OEM and Aftermarket)
Growing Demand for Lightweight Steel Wheels to Provide Growth Opportunities for Automotive Steel Wheels Market
According to our latest market study on “Automotive Steel Wheels Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Rim Size, Vehicle Type, End User, and Geography,” the market was valued at US$ 8,009.43 million in 2020 and is projected to reach US$ 10,756.13 million by 2028; it is expected to grow at a CAGR of 4.4% during the forecast period of 2021 to 2028.
Growing trend of electric vehicles is one of the major factors accelerating the market growth. The significant advancements in wheels design, size, and material is enhancing the vehicle performance. The cars with lightweight steel wheels help improve fuel consumption. The properties of steel such as ease of manufacturing, durability, and easy repairability are mounting the demand for steel wheels in the automotive industry. Also, steel wheels are easier to repair and replace than wheels made from alloys and aluminum; moreover, the repair costs of the former ones are lower than the other types.
Geographically, Asia Pacific held the largest share of the automotive steel wheels market in 2020, followed by North America and Europe. Further, APAC is projected to witness the highest growth rate during the forecast period. The automotive steel wheels market is segmented into rim size, vehicle type, end user, and geography. Based on rim size, the automotive steel wheels market is further segmented into 13–15 inches, 16–18 inches, 19–21 inches, and more than 21 inches. In terms of vehicle type, the automotive steel wheels market is further segmented into heavy commercial vehicle, light commercial vehicle, and passenger vehicle. Based on end user, the automotive steel wheels market is further bifurcated into OEM and aftermarket.
Impact of COVID-19 Pandemic on Automotive steel wheels Market
The COVID-19 pandemic has hampered the automobile industry and economic growth of almost every country. Severe impact on the manufacturing sector is witnessed as facilities remained closed for a certain period. Sales of various vehicles such as passenger cars and commercial vehicles is declined. The automotive industry took a major hit as the demand for cars, trucks, buses, and vehicles reduced from every region and end consumers. The revenue model for automobiles has declined due to the low production during the lockdown period. Post-lockdown, the automobile industry started to regain the market share as production facilities restarted their operations with social distancing measures. In addition, the growing inclination toward electric vehicles also helped increase the sale of steel wheels in electric cars for better performance. The COVID-19 pandemic created a major impact on the automobile industry for the first half of 2020; however, after the third quarter, the increasing sale of vehicles supported the market growth.
TOPY INDUSTRIES LIMITED; STEEL STRIPS WHEELS LIMITED; SHANGHAI BAOSTEEL AUTOPARTS CO. LTD.; MANGELS; Klassic Wheels Ltd.; IOCHPE-MAXION SA; Fastco Canada; Central Motor Wheel of America, Inc.; ALCAR HOLDING GMBH; and Accuride Corporation are among the major companies operating in the automotive steel wheels market.
The report segments global automotive steel wheels market as follows:
By Rim Size
By Vehicle Type
By End User