The automotive steel wheels market was valued at US$ 8,009.43 million in 2020 and is projected to reach US$ 10,756.13 million by 2028. The automotive steel wheels market is expected to grow at a CAGR of 4.4% during the forecast period of 2021 to 2028.
Automotive components are getting evolved at rapid rate with advancement in designs, sizes, and materials. The steel wheels are getting lighter in weight with advanced design to enhance fuel efficiency and performance of cars. Medium and heavy-duty trucks (M&HDT) ranging from class 3–8, generally use steel wheels owing to their higher weight carrying capacity as opposed to alloy wheels. Alloy wheels are not a good choice where gross vehicle weight rating is above 6 tons. However, the shifting of customer preference toward the alloy and aluminum wheels in among the key factors expected to hamper the market growth during the forecast period. Alloy wheels have gained a remarkable popularity among the high-end cars. For instance, Koenigsegg Automotive AB uses full carbon fiber wheels on its Regera car.
The increasing adoption of electrical cars over fossil fuel-based cars is propelling the market to offer enhanced products for electric cars. The global automotive steel wheels market is segmented in terms of 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.
Lucrative Regions in Automotive steel wheels Market
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Automotive Steel Wheels Market Insights
Growing Demand for Lightweight Steel Wheels
Automobile wheels are made from materials such as steel, aluminum, magnesium, carbon fiber, and other metal combinations. Parameters such as size, weight, material, and designs contribute significantly to wheel performance. Wheel weight has a vital role in the movement and performance of cars, trucks, buses, and bikes. Lower the weight of the wheel, lesser the overall weight of the vehicle, which helps improve fuel consumption.
Rim Size-Based Market Insights
Based on rim size, the automotive steel wheels market has been segmented into 13–15 inches, 16–18 inches, 19–21 inches, and more than 21 inches. If the width of the wheel increases, the size of the tire's sidewall must reduce to preserve the tire's total diameter. It is important to maintain the average tire diameter same to keep the gearing stable and the speedometer correct, as well as to ensure that the wheels and tires match inside the fenders. Thus, wheel size plays an important role in vehicle balance management. Standard road cars generally have wheels that are between 13–15 inches in diameter.
Automotive Steel Wheels Market, by Rim Size– 2020 and 2028
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Vehicle Type-Based Market Insights
In terms of vehicle type, the global automotive steel wheels market is segmented into passenger vehicle, heavy commercial vehicle, and light commercial vehicle. The price of steel wheels is not steady due to the recent rise in demand for large commercial vehicle steel wheels. Furthermore, the increasingly volatile markets for raw materials such as steel have placed financial strain on the vehicle steel wheels manufacturers. For example, Steel Strips Group recently set a price limit for consumers, causing the firm to be unable to accommodate the increase in raw material prices.
End User-Based Market Insights
Based on end user, the global automotive steel wheels market is segmented into OEM and aftermarket. The OEM segment is projected to dominate the market during the forecast period, owing to installation of steel wheels during the car assembly process. The car manufactures are installing the steel wheels to reduce the cost of vehicle and enhance the performance. The low replacement rate and the high level of experience needed for installation have resulted in the concentration of sales of vehicle wheels to OEMs.
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Automotive Steel Wheels Market: Strategic Insights
Market Size Value in US$ 8,009.43 Million in 2020 Market Size Value by US$ 10,756.13 Million by 2028 Growth rate CAGR of 4.4% from 2021-2028 Forecast Period 2021-2028 Base Year 2021
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Automotive Steel Wheels Market: Strategic Insights
| Market Size Value in | US$ 8,009.43 Million in 2020 |
| Market Size Value by | US$ 10,756.13 Million by 2028 |
| Growth rate | CAGR of 4.4% from 2021-2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
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Players operating in the automotive steel wheels market focus on strategies such as market initiatives, acquisitions, and product launches to maintain their positions in the automotive steel wheels market. A few developments by key players of the automotive steel wheels market are:
In March 2020, Accuride Corporation announced the introduction of the lightest steel wheel trailer product portfolio for Europe’s commercial vehicle industry. Accuride’s new light weight wheel offers up to four kilograms in weight savings compared to Accuride’s current offering which could represent 32 kilograms weight savings in a tractor-trailer combination.
Automotive Steel Wheels Market – by Rim Size
- 13–15 Inches
- 16–18 Inches
- 19–21 Inches
- More than 21 Inches
Automotive Steel Wheels Market – by Vehicle Type
- Heavy Commercial Vehicle
- Light Commercial Vehicle
- Passenger Vehicle
Automotive Steel Wheels Market – by End User
- OEM
- Aftermarket
Automotive Steel Wheels Market – by Geography
North America
- US
- Canada
- Mexico
Europe
- UK
- Germany
- France
- Italy
- Russia
- Rest of Europe
Asia Pacific (APAC)
- China
- Japan
- India
- Australia
- South Korea
- Rest of APAC
Middle East & Africa (MEA)
- Saudi Arabia
- UAE
- South Africa
- Rest of MEA
South America (SAM)
- Brazil
- Argentina
- Rest of SAM
Automotive Steel Wheels Market – Company Profiles
- 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
- Accuride Corporation
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Rim Size Vehicle Type , and End User
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
The automotive industry is developing advanced components with lower weights to improve vehicle fuel efficiency and performance. The requirement of lightweight steel wheels from vehicles manufactures is driving the market. Also, emergence of the electric car is creating lucrative opportunity for the market. Key factors that are driving growth of the market are growing demand for Increased demand for lightweight steel wheels, increasing low prices automotive components.
The passenger car segment is projected to dominate the demand for automotive steel wheels amid the forecast period. Passenger vehicles account for the majority of overall automotive demand. Furthermore, increasing advances by key OEMs to increase the driving quality and reliability of passenger vehicles would boost the automobile wheel market in this category. The rise in consumer disposable income, especially in developing countries such as China, India, and Mexico, is driving demand for the automotive wheel rim market in the passenger car sector.
The electric power, automotive, manufacturing, and transportation industries are growing in significant rate in developing countries such as India, China, and Brazil. Rise in population and the growing demand for personal commute are the major factors supporting the automotive steel wheels market. Furthermore, the government's growing investment to encourage the introduction of electric vehicles is increasing demand for personal vehicles. For e.g., the Indian government initiated the National Electric Mobility Mission Plan 2020 in 2019 in order to attract domestic manufacturers. The government proposed more than 130 billion in demand incentive investment and 18 billion in R&D investment under this scheme, which will lower the manufacturing cost of electric vehicles and boost sales over the projected timeframe.
The List of Companies - Automotive Steel Wheels Market
- 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
- Accuride Corporation
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Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
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- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
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- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
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