Automotive Steel Wheels Market to Grow at a CAGR of 4.4% to reach US$ 10,756.13 million from 2020 to 2028

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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)

Publication Month: Mar 2021 | Report Code: TIPRE00015812 | No. of Pages: 147 | Category: Automotive and Transportation | Status: Published

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

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

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.

Strategic Insights

Report Coverage - Automotive Steel Wheels Market
Report CoverageDetails
Market Size Value inUS$ 8,009.43 Million in 2020
Market Size Value byUS$ 10,756.13 Million by 2028
Growth rateCAGR of 4.4% from 2021-2028
Forecast Period2021-2028
Base Year2021
No. of Pages147
No. of Tables68
No. of Charts & Figures72
Historical data availableYes
Segments coveredRim Size Vehicle Type , and End User
Regional scopeNorth America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country scopeUS, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina
Report coverageRevenue forecast, company ranking, competitive landscape, growth factors, and trends
Free Sample Copy Available

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

  • Klassic Wheels Ltd.
  • Fastco Canada
  • Central Motor Wheel of America, Inc.
  • Accuride Corporation

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

  5. Klassic Wheels Ltd.
  7. Fastco Canada
  8. Central Motor Wheel of America, Inc.
  10. Accuride Corporation
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