South America Automotive Steel Wheels Market is expected to reach US$ 249.51 Million by 2027

Passenger vehicle Segment to Dominate SAM Automotive Steel Wheels Market during 2020–2028

According to The Insight Partners market research study on “SAM Automotive Steel Wheels Market Forecast to 2028 – COVID-19 Impact and Analysis - by Rim; Vehicle; End User, is expected to reach US$ 249.51 Million by 2028 from US$ 196.30 Million in 2020. The market is estimated to grow at a CAGR of 3.7% from 2021-2028. The SAM Automotive Steel Wheels Market report provides trends prevailing in the along with the drivers and restraints pertaining to the market growth. Surge in Demand for Lightweight Steel Wheels are the major factor driving the growth of the SAM Automotive Steel Wheels Market However, issues associated with Flourishing Popularity of Alloy Wheel shinder the growth of SAM Automotive Steel Wheels Market.

The SAM automotive steel wheels market is segmented based on rims size, vehicle type, end user and country. Based market is segmented as Rim Size 13-15 Inches, 16-18 Inches, 19-21 Inches, and more than 21 Inches. In 2020, the 16-18 Inch segment held the largest share SAM automotive steel wheels market. Based on vehicle type the automotive steel wheels market is divided into Heavy Commercial Vehicle, Light Commercial Vehicle, and Passenger Vehicle. Passenger Vehicle is expected to the fastest growing segment over the forecast period. On the basis of user the market is segmented into OEM, and Aftermarket. The OEM segment accounts for largest market share in the 2020.

Topy Industries limited, Steel Strips Wheels limited, Klassic Wheels Ltd, IOCHPE-MAXION SA, MANGLES are among the leading companies in the SAM automotive steel wheels market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2021, Iochpe-Maxion announced its strategic partnership with STARTUP AUTOBAHN powered by Plug and Play.

These regions are of low cost; therefore, they face the most significant challenge due to the coronavirus pandemic. Due to COVID-19, many South and Central American countries have restricted traveling, which has significantly affected several industries. As per the Brazil automaker’s association, it is anticipated that the sales of automotive will recover to pre-COVID levels by 2025. Also, several automakers in the country have witnessed a sharp decline in their production capabilities. According to Anfavea, the automakers association, the automotive production is expected to witness a fall of 45% in 2020 as compared to 2019. Also, the auto exports are expected to saw a decline of 53% for the same duration. Moreover, recently, Ford Motors announced to close its three production facilities and will stop manufacturing operations in SAM region

The report segments the SAM Automotive Steel Wheels Market as follows:

SAM Automotive Steel Wheels Market – By Rim Size

• 13-15 Inches
• 16-18 Inches
• 19-21 Inches
• More than 21 inches

SAM Automotive Steel Wheels Market – By Vehicle Type

• Heavy Commercial Vehicle
• Light Commercial Vehicle
• Passenger Vehicle

SAM Automotive Steel Wheels Market – By End User

• OEM
• Aftermarket

SAM Automotive Steel Wheels Market – By Country

• Brazil
• Argentina
• Rest of SAM