South America Automotive Steel Wheels Market Growth and Analysis by 2028

The Automotive Steel Wheels Market in SAM is expected to grow from US$ 196.30 Million in 2020 to US$ 249.51 Million by 2028; it is estimated to grow at a CAGR of 3.7% from 2021-2028.

The Brazil, Argentina are major economies in SAM. The Surge in Demand for Lightweight Steel Wheels recently gained momentum after weak growth over the past few years. Automobile wheels are made from materials such as steel, aluminum, magnesium, carbon fiber, and other metal combinations. Parameters such as of 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, among others. Lower the weight of the wheel lesser the overall weight of vehicles, and this helps improve fuel consumption. Owing to the properties of steel, which is easy to manufacture, durability, and easy repairability has preference by the customers using hardcore sport utility vehicles SUVs, city cars and heavy goods vehicle (HMVs). Due to the heavy loads and rough tracks the wheels of the vehicles are expected to damaged. The 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. The production cost of steels wheels is 70–80% lower than the cost of production of alloy wheels. Therefore, steel wheels are being used in many of the economy cars worldwide.

With the new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive Automotive Steel Wheels Market. The SAM Automotive Steel Wheels Market is expected to grow at a good CAGR during the forecast period.

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 .

SAM Automotive Steel Wheels Market Segmentation

 
SAM Automotive Steel Wheels Market

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By Rim Size

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

SAM Automotive Steel Wheels Market

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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

SAM Automotive Steel Wheels Market -Companies Mentioned

• Topy Industries limited
• Steel Strips Wheels limited
• Klassic Wheels Ltd.
• MANGLES
• IOCHPE-MAXION SA

South America Automotive Steel Wheels Report Scope