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According to the new research report titled “Automotive Steel Wheels Market Forecast to 2028 – COVID-19 Impact and Global Analysis,” published by The Insight Partners, the market is expected to reach US$ 10,756.13 million by 2028, registering a CAGR of 4.4% from 2020 to 2028
The automobile industry is evolving with innovations in product offering to support electric mobility. The rising demand for lightweight steel wheels to enhance vehicle fuel efficiency is propelling the market growth. Advent of electric cars in the global market created lucrative opportunity for the market players to develop new lightweight steel wheels for electric cars. The production cost of steel wheels is 70–80% less than the cost of production of alloy wheels. Therefore, steel wheels are being used in many of the economy cars worldwide. Further, due to the heavy loads and rough tracks, the wheels of the vehicles are expected to be damaged. The steel wheels are easier to repair and replace than wheels made from alloys and aluminum. The automotive steel wheels are gaining major adoption from the regions such as North America, Europe, and Asia, while remaining countries from the Middle East & Africa and South America regions might be potential markets during the forecast period.
Key Findings of Study:
The global automotive steel wheels market is fragmented into five major regions—North America, Asia Pacific (APAC), Europe, Middle East & Africa (MEA) and South America (SAM). The market in APAC is projected to experience a significant growth during the forecast period. It is projected to grow at the highest CAGR over the forecast period, owing to the strong presence of automobile industry and supportive government policies. The region has strong dominance of vehicle and vehicle component manufacturing industries.
Nevertheless, significant strategic initiatives by several industry players are observed in the market; for instance, in March 2021, Maxion Wheels, the world’s largest wheel manufacturer, completed the construction and infrastructure of its new Maxion Janta 21,000 sq. meters commercial vehicle (CV) steel wheels plant in Manisa, Turkey.
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