Global Automotive Steel Wheels Market is Expected to Reach USD 13,049.0 Million by the End of 2026
Automotive Steel Wheels have excellent durability and strength, factors that are essential for long-haul driving over rugged terrain. Steel wheels are heavy as well and are not susceptible to easy breakdowns or stress fractures. The steel wheels are often attributed to long periods of service life with low repair costs.
Rising product demand for incorporation in long-haul commercial vehicles to bolster demand for Automotive Steel Wheels; cost-effective product pricing with low repair costs to boost market growth.
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The cost-effective product pricing with low repair costs for steel wheels and increasing product adoption in commercial freight vehicles for logistics expansion and higher affordability are the influential primary factors that would propel the market growth during the forecast period. The automotive steel wheel products are known for their excellent durability and high-strength performance, ensuring long hours of vehicle driving over expansive routes. The lesser requirement of product maintenance in the case of steel wheels and its favourable affordability in comparison to other product variants would bolster the potential rise in market growth prospects, with consumer preference for vehicular driving guided by the desire for hassle-free wheel performance. The greater extent of malleability provided by the steel material further assists in the wheel stamping, ensuring less-expensive manufacturing costs of the automotive steel wheels in direct comparison to more premium wheel grades. The gradual rise in product demand and sales in demand-rich regions of emerging economies would offer key players with new opportunities for the product application and business expansion during the forecast period.
The immediate shutdown of all industrial facilities and business activities on a worldwide scale was one of the primary responses of various national governments, confining the general population within the safety of their houses. The subsequent challenges in the procurement of raw materials and timely delivery of finished goods have hindered market growth prospects. The mixed uncertainty regarding the timeline for resumption of normal business activities and unpredictability of ongoing complications on changing market scenarios continue to pitch potential disarray towards the growth prospects of the Automotive Steel Wheels market. The dwindling manufacturing activities in automotive facilities might pose challenges to the demand for steel wheels and its subsequent procurement, as vehicle sales continue to pass through a period of uncertain proportions. As such, the need for automotive steel wheels might witness a temporary decline during the ensuing months. The gradual return to normalcy in terms of wheel manufacturing activities and resumption in product integration in newly-minted automotive vehicles are some of the factors that would help in bringing the market growth rate to its conventional standards.
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High Strength Steel, Alloy Steel, and Others are included in the Type segment of the market scope. On the other hand, the Application segment is categorized into Passenger Cars, Commercial Vehicles, and Others. The report covers the volume of the Application segment, expressed in Million Units. The Type segment is also calculated in terms of overall value and volume.
The volume of the Passenger Cars segment by Application is estimated to garner 54.9 Million Units by 2026, growing at a CAGR of 1.0% from 2020 to 2026. The growing consumer tendency in developing countries to opt for cost-effective steel wheels with low repair costs would bolster the potential growth of the segment in the coming years.
North America, Asia Pacific, Europe, South America, and Middle East & Africa are taken into account while evaluating the global volume and value figures. While North America is divided into the United States, Canada, and Mexico, Europe is split into Germany, the United Kingdom, France, Italy, Russia, and Rest of Europe. Asia-Pacific includes China, India, Japan, South Korea, and Rest of Asia Pacific in its scope. South America is bifurcated into Argentina, Brazil, and Rest of South America, with Middle East & Africa involving Egypt, GCC Countries, South Africa, and Rest of Middle East & Africa.
The Automotive Steel Wheels market is highly fragmented, with several global and regional companies engaged in the evolving market scenario with expansive manufacturing capabilities and extensive product distribution networks. The increasing investments towards facility expansions for improved steel wheel output and diversification of business capabilities through strategic partnerships are the primarily followed business strategies of top players.
Shanghai Baosteel Autoparts Co., Ltd. is one of the most significant global Automotive Steel Wheels companies in terms of production volume, with Topy Industries, Limited and Iochpe-Maxion S.A. among many other vendors to hold considerable market share by volume and value.
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