North America Automotive Steel Wheels Market is Expected to Witness a Steady Growth by 2030

The North America automotive steel wheels market has been analyzed on the basis of three major countries - the US, Canada, and Mexico.

The US is estimated to hold the largest share in the automotive steel wheels market during the forecast period. The projected growth of the automotive steel wheels market in the US is attributed to the established market players, increase in productivity, significant cost saving in overall operation.

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Is anticipated to fuel growth of the market during the forecast period. Thus, the Increase in Demand for Lightweight Steel Wheels is expected to create a significant demand for automotive steel wheels in the coming years, which is further anticipated to drive the automotive steel wheels market.

MARKET INTRODUCTION

The Automotive Steel Wheels Market in North America is expected to grow from US$ 1902.51 Million in 2020 to US$ 2528.60 Million by 2028; it is estimated to grow at a CAGR of 4.3% from 2021-2028. Technological Advancements in Manufacturing of Automotive Wheels. The automotive market leaders are constantly involved in R&D activities to devise the latest and highest production techniques as well as to explore the strongest but lightest-weight material options that can be to use into the wheel production processes. However, the shifting of customer preference toward the alloy and aluminum wheels in among the trends in the coming period. The alloy wheels have gained a remarkable popularity among the high-end cars. For instance, some of the automobile giants such as Koenigsegg Automotive AB uses its full carbonfibre wheels on the Regera car. Jaguar is using high-quality steel wheels to achieve the low-drag E-Type vehicles. The market trend in the North America markets is expected to adopt the alternative options for the steel wheels.

North America is one of the most important regions for the adoption and growth of new technologies owing to favorable government policies to boost innovation, presence of huge technological companies, and high adoption of automation in various industries especially in developed countries such as the US and Canada. Hence, any impact on the growth of industries is expected to affect the economic growth of the region in a negative manner. The US, Canada, and Mexico have witnessed a significant rise in the number of COVID-19 infected patients. This led the governments to impose lockdowns to limit human movement, thereby leading the manufacturing facilities to experience lower than usual production volumes. The US is one of the largest markets for developing autonomous technologies and integrating it into machines to make them automated. In addition, testing of autonomous technologies is also high in the region, however due to COVID, this has declined. Similarly, many industries faced challenges during the pandemic situation. Due to lockdown, the production volume decreases for many sectors. Hence, the ongoing COVID-19 crisis and critical situation in the US is going to impact the automotive steel wheels market growth of North America region in a negative manner for the next few quarters.
List of Companies Profiled in the North America Automotive Steel Wheels Market Report are:
• Topy Industries limited
• Steel Strips Wheels limited
• Klassic Wheels Ltd.
• IOCHPE-MAXION SA
• Fastco Canada
• Central Motor Wheel of America, Inc
• Accuride Corporation

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Key Segmentation:

The North America 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 North America 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

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Table of Contents

Report Overview: It includes the objectives and scope of the study and gives highlights of key market segments and players covered. It also includes years considered for the research study.

Executive Summary: It covers industry trends with high focus on market use cases and top market trends, market size by regions, and market size. It also covers market share and growth rate by regions.

Key Players: Here, the report concentrates on mergers and acquisitions, expansions, analysis of key players, establishment date of companies, and areas served, manufacturing base, and revenue of key players.

Breakdown by Product and Application: This section provides details about market size by product and application.

Regional Analysis: All of the regions and countries analyzed in the report are studied on the basis of market size by product and application, key players, and market forecast.

Profiles of International Players: Here, players are evaluated on the basis of their gross margin, price, sales, revenue, business, products, and other company details.

Market Dynamics: It includes supply chain analysis, analysis of regional marketing, challenges, opportunities, and drivers analyzed in the report.

Key Findings of the Research Study

Appendix: It includes details about research and methodology approach, research methodology, data sources, authors of the study, and a disclaimer.

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