Automotive Steel Wheels Market: Current Analysis and Forecast (2022-2030)
Emphasis on Type (Hitch Rack, Trunk Rack, Roof Rack, Pickup Carrier Rack, and Spare Tire Rack), Material (Aluminum, Steel, Plastic, and Others), Sales Channel (Online Retail and Offline Retail), and Region/Country.
Automotive Steel Wheels Market was valued at USD 32 Billion in 2021 & is expected to grow at a CAGR of 6.0% from 2022-2030. As more people gain access to vehicles and disposable incomes increase, there is a growing demand for new and high-quality vehicles. This, in turn, is driving the demand for automotive steel wheels. Another factor that is contributing to the growth of the automotive steel wheels market is the growing demand for lightweight materials. The automotive industry is increasingly focused on reducing the weight of vehicles to improve fuel efficiency and reduce emissions. Steel wheels are a lightweight alternative to aluminium wheels, and they are becoming increasingly popular as a result.
Advancements in manufacturing technology are also driving the growth of the automotive steel wheels market. Manufacturers are using new production processes and advanced materials to produce steel wheels that are stronger, lighter, and more durable than ever before. This enables them to produce higher quality wheels that are more resistant to wear and tear and can withstand the high loads and stresses that are placed on them during operation. In March 2020, the Chinese wheel manufacturer, Zhejiang Jinfei Kaida, invested CNY 600 million in a new aluminium wheel project with intelligent manufacturing technology and set up a new plant in Jinhua economic development zone.
Some of the major players operating in the market include ALCAR HOLDING GMBH, Klassic Wheels Ltd, MAXION Wheels, Central Motor Wheel of America, Inc.,thyssenkrupp AG, STEEL STRIPS WHEELS LIMITED, CLN Coils Lamiere Nastri SpA, The Carlstar Group, LLC., Topy America, and U.S. WHEEL CORP. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst vehicle type, the HCV segment expected to grow significantly in the upcoming forecast period”
Based on vehicle type, the market is segmented into heavy commercial vehicle, light commercial vehicle, and passenger vehicles. Amongst these, the HCV segment of the automotive steel wheels market is expected to grow significantly in the upcoming forecast period due to a number of factors. One of the main drivers is the increasing demand for heavy commercial vehicles, such as trucks and buses, as more goods are transported by road. This increased demand is leading to a higher demand for steel wheels for HCVs. In addition, there is a growing focus on sustainability in the automotive industry, with a greater emphasis on vehicles that are more fuel-efficient and environmentally friendly. Steel wheels are a lightweight alternative to aluminum wheels, and they are becoming increasingly popular as a result. This is driving demand for steel wheels in the HCV segment.
“Amongst sales channel, the aftermarket segment expected to grow significantly in the upcoming forecast period”
Based on sales channel, the market is bifurcated into original equipment manufacturer (OEM) and aftermarket. Among these, the aftermarket segment of the automotive steel wheels market is expected to have significant growth due to several factors. One of the main drivers of this growth is the increasing demand for replacement wheels for older vehicles. As vehicles age, the wheels may become worn or damaged, leading to a need for replacement parts. This is particularly true in regions where there is a high volume of older vehicles on the road. Another factor driving the growth of the aftermarket segment is the increasing popularity of customization and personalization. Many consumers are looking to make their vehicles stand out and express their personal style, which has led to an increased demand for custom wheels.
“North America is expected to grow at the highest CAGR during the forecasted period.”
The North American region is expected to grow at the highest CAGR during the forecasted period due to several factors. One of the main drivers of this growth is strong economic conditions in the region. With a high level of industrial production and a growing demand for goods transportation, there is a greater need for heavy commercial vehicles (HCVs) which, in turn, drives demand for steel wheels.
In addition to strong economic conditions, the North American region also has a high demand for fuel-efficient and environmentally friendly vehicles. Steel wheels are a lightweight alternative to aluminum wheels that can help reduce fuel consumption and emissions, making them an attractive option for consumers in the region. This is further supported by a growing focus on safety features in the automotive industry, as steel wheels are known for their durability and reliability.
Advancements in manufacturing technology are also playing a role in driving demand for steel wheels in the North American region. New production processes and the use of advanced materials are enabling manufacturers to produce steel wheels that are stronger, lighter, and more durable than ever before. This, in turn, is leading to an increase in demand for steel wheels as manufacturers are able to produce wheels that meet the needs of customers while also improving the overall performance of the vehicle.
Automotive Steel Wheels Market Report Coverage
Reasons to buy this report:S
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
Customization Options:
The global automotive steel wheels market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
Table of Contents
Research Methodology for the Automotive Steel Wheels Market Analysis (2022-2030)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global automotive steel wheels market were the three major steps undertaken to create and analyze the adoption of automotive steel wheels in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global automotive steel wheels market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the automotive steel wheels market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the automotive steel wheels market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as product, technology, and end-users. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the automotive steel wheels market. Further, we conducted factor analysis using dependent and independent variables such as vehicle type, rim size, and sales channel the automotive steel wheels market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the automotive steel wheels market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global automotive steel wheels market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the automotive steel wheels market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global automotive steel wheels market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global automotive steel wheels market. data was split into several segments & sub-segments post studying various parameters and trends in the areas of vehicle type, rim size, and sales channel in the global automotive steel wheels market.
The main objective of the Global Automotive Steel Wheels Market Study
The current & future market trends of the global automotive steel wheels market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the automotive steel wheels market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of the vehicle type, rim size, and sales channel
- Define and analysis of the regulatory framework for the automotive steel wheels industry
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
- Analyze the current and forecast market size of the automotive steel wheels market for the major region
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
- Company profiles of the automotive steel wheels market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry
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