Aug 17, 2021   SOURCE: BusinessWire

Outlook on the Automotive Steel Wheels Global Market to 2028 - by Rim Size Vehicle Type, End-user and Region - ResearchAndMarkets.com

The "Automotive Steel Wheels Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Rim Size Vehicle Type, and End User" report has been added to ResearchAndMarkets.com's offering.

The automotive steel wheels market was valued at US$ 8,009.43 million in 2020 and is projected to reach US$ 10,756.13 million by 2028. The automotive steel wheels market is expected to grow at a CAGR of 3.75% from 2020 to 2028.

The global Automotive steel wheels market has been segmented into five regions - North America, Europe, APAC, MEA, and SAM. In 2020, APAC led the global automotive steel wheels market with the highest revenue share. North America has strong penetration of electrical cars, which is creating lucrative opportunity for the market. Also, owing to increased adoption of passenger cars, the Asian market is expected to witness massive growth in the automotive steel wheels market. In developing nations of India and China, the market is driven by the growing consumption of cars for personal use. Therefore, the adoption of automotive steel wheels to improve fuel efficiency of cars is rising. China is one of the major countries with a significant market share in the automotive steel wheels market. European countries such as the UK, Italy, and France are shifting toward electric mobility, which is driving the market growth.

In North America, the US is the most developed country. The US is an early adopter of technologies. Hence, the scope of the lightweight steel wheels is high in North America. Moreover, the economic growth has propelled the sales of luxury vehicles in the North America, which, in turn, has supported the growth of the automotive market in North America. This factor encourages automotive steel wheels providers to increase their focus to develop or innovate automotive steel wheels for a wide range of vehicle types.

Market Dynamics

Drivers

  • Increase in Demand for Lightweight Steel Wheels

Restraints

  • Rising Popularity of Alloy Wheels

Opportunities

  • Adoption of Steel Wheels in Electric Power Vehicles

Future Trends

  • Technological Advancements in Manufacturing of Automotive Wheels

Companies Mentioned

  • TOPY INDUSTRIES LIMITED
  • STEEL STRIPS WHEELS LIMITED
  • SHANGHAI BAOSTEEL AUTOPARTS CO. LTD.
  • MANGELS
  • Klassic Wheels Ltd.
  • IOCHPE-MAXION SA
  • Fastco Canada
  • Central Motor Wheel of America, Inc.
  • ALCAR HOLDING GMBH
  • Accuride Corporation

For more information about this report visit https://www.researchandmarkets.com/r/jdzrzr