Automotive Steel Wheel Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 - 2025
- Transparency Market Research
Steel is cheap and can be easily made into different shapes. Hence, vehicle manufacturers opt for steel wheel these days as these wheels are perfect for low priced vehicles. There is growing demand for automotive steel wheels in recent years owing to its low price and easy availability.
Emerging countries in Asia Pacific such as India, China, and South Korea witness rising population coupled with growing disposable income. Increase in per capita income leads to rise in consumption expenditure on vehicles, houses, and other durable goods. These emerging economies witness rising sales of budget cars and this drives the market demand for automotive steel wheels in recent years. Budget cars require low maintenance and these are cost effective as well. These features drive the demand for low priced passenger cars in these regions. Growing demand for low priced passenger cars attract more manufacturers to use steel wheel in passenger cars and this drives the market prospects for automotive steel wheels in recent years. Moreover, with the rise in tax incentives on the production of budget cars, manufacturers such as Hyundai and Toyota have increased their low priced vehicle production and this factor promotes the demand for automotive steel wheels. India is witnessing a rising population base and this large percentage of population uses budget cars. Growing sale of low priced budget cars in India also drives the demand for automotive steel wheels in the last few years.
Alloy wheels are made from lighter metals such as aluminum, magnesium, and nickel; hence, these wheels are much lighter as compared to steel wheel. Alloy wheels are stronger than steel wheel and owing to its lighter weight, these wheels show better performance in terms of acceleration and faster stopping. These wheels have better performance for dissipating heat from brake components. Considering these advantages, manufacturers prefer alloy wheels for low priced vehicles these days. These factors are likely to hinder the market prospect of steel wheels and thus restrain the market prospect of the automotive steel market during the forecast period.
One of the latest trends in the automotive steel wheel market is the advancement in technology by OEM (original equipment manufacturers) to manufacture high quality, low priced steel wheels. These technological breakthroughs help in weight reduction of steel wheels and also improve visual appearances of these wheels in cars. These upgrades and cost efficiency will trigger the growth of this market during the forecast period.
On the basis of product type, the automotive steel wheel market is segmented into three types: passenger cars, LCVs (light commercial vehicles), and M&HCVs. Passengers cars accounted for dominant share in the automotive steel wheel market in recent years and this segment is expected to retain its market dominance during the forecast period. Passenger cars witness flourishing demand in emerging countries in Asia Pacific and a rising proportion of cost centric consumers are expected to drive demand for budget cars. This in turn would promote the demand for automotive steel wheels in the coming years.
According to geographic locations, the automotive steel wheel market is segmented into five regions. These include North America, Europe, Asia Pacific, Middle East & Africa (MEA), and Latin America. Asia Pacific held the dominant market share in recent years and this region is expected to retain its dominance over the forecast period. Increasing disposable income, launch of new designs by OEMs, rising demand for commercial vehicles, and rising investment for infrastructural development drives the market prospects of the automotive steel wheel market over the forecast period. The U.S. and Europe are projected to hold considerable share in this market over the forecast period.
Some of the key players of the automotive steel wheel market include Accuride Wheel End Solutions, MAXION Wheels, Steel Strips Wheels and others.
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