The automotive steel wheels market size is projected to reach US$ 13,101.37 million by 2031 from US$ 8,619.12 million in 2023. The market is expected to register a CAGR of 5.4% during 2023–2031. The growing consumer inclination towards procuring lightweight steel wheels is likely to remain a key trend in the market.
The end-users for the automotive steel wheels market include OEM and aftermarket users. The OEMs are the users comprised of vehicle manufactures who use the wheels as a component of the vehicles assembled. The aftermarket users consist of individual customers of the vehicles, such as cars, trucks, and others. These users directly purchased as a separate product from the retail or wholesale stores. These users have a wide range of options, and the marketing offers very much influence the buying behavior. The growing demand for flooring materials is projected to boost the evolution of the global automotive steel wheels market during the forecast period of 2024-2031.
The automotive steel wheels market's key stakeholders include raw material providers, manufacturers, distributors and channel partners, government bodies, industry associations, and end-users. In recent years, the demand for automotive steel wheels products based on the rim size and applications in different types of vehicles has grown at an remarkable pace owing to the rising need for lightweight wheels and increasing demand for economical automotive components. The raw material suppliers are essential parts in maintaining the quality of the products. As per the customer's requirement, the manufacturers develop and produce the products such as color combination, size, texture, and other specifications. In the automotive steel wheels market, a more significant number of manufacturers in the local and international markets offer a variety of automotive steel wheel products and services.
The growing sales of passenger and commercial cars in developing nations like India, China, and Japan among others, are boosting the demand for automotive steel wheels market. The booming automotive sector and rising adoption of advanced technologies by OEMs in the automotive sector are anticipated to propel the growth of the automotive steel wheels market globally. The automotive OEMs are focusing on introducing various advanced features that improve vehicle competence, efficiency, and visual aesthetics, among other performance indicators in the vehicle. Among these, the automotive automotive steel wheels can be explained as a specially designed feature. The growing consumer preference for more comfort and easy driving technologies is fostering the growth of the automotive steel wheels market worldwide.
The growing environmental pollution due to fossil fuels is one of the major concerns for the government. To reduce the level of environmental pollution, various governments are emphasizing consumers adopting cleaner, sustainable, and environment-friendly alternatives in daily life by giving special rebates on sales, incentives, lucrative offers, and tax benefits. China, Japan, the European Union, India, Canada, and South Korea are some of the major geographies where governments are actively working towards boosting the adoption of passenger electric vehicles, which is anticipated to drive the development of the automotive steel wheels market over the forecast period.
Key segments that contributed to the derivation of the automotive steel wheels market analysis are rim size, vehicle type and end user.
The geographic scope of the automotive steel wheels market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
The scope of the automotive steel wheels market report encompasses North America (the US, Canada, and Mexico), Europe (the UK, Germany, Italy, France, Russia, and the Rest of Europe), Asia Pacific (South Korea, Australia, India, Japan, China, and the Rest of Asia Pacific), the Middle East & Africa (South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa), and South & Central America (Argentina, Brazil, and the Rest of South & Central America). In terms of revenue, Asia Pacific dominated the automotive steel wheels market share in 2023. North America is the second-largest contributor to the global automotive steel wheels market, followed by Europe.
The regional trends and factors influencing the Automotive Steel Wheels Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Automotive Steel Wheels Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 8,619.12 Million |
| Market Size by 2031 | US$ 13,101.37 Million |
| Global CAGR (2023 - 2031) | 5.4% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Rim Size
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Automotive Steel Wheels Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Automotive Steel Wheels Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The automotive steel wheels market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the automotive steel wheels market are listed below:
The “Automotive Steel Wheels Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
Asia Pacific dominated the automotive steel wheels market in 2023.
The technological advancements in the manufacturing of automotive wheels are the future trend of the automotive steel wheels market.
Topy Industries Limited, Steel Strips Wheels Limited, Thyssenkrupp AG, Mangels Industrial S.A., Klassic Wheels Ltd., Fastco Canada, Iochpe-Maxion SA, Central Motor Wheel of America, Inc., Alcar Holding GmbH, Accuride Corporation are some of the leading players in the market.
US$ 13,101.37 million estimated value of the automotive steel wheels market by 2031.
5.4% is the expected CAGR of the automotive steel wheels market.