Automotive Steel Wheels Market Growth Opportunities by 2031
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.
Automotive Steel Wheels Market Analysis
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.
Automotive Steel Wheels Market Overview
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.
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Automotive Steel Wheels Market: Strategic Insights
Market Size Value in US$ 8,009.43 Million in 2020 Market Size Value by US$ 10,756.13 Million by 2028 Growth rate CAGR of 4.4% from 2021-2028 Forecast Period 2021-2028 Base Year 2021
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Automotive Steel Wheels Market: Strategic Insights
| Market Size Value in | US$ 8,009.43 Million in 2020 |
| Market Size Value by | US$ 10,756.13 Million by 2028 |
| Growth rate | CAGR of 4.4% from 2021-2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
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Automotive Steel Wheels Market Drivers and Opportunities
Growing Development of Automotive Sector in Emerging Countries to Favor Market
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.
Rising Demand for Electric Vehicles
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.
Automotive Steel Wheels Market Report Segmentation Analysis
Key segments that contributed to the derivation of the automotive steel wheels market analysis are rim size, vehicle type and end user.
- Based on the rim size, the automotive steel wheels market is divided into 13-15 inches, 16-18 inches, 19-21 inches, and more than 21 inches. The 13-15 Inches segment held a larger market share in 2023.
- Based on the vehicle type, the automotive steel wheels market is divided into heavy commercial vehicle, light commercial vehicle, and passenger vehicle. The passenger vehicle segment held a larger market share in 2023.
- Based on the end user, the automotive steel wheels market is divided into OEM and aftermarket. The OEM segment held a larger market share in 2023.
Automotive Steel Wheels Market Share Analysis by Geography
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.
Automotive Steel Wheels Market Report Scope
Automotive Steel Wheels Market News and Recent Developments
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:
- Maxion Wheels completed the construction and infrastructure of its new Maxion Janta 21,000 sq. meters commercial vehicle (CV) steel wheels plant in Manisa, Turkey. (Source: Iochpe-Maxion SA, Press Release, March 2021)
- Maxion Wheels opened its new truck steel wheels plant with partner Inci Holding in Turkey. The two companies also established a plant to offer forged aluminum Commercial Vehicle (CV) wheels in 2024. (Source: Iochpe-Maxion SA, Press Release, September 2022)
Automotive Steel Wheels Market Report Coverage and Deliverables
The “Automotive Steel Wheels Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Automotive steel wheels market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Automotive steel wheels market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST and SWOT analysis
- Automotive steel wheels market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the automotive steel wheels market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Rim Size Vehicle Type , and End User
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
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.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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