Automotive Steel Wheels Market

Automotive Steel Wheels Market Outlook – 2027 

Automotive steel wheels are round shaped rims on which the tires are mounted. These are both stronger and cheaper when compared to the alloy wheel. Steel wheels help enable movement as well as it has to carry the whole weight of the vehicle. Further, the automotive sector across the world has been under continuous pressure to modernize and find new ways to develop energy efficiency and reduce carbon discharge, which increases the adoption of stainless steel in the automotive sector. The high acceptance for steel wheels is likely to drive the automotive steel wheels market growth. 

COVID-19 scenario Analysis: 

• As the governments all over the world have declared lockdowns over the past few months, the demand and supply cycle of many automotive steel wheels manufacturers is vulnerable.
• The vendors in steel wheel industry across the globe is being affected severely due to the restrictions on producers as well as the declared lockdowns, which in turn affecting the automotive steel wheels manufacturers worldwide.
• The pandemic has had a negative impact on the steel wheel market size for the year 2020, an estimated of 2-3% of deviation is noticed in the growth of automotive steel wheels manufacturers due to coronavirus.
• Majority of automotive steel wheels manufacturers are facing major issues such as closure of factories and unavailability of workforce due to the lockdowns which further affects the production of cars as well.
• Steel wheel is an evolving sector which is hampered due to an ongoing virus, because of which all type of production and installation across the affected countries had been shut down & all operations were disrupted due to the pandemic.

Top impacting factors: market scenario analysis, trends, drivers and impact analysis

Low development cost & cheaper but more durable, improved vehicle dynamics and increased demand for lightweight steel wheels are driving the growth of the market. However, rise in preference for alloy wheels and volatility in raw material prices are expected to hamper the growth of the market. Contrarily, vendors incorporating advanced manufacturing technology for high-strength steel wheels that can be seen as an opportunity for the market investments.

The automotive steel wheels market trends are as follows:

Increase in demand for lightweight steel wheels

Various government policies regarding heavy vehicles have been formulated because of which lightweight steel wheels were introduced to bring a significant weight reduction in the vehicle with a higher toughness. Heaviness of a vehicle increases the fuel consumption coupled with increase in air pollution as well as the speed of the vehicle. Many automotive companies are investing in development of the lightweight and fuel efficient vehicles. For instance, automotive manufacturers, such as BMW and Mercedes, have already started to scale-up their production of fuel-efficient cars through weight reduction by using lightweight steel wheels. Therefore, increase in demand for steel wheels will boost the growth of the automotive steel wheels market.

Key benefits of the report:

• This study presents the analytical depiction of the automotive steel wheels industry along with the current trends and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities along with challenges of the automotive steel wheels market.
• The current market is quantitatively analyzed from 2019 to 2027 to highlight the automotive steel wheels market growth scenario.
• We can also determine steel wheels will remain a significant revenue shareholder in the automotive steel wheels market through the predictable future.

Questions answered in the automotive steel wheels market research report:

• Which are the leading market players active in the automotive steel wheels market?
• What are the current trends that will influence the market in the next few years?
• What are the driving factors, restraints, and opportunities in the market?
• What are the projections for the future that would help in taking further strategic steps?

 Automotive Steel Wheels Market Report Highlights