Report Code: A07274 | Pages: NA | ||
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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.Â
COVID-19 scenario Analysis:Â
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:
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:
Questions answered in the automotive steel wheels market research report:
Automotive Steel Wheels Market Report Highlights
Aspects | Details |
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By Vehicle Type |
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By Vehicle Class |
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By End User |
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By Rim Size |
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By Region |
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Key Market Players | U.S. WHEEL CORP., CLN Coils Lamiere Nastri SpA, Thyssenkrupp AG, Klassic Wheels Limited Accuride Corporation, Central Motor Wheel of America, Inc., Steel Strips Group, ALCAR WHEELS GMBH, Automotive Wheels Ltd, THE CARLSTAR GROUP, LLC., TOPY AMERICA, INC., MAXION Wheels |
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