Passenger Vehicle Steel Wheel Market Outlook- 2027
Wheel is an essential part of a passenger vehicle, which are required to be tough and handle the weight of the car as well as the pressure caused by the axle. The steel wheel is a component which rotates and transmits the power from the engine for the movement of the vehicle. Tires are mounted on the round shaped rims which are known as passenger vehiclesteel wheel. Steel wheelis both stronger as well as cheaper when compared to the alloy wheels. Furthermore, the automotive sector across the world has been under continuous pressure to modernize and find economical means to develop energy efficiency & reduce the carbon discharge which in turn has increased the adoption of stainless steel in the passenger vehicle sector. Therefore, the acceptance for steel wheels to reduce carbon discharge is expected to drive the growth of passenger vehicle steel wheel market.
COVID-19 scenario Analysis:
- Steel wheel is an evolving sector for the passenger vehicles which has been hampered due to the coronavirus, due to which production and installation process across the affected countries had been shut down & all operations were disrupted majorly due to the pandemic.
- The vendors in passenger vehicle steel wheel industry across the globe is majorly affected due to the restrictions on producers as well as the government declared lockdown which in turn is affecting the passenger car steel wheels manufacturers worldwide.
- Majority of passenger vehicle steel wheelmanufacturers are facing major issues such as cash flow problems and unavailability of workforce due to the lockdowns which further affects the production of passenger car as well.
- As the governments all over the world have declared lockdowns over the past few months, the demand and supply cycle of many global passenger car steel wheel manufacturers is vulnerable owing to coronavirus.
Top impacting factors: Market Scenario Analysis, Trends, Drivers and Impact Analysis
Low development cost & cheaper however durable, improved vehicle dynamics and growing demand for lightweight passenger vehiclesare driving the growth of the market. However, rising 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 which can be seen as an opportunity for the market investments.
The passenger car steel wheels market trends are as follows:
Growing demand for lightweight passenger vehicles
The automotive sector across the world has been under continuous pressure to innovate and find economical techniques to enhance energy efficiency & reduce carbon discharge from passenger vehicles. Various government policies regarding heavy vehicles have been formulated due to which lightweight passenger cars were introduced. For instance, Daimler AG, Volkswagen and others are using lightweight steel wheels in passenger car segment to encounter the requirement of the corporate average fuel economy (CAFÉ) declared by the U.S. government. Furthermore, lightweight steel wheel brings a significant weight reduction in the vehicle however with a higher toughness. Therefore, the growing demand for lightweight passenger vehicles, will foster the growth of the passenger vehicle steel wheel market
Key benefits of the report:
- This study presents the analytical depiction of the passenger vehicle steel wheel 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 passenger vehicle steel wheel market.
- The current market is quantitatively analyzed to highlight the passenger vehicle steel wheel market growth scenario.
- We can also determine steel wheel will remain a significant revenue shareholder in the global passenger vehicle steel wheel market through the predictable future.
Questions answered in the global passenger vehicle steel wheelmarket research report:
- Which are the leading market players active in passenger vehicle steel wheel 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?
Passenger Vehicle Steel Wheel Market Report Highlights
By Vehicle Class
By End User
By Rim Size
Key Market Players
Thyssenkrupp AG, TOPY AMERICA, INC., Central Motor Wheel of America, Inc., Steel Strips Group, THE CARLSTAR GROUP, LLC, Automotive Wheels Ltd, U.S. WHEEL CORP., ALCAR WHEELS GMBH, CLN Coils Lamiere Nastri SpA, Klassic Wheels Limited Accuride Corporation, MAXION Wheels