PUBLISHER: Grand View Research | PRODUCT CODE: 1553634
PUBLISHER: Grand View Research | PRODUCT CODE: 1553634
Automotive Steel Wheels Market Size, Share & Trends Analysis Report By Vehicle Type (Heavy Commercial Vehicle, Light Commercial Vehicle, Passenger Vehicle), By Application (OEM, Aftermarket), By Region, And Segment Forecasts, 2024 - 2030
Automotive Steel Wheels Market Trends
The global automotive steel wheels market size was estimated at USD 14.94 billion in 2023 and is forecasted to grow at a CAGR of 2.5% from 2024 to 2030. Global automotive steel wheels market is primarily driven by cost-effectiveness. Steel wheels are more affordable to produce compared to alloy wheels, making them a popular choice in markets where price sensitivity is a significant factor. The well-established manufacturing processes allow for large-scale production at lower costs, which appeals to both budget-conscious consumers and automakers focused on economy models. This affordability is especially crucial in developing economies where consumers prioritize initial purchase costs.
The growth of this automotive industry is having a direct and significant impact on this demand for automotive steel wheels. As global automotive market expands, driven by increased vehicle production, especially in emerging economies, the need for reliable and cost-effective components such as steel wheels is rising. This is particularly true in regions such as Asia Pacific, where rapid urbanization and industrialization are fueling demand for both passenger and commercial vehicles. As more vehicles are manufactured, industry demand for steel wheels, known for their affordability and durability, increases in parallel.
Durability and strength also play a critical role in driving industry demand for steel wheels. Known for their robustness, steel wheels can withstand harsh driving conditions, including rough terrains and heavy loads, making them ideal for both passenger and commercial vehicles. Their resistance to damage and longer lifespan under stress makes them a preferred choice in environments where reliability is essential, particularly in heavy-duty applications.
In addition, the growing demand in emerging markets significantly boosts global automotive steel wheels market. Regions such as Asia Pacific and Latin America are experiencing rapid growth in vehicle production and sales. The economic advantages of steel wheels, combined with their durability, make them particularly well-suited for these expanding markets, where there is a rising need for cost-effective, reliable automotive components.
Another critical aspect is the focus on economy and compact segments within the automotive industry. These vehicle segments are typically more price-sensitive, making steel wheels an attractive option for manufacturers aiming to keep production costs low while meeting consumer demand. Steel wheels offer a balance between cost, performance, and durability, which is particularly important in markets where consumers prioritize affordability. As automakers continue to expand their offerings in the economy segment to cater to a broader customer base, the demand for steel wheels is expected to grow correspondingly.
In addition to new vehicle production, the replacement market also plays a significant role in driving the demand for automotive steel wheels. Vehicles that operate in tough conditions, such as those used in rural areas or for commercial purposes, often require more frequent wheel replacements. The robust nature of steel wheels makes them a preferred choice for such applications, further contributing to the growing demand. As the global automotive fleet expands, the aftermarket for replacement parts, including wheels, is also expected to grow, reinforcing their importance in the automotive industry.
Global Automotive Steel Wheels Market Report Segmentation
This report forecasts revenue growth at regional & country levels and provides an analysis of the industry trends in each of the segments from 2018 to 2030. For the purpose of this study, Grand View Research has segmented the global automotive steel wheels market on the basis of vehicle type, application, and region:
- Vehicle Type Outlook (Revenue, USD Million, 2018 - 2030)
- Heavy Commercial Vehicle
- Light Commercial Vehicle
- Passenger Vehicle
- Application Outlook (Revenue, USD Million, 2018 - 2030)
- OEM
- Aftermarket
- Regional Outlook (Revenue, USD Million, 2018 - 2030)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Asia Pacific
- China
- Japan
- India
- Central & South America
- Brazil
- Middle East & Africa
- Saudi Arabia
Table of Contents
Chapter 1. Methodology and Scope
- 1.1. Market Segmentation & Scope
- 1.2. Market Definition
- 1.3. Information Procurement
- 1.3.1. Purchased Database
- 1.3.2. GVR's Internal Database
- 1.3.3. Secondary Sources & Third-Party Perspectives
- 1.3.4. Primary Research
- 1.4. Information Analysis
- 1.4.1. Data Analysis Models
- 1.5. Market Formulation & Data Visualization
- 1.6. Data Validation & Publishing
Chapter 2. Executive Summary
- 2.1. Market Snapshot
- 2.2. Segment Snapshot
- 2.3. Competitive Landscape Snapshot
Chapter 3. Automotive Steel Wheels Market Variables, Trends & Scope
- 3.1. Market Lineage Outlook
- 3.2. Industry Value Chain Analysis
- 3.3. Technological Overview
- 3.4. Regulatory Framework
- 3.5. Market Dynamics
- 3.5.1. Market Driver Analysis
- 3.5.2. Market Restraint Analysis
- 3.5.3. Industry Challenges
- 3.6. Industry Analysis Tools
- 3.6.1. Porter's Five Forces Analysis
- 3.6.2. PESTEL by SWOT
- 3.7. Market Disruption Analysis
Chapter 4. Automotive Steel Wheels Market: Vehicle Type Estimates & Trend Analysis
- 4.1. Key Takeaways
- 4.2. Vehicle Type Movement Analysis & Market Share, 2023 & 2030
- 4.3. Ceramic Tiles Market Estimates & Forecast, By Vehicle Type 2018 - 2030 (USD Billion)
- 4.4. Heavy Commercial Vehicle
- 4.4.1. Automotive Steel Wheels Market Estimates & Forecast, by Heavy Commercial Vehicle 2018 - 2030 (USD Billion)
- 4.5. Light Commercial Vehicle
- 4.5.1. Automotive Steel Wheels Market Estimates & Forecast, by Light Commercial Vehicle 2018 - 2030 (USD Billion)
- 4.6. Passenger Vehicle
- 4.6.1. Automotive Steel Wheels Market Estimates & Forecast, by Passenger Vehicle 2018 - 2030 (USD Billion)
Chapter 5. Automotive Steel Wheels Market: Application Estimates & Trend Analysis
- 5.1. Key Takeaways
- 5.2. Application Movement Analysis & Market Share, 2023 & 2030
- 5.3. Automotive Steel Wheel Market Estimates & Forecast, By Application 2018 - 2030 (USD Billion)
- 5.4. OEM
- 5.4.1. Automotive Steel Wheels Market Estimates & Forecast, by OEM 2018 - 2030 (USD Billion)
- 5.5. Aftermarket
- 5.5.1. Automotive Steel Wheels Market Estimates & Forecast, by Aftermarket 2018 - 2030 (USD Billion)
Chapter 6. Automotive Steel Wheels Market: Regional Estimates & Trend Analysis
- 6.1. Regional Movement Analysis & Market Share, 2023 & 2030
- 6.2. North America
- 6.2.1. North America Automotive Steel Wheels Market Estimates & Forecasts, 2018 - 2030 (USD Billion)
- 6.2.2. U.S.
- 6.2.2.1. U.S. Automotive Steel Wheels Market Estimates & Forecasts, 2018 - 2030 (USD Million)
- 6.2.3. Canada
- 6.2.3.1. Canada Automotive Steel Wheels Market Estimates & Forecasts, 2018 - 2030 (USD Million)
- 6.2.4. Mexico
- 6.2.4.1. Mexico Automotive Steel Wheels Market Estimates & Forecasts, 2018 - 2030 (USD Million)
- 6.3. Europe
- 6.3.1. Europe Automotive Steel Wheels Market Estimates & Forecasts, 2018 - 2030 (USD Billion)
- 6.3.2. Germany
- 6.3.2.1. Germany Automotive Steel Wheels Market Estimates & Forecasts, 2018 - 2030 (USD Million)
- 6.3.3. UK
- 6.3.3.1. UK Automotive Steel Wheels Market Estimates & Forecasts, 2018 - 2030 (USD Million)
- 6.3.4. France
- 6.3.4.1. France Automotive Steel Wheels Market Estimates & Forecasts, 2018 - 2030 (USD Million)
- 6.3.5. Spain
- 6.3.5.1. Spain Automotive Steel Wheels Market Estimates & Forecasts, 2018 - 2030 (USD Million)
- 6.3.6. Italy
- 6.3.6.1. Italy Automotive Steel Wheels Market Estimates & Forecasts, 2018 - 2030 (USD Million)
- 6.4. Asia Pacific
- 6.4.1. Asia Pacific Automotive Steel Wheels Market Estimates & Forecasts, 2018 - 2030 (USD Billion)
- 6.4.2. China
- 6.4.2.1. China Automotive Steel Wheels Market Estimates & Forecasts, 2018 - 2030 (USD Million)
- 6.4.3. India
- 6.4.3.1. India Automotive Steel Wheels Market Estimates & Forecasts, 2018 - 2030 (USD Million)
- 6.4.4. Japan
- 6.4.4.1. Japan Automotive Steel Wheels Market Estimates & Forecasts, 2018 - 2030 (USD Million)
- 6.5. Central & South America
- 6.5.1. Central & South America Automotive Steel Wheels Market Estimates & Forecasts, 2018 - 2030 (USD Billion)
- 6.5.2. Brazil
- 6.5.2.1. Brazil Automotive Steel Wheels Market Estimates & Forecasts, 2018 - 2030 (USD Million)
- 6.6. Middle East & Africa
- 6.6.1. Middle East & Africa Automotive Steel Wheels Market Estimates & Forecasts, 2018 - 2030 (USD Billion)
- 6.6.2. Saudi Arabia
- 6.6.2.1. Saudi Arabia Automotive Steel Wheels Market Estimates & Forecasts, 2018 - 2030 (USD Million)
Chapter 7. Automotive Steel Wheels Market - Competitive Landscape
- 7.1. Recent Developments & Impact Analysis, By Key Market Participants
- 7.2. Competition Categorization
- 7.3. Company Market Positioning
- 7.4. Vendor Landscape
- 7.5. Strategy Mapping
- 7.6. Company Listing
- 7.6.1. THE CARLSTAR GROUP, LLC.
- 7.6.1.1. Participant Overview
- 7.6.1.2. Financial Performance
- 7.6.1.3. Product Benchmarking
- 7.6.1.4. Strategic Initiatives
- 7.6.2. Automotive Wheels Ltd
- 7.6.3. Central Motor Wheel of America, Inc.
- 7.6.4. ALCAR WHEELS GMBH
- 7.6.5. TOPY AMERICA, INC.
- 7.6.6. CLN Coils Lamiere Nastri SpA
- 7.6.7. Klassic Wheels Limited Accuride Corporation
- 7.6.8. Steel Strips Group
- 7.6.9. MAXION Wheels
- 7.6.10. Thyssenkrupp AG
- 7.6.11. U.S. WHEEL CORP.
- 7.6.1. THE CARLSTAR GROUP, LLC.
List of Tables
- Table 1 Automotive Steel Wheels Market Estimates & Forecast, By Vehicle Type 2018 - 2030 (USD Billion)
- Table 2 Automotive Steel Wheels Market Estimates & Forecast, By Application 2018 - 2030 (USD Billion)
List of Figures
- Fig. 1 Automotive Steel Wheels market segmentation
- Fig. 2 Information Procurement
- Fig. 3 Data Analysis Models
- Fig. 4 Market Formulation And Validation
- Fig. 5 Data Validating & Publishing
- Fig. 6 Regional Outlook
- Fig. 7 Segmental Outlook
- Fig. 8 Competitive Outlook
- Fig. 9 Value chain analysis
- Fig. 10 Market dynamics
- Fig. 11 Market driver impact analysis
- Fig. 12 Market restraints impact analysis
- Fig. 13 Industry Analysis: Porter's
- Fig. 14 PESTEL analysis, by SWOT
- Fig. 15 Vehicle Type: Key Takeaways
- Fig. 16 Vehicle Type: Market Share, 2023 & 2030
- Fig. 17 Automotive Steel Wheels market estimates & forecasts, by light commercial vehicle, 2018 - 2030 (USD Billion)
- Fig. 18 Automotive Steel Wheels market estimates & forecasts, by passenger vehicle, 2018 - 2030 (USD Billion)
- Fig. 19 Automotive Steel Wheels market estimates & forecasts, by heavy commercial vehicle, 2018 - 2030 (USD Billion)
- Fig. 20 Application: Key Takeaways
- Fig. 21 Application: Market Share, 2023 & 2030
- Fig. 22 Automotive Steel Wheels market estimates & forecasts, by OEM, 2018 - 2030 (USD Billion)
- Fig. 23 Automotive Steel Wheels market estimates & forecasts, by Aftermarket, 2018 - 2030 (USD Billion)
- Fig. 24 Region, 2023 & 2030 (USD Billion)
- Fig. 25 Regional marketplace: Key takeaways
- Fig. 26 North America automotive steel wheels market estimates & forecasts, 2018 - 2030 (USD Billion)
- Fig. 27 U.S. automotive steel wheels market estimates & forecasts, 2018 - 2030 (USD Billion)
- Fig. 28 Canada automotive steel wheels market estimates & forecasts, 2018 - 2030 (USD Billion)
- Fig. 29 Mexico automotive steel wheels market estimates & forecasts, 2018 - 2030 (USD Billion)
- Fig. 30 Europe automotive steel wheels market estimates & forecasts, 2018 - 2030 (USD Billion)
- Fig. 31 Germany automotive steel wheels market estimates & forecasts, 2018 - 2030 (USD Billion)
- Fig. 32 France automotive steel wheels market estimates & forecasts, 2018 - 2030 (USD Billion)
- Fig. 33 Italy automotive steel wheels market estimates & forecasts, 2018 - 2030 (USD Billion)
- Fig. 34 Spain automotive steel wheels market estimates & forecasts, 2018 - 2030 (USD Billion)
- Fig. 35 UK automotive steel wheels market estimates & forecasts, 2018 - 2030 (USD Billion)
- Fig. 36 Asia Pacific automotive steel wheels market estimates & forecasts, 2018 - 2030 (USD Billion)
- Fig. 37 China automotive steel wheels market estimates & forecasts, 2018 - 2030 (USD Billion)
- Fig. 38 India automotive steel wheels market estimates & forecasts, 2018 - 2030 (USD Billion)
- Fig. 39 Japan automotive steel wheels market estimates & forecasts, 2018 - 2030 (USD Billion)
- Fig. 40 Middle East & Africa automotive steel wheels market estimates & forecasts, 2018 - 2030 (USD Billion)
- Fig. 41 Saudi Arabia automotive steel wheels market estimates & forecasts, 2018 - 2030 (USD Billion)
- Fig. 42 Central & South America automotive steel wheels market estimates & forecasts, 2018 - 2030 (USD Billion)
- Fig. 43 Brazil automotive steel wheels market estimates & forecasts, 2018 - 2030 (USD Billion)
- Fig. 44 Competition categorization
- Fig. 45 Company market positioning
- Fig. 46 Strategy Mapping
