As per MRFR analysis, the Automotive Steel Wheels Market Size was estimated at 14.55 (USD Billion) in 2022. The Automotive Steel Wheels Market Industry is expected to grow from 15.02(USD Billion) in 2023 to 20.1 (USD Billion) by 2032. The Automotive Steel Wheels Market CAGR (growth rate) is expected to be around 3.29% during the forecast period (2024 - 2032).
Key Automotive Steel Wheels Market Trends Highlighted
The evolution of automotive steel wheels has been influenced by increased demand for fuel-efficient and lightweight vehicles, stringent emission norms, and changing driving patterns. The adoption of lightweight materials, such as high-strength steel, has enabled manufacturers to reduce wheel weight without compromising durability. Growing preference for aesthetically appealing vehicles has led to an upsurge in demand for customized steel wheels with unique designs and finishes.Advanced manufacturing techniques, such as flow forming and forging, have enhanced the performance and quality of steel wheels. The rising popularity of electric vehicles is presenting opportunities for manufacturers to cater to specialized wheel requirements, including low rolling resistance and higher load-bearing capacity. The growing adoption of advanced driver-assistance systems (ADAS) necessitates wheels with high precision and dimensional accuracy to ensure optimal performance of these systems.
Source Primary Research, Secondary Research, MRFR Database and Analyst Review
Automotive Steel Wheels Market Drivers
Rising Demand for Lightweight and Fuel-Efficient Vehicles
The increasing requirement for lightweight and fuel-efficient vehicles is considered the paramount factor that propels the market advancement of the Automotive Steel Wheels Market Industry. The government's implementation of stringent fuel economy regulations throughout the world has encouraged automakers to construct lighter vehicles. With such mandates, the demand for lightweight materials is on the rise, and unfortunately, steel is one of the materials that satisfy such requirements.Conversely, steel wheels weigh significantly less than aluminum wheels, ultimately aiding in increased fuel efficiency and reduction of emissions. The other reason steel wheels appear to be more prevalent than aluminum wheels is the former’s damage resilience and high rigidity. Nevertheless, the highly increasing market demand for lightweight and fuel-efficient vehicles will assist in the expansion of the Automotive Steel Wheels Market Industry.
Increasing Popularity of SUVs and Crossovers
Another factor driving the Automotive Steel Wheels Market Industry is the fact that SUVs and crossovers are becoming increasingly popular. In general, these types of cars are heavier than sedans and coupes. As such, steel wheels are ideal because they are strong and durable. Furthermore, steel wheels are able to support the weight of these vehicles while driving off-road. Since SUVs and crossovers are gaining in popularity, they are another factor that drives growth in the Automotive Steel Wheels Market Industry.
Growing Demand for Aftermarket Wheels
A significant driver of the Automotive Steel Wheels Market Industry is the growing demand for aftermarket wheels. Aftermarket wheels are wheels that are not made by the original equipment manufacturer of the vehicle. Typically, consumers purchase aftermarket wheels to either enhance the looks of their vehicle or improve its performance in some way. Due to the price and simplicity of purchase and installation, a popular wheel for an aftermarket is steel wheels.Therefore, the growing demand for the same will continue to drive the Automotive Steel Wheels Market Industry over the next 3-5 years.
Automotive Steel Wheels Market Segment Insights
Automotive Steel Wheels Market Vehicle Type Insights
The Automotive Steel Wheels Market is segmented by Vehicle Type into Passenger Cars, Commercial Vehicles, Light Commercial Vehicles, and Heavy Duty Vehicles. Passenger Cars held the largest market share in 2023, accounting for over 60% of the global market revenue. The rise of Passenger Cars can be attributed to the increasing production and sales of passenger vehicles across the globe. Furthermore, the growing demand for SUVs and crossovers that traditionally include steel wheels boosted the growth of this segment. On the other hand, Commercial Vehicles, which include Light Commercial Vehicles and Heavy Duty Vehicles, are expected to witness the highest growth over the forecast period.The increasing demand from emerging markets, coupled with the growing e-commerce and logistics industry, boosts the growth of Commercial Vehicles. Light commercial vehicles, which include pickups and vans, are expected to contribute to a larger portion of the commercial vehicles segment. The higher sales for this segment can be attributed to the vehicle’s multi-purpose capabilities and affordability. Heavy Duty Vehicles, which include Trucks and Buses, are also expected to record an above average growth, thanks to the increasing demand for the transportation of goods and passengers across the globe.The Automotive Steel Wheels Market is expected to record a high growth rate over the forecast period. The primary drivers include the increasing sales and production of vehicles and the growing demand for steel wheels in emerging markets. By 2027, the market is expected to account for a total valuation of 18.5 billion USD.
Source Primary Research, Secondary Research, MRFR Database and Analyst Review
Automotive Steel Wheels Market Wheel Size Insights
The wheel size segment of the Automotive Steel Wheels Market is expected to witness significant growth over the forecast period. In 2023, the 16-18 inches wheel size segment held the largest market share, accounting for over 40% of the global market. This growth is attributed to the increasing demand for SUVs and crossovers, which typically use larger wheels. The 19 inches and above wheel size segment is also expected to grow at a healthy rate, driven by the growing popularity of luxury vehicles. In terms of revenue, the 16-18 inches wheel size segment is projected to generate over USD 7 billion in 2024, while the 19 inches and above wheel size segment is expected to generate over USD 3 billion.The growth of the wheel size segment is primarily driven by the increasing demand for larger and more stylish wheels, as well as the growing popularity of SUVs and crossovers.
Automotive Steel Wheels Market Surface Treatment Insights
The Surface Treatment segment plays a crucial role in enhancing the aesthetics and durability of automotive steel wheels. Painted wheels dominate the market, accounting for over 45% of the Automotive Steel Wheels Market revenue in 2023. Electroplated wheels are gaining traction due to their superior corrosion resistance and glossy finish, while polished wheels cater to the premium segment with their mirror-like appearance. The increasing demand for customized and visually appealing wheels is driving the growth of the Surface Treatment segment, which is expected to expand at a CAGR of 3.8% from 2023 to reach a valuation of 9.2 billion USD by 2032.
Automotive Steel Wheels Market Application Insights
The Application segment of the Automotive Steel Wheels Market is bifurcated into OEM and Aftermarket. The OEM segment held a larger market share in 2023 and is projected to continue its dominance throughout the forecast period. This growth can be attributed to the increasing production of new vehicles, which require steel wheels as a standard component. OEMs prefer steel wheels due to their durability, strength, and cost-effectiveness. The Aftermarket segment, on the other hand, is expected to witness significant growth during the forecast period, owing to the rising demand for replacement wheels due to wear and tear, accidents, and customization.
Automotive Steel Wheels Market Regional Insights
The regional segmentation of the Automotive Steel Wheels Market offers insights into the market's presence and performance across different regions. North America holds a substantial market share, driven by the presence of major automotive manufacturers and a large consumer base. Europe follows closely, with established automotive industries and a preference for premium vehicles. The APAC region is projected to witness significant growth, fueled by rising vehicle production and urbanization in countries like China and India. South America and MEA exhibit steady growth potential, supported by increasing automotive investments and infrastructure development.
Source Primary Research, Secondary Research, MRFR Database and Analyst Review
Automotive Steel Wheels Market Key Players and Competitive Insights
Major players in the automotive steel wheels market are consistently investing in research and development to enhance their product offerings and gain a competitive edge in the market. Leading Automotive Steel Wheels Market players are focusing on developing lightweight, durable, and aesthetically appealing steel wheels to meet the evolving demands of automakers and consumers. The Automotive Steel Wheels Market development is being driven by the increasing demand for fuel-efficient and environmentally friendly vehicles, as steel wheels are lighter than alloy wheels and offer better fuel economy. Additionally, the growing popularity of SUVs and pickup trucks is further propelling the demand for a competitive automotive steel wheels market landscape.Magna International Inc. is a leading global automotive supplier that manufactures a wide range of steel wheels for various vehicle applications. The company has a strong presence in North America, Europe, and Asia, and its steel wheels are known for their high quality, durability, and lightweight design. Magna International Inc. is continuously investing in research and development to improve its steel wheel technology and meet the evolving needs of its customers. The company's commitment to innovation and customer satisfaction has made it a preferred supplier for many leading automakers worldwide.Another key player in the Automotive Steel Wheels Market is Accuride Corporation. The company is a leading manufacturer and supplier of steel wheels and related components for commercial vehicles. Accuride Corporation's steel wheels are known for their exceptional strength, durability, and reliability. The company has a global presence, and its products are used by a wide range of commercial vehicle manufacturers and fleets. Accuride Corporation is also actively involved in research and development to enhance its steel wheel technology and develop innovative solutions for the commercial vehicle industry. The company's focus on quality, reliability, and customer satisfaction has made it a trusted partner for many leading commercial vehicle manufacturers worldwide.
Key Companies in the Automotive Steel Wheels Market Include
Automotive Steel Wheels Market Industry Developments
The Automotive Steel Wheels Market is projected to grow from USD 15.02 billion in 2023 to USD 20.1 billion by 2032, exhibiting a CAGR of 3.29% during the forecast period. Increasing demand for lightweight and fuel-efficient vehicles, rising disposable incomes in developing countries, and growing popularity of SUVs and crossovers are key factors driving market growth.Recent news developments include collaborations between key players to enhance product offerings, such as the partnership between Hyundai Steel and Posco to develop advanced steel wheels. Technological advancements, such as the adoption of ultra-high-strength steel, are also shaping the market. Moreover, government regulations aimed at reducing vehicle emissions are further fueling the demand for lightweight steel wheels.
Automotive Steel Wheels Market Segmentation Insights
| Report Attribute/Metric | Details |
| Market Size 2022 | 14.55(USD Billion) |
| Market Size 2023 | 15.02(USD Billion) |
| Market Size 2032 | 20.1(USD Billion) |
| Compound Annual Growth Rate (CAGR) | 3.29% (2024 - 2032) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year | 2023 |
| Market Forecast Period | 2024 - 2032 |
| Historical Data | 2019 - 2023 |
| Market Forecast Units | USD Billion |
| Key Companies Profiled | IochpeMaxion S.A., Borbet GmbH, American Axle Manufacturing, Inc., J.W. Speaker Corporation, ThyssenKrupp AG, Superior Industries International, Inc., Titan International, Inc., Visteon Corporation, Wanfeng Auto Wheel Holding Group Co., Ltd., Hayes Lemmerz International, Inc., Zhongshan Torch HighTech Industrial Development Zone, Alcoa Corporation |
| Segments Covered | Vehicle Type, Wheel Size, Surface Treatment, Application, Regional |
| Key Market Opportunities | 1 Increasing demand for lightweight vehicles2 Growing popularity of electric vehicles3 Rising consumer preference for customized vehicles4 Technological advancements in wheel manufacturing5 Expanding automotive aftermarket |
| Key Market Dynamics | Rising Demand for Lightweight Vehiclesย Increasing Focus on Fuel Efficiencyย Adoption of Advanced Materialsย Growing Popularity of SUVs and Crossoversย Government Regulations on Vehicle Emissions |
| Countries Covered | North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Automotive Steel Wheels Market was valued at 15.02 billion USD in 2023 and is projected to reach 20.1 billion USD by 2032, exhibiting a CAGR of 3.29% during the forecast period.
North America is expected to hold the largest market share in the Automotive Steel Wheels Market due to the increasing production and sales of automobiles in the region.
The key factors driving the growth of the Automotive Steel Wheels Market include the rising demand for lightweight and fuel-efficient vehicles, increasing disposable income, and growing urbanization.
Automotive Steel Wheels are primarily used in passenger cars, commercial vehicles, and off-highway vehicles.
The key competitors in the Automotive Steel Wheels Market include Accuride Corporation, ALCOA Corporation, BBS Kraftfahrzeugtechnik AG, Borbet GmbH, Enkei Corporation, and Superior Industries International, Inc.
๏ทThe Automotive Steel Wheels Market faces challenges such as the increasing adoption of aluminum wheels, fluctuations in raw material prices, and intense competition.
Senior Research Analyst She has over 5 years of rich experience, in market research and consulting providing valuable market insights to client. hands on expertise in management consulting, and extensive knowledge in domain including ict, automotive & transportation and aerospace & defense. she is skilled in go-to market strategy, industry analysis, market sizing, in depth company profiling, competitive intelligence & benchmarking and value chain amongst others.
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