The global Steel Wheel market size was USD 13 billion in 2022 and is expected to reach a value of USD 21.96 billion in 2032 growing at a CAGR of 6% during the forecast period. The growth in the production and sales of passenger and commercial vehicles, particularly in emerging nations, as well as the rising need for lightweight and affordable wheels in the automotive industry, are the main factors driving market revenue growth.
Due to their strength, longevity, and affordability, Steel Wheels are frequently used in passenger automobiles, light commercial vehicles, and heavy-duty trucks. The steel alloys used to create these wheels, including Carbon Steel, Stainless Steel, and Aluminum steel, offer a high level of rigidity and impact resistance, making them perfect for heavy-duty applications. The necessity for fuel-efficient automobiles is causing a rise in the demand for lightweight wheels in the automotive sector, which is encouraging manufacturers to create new, lightweight steel wheel designs.
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During the forecast period, market revenue is predicted to expand because of the rising demand for passenger and commercial cars, particularly in emerging economies such as India, China, and Brazil. The demand for automobiles has surged as a result of rising disposable income, population growth, and urbanization, which is fueling the expansion of the Steel Wheel market.
Moreover, the automotive industry’s demand for lightweight wheels is being fueled by the strict rules and regulations governing fuel economy and emission standards. Lightweight wheels are a practical technique to lessen the vehicle’s overall weight, increasing fuel economy and lowering carbon emissions.
In addition, the market for Steel Wheels is expected to rise as a result of the rising demand for electric cars (EVs). The demand for lightweight steel wheel designs is being driven by EVs’ need for lightweight wheels to increase their range and fuel economy.
- Citadel Enterprises
- Accuride Corporation
- Borbet GmbH
- Mangels Industrial S.A.
- Topy Industries Limited
- Steel Strips Wheels Limited
- Iochpe-Maxion S.A.
- Enkei Corporation
- Uniwheel Group
- Hitachi Metals, Ltd.
The global market is further segmented into type and application:
|By Rim Size Outlook||
|By Vehicle Type Outlook||
Regional analysis provides insights into key trends and demands in each major country that can affect market growth in the region.
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Rest of APAC)
- Latin America (Brazil, Rest of LATAM)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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