Automotive Steel Wheels Market Research Report, Trends, Analysis and Forecast to 2022

Automotive steel wheels are circular formed rims on which the tires are mounted. They are liable for empowering mobility of an automobile and to carry the weight of the vehicle. From regular cast-iron wheels to high-performance carbon fiber alloys, automotive wheels have advanced essentially as far as the materials used to manufacture them. Automotive steel wheels are advantageous with regards to strength and durability. Thus, steel wheels are a good decision for heavy-haul and severe-duty vehicle operations. Steel wheels cost significantly not as much as aluminum wheels and do not require a lot of maintenance as compared to that required by alloy wheels. Besides, unlike alloy wheels, steel wheels do not crack. 

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Progressions in manufacturing advancements in the automotive sector have paved the way for the adoption stainless steel products in the previous few years. The push for lightweight vehicles to curb environmental degradation has prompted to fast adoption of steel wheels in the automobile sector. Partners in the automotive steel wheels market are likely to capitalize on the increasing demand for lightweight vehicles by offering products that also fulfil the necessary industry guidelines. Automotive designers are progressively utilizing of automotive steel wheels to diminish carbon/greenhouse emissions. The “Global Automotive Steel Wheels Market”is expected to grow at a CAGR of 3.2% during the forecast period.

The adoption of advanced high-strength steel grades is set to beat the implementation of other materials, including aluminum and glass. Automakers are progressively disposed toward the utilization of automotive steel wheels to create lightweight vehicles and upgrade fuel efficiency, improve safety, etc. As automotive manufacturers are highly concentrating on the advancement of lightweight vehicles, the demand for automotive steel wheels is set to observe consistent growth. The automotive sector across the world has been under constant pressure to advance and find better ways to improve energy efficiency and decrease carbon emission. Likewise, evolving government policies relating to fuel efficiency have compelled automotive manufacturers to deploy new manufacturing technologies and invest in advanced materials that have in turn, expanded the adoption of stainless steel in the automotive sector. 

Furthermore, automotive players are also taking significant efforts to meet the future necessities of the Corporate Average Fuel Economy (CAFE)– a factor likely to fuel the expansion of the automotive steel wheels market in the coming years. The rising demand for stainless steel from the automotive sector is likely to fasten the growth of advanced high-strength steel grades that are especially developed for automotive applications. Because of these factors and evolving regulations relating to fuel efficiency, the global automotive steel wheels market is providing ample opportunities in the coming years.

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While the implementation of alloy wheels is on the growth and likely to dent the possibilities of the automotive steel wheels market, the sales of automotive steel wheels will keep on developing each year. In spite of the few advantages of automotive steel wheels, aluminum wheels could gradually take replace the previous in the next few years. However, the durability and robustness offered by automotive steel wheels is a main consideration that will drive the demand of the market. Restoration of the global economy and increase in intercontinental trade have supported the demand for transport and logistics across the globe. Increase in number of trucks and trailers and demand for freight trucking is estimated to help the automotive steel wheels market. The automotive sector is experiencing waves of advancements at regular intervals because of which stakeholders in the automotive steel wheels market are progressively contributing resources to develop innovative products. Moreover, manufacturers in the automotive steel wheels market are additionally begun to start innovation centers to deliver a range of products in tune with advancing requirements of the automotive industry.

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Development of the automotive industry in China, India, and Japan contribute to expansion of the automotive steel wheels market in the region. China, India, Indonesia, and the Philippines in Asia Pacific have a huge consumer base for used vehicles and hence, the region observers a high demand for steel wheels in the aftermarket.  Availability of abundant raw material decreases the requirement for raw material imports. This, subsequently, lessens the manufacturing cost of steels wheels, in this way lowering the price of steel wheels. Lower costs of steel wheels perfectly complement the demand for low-priced vehicles in this region.