Industry Background:
Rising disposable income and the growing investment for infrastructural development will help to boost global steel wheel market in the forecasted period. Steel wheels an alloy of iron and carbon is a stronger metal than alloy wheels and other materials. It is pressed from billets of steel using hydraulic equipment then connected to form the entire wheel. Steel wheels have been standard on most of the low-cost vehicles.
Also, check latest insights that AMA Research revealed in latest research coverage on " target="_blank">".Attributes | Details |
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Study Period | 2017-2027 |
Base Year | 2021 |
High Growth Market | Asia Pacific |
Unit | Value (USD Million) |
Key Companies Profiled | Accuride Wheel End Solutions (United States), MAXION Wheels (United States), Steel Strips Wheels (India), Steel Strips Wheels Ltd (India), U.S. Wheel Corp. (United States), Central Motor Wheel of America, Inc. (United States), JBW (United Kingdom), Rimstock Limited (United Kingdom), Zhejiang Jingu (China) and Dongfeng Motor Wheel (China) |
This growth is primarily driven by Increasing Demand Due To Easy Maintenance, Cost-Efficient Than Alloy Replacement and High Adoption of Various End User Industry.
Globally, a noticeable market trend is evident Growing Vehicle Production
The Automobiles sector in the North America region has been increasing at a sustainable rate, and further growth is expected to be witnessed over the forecast period, owing to the robust investments and expansion in production facilities in the region. Major Vendors, such as Accuride Wheel End Solutions (United States), MAXION Wheels (United States), Steel Strips Wheels (India), Steel Strips Wheels Ltd (India), U.S. Wheel Corp. (United States), Central Motor Wheel of America, Inc. (United States), JBW (United Kingdom), Rimstock Limited (United Kingdom), Zhejiang Jingu (China) and Dongfeng Motor Wheel (China), etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years. Leading global players are focusing on strategic partnerships to improve their products and services. In addition, companies are focusing on increasing their client base to strengthen market position and to enhance product & service offerings.
Key Developments in the Market:
On 7th February 2019, Maxion Wheels, the world’s largest wheel manufacturer, has won Tata Motors as a new customer for its VersaStyle passenger car steel wheel. Currently, the company is on track to deliver 150,000 VersaStyle wheels per year for Tata’s model “Tiago.” This on top of the three million VersaStyle wheels produced annually for other Maxion Wheels customers.
Influencing Trend:
Growing Vehicle Production and Rising Demand For Low Priced Passenger Cars Attract More Manufacturers to Use Steel Wheel In Passenger Cars
Market Growth Drivers:
Increasing Demand Due To Easy Maintenance, Cost-Efficient Than Alloy Replacement and High Adoption of Various End User Industry
Challenges:
Lack of Standardization in the Manufacturing Processes
Restraints:
Concern Regarding the Effect of Added Weight on Performance and Large Unorganized Aftermarket for Wheels
Opportunities:
Technological Advancement and Product Innovations in Design and Growing Sale of Low Priced Budget Cars in Developing Countries
AMA Research follows a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcases the spontaneously changing Vendors landscape impacting the growth of the market. Furthermore, our market researchers extensively analyze the products and services offered by multiple players competing to increase their market share and presence.
Customization in the Report
AMA Research features not only specific market forecasts but also includes significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints in Steel Wheel Market
- Analysis about New Entrants in Steel Wheel Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
- An Unbiased Perspective towards Market Performance & Indicators
Against this Challenging Backdrop, Steel Wheel Study Sheds Light on
The Steel Wheel Market status quo and key characteristics. To end this, Analysts at AMA organize and took surveys of the Steel Wheel industry Vendors. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Steel Wheel industry is heading and what are the top priorities. Insights are drawn from financial analysis, surveys, and interviews with key executives and industry experts.
How every company in this diverse set of Vendors can best navigate the emerging competition landscape and follow a strategy that helps them position to hold the value they currently claim or capture the new addressable opportunity.