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Automotive Steel Wheels Market Revenue | CAGR of 2.51%
09 Oct 2024
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Automotive Steel Wheels Market Revenue and Trends
The global automotive steel wheels market revenue reached USD 14.97 billion in 2023 and is predicted to attain around USD 19.18 billion by 2033 expanding at a CAGR of 2.51% during forecast period. The demand for automotive steel wheels is increasing due to the low development costs and benefits of steel wheels.
Market Overview
The dynamic sector dedicated to the design, manufacture, and distribution of steel-based wheels, specifically those built for automobile utilization, is called the Automotive Steel Wheels Market. This is an important part of a car's chassis. Steel wheels offer the structural support required to mount tires and enable smooth rotation. Material specifications, technical development, and strict manufacturing standards are all high-quality features of the market.
Report Highlights of the Automotive Steel Wheels Market
Based on vehicle type, the passenger vehicles segment dominated the market in 2023 owing to increasing urbanization and disposable income in emerging nations like India and China.
By application, the aftermarket segment led the market in 2023. The dominance of the segment can be attributed to the growing need for the replacement of steel wheels due to wear and tear.
Automotive Steel Wheels Market Trends
Rising Popularity of SUVs and Crossovers: SUVs and crossovers are becoming widely popular among all types of consumers. These types of cars are heavier than coupes and sedans. Furthermore, steel wheels can lift the high weight of these vehicles while driving on the road. Steel wheels are much stronger and more durable than aluminum wheels; hence, steel wheels are the ideal choice for this type of vehicle.
Increasing Demand for Aftermarket Wheels: Aftermarket wheels are a type of wheels that are not made by the original equipment manufacturer. Consumers generally purchase aftermarket wheels to either improve the looks of their vehicle or enhance its performance in some way. Because of the lower price and simplicity of purchase and installation steel wheel is a popular choice for an aftermarket. The increasing demand for the same will continue to fuel the market growth.
The Development of Ultra-lightweight Steel Wheels: The automotive industry is experiencing developments in the form of ultra-light rigid steel wheels. Such advancements are improving the performance capabilities of steel wheels. Moreover, companies are launching lightweight steel wheels with enhanced wheel designs. Vehicle light-weighting has been a crucial focus for automotive OEMs for the last few years. Hence, the development of ultra-lightweight steel wheels is proving to be highly advantageous.
Regional Insights
Asia Pacific led the market in 2023 by holding the largest market share. The dominance of the region can be attributed to the increasing demand for both LCVs and M and HCVs by the consumers, which is stimulating the growth of the automotive steel wheels market in the region. Additionally, China is a major contributor and holds the largest market share in the region. This is due to the rising adoption of PCs and CVs in China. APAC economies are also experiencing growing shipping, infrastructural, and mining activities that are impacting market growth positively.
In May 2024, as part of a worldwide joint venture with the European automotive business Stellantis, the Chinese startup Leapmotor hopes to introduce its electric cars (EVs) in India. The two companies are attempting to increase their presence in foreign markets.
North America shows the fastest growth over the projected period. The growth of the region is driven by new trends in vehicle preferences along with cost considerations. This region's increasing preference for SUVs and trucks, which need durable components to manage heavy loads and rugged performance, propels the demand for automotive steel wheels in the region. These wheels are also well-suited for heavy-duty vehicles.
Automotive Steel Wheels Market Coverage
Report Attribute
Key Statistics
Market Revenue in 2024
USD 15.35 Billion
Market Revenue by 2033
USD 19.18 Billion
CAGR
2.51% from 2023 to 2033
Quantitative Units
Revenue in USD million/billion, Volume in units
Largest Market
Asia Pacific
Base Year
2023
Regions Covered
North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa
Market News
In February 2024, as a replacement for the WR-V, Honda introduced the Elevate, a small family SUV, to the local market. This comes after the company's mid-sized CR-V SUV was introduced locally with the most recent version currently retailing for R1 million on the highest-specced variant. The Japanese automaker's local branch has also subtly altered its Ballade sedan.
In September 2024, in an attempt to increase the number of prospective customers, the Huawei-backed new energy vehicle (NEV) business Aito unveiled a five-seat version of its flagship SUV (sport utility vehicle) model, the M9. The mid-to-large Aito M9 SUV with five seats was introduced by the Chinese IT giant.
In August 2022, the CADEX 50 Ultra Disc wheels and the aero tubeless tire are two new performance road cycling items the company revealed. The CADEX 50 Ultra Disc wheels have a headline weight of a little over 1300 grams, and each of the 25c tires weighs 290 grams.
Market Segmentation
By Vehicle Type
Heavy Commercial Vehicle
Light Commercial Vehicle
Passenger Vehicle
By Application
OEM
Aftermarket
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