Scope of the Study
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.
The market study is being classified, by Application (Passenger Cars, LCVs (Light Commercial Vehicles) and M&HCVs (Medium & Heavy Commercial Vehicles)) and major geographies with country level break-up.
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) are some of the key players profiled in the study. Additionally, the Vendors which are also part of the research are Xingmin Intelligent Transportation Systems (Group) (China), Zhengxing Wheel (China) and Changchun Faway Automobile Components (China).
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. Research Analyst at AMA predicts that United States Vendors will contribute to the maximum growth of Global Steel Wheel market throughout the predicted period.
AdvanceMarketAnalytics has segmented the market of Global Steel Wheel market by Type, Application and Region.
On the basis of geography, the market of Steel Wheel has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). North America region held largest market share in the year 2018. Europe on the other hand stood as second largest market due to the presence of key companies into the region and high technological advancement. If we see Market by Rim Size, the sub-segment i.e. 13-15 will boost the Steel Wheel market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Distribution Channel, the sub-segment i.e. OEM will boost the Steel Wheel market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Finish Type, the sub-segment i.e. Chromed will boost the Steel Wheel market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
- Increasing Demand Due To Easy Maintenance, Cost-Efficient Than Alloy Replacement
- High Adoption of Various End User Industry
- Growing Vehicle Production
- Rising Demand For Low Priced Passenger Cars Attract More Manufacturers to Use Steel Wheel In Passenger Cars
- Concern Regarding the Effect of Added Weight on Performance
- Large Unorganized Aftermarket for Wheels
- Technological Advancement and Product Innovations in Design
- Growing Sale of Low Priced Budget Cars in Developing Countries
- Lack of Standardization in the Manufacturing Processes
Market Leaders and their expansionary development strategies
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.
Key Target AudienceManufactures, Suppliers and Distributors, Research Organizations and Consulting Companies, Organizations, Associations and Alliances, Government Bodies Such As Regulating Authorities and Policy Makers, Government Agencies and Others
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Data related to EXIM [Export- Import], production & consumption by country or regional level break-up can be provided based on client request**
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