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North America Automotive Steel Wheels Market Forecast to 2028 - COVID-19 Impact and Regional Analysis by Rim Size, Vehicle Type, and End User

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    Report

  • May 2021
  • Region: North America
  • The Insight Partners
  • ID: 5331788
The automotive steel wheels market in North America is expected to grow from US$ 1,902.51 million in 2020 to US$ 2,528.60 million by 2028; it is estimated to grow at a CAGR of 4.3% from 2021-2028. The growing adoption of steel wheels in electric power vehicles drives the market growth. Steel wheels still finds application under heavy load carrying vehicles such as commercial vehicle. Medium and heavy-duty trucks (M&HDT) ranging from class 3 to 8 generally use steel wheels as they have a higher rated weight carrying capacity than alloy wheels. Alloy wheels are not a good choice where gross vehicle weight rating (GVWR) is above 6 tons. These vehicles still use an Internal Combustion Engine (ICE) as their preferred powertrain. However, with the advancement of battery technology with higher power output and the development of Solid-State Battery (SSB), it is expected that electric powertrain would come into mainstream by 2028 for medium and heavy commercial vehicles. Thus, during the forecast period, it is expected to offer lucrative opportunities for steel wheels market to penetrate into the electric commercial vehicle spectrum. The increase in demand for lightweight steel wheels is among the other factors propelling the demand for automotive steel wheels.

North America is one of the most important regions for the adoption and growth of new technologies owing to favorable government policies to boost innovation, presence of huge technological companies, and high adoption of automation in various industries especially in developed countries such as the US and Canada. Hence, any hindrance on the growth of industries affects the economic growth of the region in a negative manner. The US, Canada, and Mexico have reported a significant rise in the number of COVID-19 infected patients. This led the governments to impose lockdowns to limit human movement; thus, manufacturers experienced lower than usual production volumes. The US is one of the largest markets for developing autonomous technologies and integrating it into machines to make them automated. In addition, the testing of autonomous technologies is high in the region. However due to COVID-19 outbreak pandemic, there is a decline in the testing. Similarly, many industries faced challenges during the pandemic. Hence, the ongoing COVID-19 crisis and critical situation in the US is hindering the growth of the North America automotive steel wheels market.

By vehicle type, the passenger vehicle segment is expected to dominate the North America automotive steel wheels market during 2020–2028. The passenger car segment is projected to dominate the demand for automotive steel wheels during the forecast period. Passenger vehicles account for the majority of overall automotive demand. Furthermore, increasing advancements by key OEMs to increase the driving quality and reliability of passenger vehicles would boost the automobile wheel market for this segment during 2020–2028. The rise in disposable income of consumers, especially in developing countries such as Mexico, is driving the demand for the automotive wheel rim in the passenger car sector. Furthermore, the growing investments by government to encourage the introduction of electric vehicles are propelling the demand for passenger cars. For e.g., the government initiated the National Electric Mobility Mission Plan 2020 in 2019 to attract domestic manufacturers. The government proposed more than 130 billion in demand incentive investment and 18 billion in R&D investment under this scheme, which would lower the manufacturing cost of electric vehicles and boost sales over the projected timeframe.

The overall North America automotive steel wheels market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining an overview and forecast for the North America automotive steel wheels market with respect to all the segments pertaining to the region. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the North America automotive steel wheels market. Topy Industries limited; Steel Strips Wheels limited; Klassic Wheels Ltd.; IOCHPE-MAXION SA; Fastco Canada; Central Motor Wheel of America, Inc; and Accuride Corporation are among the players operating in the market

Reasons to Buy

  • To understand the North America Automotive Steel Wheels Market landscape and identify market segments that are most likely to guarantee a strong return
  • Stay ahead of the race by comprehending the ever-changing competitive landscape for North America Automotive Steel Wheels Market
  • Efficiently plan M&A and partnership deals in North America Automotive Steel Wheels Market by identifying market segments with the most promising probable sales
  • Helps to take knowledgeable business decisions from perceptive and comprehensive analysis of market performance of various segment form North America Automotive Steel Wheels Market
  • Obtain market revenue forecast for market by various segments from 2021-2028 in North America region.

Table of Contents

1. Introduction
1.1 Scope of the Study
1.2 Research Report Guidance
1.3 Market Segmentation
1.3.1 North America Automotive Steel Wheels Market - By Rim Size
1.3.2 North America Automotive Steel Wheels Market - By Vehicle Type
1.3.3 North America Automotive Steel Wheels Market - By End User
1.3.4 North America Automotive Steel Wheels Market - By Country
2. North America Automotive Steel Wheels Market - Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. North America Automotive Steel Wheels - Market Landscape
4.1 Overview
4.2 PEST Analysis
4.2.1 North America - PEST Analysis
4.3 Ecosystem Analysis
4.4 Expert Opinion
5. North America Automotive Steel Wheels Market- Industry Dynamics
5.1 Market Drivers
5.1.1 Increase in Demand for Lightweight Steel Wheels
5.1 Market Restraints
5.1.1 Rising Popularity of Alloy Wheels
5.2 Market Opportunities
5.2.1 Adoption of Steel Wheels in Electric Power Vehicles
5.3 Future Trends
5.3.1 Technological Advancements in Manufacturing of Automotive Wheels
5.4 Impact analysis
6. Automotive Steel Wheels Market - North America Analysis
6.1 North America Automotive Steel Wheels Market Overview
6.2 Automotive Steel Wheels Market - Revenue and Forecast to 2028 (US$ Million)
6.3 Market Positioning
7. North America Automotive Steel Wheels Market Analysis and Forecast to 2028 - by Rim Size
7.1 Overview
7.2 Automotive Steel Wheels Market, by Rim Size, 2020 & 2028 (% Share)
7.3-15 Inches
7.3.1 Overview
7.3.2-15 Inches: North America Automotive Steel Wheels Market Revenue and Forecast to 2028 (US$ Mn)
7.4-18 Inches
7.4.1 Overview
7.4.2-18 Inches: North America Automotive Steel Wheels Market Revenue and Forecast to 2028 (US$ Mn)
7.5-21 Inches
7.5.1 Overview
7.5.2-21 Inches: North America Automotive Steel Wheels Market Revenue and Forecast to 2028 (US$ Mn)
7.6 More than 21 Inches
7.6.1 Overview
7.6.2 More than 21 Inches: North America Automotive Steel Wheels Market Revenue and Forecast to 2028 (US$ Mn)
8. North America Automotive Steel Wheels Market Analysis and Forecast to 2028 - Vehicle Type
8.1 Overview
8.2 North America Automotive Steel Wheels Market, by Vehicle Type, 2020 & 2028 (% Share)
8.3 Heavy Commercial Vehicle
8.3.1 Overview
8.3.2 Heavy Commercial Vehicle: North America Automotive Steel Wheels Market Revenue and Forecast to 2028 (US$ Mn)
8.4 Light Commercial Vehicle
8.4.1 Overview
8.4.2 Light Commercial Vehicle: North America Automotive Steel Wheels Market Revenue and Forecast to 2028 (US$ Mn)
8.5 Passenger Vehicle
8.5.1 Overview
8.5.2 Passenger Vehicle: North America Automotive Steel Wheels Market Revenue and Forecast to 2028 (US$ Mn)
9. North America Automotive Steel Wheels Market Analysis and Forecast to 2028 - End User
9.1 Overview
9.2 North America Automotive Steel Wheels Market, by End User, 2020 & 2028 (% Share)
9.3 OEM (Original Equipment Manufacturers)
9.3.1 Overview
9.3.2 OEM: North America Automotive Steel Wheels Market Revenue and Forecast to 2028 (US$ Mn)
9.4 Aftermarket
9.4.1 Overview
9.4.2 Aftermarket: North America Automotive Steel Wheels Market Revenue and Forecast to 2028 (US$ Mn)
10. North America Automotive Steel Wheels Market Revenue and Forecast to 2028 Country Analysis
10.1 North America Automotive Steel Wheels Market, Revenue and Forecast to 2028
10.1.1 Overview
10.1.2 North America Automotive Steel Wheels Market, Revenue and Forecast To 2028 (US$ Mn)
10.1.3 North America Automotive Steel Wheels Market, Revenue and Forecast 2020-2028, By Country (%)
10.1.3.1 United States - Automotive Steel Wheels Market, Revenue and Forecast To 2028 (US$ Mn)
10.1.3.2 United States: Automotive Steel Wheels Market, by Rim Size - Revenue and Forecast to 2028 (USD Million)
10.1.3.3 United States: Automotive Steel Wheels Market, by Vehicle Type - Revenue and Forecast to 2028 (USD Million)
10.1.3.4 United States: Automotive Steel Wheels Market, by End User - Revenue and Forecast to 2028 (USD Million)
10.1.4 Canada - Automotive Steel Wheels Market, Revenue and Forecast To 2028 (US$ Mn)
10.1.4.1 Canada: Automotive Steel Wheels Market, Revenue and Forecast To 2028 (US$ Mn)
10.1.4.2 Canada: Automotive Steel Wheels Market, by Rim Size - Revenue and Forecast to 2028 (USD Million)
10.1.4.3 Canada: Automotive Steel Wheels Market, by Vehicle Type - Revenue and Forecast to 2028 (USD Million)
10.1.4.4 Canada: Automotive Steel Wheels Market, by End User - Revenue and Forecast to 2028 (USD Million)
10.1.5 Mexico - Automotive Steel Wheels Market, Revenue and Forecast To 2028 (US$ Mn)
10.1.5.1 Mexico: Automotive Steel Wheels Market, Revenue and Forecast To 2028 (US$ Mn)
10.1.5.2 Mexico: Automotive Steel Wheels Market, by Rim Size - Revenue and Forecast to 2028 (USD Million)
10.1.5.3 Mexico: Automotive Steel Wheels Market, by Vehicle Type - Revenue and Forecast to 2028 (USD Million)
10.1.5.4 Mexico: Automotive Steel Wheels Market, by End User - Revenue and Forecast to 2028 (USD Million)
11. Impact Of COVID-19 Pandemic on North America Automotive Steel Wheels Market
11.1 North America: Impact Assessment of COVID-19 Pandemic
12. Industry Landscape
12.1 Strategy and Business Planning
12.2 Product News
12.3 Partnerships & Collaboration
13. Company Profiles
13.1 TOPY INDUSTRIES LIMITED
13.1.1 Key Facts
13.1.2 Business Description
13.1.3 Products and Services
13.1.4 Financial Overview
13.1.5 SWOT Analysis
13.1.6 Key Developments
13.2 STEEL STRIPS WHEELS LIMITED
13.2.1 Key Facts
13.2.2 Business Description
13.2.3 Products and Services
13.2.4 Financial Overview
13.2.5 SWOT Analysis
13.2.6 Key Developments
13.3 Klassic Wheels Ltd.
13.3.1 Key Facts
13.3.2 Business Description
13.3.3 Products and Services
13.3.4 Financial Overview
13.3.5 SWOT Analysis
13.3.6 Key Developments
13.4 IOCHPE-MAXION SA
13.4.1 Key Facts
13.4.2 Business Description
13.4.3 Products and Services
13.4.4 Financial Overview
13.4.5 SWOT Analysis
13.4.6 Key Developments
13.5 Fastco Canada
13.5.1 Key Facts
13.5.2 Business Description
13.5.3 Products and Services
13.5.4 Financial Overview
13.5.5 SWOT Analysis
13.5.6 Key Developments
13.6 Central Motor Wheel of America, Inc.
13.6.1 Key Facts
13.6.2 Business Description
13.6.3 Products and Services
13.6.4 Financial Overview
13.6.5 SWOT Analysis
13.6.6 Key Developments
13.8 Accuride Corporation
13.8.1 Key Facts
13.8.2 Business Description
13.8.3 Products and Services
13.8.4 Financial Overview
13.8.5 SWOT Analysis
13.8.6 Key Developments
14. Appendix
14.1 About the Publisher
14.2 Glossary of Terms
List of Tables
Table 1. Automotive Steel Wheels Market - Revenue and Forecast to 2027 (US$ Million)
Table 2. United States: Automotive Steel Wheels Market, by Rim Size - Revenue and Forecast to 2028 (USD Million)
Table 3. United States: Automotive Steel Wheels Market, by Vehicle Type - Revenue and Forecast to 2028 (USD Million)
Table 4. United States: Automotive Steel Wheels Market, by End User - Revenue and Forecast to 2028 (USD Million)
Table 5. Canada: Automotive Steel Wheels Market, by Rim Size - Revenue and Forecast to 2028 (USD Million)
Table 6. Canada: Automotive Steel Wheels Market, by Vehicle Type - Revenue and Forecast to 2028 (USD Million)
Table 7. Canada: Automotive Steel Wheels Market, by End User - Revenue and Forecast to 2028 (USD Million)
Table 8. Mexico: Automotive Steel Wheels Market, by Rim Size - Revenue and Forecast to 2028 (USD Million)
Table 9. Mexico: Automotive Steel Wheels Market, by Vehicle Type - Revenue and Forecast to 2028 (USD Million)
Table 10. Mexico: Automotive Steel Wheels Market, by End User - Revenue and Forecast to 2028 (USD Million)
Table 11. Glossary of Terms, Automotive Steel Wheels Market
List of Figures
Figure 1. North America Automotive Steel Wheels Market Segmentation
Figure 2. North America Automotive Steel Wheels Market - By Country
Figure 3. North America Automotive Steel Wheels Market Overview
Figure 4.-18 Inch Rim Size Segment Held Largest Share of North America Automotive Steel Wheels Market in 2020
Figure 5. North America Automotive Steel Wheels Market in MEA Region to Show Remarkable Growth During Forecast Period
Figure 6. North America Automotive Steel Wheels Market, By Country (US$ Million)
Figure 7. North America Pest Analysis
Figure 8. Ecosystem Analysis
Figure 9. Expert Opinion
Figure 10. Automotive Steel Wheels Market Impact Analysis of Driver and Restraints
Figure 11. North America Automotive Steel Wheels Market - Revenue and Forecast to 2027 (US$ Million)
Figure 12. North America Automotive Steel Wheels Market, By Rim Size, 2020 & 2028 (% Share)
Figure 13.-15 Inches Market Revenue and Forecast to 2028 (US$ Mn)
Figure 14.-18 Inches Market Revenue and Forecast to 2028 (US$ Mn)
Figure 15.-21 Inches Market Revenue and Forecast to 2028 (US$ Mn)
Figure 16. More than 21 Inches: Automotive Steel Wheels Market Revenue and Forecast to 2028 (US$ Mn)
Figure 17. North America Automotive Steel Wheels Market, By Vehicle Type, 2020 & 2028 (% Share)
Figure 18. Heavy Commercial Vehicle: North America Automotive Steel Wheels Market Revenue and Forecast to 2028 (US$ Mn)
Figure 19. Light Commercial Vehicle: North America Automotive Steel Wheels Market Revenue and Forecast to 2028 (US$ Mn)
Figure 20. Passenger Vehicle: North America Automotive Steel Wheels Market Revenue and Forecast to 2028 (US$ Mn)
Figure 21. North America Automotive Steel Wheels Market, By End User, 2020 & 2028 (% Share)
Figure 22. OEM: North America Automotive Steel Wheels Market Revenue and Forecast to 2028 (US$ Mn)
Figure 23. Aftermarket: North America Automotive Steel Wheels Market Revenue and Forecast to 2028 (US$ Mn)
Figure 24. North America Automotive Steel Wheels Market, Revenue and Forecast To 2020-2028, By Country (%)
Figure 25. US Automotive Steel Wheels Market, Revenue and Forecast To 2028 (US$ Mn)
Figure 26. Canada: Automotive Steel Wheels Market, Revenue and Forecast To 2028 (US$ Mn)
Figure 27. Mexico: Automotive Steel Wheels Market, Revenue and Forecast To 2028 (US$ Mn)
Figure 28. Impact Of COVID-19 Pandemic in North American Country Markets

Companies Mentioned (Partial List)

A selection of companies mentioned in this report includes, but is not limited to:

  • Topy Industries limited
  • Steel Strips Wheels limited
  • Klassic Wheels Ltd.
  • IOCHPE-MAXION SA
  • Fastco Canada
  • Central Motor Wheel of America, Inc
  • Accuride Corporation

Table Information