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

The automotive steel wheels market in SAM is expected to grow from US$ 196.30 million in 2020 to US$ 249.51 million by 2028; it is estimated to grow at a CAGR of 3.7% from 2021–2028. 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.

These regions are of low cost; therefore, they face the most significant challenge due to the coronavirus pandemic. Due to COVID-19 outbreak, many South and Central American countries have restricted traveling, which has significantly affected several industries. As per the Brazil automaker’s association, it is anticipated that the sales of automotive would recover to pre-COVID levels by 2025. Also, several automakers in the country have witnessed a sharp decline in their production capabilities. According to Anfavea, a automakers association, the automotive production is expected to witness a fall of 45% in 2020 as compared to 2019. Also, the auto exports are expected to experience a decline of 53% for the same duration. Moreover, recently, Ford Motors announced to close its three production facilities and will stop manufacturing operations in SAM.

The overall SAM 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 SAM 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 SAM automotive steel wheels market. Topy Industries limited, Steel Strips Wheels limited, Klassic Wheels Ltd., IOCHPE-MAXION SA, and MANGLES are among the players operating in the market.

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