Europe 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 Europe is expected to grow from US$ 1,230.25 million in 2020 to US$ 1,623.04 million by 2028; it is estimated to grow at a CAGR of 4.2% from 2021–2028. Rising demand for lightweight steel wheels is expected to drive the market growth during the forecast period. Automobile wheels are made from materials such as steel, aluminum, magnesium, carbon fiber, and other metal combinations. Parameters such as of size, weight, material, and designs contribute significantly to wheel performance. Wheel weight has a vital role in the movement and performance of cars, trucks, buses, and bikes, among others. Lower the weight of the wheel lesser the overall weight of vehicles, and this helps improve fuel consumption. Owing to the properties of steel which is easy to manufacturing, durability, and easy repairability has preference by the customers using hardcore sport utility vehicles SUVs, city cars and heavy goods vehicle (HMVs). Heavy loads and rough tracks can damage the wheels of the vehicles. The steel wheels are easier to repair and replace than wheels made from alloys and aluminum. Moreover, the repair costs of the former ones are lower than the other types. The production cost of steels wheels is 70–80% lower than the cost of production of alloy wheels. Therefore, steel wheels are being used in many of the economy cars worldwide.

Due to COVID-19 outbreak, Spain, Italy, Germany, the UK, and France are among the worst affected member states in Europe. Businesses in the region are facing severe financial difficulties as they had to either suspend their operations or reduce their activities in a substantial manner. Due to business lockdowns, travel bans, and supply chain disruptions, the region witnessed an economic slowdown in 2020 and it is most likely to continue in 2021 also. The entire region is heavily hit by the pandemic, which has resulted into closure of tech giants and many industrial sectors. This closure has obstructed the company’s investment decision on different software. Europe is a major manufacturing and industrial hub for various sectors such as machinery equipment, manufacturing, and logistics. Decline in the activities of these industries hindered the development of the automotive steel wheels and accessories.

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 overall Europe 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 Europe 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 Europe automotive steel wheels market are Topy Industries limited; Steel Strips Wheels limited; Klassic Wheels Ltd.; IOCHPE-MAXION SA; Alcar Holding GMBH, Inc; and Accuride Corporation are among the players operating in the market.

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