Automotive steel wheels are round shaped rims on which the tires are mounted. These are both stronger and cheaper when compared to the alloy wheel. Steel wheels help enable movement as well as it has to carry the whole weight of the vehicle. Further, the automotive sector across the world has been under continuous pressure to modernize and find new ways to develop energy efficiency and reduce carbon discharge, which increases the adoption of stainless steel in the automotive sector. The high acceptance for steel wheels is likely to drive the automotive steel wheels market growth.
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Top impacting factors: market scenario analysis, trends, drivers and impact analysis :
Low development cost & cheaper but more durable, improved vehicle dynamics and increased demand for lightweight steel wheels are driving the growth of the market. However, rise in preference for alloy wheels and volatility in raw material prices are expected to hamper the growth of the market. Contrarily, vendors incorporating advanced manufacturing technology for high-strength steel wheels that can be seen as an opportunity for the market investments.
Increase in demand for lightweight steel wheels :
Various government policies regarding heavy vehicles have been formulated because of which lightweight steel wheels were introduced to bring a significant weight reduction in the vehicle with a higher toughness. Heaviness of a vehicle increases the fuel consumption coupled with increase in air pollution as well as the speed of the vehicle. Many automotive companies are investing in development of the lightweight and fuel efficient vehicles. For instance, automotive manufacturers, such as BMW and Mercedes, have already started to scale-up their production of fuel-efficient cars through weight reduction by using lightweight steel wheels. Therefore, increase in demand for steel wheels will boost the growth of the automotive steel wheels market.
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Key benefits of the report :
- This study presents the analytical depiction of the automotive steel wheels industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with challenges of the automotive steel wheels market.
- The current market is quantitatively analyzed from 2019 to 2027 to highlight the automotive steel wheels market growth scenario.
- We can also determine steel wheels will remain a significant revenue shareholder in the automotive steel wheels market through the predictable future.
Key Market Players :
Automotive Wheels Ltd, ALCAR WHEELS GMBH, Klassic Wheels Limited Accuride Corporation, MAXION Wheels, Central Motor Wheel of America, Inc., Thyssenkrupp AG, Steel Strips Group, CLN Coils Lamiere Nastri SpA, THE CARLSTAR GROUP, LLC., TOPY AMERICA, INC., U.S. WHEEL CORP.
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