Global steel wheel market is expected to grow at a significant CAGR of 2.8% by 2023 as the scope and its applications are rising enormously across the globe. 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. It is then connected to form the entire wheel. These wheels have been standard on most of the low-cost vehicles.
The factors that are playing a major role in the growth of the market are easy maintenance, cost-efficient than alloy replacement, stronger in comparison to aluminum alloys, and the growing demand from end-users. However, the effect of added weight on performance may restrain the overall market growth in the years to come. Steel wheel market is segmented based on product, finish type, application, and region.
18-inch rim size, few 17-inch rim size, and 16 inches size rims or less in diameter are the product types that could be explored in market in the forecast period. Chromed, painted, polished, machined, and other finish types could span market in the forecast period. The painted sector may account for the substantial share of a steel wheel market and is estimated to lead the overall market in the years to come. The reason behind the overall market growth could be the availability in a variety of colors and designs and the high demand from consumers.
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The market could be categorized based on applications like commercial vehicles, passenger cars, and others could be explored in the forecast period. Passenger cars sector may account for the substantial market share of a steel wheel and is estimated to lead the overall market in the years to come. The reason could be the growing demand from developing regions. Steel wheel market is segmented geographically into Americas (North America, South America), Europe (Eastern Europe, Western Europe), Asia Pacific (India, China, Japan, New Zealand, and Australia), Middle East (UAE, Saudi, and Qatar) and Africa (South Africa).
Globally, Asia Pacific may account for the substantial market share of a steel wheel and is estimated to lead the overall market in the years to come. The reason behind the overall market growth could be the rising disposable income and the increasing investment for infrastructural development. The developing countries like India and China are the major consumers of steel wheel in this region.The key players of steel wheel market are Zhejiang Jingu, Dongfeng Motor Wheel, Xingmin Intelligent Transportation Systems (Group), Zhengxing Wheel, and Changchun Faway Automobile Components. These players are concentrating on inorganic growth to sustain themselves amidst fierce competition.
Global steel wheel market is anticipated to grow at a CAGR of 2.8% by 2023, according to a new report published by Radiant Insights. The report segments the market and forecasts its size, by volume and value, on the basis of application (passengers cars, commercial vehicles, etc.), and by geography (North America, Europe, Asia-Pacific, MEA and South America).
The report covers forecast and analysis for the steel wheel market on a global and regional level. The study provides historic data of 2013-2017 along with a forecast from 2018 to 2023 based on both output/volume and revenue. The study then describes the drivers and restraints for the steel wheel market along with the impact they have on the demand over the forecast period. Additionally, the report includes the study of opportunities available in the steel wheel market on a global level.
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The report has been prepared based on the synthesis, analysis, and interpretation of information about the global steel wheel market collected from specialized sources. The competitive landscape section of the report provides a clear insight into the market share analysis of key industry players. Company overview, financial overview, product portfolio, new project launched, recent development analysis are the parameters included in the profile.
Demand for this market rises from the passengers cars, commercial vehicles, and other applications. All the segments have been analyzed based on present and future trends and the market is estimated from 2018 to 2023. Relevantly, the report and company profiles specify the key drivers that are impacting the demand in global steel wheel market.
• Passengers Cars
• Commercial Vehicles
• North America
• Asia Pacific
• Middle East and Africa
• South America
• Accuride Corporation
• Maxion Wheels Akron
• Titan International
• Central Motor Wheel
• CLN Group
• Mefro Wheels GmbH
• Shandong Shengtai
• Xingmin Intelligent Transportation Systems
• Zhengxing Group
• Zhejiang Jingu Company
• Dongfeng Automotive
• request free sample to get a complete list of companies
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