Steel Wheel Market Emerging Trends and In-depth Business Analysis, 2018 – 2023

The global steel wheel market is expected to grow during the forecast period. It is a common practice in passenger cars to use rims that come with a drop-centre design. The purpose of drop centre enables the wheel rim to come in and out of the wheel hence it is necessary for wheels to be robust to carry the entire mass of the vehicle and sustain extreme weather conditions. The wheel centre must encompass the wheel rim at the centre of the axle. It should also provide a standard distance from the wheel’s centre to sustain the turbulence caused due to rotational motion.

The steel wheel aka wheel rim must also be under proper dimensions to support the tyre with a loaded vehicle and the forces generated by the vehicle’s motion. On inflating the tyre, the rim holds the tyre and enables safety. In any event of deflation, the safety ridges prevent the tyre from losing its centre position. This further helps in maintaining the control of vehicle when brakes are applied. Therefore, well-based rims can also be used for HCVs with tubeless tyres.

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Steel wheel market is driven by development in automobile infrastructure and surge in automobile production. In addition, the market growth is stimulated due to presence of key players in the industry and demand for OEMs. Change in manufacturing trends and distribution logistics is more likely to propel the market growth during the forecast period.

Product segment for steel wheel industry includes passenger cars, light commercial vehicles and heavy commercial vehicles. Passenger cars account for a significant market share during the forecast period. Geographical segmentation for the market comprises North America, South America, Europe, Asia-Pacific, Middle East and Africa. Asia-Pacific regions are most likely to gain a significant market share during the forecast period due to rise in automobile production and infrastructure.

North American and European markets are anticipated to register a robust CAGR during the forecast period owing to stringent policies for automobile production and regulatory framework. The key players profiled in the steel wheel market report are Accuride Corporation, Dongfeng Automotive, Titan International, Maxion Wheels, Akron, Meritor, Topy, Central Motor Wheel, CLN Group, Metro Wheels GmBh, Shandong Shenghai, Xingmin Intelligent Transportation Systems, Zhengxing Group, Zheijang Jingu Company, and GKN.

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