Middle East & Africa Automotive Steel Wheels Market
Middle East and Africa automated guided vehicle market is analyzed based countries such as Saudi Arabia, UAE, South Africa, and Rest of Middle East and Africa. The region is expected experience rapid rise in industrialization, which would further boost the growth of a diverse range of industries, including automotive. The Gulf countries are economically advanced, while the African countries are yet to match up to their economic conditions. Factors such as surge in the number of passenger and commercial vehicles on-road,and increasing demand for the integration of automated technologies in vehicles are fueling the automotive steel wheels market growth in the MEA. Increase in vehicle production and elevated disposable income are propelling the demand for automotive steel wheels in this region. Governments of several countries have redirected their focus on the automotive sector, to reduce their dependency on any particular sector. The Government of South Africa launched South African Automotive Masterplan that aims to broaden and deepen the local value chains. However, the COVID-19 pandemic has severely affected the automotive sector in the MEA, resulting in shutting down of various manufacturing facilities in the region. The suppression of the automotive market is, in turn, restraining the growth of the automotive steel wheels market in the region. The manufacturing sector of Middle East is blooming and the government is taking several steps to encourage the manufacturing sector of the region. The rising expansion by international companies is also expected to drive the growth of the market in the coming future.
Among Middle East and Africa countries, Iran has the highest number of COVID-19 confirmed cases, which impacted the economic and growth of industries. Major countries that are facing the economic impact of COVID-19 outbreak include Iran, Saudi Arabia, UAE, Egypt, Morocco, and Kuwait. Due to lesser maritime trade and limited business in shipping industry happened in the first quarter of 2020, the trend of unmanned ships and navigation has disturbed slightly. This factor has affected the scope of automotive steel wheels market.
Strategic insights for the Middle East & Africa Automotive Steel Wheels provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.
| Report Attribute | Details |
|---|---|
| Market size in 2020 | US$ 132.71 Million |
| Market Size by 2028 | US$ 167.13 Million |
| Global CAGR (2021 - 2028) | 3.7% |
| Historical Data | 2018-2019 |
| Forecast period | 2021-2028 |
| Segments Covered |
By Rim Size
|
| Regions and Countries Covered | Middle East and Africa
|
| Market leaders and key company profiles |
The geographic scope of the Middle East & Africa Automotive Steel Wheels refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.
The Automotive Steel Wheels Market in MEA is expected to grow from US$ 132.71 Million in 2020 to US$ 167.13 Million by 2028; it is estimated to grow at a CAGR of 3.7% from 2021-2028. The manufacturing of vehicles is expected to increase in the coming years with the rising need of personal transportation means, such as cars and SUVs, especially during the ongoing COVID-19 pandemic, as people are more inclined toward buying personal cars to avoid public transport. The automotive manufactures provide a steel wheel as a spare wheel with every unit of vehicle. Factors such as increasing road accidents and surge in road transport are boosting the demand for low-cost wheels. As per the Insurance Institute for Highway Safety – Highway Loss Data Institute, ~33,244 motor vehicle crashes were reported in the US in 2019. Such accidents generate demand for spare components, such as wheels. Thus, the flourishing demand for lightweight steel wheels due to their high performance, and low manufacturing and repair costs is driving the market growth.
The MEA automotive steel wheels market is segmented based on rims size, vehicle type, end user and country. Based market is segmented as Rim Size 13-15 Inches, 16-18 Inches, 19-21 Inches, and more than 21 Inches. In 2020, the 16-18 Inch segment held the largest share MEA automotive steel wheels market. Based on vehicle type the automotive steel wheels market is divided into Heavy Commercial Vehicle, Light Commercial Vehicle, and Passenger Vehicle. Passenger Vehicle is expected to the fastest growing segment over the forecast period. On the basis of user the market is segmented into OEM, and Aftermarket. The OEM segment accounts for largest market share in the 2020.
A few major primary and secondary sources referred to for preparing this report on the Automotive Steel Wheels Market in MEA are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are Topy Industries limited, Steel Strips Wheels limited, Klassic Wheels Ltd., IOCHPE-MAXION SA.
The Middle East & Africa Automotive Steel Wheels Market is valued at US$ 132.71 Million in 2020, it is projected to reach US$ 167.13 Million by 2028.
As per our report Middle East & Africa Automotive Steel Wheels Market, the market size is valued at US$ 132.71 Million in 2020, projecting it to reach US$ 167.13 Million by 2028. This translates to a CAGR of approximately 3.7% during the forecast period.
The Middle East & Africa Automotive Steel Wheels Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the Middle East & Africa Automotive Steel Wheels Market report:
The Middle East & Africa Automotive Steel Wheels Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Middle East & Africa Automotive Steel Wheels Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Middle East & Africa Automotive Steel Wheels Market value chain can benefit from the information contained in a comprehensive market report.
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