North America Automotive Steel Wheels Market
The North America automotive steel wheels market has been analyzed on the basis of three major countries — the US, Canada, and Mexico. The US is estimated to hold the largest share in the automotive steel wheels market during the forecast period. The projected growth of the automotive steel wheels market in the US is attributed to the established market players, increase in productivity, significant cost saving in overall operation. is anticipated to fuel growth of the market during the forecast period. Thus, the Increase in Demand for Lightweight Steel Wheels is expected to create a significant demand for automotive steel wheels in the coming years, which is further anticipated to drive the automotive steel wheels market.
Strategic insights for the North America 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$ 1902.51 Million |
| Market Size by 2028 | US$ 2528.60 Million |
| Global CAGR (2021 - 2028) | 4.3% |
| Historical Data | 2018-2019 |
| Forecast period | 2021-2028 |
| Segments Covered |
By Rim Size
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The geographic scope of the North America 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 North America is expected to grow from US$ 1902.51 Million in 2020 to US$ 2528.60 Million by 2028; it is estimated to grow at a CAGR of 4.3% from 2021-2028. Technological Advancements in Manufacturing of Automotive Wheels. The automotive market leaders are constantly involved in R&D activities to devise the latest and highest production techniques as well as to explore the strongest but lightest-weight material options that can be to use into the wheel production processes. However, the shifting of customer preference toward the alloy and aluminum wheels in among the trends in the coming period. The alloy wheels have gained a remarkable popularity among the high-end cars. For instance, some of the automobile giants such as Koenigsegg Automotive AB uses its full carbonfibre wheels on the Regera car. Jaguar is using high-quality steel wheels to achieve the low-drag E-Type vehicles. The market trend in the North America markets is expected to adopt the alternative options for the steel wheels.
North America is one of the most important regions for the adoption and growth of new technologies owing to favorable government policies to boost innovation, presence of huge technological companies, and high adoption of automation in various industries especially in developed countries such as the US and Canada. Hence, any impact on the growth of industries is expected to affect the economic growth of the region in a negative manner. The US, Canada, and Mexico have witnessed a significant rise in the number of COVID-19 infected patients. This led the governments to impose lockdowns to limit human movement, thereby leading the manufacturing facilities to experience lower than usual production volumes. The US is one of the largest markets for developing autonomous technologies and integrating it into machines to make them automated. In addition, testing of autonomous technologies is also high in the region, however due to COVID, this has declined. Similarly, many industries faced challenges during the pandemic situation. Due to lockdown, the production volume decreases for many sectors. Hence, the ongoing COVID-19 crisis and critical situation in the US is going to impact the automotive steel wheels market growth of North America region in a negative manner for the next few quarters.
The North America 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 North America 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 North America 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, Fastco Canada, Central Motor Wheel of America, Inc, Accuride Corporation.
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The North America Automotive Steel Wheels Market is valued at US$ 1902.51 Million in 2020, it is projected to reach US$ 2528.60 Million by 2028.
As per our report North America Automotive Steel Wheels Market, the market size is valued at US$ 1902.51 Million in 2020, projecting it to reach US$ 2528.60 Million by 2028. This translates to a CAGR of approximately 4.3% during the forecast period.
The North America 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 North America Automotive Steel Wheels Market report:
The North America Automotive Steel Wheels Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The North America Automotive Steel Wheels Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the North America Automotive Steel Wheels Market value chain can benefit from the information contained in a comprehensive market report.
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