The automotive steel wheels market in North America is expected to grow from US$ 1,902. 51 million in 2020 to US$ 2,528. 60 million by 2028; it is estimated to grow at a CAGR of 4. 3% from 2021-2028. The growing adoption of steel wheels in electric power vehicles drives the market growth.
New York, May 27, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "North America Automotive Steel Wheels Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Rim Size, Vehicle Type, and End User" - https://www.reportlinker.com/p06075729/?utm_source=GNW
Steel wheels still finds application under heavy load carrying vehicles such as commercial vehicle. Medium and heavy-duty trucks (M&HDT) ranging from class 3 to 8 generally use steel wheels as they have a higher rated weight carrying capacity than alloy wheels. Alloy wheels are not a good choice where gross vehicle weight rating (GVWR) is above 6 tons. These vehicles still use an Internal Combustion Engine (ICE) as their preferred powertrain. However, with the advancement of battery technology with higher power output and the development of Solid-State Battery (SSB), it is expected that electric powertrain would come into mainstream by 2028 for medium and heavy commercial vehicles. Thus, during the forecast period, it is expected to offer lucrative opportunities for steel wheels market to penetrate into the electric commercial vehicle spectrum. The increase in demand for lightweight steel wheels is among the other factors propelling the demand for automotive 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 hindrance on the growth of industries affects the economic growth of the region in a negative manner.
The US, Canada, and Mexico have reported a significant rise in the number of COVID-19 infected patients.This led the governments to impose lockdowns to limit human movement; thus, manufacturers experienced 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, the testing of autonomous technologies is high in the region.
However due to COVID-19 outbreak pandemic, there is a decline in the testing. Similarly, many industries faced challenges during the pandemic. Hence, the ongoing COVID-19 crisis and critical situation in the US is hindering the growth of the North America automotive steel wheels market.
By vehicle type, the passenger vehicle segment is expected to dominate the North America automotive steel wheels market during 2020–2028.The passenger car segment is projected to dominate the demand for automotive steel wheels during the forecast period.
Passenger vehicles account for the majority of overall automotive demand.Furthermore, increasing advancements by key OEMs to increase the driving quality and reliability of passenger vehicles would boost the automobile wheel market for this segment during 2020–2028.
The rise in disposable income of consumers, especially in developing countries such as Mexico, is driving the demand for the automotive wheel rim in the passenger car sector.Furthermore, the growing investments by government to encourage the introduction of electric vehicles are propelling the demand for passenger cars.
For e.g., the government initiated the National Electric Mobility Mission Plan 2020 in 2019 to attract domestic manufacturers. The government proposed more than 130 billion in demand incentive investment and 18 billion in R&D investment under this scheme, which would lower the manufacturing cost of electric vehicles and boost sales over the projected timeframe.
The overall North America automotive steel wheels market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.
The process also serves the purpose of obtaining an overview and forecast for the North America automotive steel wheels market with respect to all the segments pertaining to the region.Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic.
The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the North America automotive steel wheels market. Topy Industries limited; Steel Strips Wheels limited; Klassic Wheels Ltd.; IOCHPE-MAXION SA; Fastco Canada; Central Motor Wheel of America, Inc; and Accuride Corporation are among the players operating in the market
Read the full report: https://www.reportlinker.com/p06075729/?utm_source=GNW
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