Report : Middle East & Africa Automotive Steel Wheels Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Rim Size (13–15 Inches, 16–18 Inches, 19–21 Inches, and More than 21 Inches), Vehicle Type (Heavy Commercial Vehicle, Light Commercial Vehicle, and Passenger Vehicle), and End User (OEM and Aftermarket)
Passenger vehicle Segment to Dominate MEA Automotive Steel Wheels Market during 2020–2028
According to a new market research study on “MEA Automotive Steel Wheels Market Forecast to 2028 – COVID-19 Impact and Analysis - by Rim; Vehicle; End User, is expected to reach US$ 167.13 Million by 2028 from US$ 132.71 Million in 2020. The market is estimated to grow at a CAGR of 3.7% from 2021-2028. The MEA Automotive Steel Wheels Market report provides trends prevailing in the along with the drivers and restraints pertaining to the market growth. Flourishing Demand for Lightweight Steel Wheels are the major factor driving the growth of the MEA Automotive Steel Wheels Market However, issues associated with Escalating Popularity of Alloy Wheel shinder the growth of MEA Automotive Steel Wheels Market.
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.
Topy Industries limited, Steel Strips Wheels limited, Klassic Wheels Ltd, IOCHPE-MAXION SA are among the leading companies in the MEA automotive steel wheels market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2021, Iochpe-Maxion announced its strategic partnership with STARTUP AUTOBAHN powered by Plug and Play.
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
The report segments the MEA Automotive Steel Wheels Market as follows:
MEA Automotive Steel Wheels Market – By Rim Size
- 13-15 Inches
- 16-18 Inches
- 19-21 Inches
- More than 21 inches
MEA Automotive Steel Wheels Market – By Vehicle Type
- Heavy Commercial Vehicle
- Light Commercial Vehicle
- Passenger Vehicle
MEA Automotive Steel Wheels Market – By End User
MEA Automotive Steel Wheels Market – By Country
- South Africa
- Saudi Arabia
- Rest of MEA
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