North America Automotive Steel Wheels Market is expected to reach US$ 2528.60 Million by 2028

Passenger vehicle Segment to Dominate North America Automotive Steel Wheels Market during 2020–2028

According to a new market research study on “North America Automotive Steel Wheels Market Forecast to 2028 – COVID-19 Impact and Analysis - by Rim; Vehicle; End User, is expected to reach US$ 2528.60 Million by 2028 from US$ 1902.51 Million in 2020. The market is estimated to grow at a CAGR of 4.3% from 2021-2028. The North America Automotive Steel Wheels Market report provides trends prevailing in the along with the drivers and restraints pertaining to the market growth. Increase in Demand for Lightweight Steel Wheels are the major factor driving the growth of the North America Automotive Steel Wheels Market However, issues associated with Rising Popularity of Alloy Wheel shinder the growth of North Automotive Steel Wheels Market.

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.

Topy Industries limited, Steel Strips Wheels limited, Klassic Wheels Ltd., IOCHPE-MAXION SA, Fastco Canada, Central Motor Wheel of America, Inc, Accuride Corporation are among the leading companies in the North America mineral insulated heating cable 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 2020, Accuride Corporation announced the introduction of the lightest steel wheel trailer product portfolio for Europe’s commercial vehicle industry. Accuride’s new light weight wheel offers up to four kilograms in weight savings compared to Accuride’s current offering which could represent 32 kilograms weight savings in a tractor-trailer combination.

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 report segments the North America Automotive Steel Wheels Market as follows:

North America Automotive Steel Wheels Market – By Rim Size

• 13-15 Inches
• 16-18 Inches
• 19-21 Inches
• More than 21 inches

North America Automotive Steel Wheels Market – By Vehicle Type

• Heavy Commercial Vehicle
• Light Commercial Vehicle
• Passenger Vehicle

North America Automotive Steel Wheels Market – By End User

• OEM
• Aftermarket

North America Automotive Steel Wheels Market – By Country

• US
• Canada
• Mexico