Market Introduction
The Europe's automotive steel wheels market is analyzed based on the five major countries such as Germany, the United Kingdom, France, Italy, and Russia. Countries such as Germany and France majorly contribute the growth of automotive steel wheels market in the European region.
Other countries such as UK, Italy, and Russia are likely to have growth opportunities for the automotive steel wheels market. Also, presence of huge automotive industry along with product innovations made by the players operating in the region, and economically strong countries is likely to drive market growth significantly during the forecast period.
Market Overview and Dynamics
The Automotive Steel Wheels Market in Europe is expected to grow from US$ 1230.25 Million in 2020 to US$ 1623.04 Million by 2028; it is estimated to grow at a CAGR of 4.2% from 2021-2028. Acceptance of Steel Wheels in Electric Power Vehicles is driving the market growth. 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 – 8, generally uses steel wheels owing to their higher rated weight carrying capacity as opposed to 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 the year 2028 for medium and heavy commercial vehicles. Thus, during the forecast period it is expected to offer a huge opportunity for steel wheels market to penetrate into the electric commercial vehicle spectrum.
Due to COVID-19 outbreak, Spain, Italy, Germany, UK, and France are some of the worst affected member states in the European region. Businesses in the region are facing severe financial difficulties as they either had to suspend their operations or reduce their activities in a substantial manner. Due to business lockdowns, travel bans, and supply chain disruptions, the region is anticipated to see an economic slowdown in 2020 and most likely in 2021 also. The entire region is heavily hit by the COVID-19 which has resulted into closure of tech giants and many industrial sectors. This closure has obstructed the company’s investment decision on different software. The region is a major manufacturing and industrial hub for various sectors such as machinery equipment, manufacturing, and logistics. However, due to business lockdowns, travel bans, and supply chain disruptions, the region has witnessed decline in activities in above-mentioned industries. Decline in activities of above-mentioned industries has resulted into lesser development of automotive steel wheels and accessories.
Key Market Segments
The Europe 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 Europe 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.
Major Sources and Companies Listed
A few major primary and secondary sources referred to for preparing this report on the Automotive Steel Wheels Market in Europe 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, Alcar Holding GMBH, Inc, Accuride Corporation.
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Reasons to buy report
Europe Automotive Steel Wheels Market SEGMENTATION
Europe Automotive Steel Wheels Market – By Rim Size
Europe Automotive Steel Wheels Market – By Vehicle Type
Europe Automotive Steel Wheels Market – By End User
Europe Automotive Steel Wheels Market – By Country
Europe Automotive Steel Wheels Market -Companies Mentioned
| Report Attribute | Details |
|---|---|
| Market size in 2020 | US$ 1230.25 Million |
| Market Size by 2028 | US$ 1623.04 Million |
| CAGR (2021 - 2028) | 4.2% |
| Historical Data | 2018-2019 |
| Forecast period | 2021-2028 |
| Segments Covered |
By Rim Size
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| Regions and Countries Covered |
Europe
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| Market leaders and key company profiles |
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The Europe Automotive Steel Wheels Market is valued at US$ 1230.25 Million in 2020, it is projected to reach US$ 1623.04 Million by 2028.
As per our report Europe Automotive Steel Wheels Market, the market size is valued at US$ 1230.25 Million in 2020, projecting it to reach US$ 1623.04 Million by 2028. This translates to a CAGR of approximately 4.2% during the forecast period.
The Europe 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 Europe Automotive Steel Wheels Market report:
The Europe Automotive Steel Wheels Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Europe Automotive Steel Wheels Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Europe Automotive Steel Wheels Market value chain can benefit from the information contained in a comprehensive market report.
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