South America 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)
Market Introduction
South America includes Argentina, Brazil and Rest of South America. The market is expected to have growth opportunities in Brazil in terms of urbanizations and rising used of automobiles. The ongoing expansion of the automotive manufacturing sector in the South America region is attributed to the presence of a large number of OEMs and automakers in the region. Brazil is a potentially large domestic market with low vehicle ownership and a growing economy. However, with time the country is witnessing rising automotive production is supporting the growth of the automotive steel wheels market in the region. For instance, as per OICA, total vehicle/cars production in Brazil increased by 2.2% in 2019. Further, the region has presence of a few major automakers—such as Volkswagen, General Motors, Hyundai, Toyota, Peugeot, Ford, and Renault. The national regulatory bodies of various countries in the region are encouraging the development of safer and more advanced vehicles. For instance, the Brazilian government has formulated favorable trade investment policies to encourage private investments in varied industry vertical including automotive. The Brazilian government has also made provisions to give exemption to investors from custom duties and other taxes on the purchase of certain infrastructure and capital goods. Such government initiatives to support the growth of the automotive sector would strengthen the automotive manufacturing industry in the region, which is expected to support the growth of the automotive steel wheels market in the region in the coming years.
These regions are of low cost; therefore, they face the most significant challenge due to the coronavirus pandemic. Due to COVID-19, many South and Central American countries have restricted traveling, which has significantly affected several industries. As per the Brazil automaker’s association, it is anticipated that the sales of automotive will recover to pre-COVID levels by 2025. Also, several automakers in the country have witnessed a sharp decline in their production capabilities. According to Anfavea, the automakers association, the automotive production is expected to witness a fall of 45% in 2020 as compared to 2019. Also, the auto exports are expected to saw a decline of 53% for the same duration. Moreover, recently, Ford Motors announced to close its three production facilities and will stop manufacturing operations in SAM region
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Market Overview and Dynamics
The Automotive Steel Wheels Market in SAM is expected to grow from US$ 196.30 Million in 2020 to US$ 249.51 Million by 2028; it is estimated to grow at a CAGR of 3.7% from 2021-2028. The manufacturing of vehicles is expected to increase in the coming years with the rising need of personal transportation means, such as cars and SUVs, especially during the ongoing COVID-19 pandemic, as people are more inclined toward buying personal cars to avoid public transport. The automotive manufactures provide a steel wheel as a spare wheel with every unit of vehicle. Factors such as increasing road accidents and surge in road transport are boosting the demand for low-cost wheels. As per the Insurance Institute for Highway Safety – Highway Loss Data Institute, ~33,244 motor vehicle crashes were reported in the US in 2019. Such accidents generate demand for spare components, such as wheels. Thus, the surge in demand for lightweight steel wheels due to their high performance, and low manufacturing and repair costs is driving the market growth.
Key Market Segments
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.
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 MEA 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., MANGLES
Reasons to buy report
- To understand the MEA Automotive Steel Wheels Market landscape and identify market segments that are most likely to guarantee a strong return
- Stay ahead of the race by comprehending the ever-changing competitive landscape for MEA Automotive Steel Wheels Market
- Efficiently plan M&A and partnership deals in MEA Automotive Steel Wheels Market by identifying market segments with the most promising probable sales
- Helps to take knowledgeable business decisions from perceptive and comprehensive analysis of market performance of various segment form MEA Automotive Steel Wheels Market
- Obtain market revenue forecast for market by various segments from 2021-2028 in MEA region.
MEA Automotive Steel Wheels Market SEGMENTATION
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
- OEM
- Aftermarket
MEA Automotive Steel Wheels Market – By Country
- Brazil
- Argentina
- Rest of SAM
MEA Automotive Steel Wheels Market -Companies Mentioned
- Topy Industries limited
- Steel Strips Wheels limited
- Klassic Wheels Ltd.
- IOCHPE-MAXION SA
- MANGLES
1. Introduction
1.1 Scope of the Study
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation
1.3.1 SAM Automotive Steel Wheels Market – By Rim Size
1.3.2 SAM Automotive Steel Wheels Market – By Vehicle Type
1.3.3 SAM Automotive Steel Wheels Market – By End User
1.3.4 SAM Automotive Steel Wheels Market – By Country
2. SAM Automotive Steel Wheels Market – Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. SAM Automotive Steel Wheels – Market Landscape
4.1 Overview
4.2 PEST Analysis
4.2.1 South America PEST Analysis
4.3 Ecosystem Analysis
4.4 Expert Opinion
5. SAM Automotive Steel Wheels Market– Industry Dynamics
5.1 Market Drivers
5.1.1 Surge in Demand for Lightweight Steel Wheels
5.1 Market Restraints
5.1.1 Flourishing Popularity of Alloy Wheels
5.2 Market Opportunities
5.2.1 Endorsement of Steel Wheels in Electric Power Vehicles
5.3 Future Trends
5.3.1 Technological Elevation in Manufacturing of Automotive Wheels
5.4 Impact analysis
6. Automotive Steel Wheels Market – SAM Analysis
6.1 SAM Automotive Steel Wheels Market Overview
6.2 SAM Automotive Steel Wheels Market – Revenue and Forecast to 2028 (US$ Million)
7. SAM Automotive Steel Wheels Market Analysis and Forecast to 2028 – by Rim Size
7.1 Overview
7.2 SAM Automotive Steel Wheels Market, by Rim Size, 2020 & 2028 (% Share)
7.3-15 Inches
7.3.1 Overview
7.3.2-15 Inches: SAM Automotive Steel Wheels Market Revenue and Forecast to 2028 (US$ Mn)
7.4-18 Inches
7.4.1 Overview
7.4.2-18 Inches: SAM Automotive Steel Wheels Market Revenue and Forecast to 2028 (US$ Mn)
7.5-21 Inches
7.5.1 Overview
7.5.2-21 Inches: SAM Automotive Steel Wheels Market Revenue and Forecast to 2028 (US$ Mn)
7.6 More than 21 Inches
7.6.1 Overview
7.6.2 More than 21 Inches: SAM Automotive Steel Wheels Market Revenue and Forecast to 2028 (US$ Mn)
8. SAM Automotive Steel Wheels Market Analysis and Forecast to 2028 – Vehicle Type
8.1 Overview
8.2 SAM Automotive Steel Wheels Market, by Vehicle Type, 2020 & 2028 (% Share)
8.3 Heavy Commercial Vehicle
8.3.1 Overview
8.3.2 Heavy Commercial Vehicle: SAM Automotive Steel Wheels Market Revenue and Forecast to 2028 (US$ Mn)
8.4 Light Commercial Vehicle
8.4.1 Overview
8.4.2 Light Commercial Vehicle: SAM Automotive Steel Wheels Market Revenue and Forecast to 2028 (US$ Mn)
8.5 Passenger Vehicle
8.5.1 Overview
8.5.2 Passenger Vehicle: SAM Automotive Steel Wheels Market Revenue and Forecast to 2028 (US$ Mn)
9. SAM Automotive Steel Wheels Market Analysis and Forecast to 2028 – End User
9.1 Overview
9.2 SAM Automotive Steel Wheels Market, by End User, 2020 & 2028 (% Share)
9.3 OEM (Original Equipment Manufacturers)
9.3.1 Overview
9.3.2 OEM: SAM Automotive Steel Wheels Market Revenue and Forecast to 2028 (US$ Mn)
9.4 Aftermarket
9.4.1 Overview
9.4.2 Aftermarket: SAM Automotive Steel Wheels Market Revenue and Forecast to 2028 (US$ Mn)
10. SAM Automotive Steel Wheels Market Revenue and Forecast to 2028 Country Analysis
10.1 South America: Automotive Steel Wheels Market
10.1.1 South and Central America: Automotive Steel Wheels Market – Revenue and Forecast to 2028 (US$ Million)
10.1.2 South and Central America: Automotive Steel Wheels Market, By Country
10.1.2.1 Brazil: Automotive Steel Wheels Market – Revenue and Forecast to 2028 (US$ Million)
10.1.2.1.1 Brazil: Automotive Steel Wheels Market, By Rim Size
10.1.2.1.2 Brazil: Automotive Steel Wheels Market, By Vehicle Type
10.1.2.1.3 Brazil: Automotive Steel Wheels Market, By End-User
10.1.2.2 Argentina: Automotive Steel Wheels Market – Revenue and Forecast to 2028 (US$ Million)
10.1.2.2.1 Argentina: Automotive Steel Wheels Market, By Rim Size
10.1.2.2.2 Argentina: Automotive Steel Wheels Market, By Vehicle Type
10.1.2.2.3 Argentina: Automotive Steel Wheels Market, By End-User
10.1.2.3 Rest of South and Central America: Automotive Steel Wheels Market – Revenue and Forecast to 2028 (US$ Million)
10.1.2.3.1 Rest of South and Central America: Automotive Steel Wheels Market, By Rim Size
10.1.2.3.2 Rest of South and Central America: Automotive Steel Wheels Market, By Vehicle Type
10.1.2.3.3 Rest of South and Central America: Automotive Steel Wheels Market, By End-User
11. Impact Of COVID-19 Pandemic on SAM Automotive Steel Wheels Market
11.1 South America: Impact Assessment of COVID-19 Pandemic
12. Industry Landscape
12.1 Strategy and Business Planning
12.2 Product News
12.3 Partnerships & Collaboration
13. Company Profiles
13.1 TOPY INDUSTRIES LIMITED
13.1.1 Key Facts
13.1.2 Business Description
13.1.3 Products and Services
13.1.4 Financial Overview
13.1.5 SWOT Analysis
13.1.6 Key Developments
13.2 STEEL STRIPS WHEELS LIMITED
13.2.1 Key Facts
13.2.2 Business Description
13.2.3 Products and Services
13.2.4 Financial Overview
13.2.5 SWOT Analysis
13.2.6 Key Developments
13.3 MANGELS
13.3.1 Key Facts
13.3.2 Business Description
13.3.3 Products and Services
13.3.4 Financial Overview
13.3.5 SWOT Analysis
13.3.6 Key Developments
13.4 Klassic Wheels Ltd.
13.4.1 Key Facts
13.4.2 Business Description
13.4.3 Products and Services
13.4.4 Financial Overview
13.4.5 SWOT Analysis
13.4.6 Key Developments
13.5 IOCHPE-MAXION SA
13.5.1 Key Facts
13.5.2 Business Description
13.5.3 Products and Services
13.5.4 Financial Overview
13.5.5 SWOT Analysis
13.5.6 Key Developments
14. Appendix
14.1 About The Insight Partners
14.2 Glossary of Terms
LIST OF TABLES
Table 1. Automotive Steel Wheels Market – Revenue and Forecast to 2027 (US$ Million)
Table 2. Brazil: Automotive Steel Wheels Market, by Rim Size – Revenue and Forecast to 2028 (USD Million)
Table 3. Brazil: Automotive Steel Wheels Market, by Vehicle Type – Revenue and Forecast to 2028 (USD Million)
Table 4. Brazil: Automotive Steel Wheels Market, by End-User – Revenue and Forecast to 2028 (USD Million)
Table 5. Argentina: Automotive Steel Wheels Market, by Rim Size – Revenue and Forecast to 2028 (USD Million)
Table 6. Argentina: Automotive Steel Wheels Market, by Vehicle Type – Revenue and Forecast to 2028 (USD Million)
Table 7. Argentina: Automotive Steel Wheels Market, by End-User – Revenue and Forecast to 2028 (USD Million)
Table 8. Rest of South and Central America: Automotive Steel Wheels Market, by Rim Size – Revenue and Forecast to 2028 (USD Million)
Table 9. Rest of South and Central America: Automotive Steel Wheels Market, by Vehicle Type – Revenue and Forecast to 2028 (USD Million)
Table 10. Rest of South and Central America: Automotive Steel Wheels Market, by End-User – Revenue and Forecast to 2028 (USD Million)
Table 11. Glossary of Terms, Automotive Steel Wheels Market
LIST OF FIGURES
Figure 1. SAM Automotive Steel Wheels Market Segmentation
Figure 2. SAM Automotive Steel Wheels Market – By Country
Figure 3. SAM Automotive Steel Wheels Market Overview
Figure 4.-15 Inch Rim Size Segment Held Largest Share of SAM Automotive Steel Wheels Market in 2020
Figure 5. Automotive Steel Wheels Market in Brazil to Show Remarkable Growth During Forecast Period
Figure 6. SAM Automotive Steel Wheels Market, By Country (US$ Million)
Figure 7. South America: PEST Analysis
Figure 8. Ecosystem Analysis
Figure 9. Expert Opinion
Figure 10. SAM Automotive Steel Wheels Market Impact Analysis of Driver and Restraints
Figure 11. SAM Automotive Steel Wheels Market – Revenue and Forecast to 2027 (US$ Million)
Figure 12. SAM Automotive Steel Wheels Market, By Rim Size, 2020 & 2028 (% Share)
Figure 13.-15 Inches Market Revenue and Forecast to 2028 (US$ Mn)
Figure 14.-18 Inches Market Revenue and Forecast to 2028 (US$ Mn)
Figure 15.-21 Inches Market Revenue and Forecast to 2028 (US$ Mn)
Figure 16. More than 21 Inches: SAM Automotive Steel Wheels Market Revenue and Forecast to 2028 (US$ Mn)
Figure 17. SAM Automotive Steel Wheels Market, By Vehicle Type, 2020 & 2028 (% Share)
Figure 18. Heavy Commercial Vehicle: SAM Automotive Steel Wheels Market Revenue and Forecast to 2028 (US$ Mn)
Figure 19. Light Commercial Vehicle: SAM Automotive Steel Wheels Market Revenue and Forecast to 2028 (US$ Mn)
Figure 20. Passenger Vehicle: SAM Automotive Steel Wheels Market Revenue and Forecast to 2028 (US$ Mn)
Figure 21. SAM Automotive Steel Wheels Market, By End User, 2020 & 2028 (% Share)
Figure 22. OEM: SAM Automotive Steel Wheels Market Revenue and Forecast to 2028 (US$ Mn)
Figure 23. Aftermarket: SAM Automotive Steel Wheels Market Revenue and Forecast to 2028 (US$ Mn)
Figure 24. South and Central America: Automotive Steel Wheels Market Revenue Share, By Country (2020 and 2028)
Figure 25. Brazil: Automotive Steel Wheels Market – Revenue and Forecast to 2028 (US$ Million)
Figure 26. Argentina: Automotive Steel Wheels Market – Revenue and Forecast to 2028 (US$ Million)
Figure 27. Rest of South and Central America: Automotive Steel Wheels Market – Revenue and Forecast to 2028 (US$ Million)
Figure 28. Impact Of COVID-19 Pandemic in South America Countries Market
- Topy Industries limited
- Steel Strips Wheels limited
- Klassic Wheels Ltd.
- MANGLES
- IOCHPE-MAXION SA
- To understand the MEA Automotive Steel Wheels Market landscape and identify market segments that are most likely to guarantee a strong return
- Stay ahead of the race by comprehending the ever-changing competitive landscape for MEA Automotive Steel Wheels Market
- Efficiently plan M&A and partnership deals in MEA Automotive Steel Wheels Market by identifying market segments with the most promising probable sales
- Helps to take knowledgeable business decisions from perceptive and comprehensive analysis of market performance of various segment form MEA Automotive Steel Wheels Market
- Obtain market revenue forecast for market by various segments from 2021-2028 in MEA region.