North America and Europe is expected to drive the automotive metal wheel market
Automotive metal wheel is component that rotates and transmits the drive of the axle to the road. It also provides a means to affix the tires. The automotive wheel is made up of a rim, spoke, and hub.
Key players operating in the global metal wheel market include Thyssenkrupp AG, CITIC Dicastal Co., Ltd., IOCHPE, Central Motor Wheel of America, Inc., and Topy Industries Limited.
In countries that experience cold climates, the demand for automotive metal wheels is high, owing to their ability to provide traction, dampen acceleration, and minimize the possibility of skidding. Steel metal wheels contract less in cold temperatures and hence, do not experience inconsistent loss of tire pressure. Demand for steel metal wheels in cold regions such as North America and Europe is expected to drive the automotive metal wheel market in these regions. Increase in number of first-time vehicle buyers in developing regions has driven the demand for low-cost wheels, such as metal wheels, thereby driving their demand. Low-end segment of vehicles witness an increase in preference for automotive metal wheels, thus fueling their demand. Development of high strength steel wheels, as a result of advancements in technology and design, has led to an increase in demand for automotive metal wheels, globally.
Companies such as Thyssenkrupp AG have developed lightweight steel wheels, which are approximately 20% lighter than conventional steel wheels. Rise in demand for light weighting of the vehicle, in order to reduce vehicular pollution and improve fuel-economy, is expected to boost the demand for lightweight steel wheels. Lightweight steel wheels have considerably higher production cost than standard steel wheels; however, the price is highly cost-effective, as compared to aluminum alloy wheels used for lightweighting.
Metal wheels are prone to rust and corrosion and can hamper the esthetic appearance of the vehicle. This, in turn, is a key factor restraining the automotive metal wheel market.
The global automotive metal wheel market can be classified based on material, manufacturing, wheel size, vehicle type, sales channel, and region. Based on material, the global automotive metal wheel market can be classified into steel wheels, aluminum alloy wheels, and others. Steel wheels are expected to witness a high demand particularly in passenger cars owing to the development of lightweight steels and their cost-effective price.
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In terms of manufacturing, the global automotive metal wheel market can be divided into casted wheels, forged wheels, and others. In terms of volume, the forged wheels segment is expected to hold a major share of the market during the forecast period due to rising standards of strength and safety. The forging process is time-consuming and expensive; hence, forged wheels are more expensive than the cast wheels. However, they have higher structural stability and are corrosion resistant. Therefore, forged wheels have high demand.
In terms of wheel size, the global automotive metal wheel market can be segregated into less than 15 inch, 16 -18 inch, 19-21 inch, and more than 21 inch. The 16-18 inch wheel size segment is expected to expand at a significant pace owing to the rise in preference for high clearance passenger vehicles.
Based on vehicle type, the global automotive metal wheel market can be split into passenger vehicle, light commercial vehicle, and heavy commercial vehicle. The passenger vehicle segment holds a major share of the market owing to the higher production volume of passenger vehicles.
In terms of sales channel, the global automotive metal wheel market can be bifurcated into OEM and aftermarket. The OEM segment is expected to lead the global automotive metal wheel market, while corrosion and accidents are anticipated to fuel the aftermarket segment of the automotive metal wheel market.
Based on region, the global automotive metal wheel market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific is expected to lead the global automotive metal wheel market, followed by Europe.
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