Automotive Steel Wheels Market SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024 - 2031)
Automotive Steel Wheels Market is segmented BBy Vehicle Type (Heavy, Light, Passenger), By Application (OEM, Aftermarket), By Geography (North America....
Automotive Steel Wheels Market Size
Market Size in USD
CAGR3.5%
| Study Period | 2024 - 2031 |
| Base Year of Estimation | 2023 |
| CAGR | 3.5% |
| Market Concentration | Medium |
| Major Players | Maxion Wheels, Thyssenkrupp AG, The Carlstar Group, LLC., Central Motor Wheel of America, Inc., Accuride Corporation |
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Automotive Steel Wheels Market Analysis
The Global Automotive Steel Wheels Market is estimated to be valued at USD 14.1 Bn in 2024 and is expected to reach USD 20.5 Bn by 2031, growing at a compound annual growth rate (CAGR) of 3.5% from 2024 to 2031. Steel wheels continue to be the standard for economical vehicle models globally. While aluminum wheel sales are rising for premium vehicles, the mass market is dominated by cheaper and heavier steel wheelsets.
The automotive steel wheels market is expected to witness stable growth over the forecast period. Though facing competition from lightweight aluminum alloy wheels, steel wheels account for the majority of new vehicle production globally. Preference for steel wheels is higher in price-sensitive markets like India, Brazil, China and other developing economies where cost remains a key purchase consideration. OEM fitment of steel wheels particularly in entry and mid-level vehicle segments will drive steady demand through 2031.