LONDON--(BUSINESS WIRE)--Technavio projects the global automotive steel wheels market to post a CAGR of close to 4% during the forecast period. However, the growth momentum of the market is expected to decelerate as there is a decrease in the year-on-year growth.
Researchers at Technavio predicts that the low cost of development and the inherent advantages of steel wheel will be a key driver to impact growth during 2018-2022. The cost of manufacturing steel wheels is quite less in comparison to the cost of manufacturing alloy wheels. In addition, steel wheels are quite durable as they seldom crack or bend. Technological advances in wheel manufacturing have further helped to make the manufacture of steel wheels quite cost-effective which will lead to the growth of the automotive steel wheels market.
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In this report, Technavio highlights the development of ultra-lightweight steel wheels as one of the key emerging trends to drive the global automotive steel wheels market:
Development of ultra-lightweight steel wheels
The automotive steel wheels market is witnessing developments in the form of construction of ultra-light yet rigid steel wheels. Such developments are enhancing the performance capabilities of steel wheels, thereby helping the growth of the market.
According to a senior analyst at Technavio for wheels and tires research, “Reducing the weight of vehicles has been a key focus area for OEMs. Therefore, the development of lightweight steel wheels is proving highly beneficial. In addition to the reduction of carbon emissions, such steel wheel designs are also helping to improve the fuel efficiency of vehicles.”
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Market segmentation and analysis through 2022
This market research report segments the global automotive steel wheels market by vehicle type (passenger vehicles, LCVs, and M&HCVs) and key regions (the Americas, APAC, and EMEA).
In 2017, the global automotive steel wheels market was dominated by APAC with a revenue share of close to 54% followed by EMEA and the Americas respectively. APAC is expected to witness the maximum increase in its market share over the forecast period.
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