Passenger Vehicle Steel Wheel Market size was valued at USD 12.5 Billion in 2024 and is projected to reach USD 18 Billion by 2033, exhibiting a CAGR of 5.2% from 2026 to 2033.
The global passenger vehicle steel wheel market was valued at USD 20.5 billion in 2022 and is projected to reach USD 28.7 billion by 2030, growing at a compound annual growth rate (CAGR) of 4.5% from 2024 to 2030. In 2023, passenger vehicles accounted for 45.3% of the automotive steel wheels market, driven by increasing demand in emerging economies. The Asia Pacific region led the market with a revenue share of 47.5% in 2023, attributed to rapid urbanization and economic growth in countries like China and India. In India, the automotive steel wheels market is expected to reach USD 0.7 billion by 2030, growing at a CAGR of 2.4% from 2025 to 2030. North America is anticipated to experience significant growth due to a preference for trucks and SUVs, which require durable steel wheels. Europes market is supported by the presence of older vehicles necessitating replacement parts and an emphasis on sustainability, as steel wheels are fully recyclable.Opportunities in the passenger vehicle steel wheel market include technological advancements leading to lighter and stronger steel wheels, catering to the demand for fuel efficiency. The rising production of electric vehicles (EVs) also presents potential, as manufacturers seek cost effective and durable wheel solutions. Additionally, the aftermarket segment accounted for 59.8% of the market share in 2023, indicating a robust demand for replacement steel wheels due to wear and tear, especially in regions with challenging road conditions.
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CITIC Dicastal
Borbet
Ronal Wheels
Enkei Wheels
Lizhong Group
Alcoa
Wanfeng Auto
Iochpe-Maxion
Zhejiang Jinfei
Topy Group
Accuride
By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the Global Passenger Vehicle Steel Wheel Market
Steel Wheels
Alloy Wheels
Sedans
SUVs
Hatchbacks
MPVs (Multi-Purpose Vehicles)
Luxury Vehicles
14 inches
15 inches
16 inches
17 inches
18 inches and above
Original Equipment Manufacturers (OEMs)
Aftermarket Retailers
Fleet Operators
Powder Coated
Painted
Chrome Plated
Electroplated
US (United States, US and Mexico)
Europe (Germany, UK, France, Italy, Russia, Turkey, etc.)
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
South America (Brazil, Argentina, Columbia, etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
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1. Introduction of the Global Passenger Vehicle Steel Wheel Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. Global Passenger Vehicle Steel Wheel Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. Global Passenger Vehicle Steel Wheel Market, By Type
6. Global Passenger Vehicle Steel Wheel Market, By Application
7. Global Passenger Vehicle Steel Wheel Market, By Geography
US
Europe
Asia Pacific
Rest of the World
8. Global Passenger Vehicle Steel Wheel Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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