The automotive steel wheels market was valued at US$ 8,009.43 million in 2020 and is projected to reach US$ 10,756.13 million by 2028. The automotive steel wheels market is expected to grow at a CAGR of 4.4% during the forecast period of 2020 to 2028

The global Automotive steel wheels market has been segmented into five regions-North America, Europe, APAC, MEA, and SAM. In 2020, APAC led the global automotive steel wheels market with the highest revenue share. North America has strong penetration of electrical cars, which is creating lucrative opportunity for the market. Also, owing to increased adoption of passenger cars, the Asian market is expected to witness massive growth in the automotive steel wheels market. In developing nations of India and China, the market is driven by the growing consumption of cars for personal use. Therefore, the adoption of automotive steel wheels to improve fuel efficiency of cars is rising. China is one of the major countries with a significant market share in the automotive steel wheels market. European countries such as the UK, Italy, and France are shifting toward electric mobility, which is driving the market growth.

In North America, the US is the most developed country. The US is an early adopter of technologies. Hence, the scope of the lightweight steel wheels is high in North America. Moreover, the economic growth has propelled the sales of luxury vehicles in the North America, which, in turn, has supported the growth of the automotive market in North America. This factor encourages automotive steel wheels providers to increase their focus to develop or innovate automotive steel wheels for a wide range of vehicle types.

The overall automotive steel wheels market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the automotive steel wheels market. The process also serves the purpose of obtaining an overview and forecast for the automotive steel wheels market with respect to all the segments. It also provides the overview and forecast for the global automotive steel wheels market based on all the segmentation provided with respect to four major regions-North America, Europe, Asia Pacific, MEA, and SAM. Also, primary interviews were conducted with industry participants and commentators to validate data as well as to gain more analytical insights into the topic. Participants of this process include industry experts, such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants, such as valuation experts, research analysts, and key opinion leaders specializing in the automotive steel whee