The automotive steel wheels market in MEA is expected to grow from US$ 132. 71 million in 2020 to US$ 167. 13 million by 2028; it is estimated to grow at a CAGR of 3. 7% from 2021–2028. Steel wheels still finds application under heavy load carrying vehicles such as commercial vehicle.
New York, May 31, 2021 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Middle East & Africa Automotive Steel Wheels Market Forecast to 2028 – COVID-19 Impact and Regional Analysis By Rim Size, Vehicle Type, and End User” – https://www.reportlinker.com/p06075700/?utm_source=GNW
Medium and heavy-duty trucks (M&HDT) ranging from class 3 to 8 generally use steel wheels as they have a higher rated weight carrying capacity than alloy wheels. Alloy wheels are not a good choice where gross vehicle weight rating (GVWR) is above 6 tons. These vehicles still use an Internal Combustion Engine (ICE) as their preferred powertrain. However, with the advancement of battery technology with higher power output and the development of Solid-State Battery (SSB), it is expected that electric powertrain would come into mainstream by 2028 for medium and heavy commercial vehicles. Thus, during the forecast period, it is expected to offer lucrative opportunities for steel wheels market to penetrate into the electric commercial vehicle spectrum. The flourishing demand for lightweight steel wheels is among the other factors propelling the demand for automotive steel wheels.
Among Middle East and Africa countries, Iran reported the highest number of COVID-19 confirmed cases, which impacted the growth of industries.Iran, Saudi Arabia, UAE, Egypt, Morocco, and Kuwait are among the major countries facing the economic impact of the outbreak.
Due to lesser maritime trade and limited business in the shipping industry happened in the first quarter of 2020, the trend of unmanned ships and navigation has disturbed slightly. This factor has affected the growth of the automotive steel wheels market in Middle East and Africa.
The overall MEA 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 market.
The process also serves the purpose of obtaining an overview and forecast for the MEA automotive steel wheels market with respect to all the segments pertaining to the region.Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic.
The 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 MEA automotive steel wheels market. Topy Industries limited, Steel Strips Wheels limited, Klassic Wheels Ltd., and IOCHPE-MAXION SA are among the players operating in the market.
Read the full report: https://www.reportlinker.com/p06075700/?utm_source=GNW
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