The automotive steel wheels market in APAC is expected to grow from US$ 4,547.65 million in 2020 to US$ 6,187.84 million by 2028; it is estimated to grow at a CAGR of 4.6% from 2021-2028.
Technological growth in the manufacturing of automotive wheels is expected to positively influence the growth of the market. The automotive market leaders are constantly involved in R&D activities to devise the latest and highest production techniques as well as to explore the strongest but lightest-weight material options that can be used into the wheel production processes. However, the shifting of customer preference toward the alloy and aluminum wheels is among the trends in the coming period. The alloy wheels have gained a remarkable popularity among the high-end cars. For instance, a few of the automobile giants, such as Koenigsegg Automotive AB, use its full carbon fiber wheels on the Regera car. Jaguar is using high-quality steel wheels to achieve the low-drag E-Type vehicles. The trend in the APAC markets is expected to adopt the alternative options for the steel wheels.
Asia Pacific countries are witnessing a huge challenge due to growing number of COVID-19 confirmed cases. The outbreak of disease has severely affected the healthcare industries, considering the economic conditions in the current situation. Asia Pacific is characterized by the presence of a large number of developing countries, positive economic outlook, high industrial presence, and huge population. The high growth rate of urbanization and industrialization in developing countries across the region is anticipated to offer ample growth opportunities to the market players operating in the APAC automotive steel wheel market. Logistics is amongst the prominent industries in Asian economy due to rising e-commerce. However, COVID-19 pandemic has restricted the supply chain of many industries. Also, to reduce the spread of novel coronavirus, governments are announcing lockdowns, and travel and trade bans, which is disturbing the performance of supply chain to some extent. Disturbed logistics industry has witnessed minimal adoption of advanced technologies during the lockdown. All these factors negatively impacted the demand for automated steels wheels in Asia Pacific, especially in 2020.
The overall APAC 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 APAC 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 APAC automotive steel wheels market. Topy Industries limited, Steel Strips Wheels limited, Klassic Wheels Ltd., SHANGHAI BAOSTEEL AUTOPARTS CO. LTD, IOCHPE-MAXION SA, and Accuride Corporation are among the players operating in the market.
Reasons to Buy
Asia Pacific countries are witnessing a huge challenge due to growing number of COVID-19 confirmed cases. The outbreak of disease has severely affected the healthcare industries, considering the economic conditions in the current situation. Asia Pacific is characterized by the presence of a large number of developing countries, positive economic outlook, high industrial presence, and huge population. The high growth rate of urbanization and industrialization in developing countries across the region is anticipated to offer ample growth opportunities to the market players operating in the APAC automotive steel wheel market. Logistics is amongst the prominent industries in Asian economy due to rising e-commerce. However, COVID-19 pandemic has restricted the supply chain of many industries. Also, to reduce the spread of novel coronavirus, governments are announcing lockdowns, and travel and trade bans, which is disturbing the performance of supply chain to some extent. Disturbed logistics industry has witnessed minimal adoption of advanced technologies during the lockdown. All these factors negatively impacted the demand for automated steels wheels in Asia Pacific, especially in 2020.
The overall APAC 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 APAC 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 APAC automotive steel wheels market. Topy Industries limited, Steel Strips Wheels limited, Klassic Wheels Ltd., SHANGHAI BAOSTEEL AUTOPARTS CO. LTD, IOCHPE-MAXION SA, and Accuride Corporation are among the players operating in the market.
Reasons to Buy
- To understand the APAC Automotive Steel Wheels Market landscape and identify market segments that are most likely to guarantee a strong return
- Stay ahead of the race by comprehending the ever-changing competitive landscape for APAC Automotive Steel Wheels Market
- Efficiently plan M&A and partnership deals in APAC Automotive Steel Wheels Market by identifying market segments with the most promising probable sales
- Helps to take knowledgeable business decisions from perceptive and comprehensive analysis of market performance of various segment form APAC Automotive Steel Wheels Market
- Obtain market revenue forecast for market by various segments from 2021-2028 in APAC region.
Table of Contents
1. Introduction
3. Research Methodology
4. APAC Automotive Steel Wheels - Market Landscape
5. APAC Automotive Steel Wheels Market- Industry Dynamics
6. Automotive Steel Wheels Market - APAC Analysis
7. APAC Automotive Steel Wheels Market Analysis and Forecast to 2028 - by Rim Size
8. APAC Automotive Steel Wheels Market Analysis and Forecast to 2028 - Vehicle Type
9. APAC Automotive Steel Wheels Market Analysis and Forecast to 2028 - End User
10. APAC Automotive Steel Wheels Market Revenue and Forecast to 2028 Country Analysis
11. Impact Of COVID-19 Pandemic on APAC Automotive Steel Wheels Market
12. Industry Landscape
13. Company Profiles
14. Appendix
List of Tables
List of Figures
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- Topy Industries limited
- Steel Strips Wheels limited
- Klassic Wheels Ltd.
- SHANGHAI BAOSTEEL AUTOPARTS CO. LTD
- IOCHPE-MAXION SA
- Accuride Corporation
Table Information
| Report Attribute | Details |
|---|---|
| Published | May 2021 |
| Forecast Period | 2020 - 2028 |
| Estimated Market Value ( USD | $ 4547.65 Million |
| Forecasted Market Value ( USD | $ 6187.84 Million |
| Compound Annual Growth Rate | 4.6% |
| Regions Covered | Asia Pacific |
