Asia Pacific Automotive Steel Wheels Market is expected to reach US$ 6187.84 Million by 2028

PRESS RELEASE BY The Insight Partners 06 May 2021

Share this press on

Passenger vehicle Segment to Dominate APAC Automotive Steel Wheels Market during 2020–2028

According to The Insight Partners market research study on “APAC Automotive Steel Wheels Market Forecast to 2028 – COVID-19 Impact and Analysis - by Rim; Vehicle; End User, is expected to reach US$ 6187.84 Million by 2028 from US$ 4547.65 Million in 2020. The market is estimated to grow at a CAGR of 4.6% from 2021-2028. The APAC Automotive Steel Wheels Market report provides trends prevailing in the along with the drivers and restraints pertaining to the market growth. Surge in Demand for Lightweight Steel Wheels are the major factor driving the growth of the APAC Automotive Steel Wheels Market However, issues associated with booming Popularity of Alloy Wheel shinder the growth of APAC Automotive Steel Wheels Market.

The APAC automotive steel wheels market is segmented based on rims size, vehicle type, end user and country. Based market is segmented as Rim Size 13-15 Inches, 16-18 Inches, 19-21 Inches, and more than 21 Inches. In 2020, the 16-18 Inch segment held the largest share APAC automotive steel wheels market. Based on vehicle type the automotive steel wheels market is divided into Heavy Commercial Vehicle, Light Commercial Vehicle, and Passenger Vehicle. Passenger Vehicle is expected to the fastest growing segment over the forecast period. On the basis of user the market is segmented into OEM, and Aftermarket. The OEM segment accounts for largest market share in the 2020.

Topy Industries limited, Steel Strips Wheels limited, Klassic Wheels Ltd., SHANGHAI BAOSTEEL AUTOPARTS CO. LTD IOCHPE-MAXION SA, Accuride Corporation are among the leading companies in the APAC automotive steel wheels market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2020, Accuride Corporation announced the introduction of the lightest steel wheel trailer product portfolio for APAC’s commercial vehicle industry. Accuride’s new light weight wheel offers up to four kilograms in weight savings compared to Accuride’s current offering which could represent 32 kilograms weight savings in a tractor-trailer combination.

Asia Pacific countries are expecting to witness a huge challenge due to growing COVID-19. Due to the outbreak of disease, healthcare industries have been affected severely, considering the economic conditions in the current situation. Due to increasing coronavirus cases of COVID-19 in the region after its first case in December 2019 in Wuhan, China, the COVID-19 virus has spread to at least 180 countries and other regions. Asia Pacific region 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 of Asia Pacific 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 has impacted the supply chain of many industries. However, due to government’s measures to reduce the effects coronavirus outbreak by announcing lockdowns, travel and trade bans has disturbed the performance of supply chain to some extent. Disturbed logistics industry has witnessed minimal adoption of advanced technologies during the time of lockdown. All these measures are expected to have a negative impact on the demand of automated steels wheels in this region especially in 2020.

The report segments the APAC Automotive Steel Wheels Market as follows:

APAC Automotive Steel Wheels Market – By Rim Size

  • 13-15 Inches
  • 16-18 Inches
  • 19-21 Inches
  • More than 21 inches

APAC Automotive Steel Wheels Market – By Vehicle Type

  • Heavy Commercial Vehicle
  • Light Commercial Vehicle
  • Passenger Vehicle

APAC Automotive Steel Wheels Market – By End User

  • OEM
  • Aftermarket

APAC Automotive Steel Wheels Market – By Country

  • Australia
  • China
  • India
  • Japan
  • South Korea
  • Rest of APAC
Contact Us
Phone: +1-646-491-9876
Email Id: 


Download Free PDF Brochure