The steel wheel is a circular shaped rim which rotates and transmits the power for the movement of the heavy commercial vehicle. Heavy commercial vehicle steel wheel is an essential part of a vehicle, which is required to be strong and able to handle the heavy load of the commercial vehicle as well as the tension caused by the axle. Additionally, tires are mounted on the rims which are also known as heavy commercial vehicle steel wheel. Furthermore, the commercial sector across the world has been under continuous pressure to modernize and discover cost-effective means to develop energy efficiency & reduce the carbon discharge from the heavy commercial vehicles which in turn has increased the adoption of stainless steel in the commercial vehicle sector. Therefore, the acceptance for steel wheels to reduce carbon discharge is expected to drive the growth of heavy commercial vehicle steel wheel market.
COVID-19 scenario Analysis:
- The heavy commercial vehicle steel wheel manufacturers depend mostly on the production operations which in turn were shut down and further disruption was experienced in the supply chain network for the heavy commercial vehicle steel wheel mainly due to the government declared lockdown owing to coronavirus.
- Majority of heavy commercial vehicle steel wheel manufacturers are under major uncertainty regarding the normal factory operations to resume on a regular basis due to covid-19 pandemic which in turn is hampering the production productivity for the heavy commercial vehicle steel wheel manufacturers.
- The heavy commercial vehicle steel wheel production and sales operations were directly affected by the industrial shutdown declared by the government owing to the pandemic which in turn has caused a major liquidity crisis for the heavy commercial vehicle steel wheel manufacturers.
Top impacting factors: Market Scenario Analysis, Trends, Drivers and Impact Analysis
Low development cost & cheaper however durable, increase in demand for economical heavy commercial vehicles and growing demand for lightweight heavy commercial vehicles are driving the growth of the market. However, rising preference for alloy wheels and volatility in raw material prices are expected to hamper the growth of the market. Contrarily, vendors incorporating advanced manufacturing technology for high-strength steel wheels which can be seen as an opportunity for the market investments.
The heavy commercial vehicle steel wheels market trends are as follows:
Volatility in raw material prices
A major increase in the volatility of raw material prices for the steel wheel & tires is experienced worldwide. The price for the steel wheel is not stable due to the increase in demand for heavy commercial vehicle steel wheel in recent years. Furthermore, the highly unstable prices for the raw materials such as aluminium, steel and others have brought a financial pressure on the heavy commercial vehicle steel wheels manufacturers. For instance, recently steel strips group set a price ceiling for customers due to which the company was unable to handle the raw material price increase. Moreover, when a hike in price was experienced, the company’s financials collapsed by $1.1 billion over four years. Therefore, the increase in volatility of raw material prices, will foster the growth of the heavy commercial vehicle steel wheel market.
Key benefits of the report:
- This study presents the analytical depiction of the heavy commercial vehicle steel wheel industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with challenges of the heavy commercial vehicle steel wheel market.
- The current market is quantitatively analyzed to highlight the heavy commercial vehicle steel wheel market growth scenario.
- We can also determine steel wheel will remain a significant revenue shareholder in the global heavy commercial vehicle steel wheel market through the predictable future.
Questions answered in the global heavy commercial vehicle steel wheel market research report:
- Which are the leading market players active in heavy commercial vehicle steel wheel market?
- What are the current trends that will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the market?
- What are the projections for the future that would help in taking further strategic steps?
Heavy Commercial Vehicle Steel Wheel Market Report Highlights
By Vehicle Class
By End User
By Rim Size
Key Market Players
Klassic Wheels Limited Accuride Corporation, U.S. WHEEL CORP., MAXION Wheels, THE CARLSTAR GROUP, LLC., Automotive Wheels Ltd, Steel Strips Group, Thyssenkrupp AG, TOPY AMERICA, INC., ALCAR WHEELS GMBH, CLN Coils Lamiere Nastri SpA, Central Motor Wheel of America, Inc.