Report Code: A07758 | Nov 2023 | Pages: NA | ||
Tables: NA | Charts: NA |
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Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Heavy Commercial Vehicle Steel Wheel Market
Request Now !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.
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:
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:
Questions answered in the global heavy commercial vehicle steel wheel market research report:
Heavy Commercial Vehicle Steel Wheel Market Report Highlights
Aspects | Details |
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By Vehicle Class |
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By End User |
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By Rim Size |
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By Region |
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Key Market Players | U.S. WHEEL CORP., MAXION Wheels, Klassic Wheels Limited Accuride Corporation, Thyssenkrupp AG, TOPY AMERICA, INC., Central Motor Wheel of America, Inc., CLN Coils Lamiere Nastri SpA, ALCAR WHEELS GMBH, THE CARLSTAR GROUP, LLC., Steel Strips Group, Automotive Wheels Ltd |
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