Light Commercial Vehicle Steel Wheel Market

Light Commercial Vehicle Steel Wheel Market Outlook - 2027 

Wheel is an essential part of a light commercial vehicle, which is required to be strong and able to handle the load of the commercial vehicle as well as the strain caused by the axle. The steel wheel is a circular shaped rim which rotates and transmits the power from the engine for the movement of the vehicle. Additionally, tires are mounted on the rims also known as light commercial vehicle steel wheel. Steel wheel is considerably cheaper when compared to the alloy wheels. Furthermore, the automotive 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 light 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 light commercial vehicle steel wheel market.

COVID-19 scenario Analysis: 

• The vendors in light commercial vehicle steel wheel industry across the globe is majorly affected due to the restrictions on producers as well as the government declared lockdown which in turn is affecting the light commercial vehicle steel wheels manufacturers worldwide.
• Majority of light commercial vehicle steel wheel manufacturers are facing major issues such as cash flow problems and closure of factories due to the lockdowns which further affects the production of light commercial vehicle as well.
• As the governments all over the world have declared lockdowns over the past few months, the demand and supply cycle of many global light commercial vehicle steel wheel manufacturers is vulnerable owing to coronavirus.
• Steel wheel is an evolving sector for the light commercial vehicles which has been hampered due to the coronavirus, due to which production and installation process across the affected countries had been shut down & all operations were disrupted majorly due to the pandemic.

Top impacting factors: Market Scenario Analysis, Trends, Drivers and Impact Analysis

Low development cost & cheaper however durable, increase in demand for economical light commercial vehicles and growing demand for lightweight light 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 light commercial vehicle steel wheels market trends are as follows:

Increase in demand for economical light commercial vehicle 

The majority of the economical light commercial vehicles (LCV) are installed with steel wheels due to their durability, strong enough to hold the cargo weight for the light commercial vehicle and the low manufacturing & maintenance costs. The demand for economical LCV is growing in developing counties such as Indonesia, India and others due to a rise in number of potential first-time buyer. Furthermore, the high demand for economical light commercial vehicle owing to tax benefits on the LCV can directly affect the sales for the light commercial vehicle steel wheels. For instance, the UK government has introduced regulations regarding the value added tax (VAT) for the LCV based on the business engagement, if the vehicle is 80 percent used for business transportation then approximately 80 percent of the VAT can be reclaimed by the taxpayer. Therefore, the increase in demand for economical light commercial vehicle, will foster the growth of the light commercial vehicle steel wheel market.

Key benefits of the report:

• This study presents the analytical depiction of the light 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 light commercial vehicle steel wheel market.
• The current market is quantitatively analyzed to highlight the light commercial vehicle steel wheel market growth scenario.
• We can also determine steel wheel will remain a significant revenue shareholder in the global light commercial vehicle steel wheel market through the predictable future.

Questions answered in the global light commercial vehicle steel wheel market research report:

• Which are the leading market players active in light 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?

 Light Commercial Vehicle Steel Wheel Market Report Highlights