Report Code: A07954 | Pages: NA | ||
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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.
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:
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:
Questions answered in the global light commercial vehicle steel wheel market research report:
Light 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 | MAXION Wheels, Thyssenkrupp AG, Automotive Wheels Ltd, ALCAR WHEELS GMBH, THE CARLSTAR GROUP, LLC., TOPY AMERICA, INC., Steel Strips Group, Central Motor Wheel of America, Inc., Klassic Wheels Limited Accuride Corporation, CLN Coils Lamiere Nastri SpA, U.S. WHEEL CORP. |
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