Global Commercial Vehicle Steel Wheel Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Commercial Vehicle Steel Wheel Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Steel wheels are round shaped rims on which the tires are mounted, made with an alloy of iron and carbon. Steel wheels help enable movement as well as it has to carry the whole weight of the vehicle. These are both stronger and cheaper when compared to the alloy wheel.

Market Overview:

The latest research study on the global Commercial Vehicle Steel Wheel market finds that the global Commercial Vehicle Steel Wheel market reached a value of USD 4495.57 million in 2022. It’s expected that the market will achieve USD 6124.73 million by 2028, exhibiting a CAGR of 5.29% during the forecast period.

Market demand is affected

The outbreak of the epidemic has had a rapid and severe impact on the global automotive industry. Blockades between countries have interrupted cross-border trade and disrupted the production and supply chain of the automotive industry. The long-term blockade has also led to a decline in demand for commercial vehicles, which affects the market demand for Commercial Vehicle Steel Wheel. However, after the epidemic has eased slightly, the sales of automobiles have an upward trend, which makes Commercial Vehicle Steel Wheel usher in the development space again.

The production cost of enterprises increases

During the outbreak of the epidemic, enterprises need to protect the life and health of employees during the production process, such as purchasing masks, disinfectants and other anti-epidemic materials, disinfecting the working environment before and after production, and checking the temperature of employees every day to ensure the health of employees. These measures will increase production costs and affect the development of enterprises.

Political Factors

These factors determine the extent to which a government may influence the economy or a certain industry. For example, a government may impose a new tax or duty due to which entire revenue generating structures of organizations might change. Political factors include tax policies, Fiscal policy, trade tariffs etc. that a government may levy around the fiscal year and it may affect the business environment (economic environment) to a great extent.

In July 2018, China's National Development and Reform Commission issued the Regulations on the Management of Automobile Industry Investment (Draft for Comment), proposing that the new energy vehicle field should focus on the development of non-metallic composite materials, high-strength light alloys, high-strength steel and other lightweight materials for body, Parts and complete vehicles. This has boosted the development of China's steel wheel industry. In 2019, the United States imposed tariffs on Chinese steel products, and many countries initiated anti-dumping and anti-subsidy investigations on Chinese steel wheels, which increased the production costs of related companies. Political Factors have a decisive influence on the operation and development of enterprises.

Social Factors

These factors scrutinize the social environment of the market, and gauge determinants like cultural trends, demographics, population analytics etc. Different countries and different societies have very different cultural connotations. For example, in economically developed areas, the restrictions on the use of commercial vehicles are more stringent, which may prompt downstream buyers to buy products that are more environmentally friendly, although the price may be higher; but in economically underdeveloped areas, the choice of vehicles is more product-oriented At this time, the choice of downstream buyers is more inclined to low price, and the choice of steel wheels is more in line with this part of the choice.

In addition, China, India, Indonesia and the Philippines in the Asia-Pacific region have large population bases, so the demand for steel wheels in this region is high. China occupies an important position in the global steel wheel market. The abundant supply of raw materials reduces the need for raw material imports, which reduces the manufacturing cost of steel wheels, which in turn lowers the price of steel wheels.

Region Overview:

Asia-Pacific dominated the Commercial Vehicle Steel Wheel market in 2022, with a market share of 45.55%.

Company Overview:

Maxion Wheels is one of the major players operating in the Commercial Vehicle Steel Wheel market, holding a share of 21.36% in 2023.

Maxion Wheels

Maxion Wheels is the world's leading manufacturer of steel and aluminum wheels for passenger, commercial and specialty vehicles.

Accuride Corporation

Accuride Corporation is a leading supplier of wheel end systems to the global commercial vehicle industry. The company’s products include steel and aluminum commercial vehicle wheels and wheel‐end components and assemblies; and steel wheels for the European automotive and global agricultural, construction and industrial equipment markets. The company’s products are marketed under its brand names, which include Accuride®, Accuride Wheel End Solutions™, Gunite® and KIC®.

Segmentation Overview:

By type, 19-21 inches segment accounted for the largest share of market in 2022.

Application Overview:

By application, the Light Duty Truck segment occupied the biggest share from 2018 to 2022.

Key Companies in the global Commercial Vehicle Steel Wheel market covered in Chapter 3:

Hitachi Metals
KIC LLC
Accuride Corporation
Steel Strips Wheels
Detroit Steel Wheel
TREBOR
Wheels International Srl
AutoComp AB
Bharat Wheel
Alcar Holding
Borbet GmbH
Maxion Wheels
Iochpe-Maxion

In Chapter 4 and Chapter 14.2, on the basis of types, the Commercial Vehicle Steel Wheel market from 2018 to 2029 is primarily split into:

13-15 inches
16-18 inches
19-21 inches
21-22.5 inches

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Commercial Vehicle Steel Wheel market from 2018 to 2029 covers:

Bus
Heavy and Mid Duty Truck
Light Duty Truck
Other Commercial Vehicle

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)