Light Commercial Vehicle Steel Wheel Market Size, Top Manufacturers, Product Types, Sales and Demand 2020-2026
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North America (the U.S. and Canada), Europe (Germany, the UK, France, and rest of Europe), Asia-Pacific (China, Japan, India, and rest of Asia-Pacific), Latin America (Brazil, Mexico, and rest of LATAM) and The Middle East and Africa
Automotive Wheels Ltd, ALCAR WHEELS GMBH, Klassic Wheels Limited Accuride Corporation, MAXION Wheels, Central Motor Wheel of America, Inc., Thyssenkrupp AG, Steel Strips Group, CLN Coils Lamiere Nastri SpA, THE CARLSTAR GROUP, LLC., TOPY AMERICA, INC. and U.S. WHEEL CORP.
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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.
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Key benefits of the report:
1 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.
2 The report presents information related to key drivers, restraints, and opportunities along with challenges of the light commercial vehicle steel wheel market.
3 The current market is quantitatively analyzed from 2019 to 2027 to highlight the light commercial vehicle steel wheel market growth scenario.
4 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.
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