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Procurement Market Intelligence Report

Industrial Wheels
Sourcing Guide & Market Trends

Comprehensive intelligence for making smart purchasing decisions

Learn about actual and potential costs

How much should I pay for Industrial Wheels?

What is the average price of Industrial Wheels?

This procurement report includes pricing information to help you purchase Industrial Wheels. Our analysts provide a benchmark price and a price range based on key pricing factors to help you understand what you should be paying for this specific product or service. To see the average price for this and hundreds of other products and services, subscribe to ProcurementIQ.

Has the price of Industrial Wheels been rising or falling?

Analysts look at market data from the previous three years to determine an overall price trend. You can use the recent price trends to help you understand price volatility and plan your budget.

I’m not ready to purchase Industrial Wheels yet. Will I pay more if I wait too long?

We forecast the next three years of price movements by looking at factors likely to affect the market's supply chain, such as inputs, demand and competition. You can then use the price forecast to figure out the best time to purchase.

What other costs are associated with purchasing Industrial Wheels?

Our analysts calculate the total cost of ownership and assign a level of low, moderate or high, depending on things like customization, integration and installation. Use this information to budget for Industrial Wheels with a reduced risk of unexpected costs.

See how we display average pricing information, trends and market data.

Find the vendor to meet your needs

Where can I purchase ?

The market for industrial wheels has a moderate level of market share concentration, with the top four largest suppliers accounting for just over 47.5% of total market share. ProcurementIQ estimates that there are 5,041 industrial wheel suppliers in the United States, including 805 manufacturers, 1,736 wholesalers and 2,500 retailers. Moderate... Subscribe to learn more.

Questions to ask potential suppliers

How can I gain leverage during negotiations?

Experience and Expertise

How long have you provided these products to your longest-tenured client?

What qualifications does your staff have and what measures do you take to keep those qualifications up to date?

What industry do you most commonly supply this product for?

To what extent will ordering multiple products from your firm allow me to save on costs?

What is your repeat business rate for businesses in my industry and how does that compare to your overall rates?

Supply Chain Risk

Over the past three years, what percentage of your revenue has been dedicated to raw input materials? How has that changed?

Has the availability of raw materials tightened due to the coronavirus outbreak?

Over the past three years, what percentage of your revenue has been dedicated to labor?

How have fluctuations in input prices affected the prices of your products during the past three years?

How do you mitigate sudden price increases in raw materials?

When input prices rise, how much of the cost is absorbed by you and how much is passed onto buyers?

How, if at all, has your supply chain been affected by import tariffs levied in 2018?

Regulation

How do you manage regulatory change? Do you have regulation advisers or methods to track regulation?

How have changing regulations influenced your pricing now and how will the changes affect prices over the life our proposed agreement?

What ongoing training procedures do you provide for your staff?

Have you ever been found to be noncompliant with regulatory frameworks?

Amid widespread health concerns during the COVID-19 pandemic, what contingency plans are in place to mitigate risk to your clients and employees? Do you offer clients any flexible exceptions, such as contract suspensions?

Quality Control

What quality control processes do you have in place?

Do you employ quality control equipment or technicians? If so, how many?

How do you keep your production techniques up to date? When was the last time you invested in new production equipment?

Where are your facilities located and why did you choose this location?

Regulation

Do you comply with NHTSA guidelines on the performance requirements for your product?

Are you a member of any professional association (e.g. American Gear Manufacturers Association)? Does this association establish standards for product design, manufacturing or application?

Have you ever had to modify any of your products to comply with new regulations? If so, how did you institute this change?

Have you ever been found in violation of a major regulation? If so, how quickly did you remedy the situation?

Delivery Timeliness

What shipping supplier do you use and have you had any issues with them in the past?

How has your delivery timeliness changed, if at all, during the COVID-19 pandemic?

How much inventory do you currently have? How long will this inventory last if there is a supply interruption?

What systems do you have in place to guarantee on-time delivery?

Do you have an alternative or expedited shipping method in place as a backup?

Accurate Order Fulfillment

What systems are in place to ensure accurate order fulfillment?

Do you use electronic tracking to ensure that orders are assembled accurately?

What do you do in the event that an order is mishandled? How quickly can you remedy the situation?

How consolidated is your internal ordering department?

How many people and steps are involved from receiving the order to shipping?

How have you improved overall accuracy in the past?

Supply Chain Dynamics

How do you deal with the volatile prices of inputs like steel and aluminum? How do you deal with their sudden and significant drops in price since the start of the coronavirus outbreak?

Who are your raw materials suppliers and what is your relationship like?

How many years have you been using your current suppliers?

Where are your raw materials produced? Does this location provide a cost advantage or increased reliability? Has the location of your providers added difficulties to your supply chain amidst the pandemic?

When was the last time you reviewed your supply costs?

When was the last time you renegotiated your contract with suppliers?

Competition

What aspects of your business give you a competitive advantage?

Give an example of an innovation or improvement that you made to stay competitive in the market.

What percentage of revenue do you devote to research and development?

How broad is your selection of industrial wheels in relation to your competitors?

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Key elements for every RFP

What should my RFP include?

Project Budget

Buyers should explicitly state their entire budget for industrial wheels.

Buyers should indicate if their budget includes supplementary costs, such as delivery costs, extended warranty coverage and any related goods and services.

Buyers should specify their preferred payment method and schedule.

Selection Criteria

Buyers should evaluate vendors on the level of customer service they can offer.

Buyers should assess the experience and reliability of prospective vendors.

Buyers should prefer vendors that can offer high-quality industrial wheels with competitive prices.

For a detailed list of key selection criteria, buyers should reference the Buying-Decision Scorecard of this report.

Project Schedule

Buyers should explicitly state the deadline for proposal submission, indicating their preferred submission format (e.g. digital or hard copy).

Buyers should include the final date which bid questions and queries must be submitted to garner a response.

Buyers should disclose when they expect industrial wheels to be delivered to their facilities.

Evaluate major factors to mitigate risk

How risky is the supply chain?

Supply chain risk in the industrial wheel market is moderate. Raw material inputs are the main source of risk. Industrial wheels are almost entirely composed of raw materials, such as aluminum and steel. These inputs can have volatile prices due to fluctuating demand from a variety of downstream industries. In... Subscribe to learn more.

HIGH

MEDIUM

LOW