April 01, 2020
As per the report titled ‘Magnesium Wheel Market Size By Manufacturing, By End-Use , By Vehicle Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2019 - 2024’, available with Market Study Report LLC, the global magnesium wheel market is projected to exhibit a strong growth rate over 2019-2024.
Increasing focus towards reducing overall vehicle weight to improve fuel economy and lower carbon emission is fueling the growth of magnesium wheel market. These wheels possess high strength to weight ratio, low weight, and high damping capacity which is encouraging the product adoption across the automotive industry. Furthermore, magnesium wheels offer enhanced heat dissipation as compared to its counterparts, along with smoother ride quality and softer cushioning in poor road conditions. These factors coupled with government initiatives and inflowing investments towards research & development of durable and reliable magnesium materials for automotive applications is augmenting the market outlook.
The report cites that repairs, replacement and upgradation of existing wheels with magnesium wheels will boost the product demand in the forthcoming years. Consumer inclination towards customized tires for improved aesthetics and performance will also render a positive impact on the market share.
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Based on the manufacturing process, forged magnesium wheels market segment is expected to grow considerably over the forecast timeline. The growth can be affixed to the benefits of these wheels including stronger frame and lower weight as compared to cast wheels. Forged wheels are less susceptible to cracks and deformation under extreme pressure, thereby boosting the product demand.
Speaking of the end-use spectrum, OEMs segment is presumed to amount for sizeable volume share of magnesium wheel market during the analysis period. Rising investments by industry leaders and stringent government regulations to lower carbon emissions are favoring the segmental growth.
Elaborating on the vehicle type, premium/sports car segment is projected to account for a significant revenue share in the coming years due to the rising inclination of OEMs to incorporate high end and premium features in their vehicles.
Considering the geographical outlook, Asia Pacific magnesium wheel market is slated to grow momentously over the analysis timeframe. Increasing two-wheeler sales and rising disposable income major factors propelling the regional growth. Escalated magnesium exports from China is further enhancing the business landscape.
Prominent players of magnesium wheel market are BBS USA, Enkei Corporation, Cromodora Wheels SPA, Minilite, PVM Brakes & Wheels Mannheim, MKW Alloy, SMW Engineering Ltd., Ronal Group, Tan-ei-sya Co., Ltd., Marchesini, Washi Beam, and OZ S.p.A.
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