- Report ID: BMRC 477 | Number of pages: 199 | Publish Date: Jan 2020
Status: Published | Category: Automotive And Transport | Delivery Timeline:
Magnesium Wheel Market report is segmented on the basis of manufacturing, end-use, vehicle and region & country level. Based upon manufacturing, magnesium wheel market is segmented as cast and forged. Based upon end-use, market is classified into OEM and aftermarket. Furthermore, on the basis of vehicle, market is segmented as bikes and premium/ sports cars.
Magnesium Wheel Market is valued at USD 21.78 Billion in 2018 and expected to reach USD 27.12 Billion by 2025 with CAGR of 3.18% over the forecast period.
Magnesium wheel is well known for its superior characteristics that makes it as a best choice specifically for the racing cars. Magnesium wheels are usually applied to the sports racing cars, as they provide a good strength ratio than the aluminum alloys and also enable the exceptional better improvements such as better absorption of vibration, shocks, impacts and noise featuring the long service life. These features have made it applicable to be used for the racing cars to drive the comfort and better fuel economy. Magnesium has the highest strength to weight ratio over other metals, made up of 20 to 25% of Mg which is lighter than aluminum alloys and having the unique capability that makes it to transform the vibrations into heat.
The regions covered in this Global Magnesium Wheel market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, market of Global Magnesium Wheel market is sub divided into U.S., Mexico, Canada, UK, France, Germany, Italy, China, Japan, India, South East Asia, GCC, Africa, etc.
Some major key players for global magnesium wheel market are BBS, Enkei, MKW Alloy, SMW Engineering, O.Z. Group, Ferrari, Volkswagen, Mercedes Benz, Dymag Group Limited, Tecnología y Fabricación, S.A., Marvic Wheels, BBI Autosport, Marchesini, Vision Ability Dedication, App Tech, Tan-ei-sya, Milinite, Washi Beam and others.
Increasing Demand for Vehicle Weight Reduction is Expected to Drive the Growth of Global Magnesium Wheel Market.
The magnesium wheel market is likely to anticipate a high growth owing to the rising demand for more fuel efficient vehicles to reduce the energy consumption and growing demand for light weight vehicles & premium/sports cars. In 2016, global new passenger car and LCV sales was reached of about 20.44 million units during the first quarter of the same period. The premium cars from well-known brand recorded about 9% gain taking their market share to 11.4% in 2016. Magnesium wheels are usually used in the racing car applications to reduce the overall weight of vehicle, as it creates the better strength and weight ratio by the use of magnesium. Furthermore, worldwide leading automakers are focusing on the development of light weight cars and limiting the amount of exhaust emissions due to the government legalization. These factors are also fostering the growth of magnesium wheel market in response to the growing initiatives of government regarding its fuel economy and vehicle weight. However, magnesium wheel is relatively expensive, as it is around more than 20% than the price of aluminum. This can become the major hurdle in the growth of this market. In spite of that, excellent mechanical properties with a combination of new innovative machining technologies will collectively offer the most promising opportunities in the coming years.
Europe is Expected to Dominate the Global Magnesium Wheel Market.
Europe is estimated to dominate the global magnesium wheel market during the forecast period. European automotive sector has constantly shown the exceptional growth momentum from the last few years supported by large investments in R&D by the leading key players in this region. Additionally, Germany is the leading hub of world’s premium cars produces and sale it throughout the worldwide with more than 70% are German OEM manufactured, as a result of this, European automakers and customers have exposed to the huge interest in adoption of magnesium wheels in their vehicles. Europe is accounted for the largest automotive market, with more than 5.6 million passenger cars and 315,750 light commercial vehicles were produced in 2017. Moreover, North American automakers are willing to determine the technical feasibility in terms of vehicle weight reduction which is likely to grow the magnesium wheel market.
Key Benefits for Market Report–
By vehicle :
By Regional & Country Analysis:
Interested in this report?
Magnesium Wheel Market: Global Size, Trends, Competitive, Historical & Forecast Analysis, 2020-2025