Magnesium Wheel Market Report

Market Insights

Magnesium Wheel Market is likely to witness a CAGR of 2.9% during the forecast period. The major factors such as increasing preference of automobile OEMs to lower vehicle weight to enhance fuel efficiency coupled with lowering carbon emissions, increasing disposable incomes, growing preference for personal green mobility solutions along with the growing demand for premium & sports cars and bikes is expected to fuel the growth of the market during the forecast period.

Segment Analysis

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Magnesium Wheel Market Share: By Manufacturing Type

Based on the manufacturing type, the market is segmented as cast and forged. The cast manufacturing type is projected to account for the major share of the market owing to its lower cost of production. Factors such as lower complexities in casting along with easier fabrication processes, and uniform grain structure coupled with the availability of multiple manufacturing processes are further expected to boost the growth of the segment during the forecast period.

On the other hand, the forged segment is estimated to witness significant growth rate in the market on account of its various advantages, such as higher tensile strength, capability to bear heavier loads as compared to cast products, and lower weight. These types of wheels are ideal for high-speed automotive applications, fueling the overall industry growth over the forecast period.

Magnesium Wheel Market Share: By End-Use Type

Based on the end-use type, the market is segmented as OEM and aftermarket. OEM is anticipated to account for the major share of the market on account of growing preferences of automobile manufacturers to incorporate high-end features in their vehicles to enhance their aspirational value. Moreover, enhanced quality of riding & comfort on uneven roads and excellent damping abilities are further expected to fuel the overall market growth during the forecast period. On the other hand, aftermarket is projected to witness significant growth rate owing to increasing consumer preferences for customizing their vehicles in the aftermarket during the forecast period.

Magnesium Wheel Market Share: By Vehicle Type

Based on the vehicle type, the market is segmented as bikes and premium/sports cars. The bike vehicle type is estimated to register higher growth rate in the market on account of increasing traffic congestion and easier maneuverability across various cities & towns during the forecast period. Its light weighted wheel helps in enhancing the efficiency of bike and riding with ease and comfort, fueling the segment’s growth during the forecast period. Moreover, premium/sports car is projected to witness significant growth in the market during the forecast period owing to the growing demand for such cars with technologically-advanced properties, which results in an improved performance of the vehicle.

Regional Analysis

In terms of regions, Europe is estimated to be the leading region in the market owing to the presence of some of the key automobile manufacturers in the region, launching new and improvised vehicles to meet consumer’s demand during the forecast period. Moreover, Asia-Pacific is also estimated to witness significant growth in the market on account of increasing disposable income and growing preferences for personal mobility in the region over the forecast period. North America is also expected to offer substantial growth opportunities during the forecast period.

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Market Scope & Segmentation

Magnesium wheels are manufactured from alloys that primarily contain magnesium and offer smoother ride and softer cushioning, and also superior thermal conductivity which enables them for easier heat dissipation as compared to traditional wheels. There are two ways of manufacturing these wheels, first one is by casting process and another one is by forging process.

This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.

The magnesium wheel market is segmented into the following categories.

Magnesium Wheel Market Size, Share, & Forecast, by Manufacturing Type:

• Cast (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Forged (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

Magnesium Wheel Market Size, Share, & Forecast, by End-Use Type:

• OEM (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Aftermarket (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

Magnesium Wheel Market Size, Share, & Forecast, by Vehicle Type:

• Bikes (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Premium/Sports Cars (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

Magnesium Wheel Market Size, Share, & Forecast, by Region:

• North America (Country Analysis: the USA, Canada, and Mexico) 
• Europe (Country Analysis: Germany, France, the UK, Russia, Spain, and Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and Rest of Asia-Pacific)
• Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

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Key Players

Some of the key players in the magnesium wheel market are-

• BBS USA
• Cromodora Wheels S.P.A.
• Enkei Corporation
• Marvic Wheels SRL
• Minilite
• MKW Alloy
• PVM Brakes & Wheels Mannheim
• Ronal Group
• SMW Engineering Ltd.
• Washi Beam.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
• Market trend and forecast analysis
• Market segment trend and forecast
• Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
• Attractive market segments and associated growth opportunities
• Emerging trends
• Strategic growth opportunities for the existing and new players
• Key success factors

Research Methodology

This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact book, press release, journals, investor presentation, white papers, patents, and articles have been leveraged to gather the data. We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both the qualitative and quantitative insights.

Report Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 players)

Market Segmentation

• Current market segmentation of any one of the vehicle types by end-use type.  

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry at [email protected].