Magnesium Wheel Market – Global Industry Analysis and Forecast (2017-2026)
Magnesium Wheel Market is estimated to reach US$ XX Bn by 2026 in terms of revenue at a CAGR of XX% in the forecast period. Shifting trend towards lightweight vehicles along with increased road safety concerns will propel the magnesium wheel market size. Inclination towards enhanced driving experience accompanied by increasing replacement of traditional steel by efficient & durable magnesium material will drive the product demand.
Growing automotive industry due to rising vehicle demand along with increasing consumer spending will support the industry growth of magnesium wheel market. For example, in 2016 U.S. passenger car sales reached 6 million, while only 4 million cars were manufactured in the country. Changing automotive trends including vehicle customization, improved fuel efficiency, and reduced weight are the key factors positively influencing the product penetration.
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Increasing preference for green mobility coupled with stringent regulations promoting lightweight automotive components has been a key driver for the magnesium wheel market globally. According to the California Vehicle Code (CVC), gross weight on any wheel should not surpass 10,500 pounds. For every 100 pounds of vehicle weight reduction, there is an average decrease of about 2% fuel consumption.
Rising demand for hybrid and electric vehicles will drive the industry growth, as weight reduction remains a major concern in the hybrid automobiles.Magnesium Wheel Market Magnesium wheel market is majorly segmented by the manufacturing, end-use, vehicle, and region. Based on the manufacturing segment, cast manufacturing is expected to dominate the global magnesium wheel market in 2017. Low production cost and easier manufacturing process are the factors leading to high industry demand of magnesium wheel. However, comparatively heavier weight along with manufacturing defects including pores, cavities and metallurgical microstructure causing large grain size may restrain the segment growth.
Magnesium wheel can be also segmented based on end-use, where the OEM segment held the highest market share. Shifting manufacturer preference towards vehicle weight reduction is the key driving factor for magnesium wheel market growth. Product innovations and development coupled with heavy R&D investment by OEMs will further propel market demand.
Europe held the highest market in 2017. Recovery of automobile sector along with the increasing penetration of premium cars particularly in the UK, Germany, Italy, Spain, and Poland will form key factors driving the regional demand. Presence of premium automotive manufacturers including Lamborghini, Ferrari, Audi, BMW, and Porsche also provides a positive outlook for market growth in Europe.
Key player across the magnesium wheel industry are BBS, Enkei, MKW Alloy, SMW Engineering, and O.Z. Group. Industry players mainly focus on collaborations with high-end premium car manufacturers to increase customer base and strengthen foothold. For instance, O.Z. Group partnered with leading OEMs including Ferrari, Volkswagen, Mercedes Benz, etc. In August 2016, the company renewed its partnership with Ferrari till 2019. Product positioning for sport and premium car manufacturers is another key strategy observed among the manufacturers. For instance, BBS has focused its supply for sports cars used in Formula One.
Similarly, Enkei Corporation developed products suitable for sportscars adopting the stringent JGTC regulations. Moreover, technological advancement and heavy R&D investment are among other strategies adopted. For instance, in 2016, SMW Engineering launched research & development projects to perform in-depth analysis of environmental & economic benefits of magnesium wheel.
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The Scope of the Magnesium Wheel Market:
Magnesium Wheel Market, By Manufacturing
• Cast
• Forged
Magnesium Wheel Market, By End-Use
• OEM
• Aftermarket
Magnesium Wheel Market, By Vehicle
• Bikes
• Premium/ Sports Cars
Magnesium Wheel Market, By Geography
• North America
• Europe
• Asia-Pacific
• Middle East & Africa
• Latin America
Key Players operating in the Magnesium Wheel Market:
• 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
Maximize Market Research, a global market research firm with a dedicated team of specialists and data has carried out extensive research about the current magnesium wheel market outlook. The report encompasses the magnesium wheel market by different segments and region, providing an in-depth analysis of the overall industry ecosystem, useful for taking an informed strategic decision by the key stakeholders in the industry. Importantly, the report delivers forecasts and share of the market, further giving an insight into the market dynamics, and future opportunities that might exist in the magnesium wheel market. The driving forces, as well as considerable restraints, have been explained in depth. In addition to this, competitive landscape describing the strategic growth of the competitors have been taken into consideration for enhancing market know-how of our clients and at the same time explain magnesium wheel market positioning of competitors.
MAJOR TOC OF THE REPORT
Chapter One: Magnesium Wheel Market Overview
Chapter Two: Manufacturers Profiles
Chapter Three: Global Magnesium Wheel Market Competition, by Players
Chapter Four: Global Magnesium Wheel Market Size by Regions
Chapter Five: North America Magnesium Wheel Revenue by Countries
Chapter Six: Europe Magnesium Wheel Revenue by Countries
Chapter Seven: Asia-Pacific Magnesium Wheel Revenue by Countries
Chapter Eight: South America Magnesium Wheel Revenue by Countries
Chapter Nine: Middle East and Africa Revenue Magnesium Wheel by Countries
Chapter Ten: Global Magnesium Wheel Market Segment by Type
Chapter Eleven: Global Magnesium Wheel Market Segment by Application
Chapter Twelve: Global Magnesium Wheel Market Size Forecast (2019-2026)
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