Magnesium Wheel Market To Register An Escalated Growth of USD 28 Billion by 2024
Asia Pacific magnesium wheel market will showcase significant growth over the study timeframe. Increasing purchasing power of citizens from economies including China, Thailand, Indonesia, and India will drive market. Increasing two wheelers sales across the region including bikes mostly from the youth customers are attracting several manufacturers to establish their plants in the region. Additionally, China is among the global leaders in the magnesium production and exporting magnesium to several countries including U.S. and Brazil.
Rising preference of automobile OEMs to lower vehicle weight for improving fuel efficiency along with lowering carbon emissions are driving the magnesium wheel market over the forecast timeframe. The benefits offered by these wheels including superior strength to weight ratio and lower weight with higher damping capacity are further supporting the product demand.
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Repairs and replacements along with upgradation of existing car wheels with advanced magnesium wheels are boosting the revenue share over the study timeframe. Consumers also opt for specialized designs and customized tires depending on their requirements, thereby expanding their Magnesium Wheel Market. Moreover, the improved aesthetics and improved performance offered by these wheels provides a positive outlook for the magnesium wheel market share expansion.
Forged segment dominates the magnesium wheel market owing to its higher durability, ductility and easier repairing properties. Forged wheels are stronger than aluminum wheels and lighter than magnesium wheels processed with casting. For instance, forged magnesium wheel weighs 7.4 Kg compared to cast wheel weighing 10.2 Kg. Absence of casting defects and cracks will positively influence the segment growth. Cast segment will register considerable market growth owing to the lower production cost and simpler manufacturing process compared to forging. The ability to manufacture wheels of varying size and shape with significantly lower costs involved will further support magnesium wheel market share.
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OEMs will account for a significant volume share in the magnesium wheel market. This can be credited to the increasing investments by automobile manufacturers and industry players to incorporate magnesium wheels in their vehicle portfolio. Moreover, stringent government regulations require OEMs to invest in technologies for lowering vehicle weight to significantly improve efficiency and lower emissions, thereby supporting the segment share over the projected timeframe.
Premium & sports cars will account for a significant revenue share in the magnesium wheel market share. This can be attributed to the rising focus of automobile OEMs to incorporate high end aspirational features in vehicles for increasing their market share. Moreover, the usage of magnesium wheels allows for significant performance improvements owing to enhanced power to weight ratio. Additionally, the superior damping and cushioning offered by such wheels improves ride quality considerably, thereby improving the segment share over the projected timeframe.
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