Global Magnesium Wheel Market Size By Manufacturing (Cast, Forged), By Vehicle (Premium/ Sports Cars, Bikes), By End-User (Aftermarket, OEM), By Geographic Scope And Forecast

Magnesium Wheel Market Size And Forecast

Magnesium Wheel Market size was valued at USD 24.33 Billion in 2022 and is projected to reach USD 30.54 Billion by 2030, growing at a CAGR of 2.88% from 2023 to 2030.

People are really starting to love magnesium wheels, and that's why they're expected to take up a bigger slice of the market! Why? Because they're lighter, offer better performance, soak up vibrations nicely, and are awesome at getting rid of heat. Plus, everyone's trying to build lighter cars these days, and governments are pushing for better fuel economy and less pollution. If you want the lowdown, the Global Magnesium Wheel Market report gives you the full scoop. It breaks down everything importantkey parts of the market, what's hot, what's holding things back, who the big players are, and what's really making a difference.

Global Magnesium Wheel Market Definition

Magnesium is lighter than aluminium as a material. Additionally, it has a silvery gloss that makes wheels made from it appealing. Today, magnesium alloys—which use magnesium as its base metal and include aluminium, tungsten, zinc, manganese, silicon, and copper as alloying components—are used to make automobile wheels. Wheels made of alloys that are mostly magnesium-based are known as magnesium wheels. Manufacturing processes for magnesium wheels include casting and forging. It has a good damping capacity, is lightweight, and has high specific strength, among other important characteristics that make it an appealing base metal for wheels.

Magnesium wheels? They're seriously cool. Think of them as the lighter, stronger cousins of aluminum wheels. Because magnesium is about 1.5 times less dense than aluminium, these wheels can be made much lighter while still being super strong. In fact, magnesium is the go-to material when you want the best strength-to-weight ratio possible in a wheel. Plus, they soak up bumps like a dream, giving you a smoother ride thanks to their high dampening capacity – they literally turn vibration into heat! Another sweet benefit? They help your brakes last longer. That's because magnesium wheels are great at conducting heat, dissipating the heat from braking. And let's not forget looks; these wheels have a shimmering, silvery finish that can really make your car stand out!

Global Magnesium Wheel Market Overview

One reason magnesium wheels are so popular? They're crazy lightweight! Magnesium is super light, which makes it ideal for wheels. Think about itlighter wheels mean better performance. You get faster acceleration, sharper handling, and you can stop quicker. That's a big deal for anyone who loves driving, especially if they're into sports cars and want the ultimate in agility and speed. Plus, with everyone pushing for greener cars that use less gas and pollute less, magnesium wheels are a winner. They help cut down on the vehicle's overall weight, which boosts fuel efficiency. Lighter cars take less energy to run, meaning fewer greenhouse gasses. So, if you're looking for a way to be more eco-friendly and meet those tough emissions rules, magnesium wheels can really help.

Magnesium's awesome ability to handle heat is super important for better brakes. Basically, magnesium wheels are great at getting rid of the heat your car makes when you brake. This helps avoid brake fade and keeps your braking consistent. For those who love the track or drive hard, this is a lifesaver, guaranteeing safe and reliable braking even when things get tough. But here's the catchmagnesium wheels cost more to make than your usual aluminum or steel ones. Getting the magnesium out of the ground, cleaned up, and ready to use can be expensive, which bumps up the overall price. This can scare off buyers watching their wallets and automakers trying to keep prices down.

Global Magnesium Wheel Market Segmentation Analysis

The Global Magnesium Wheel Market is Segmented on the basis of Manufacturing, Vehicle, End-User, And Geography.

Magnesium Wheel Market, By Manufacturing

• Cast
• Forged

When it comes to making magnesium wheels, there are two main ways to do itcasting and forging. Right now, forged wheels are the most popular because they're more flexible, last longer, and are easier to take care of. Think of it this wayforged magnesium wheels are lighter and stronger than the aluminium kind. To give you an idea, a cast wheel might weigh around 10.2 kg, but a forged one clocks in at just 7.4 kg! Plus, forged wheels don't have those pesky casting flaws and cracks, which is a big win. That said, don't count casting out just yet! It's cheaper to produce and easier to do than forging, so it's still seeing some growth. And because casting lets manufacturers create wheels in all sorts of sizes and shapes without breaking the bank, it'll keep playing a significant role in the Mg wheel market.

Magnesium Wheel Market, By Vehicle

• Premium/ Sports Cars
• Bikes

Based on Vehicle, The market is segmented into Premium/ Sports Cars and Bikes. The market is divided into premium/sports cars and bikes based on the kind of vehicle. Bikes will make up a sizeable portion of sales due to the less weight and better handling provided by the magnesium wheels. The wheels provide improved stiffness and increase braking effectiveness. The wheels also feature improved shock absorption, noise reduction, and impact resistance. Additionally, these wheels provide effective and fluid bike performance and lower overall vibrations, promoting the market share of magnesium wheels during the research period.

Magnesium Wheel Market, By End-User

• Aftermarket
• OEM

Okay, so the magnesium wheel market? It's basically split between aftermarket upgrades and wheels that come standard on new cars (OEM). Expect the OEM side to really take off because car companies are all about making vehicles lighter these days. And it's not just about weight! Magnesium wheels are stiffer and handle heat better, which is why you see them on sports cars and luxury rides. Plus, these wheels aren't just for show – they actually boost performance and save you gas. Being lighter also means they're tougher against bumps and dings. All this adds up to a big jump in demand. Oh, and all those cool racing events like Moto GP and Formula One? They're definitely helping to get people excited about magnesium wheels too!

Magnesium Wheel Market, By Geography

• North America
• Europe
• Asia Pacific
• Rest of the world

Okay, so when we look at the Global Magnesium Wheel Market by region, we're basically talking about North America, Europe, Asia Pacific, and everywhere else. And guess what? Asia-Pacific was totally dominating in 2022. This is largely because you've got a ton of fancy car makers hanging out in China and Japan. These countries are all about cars, especially the high-end stuff. Plus, big names like Porsche, Volkswagen, and BMW are all launching new models with magnesium wheels, which is just making the market even bigger! Learn more here.

In China, the automotive industry has rapidly evolved to become one of the largest and most influential globally. The country boasts a burgeoning middle class with an increasing affinity for premium and luxury vehicles. As a result, premium car manufacturers have strategically targeted this market by offering vehicles equipped with advanced features and materials, such as magnesium wheels, to differentiate their offerings and attract discerning consumers. This trend has not only contributed to the demand for magnesium wheels but has also influenced other manufacturers to consider incorporating this lightweight and performance-enhancing component in their models to remain competitive.

Key Players

The “Global Magnesium Wheel Market” study report will provide valuable insight with an emphasis on the global market including some of the major players such as BBS USA, Enkei Corporation, SMW Engineering Ltd., Ronal Group, Marvic Wheels SRL, Cromodora Wheels SPA, Minilite, MKW Alloy, PVM Brakes & Wheels Mannheim, and OZ S.p. A.

Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with product benchmarking and SWOT analysis.

Ace Matrix Analysis

The Ace Matrix provided in the report would help to understand how the major key players involved in this industry are performing as we provide a ranking for these companies based on various factors such as service features & innovations, scalability, innovation of services, industry coverage, industry reach, and growth roadmap. Based on these factors, we rank the companies into four categories as Active, Cutting Edge, Emerging, and Innovators.

Market Attractiveness

The image of market attractiveness provided would further help to get information about the region that is majorly leading in the Global Magnesium Wheel Market. We cover the major impacting factors that are responsible for driving the industry growth in the given region.

Porter’s Five Forces

The image provided would further help to get information about Porter’s five forces framework providing a blueprint for understanding the behaviour of competitors and a player’s strategic positioning in the respective industry. Porter’s five forces model can be used to assess the competitive landscape in the Global Magnesium Wheel Market, gauge the attractiveness of a certain sector, and assess investment possibilities.

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Reasons to Purchase this Report

We dig into the market using both qualitative and quantitative analysis, segmenting it by both economic and, well, less obvious factors. You'll get market value data (in USD Billion) for every single segment and sub-segment. We'll point out which region and segment we think will grow the fastest and which will be the biggest. Expect a geographic analysis highlighting how the product/service is used in each region, along with the factors influencing each market. We'll break down the competitive scene, ranking the major players and covering new service/product launches, partnerships, business expansions, and acquisitions from the past five years for the companies we profile. Speaking of profiles, we'll give you the lowdown on company overviews, insights, product benchmarking, and SWOT analysis for the major market players. We'll also provide our take on the current and future market outlook, considering recent developments (like growth opportunities, drivers, challenges, and restraints) in both emerging and developed regions. Plus, we'll give you an in-depth analysis of the market from all angles, using Porter's five forces. Expect insight into the market through the Value Chain, market dynamics scenarios, and potential growth opportunities in the years ahead. Oh, and we offer 6-month post-sales analyst support.

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