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.

The market share of magnesium wheels is expected to grow due to rising demand for these wheels and their advantages, which include reduced weight, greater performance, better damping factor, and superior heat dissipation. The market is expanding as there is a growing demand for creating lightweight cars and support for government laws that aim to increase fuel economy and reduce carbon emissions. The Global Magnesium Wheel Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

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.

Due to the fact that magnesium is 1.5 times less dense than aluminium, magnesium wheels are made to be much lighter than aluminium alloy wheels while maintaining a similar level of strength. The material utilised for wheels with the highest strength-to-weight ratio is magnesium. The high dampening capacity offered by magnesium wheels contributes to a smoother ride. They possess the singular ability to convert vibration into heat. The thermal conductivity of magnesium wheels, which enhances brake life by dispersing heat produced when brakes are engaged, is one of its key advantages. The introduction of magnesium wheels is another encouraging feature. Magnesium wheels provide a gleaming, silvery quality that enhances the car’s appeal.

Global Magnesium Wheel Market Overview

The extraordinary ability of magnesium wheels to reduce weight is one of the main elements influencing demand. Magnesium is incredibly light, making it the perfect substance for manufacturing wheels. greater vehicle performance from less wheel load includes faster acceleration, greater handling, and shorter braking distances. This characteristic appeals particularly to drivers who are performance-driven enjoy driving sports cars and aim for maximum agility and speed. Also, demand for more fuel-efficient automobiles with reduced carbon emissions has been sparked by the automotive industry’s growing emphasis on environmental sustainability. By lowering the weight of the entire vehicle, magnesium wheels help achieve this objective and increase fuel economy. Less energy is needed to run lighter automobiles, which reduces greenhouse gas emissions. This driver is in line with consumers’ aspirations for environmentally friendly transportation alternatives and strict emissions standards.

Furthermore, the enhanced heat dissipation capabilities of magnesium are essential for improving brake performance. Magnesium wheels effectively disperse the heat that automobiles produce when braking, minimising brake fade and preserving constant braking effectiveness. This quality is crucial for drivers who frequently utilise the track or engage in furious driving since it guarantees dependable and safe braking in challenging circumstances. However, the comparatively high production cost of magnesium wheels as compared to conventional aluminium or steel wheels is one of the main barriers to their widespread adoption. Magnesium’s extraction, refinement, and processing might be more expensive, which raises the price of wheels overall. Consumers on a tight budget and automakers trying to keep their prices competitive may be put off by this cost aspect.

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

Based on Manufacturing, The market is segmented into Cast and Forged. Due to its greater ductility, durability, and ease of maintenance, the forged category now holds the majority of the market share for magnesium wheels. Compared to cast magnesium wheels, forged wheels are both lighter and stronger than aluminium wheels. For instance, a cast magnesium wheel weighs 10.2 kg, but a forged magnesium wheel weighs 7.4 kg. The expansion of the category will be favourably impacted by the lack of casting flaws and fractures. Since casting has cheaper production costs and a simpler manufacturing method than forging, it will experience significant market expansion. The market share of magnesium wheels will also be supported by the capacity to produce wheels of various sizes and shapes at much-reduced costs.

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

Based on End-User, the market is segmented into Aftermarket and OEM. The market for OEM will expand greatly in the size of magnesium wheels as a result of manufacturers’ increasing preference for lightening their vehicles. The magnesium wheels are also more rigid and provide greater heat dissipation, making them perfect for use on sports and luxury vehicles. These wheels also offer notable performance enhancements and greatly increase vehicle economy. Lower-weight wheels offer improved impact resistance and weight savings, fostering the predicted growth of the Magnesium Wheel Market. The growing popularity of several sporting events, such as the Moto GP, Monaco Grand Prix, and Formula One, will also help to fuel demand for the product.

Magnesium Wheel Market, By Geography

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

On the basis of Regional Analysis, the Global Magnesium Wheel Market is classified into North America, Europe, Asia Pacific, and the Rest of the world. The biggest market share was held by Asia-Pacific in 2022. The presence of several premium car manufacturers in China and Japan has had a significant impact on the market size for magnesium wheels. These two countries are known for their thriving automotive industries, with a focus on producing high-quality vehicles that often cater to luxury and performance segments. The involvement of multiple automobile manufacturers, including prestigious brands like Porsche, Volkswagen, and BMW, among others, in introducing new car models equipped with magnesium wheels has further fueled the demand and growth of this market.

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

• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors• Provision of market value (USD Billion) data for each segment and sub-segment• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions and acquisitions in the past five years of companies profiled• Extensive company profiles comprising of company overview, company insights, product benchmarking and SWOT analysis for the major market players• The current as well as the future market outlook of the industry with respect to recent developments (which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions• Includes an in-depth analysis of the market of various perspectives through Porter’s five forces analysis• Provides insight into the market through Value Chain• Market dynamics scenario, along with growth opportunities of the market in the years to come• 6-month post sales analyst support

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