Magnesium Wheel Market to cross 76 million units by 2024

Magnesium Wheel Market to cross 76 million units by 2024

North America is set to hold over 20% of global magnesium wheel market revenue size during the forecast period driven by automotive industry expansion across the region, favorable geographical location, availability of advanced technology, and high investments on R&D.

SELLBYVILLE, Del., May 1, 2018 /PRNewswire-iReach/ -- According to a latest research report by Global Market Insights, Inc. "Magnesium Wheel Market share is predicted to be valued USD 27 billion by 2024." Positive outlook of automotive industry coupled with shifting trend towards light weight vehicles will primarily drive the magnesium wheel market growth. moreover, inclination towards green mobility along with shifting consumer preference towards customized vehicles will further propel the industry growth over the next eight years.

Optimum precision, enhanced functionality, and strong grip on road are the major factors strengthening the product demand. Availability of forged wheels in numerous designs will attract the customers, escalating the revenue generation.

Demand for European car brands have witnessed a continuous rise owing to rapid industrialization, positively impacting the industry growth. In 2016, the European exports in automobile industry accounted for over USD 130 billion. Rising popularity of sports events such as Formula One and Grand Prix has accelerated the product demand since numerous companies are involved in sponsorships of these events.

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Magnesium wheel market from premium/sports cars accounted for maximum share crossing 95% in 2016. Improving income trends and changing lifestyles have led to increased demand for comfort and better rides. Enhanced braking system, improved acceleration, and high impact absorption are other factors propelling the industry growth over the forecast timeframe. However, high capital investment, production costs, and fluctuations in energy costs may negatively impact the industry price trend.

Cast manufacturing accounted for over USD 5 billion in 2016. Less complicated manufacturing process and low production cost are the major factors supporting the industry growth. however, heavy weight as compared to its counterpart may hamper the segment growth over the next eight years.

Forged manufacturing is poised to grow at over 3.5% from 2017 to 2024. High strength, durability, reduced weight, and better suspension are among major factors propelling the magnesium wheel market from forged manufacturing. Favorable regulatory landscape regarding usage of lightweight automotive components for emission reduction and enhanced fuel efficiency will further strengthen the product penetration over the coming years.

OEM is expected to account for over USD 15 billion over the forecast timeframe. Standardized manufacturing in OEMs including optimization, testing, quality control for ensuring product compatibility with vehicles, is fostering the product demand. Provision of benefits such as low response time, high return on investments, and enhanced support will further escalate the revenue generation till 2024.

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Europe accounted for over USD 9 billion in global magnesium wheel market in 2016. Presence of established luxury car OEMs such as Land Rover, Jaguar, Bentley, Rolls-Royce, Morgan, etc. will primarily drive the region's growth. Continuously increasing investments on superior manufacturing units with productive and highly skilled workforce and cutting-edge technology and design will strengthen product penetration in Europe. Automotive industry in UK was valued at over USD 20 billion in 2016.

Magnesium wheel market from Asia Pacific will grow at over 3.5% CAGR over the next eight years. Regular technological innovations in automotive sector coupled with efficient economic recovery will enhance the product demand. Rising number of automobile manufacturing units, especially in India and China will further support the region's growth till 2024.

Magnesium wheel market is moderately consolidated due to presence of few multi-national industry participants capturing a significant share. SMW Engineering Ltd., Enkei Corporation, APP Tech., PVM Brakes Manheim, BBS, and O.Z. are among the prominent players in the industry. Mergers and acquisitions, supply agreements, and collaborations are among the key strategies adopted by the players to strengthen their foothold.

Buy this industry insights spread across 300 pages with 204 market data tables & 11 figures & charts from the report, "Magnesium Wheel Market Size By Manufacturing (Cast, Forged), By End use (OEM, Aftermarket), By Vehicle (Bikes, Premium/Sports Cars), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, Italy, Spain, Russia, France, Turkey, China, Japan, India, South Korea, Australia, Brazil, Argentina, Mexico, Saudi Arabia, South Africa, UAE), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2016 - 2024" in detail along with the table of contents:

Chapter 4. Magnesium Wheel Market, By Manufacturing

4.1. Global magnesium wheel market share by manufacturing, 2016 & 2024

4.2. Cast

4.2.1. Market estimates and forecast, 2013 - 2024

4.2.2. Market estimates and forecast, by region, 2013-2024

4.3. Forged

4.3.1. Market estimates and forecast, 2013 - 2024

4.3.2. Market estimates and forecast, by region, 2013 - 2024

Chapter 5. Magnesium Wheel Market, By End-Use

5.1. Global magnesium wheel market share by end-use, 2016 & 2024

5.2. OEM

5.2.1. Market estimates and forecast, 2013 - 2024

5.2.2. Market estimates and forecast, by region, 2013-2024

5.3. Aftermarket

5.3.1. Market estimates and forecast, 2013 - 2024

5.3.2. Market estimates and forecast, by region, 2013 - 2024

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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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SOURCE Global Market Insights, Inc.