Magnesium Wheels Market Worth $28B by 2024: Global Market Insights, Inc.
SELBYVILLE, Del., April 17, 2019 /PRNewswire/ -- The magnesium wheels market is poised to rise from over USD $23 billion in 2018 to USD $28 billion by 2025, according to a 2019 Global Market Insights, Inc. report. Increasing demand for magnesium wheels, owing to the benefits offered by these wheels, including lower weight, improved performance, a better damping factor, coupled with superior heat dissipation, is driving the market share over the forecast timeframe. The rising preference for producing lightweight vehicles and supporting government regulations to improve fuel efficiency and lower carbon emissions are encouraging market expansion.
The rising consumer inclination for sports and premium cars, along with bikes, across the globe will support magnesium wheels' market growth. Forged wheels yield faster acceleration, reduce braking distance and increase overall vehicle performance. Additionally, the forged wheels include a complex grain structure that improves wheel strength significantly. These wheels also contribute towards improving the overall vehicle power-to-weight ratio, thereby boosting the market share.
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Shifting trends towards lower weight vehicles, along with rising safety concerns, are escalating magnesium wheels' market size. The inclination towards premium and comfortable driving experiences, owing to rising disposable income, encourages industry players to replace traditional steel wheels with efficient and durable magnesium wheels. Additionally, the premium design and finish of such wheels improve vehicle aesthetics significantly, thereby proliferating the business share.
OEMs will grow significantly in the magnesium wheels market size, owing to the rising inclination of manufacturers towards vehicle weight reduction. Moreover, the magnesium wheels offer higher stiffness and better heat dissipation, which makes them ideal to be used for sports and premium cars. Additionally, these wheels offer significant performance improvements and improve vehicle efficiency considerably. Lower weight wheels provide superior impact resistance and weight reduction, thereby supporting the magnesium wheels market growth over the projected timeframe. Moreover, the increasing popularity of numerous sports events, including Formula One, the Monaco Grand Prix and MotoGP will further drive the product demand.
Browse key industry insights spread across 270 pages with 425 market data tables and 11 figures and charts from the report, "Magnesium Wheels 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 and Forecast, 2019-2024," in detail, along with the table of contents:
https://www.gminsights.com/industry-analysis/magnesium-wheel-market
Bikes will account for a considerable volume share, owing to lower weight and easier handling offered by magnesium wheels. The wheels improve braking efficiency and provide superior rigidity. Moreover, the wheels have a higher ability to bear impact and have noise reduction and shock absorption. Additionally, these wheels allow for efficient and smooth bike performance and reduced overall vibrations, thereby supporting the magnesium wheels' market share over the study timeframe.
Asia and the Pacific will experience significant growth in the magnesium wheels market size, owing to the proliferating premium car demand. The presence of numerous premium car manufacturers in China and Japan is further boosting the market size. Multiple automobile manufacturers, including Porsche, Volkswagen and BMW, among others, are involved in new car launches with magnesium wheels.
The prominent magnesium wheels market players include Tan-ei-sya, SMW Engineering, Cromodora Wheels, Enkei Corporation and Minilite. The manufacturers undergo multiple stringent tests on wheels to ascertain the applicability of minimum standards for ensuring reliable performance under diversified conditions. Industry players are engaged in joint ventures and partnerships and are also continuously investing in expanding their distribution network for improving their market share.
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Browse Related Reports:
Automotive Wheel Market Size By Material (Aluminum, Steel, Magnesium, Carbon Fiber), By Product (Regular, High Performance), By End-Use (OEM, Aftermarket), By Vehicle (Passenger Cars, Light Commercial Vehicles, Heavy Trucks, Buses and Coaches, Trailers), Industry Analysis Report, Regional Outlook (U.S., Canada, France, Germany, Italy, Russia, UK, Czech Republic, Poland, Slovakia, Spain, Turkey, China, Japan, India, South Korea, Thailand, Australia, Malaysia, Philippines, Taiwan, Vietnam, Indonesia, Brazil, Argentina, Mexico, Colombia, Iran, South Africa, Morocco, Egypt, Algeria), Growth Potential, Price Trends, Competitive Market Share and Forecast, 2018-2024.
https://www.gminsights.com/industry-analysis/automotive-wheel-market
High-Performance Wheels Market Size By Material (Aluminum, Steel, Magnesium, Carbon Fiber), By Vehicle (Premium compact, Entry-level luxury, Mid-size luxury), By End-use (OEM, Aftermarket), Regional Outlook (U.S., Canada, Germany, UK, France, Italy, Spain, Poland, Russia, China, Japan, India, South Korea, Thailand, Brazil, Argentina, Mexico, GCC, Turkey, South Africa), Growth Potential, Price Trend, Competitive Market Share and Forecast, 2017-2024.
https://www.gminsights.com/industry-analysis/high-performance-wheels-market
About Global Market Insights
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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Magnesium Wheel Market Size to exceed $28bn by 2024
Asia Pacific will experience significant growth in the magnesium wheel market size in the coming years owing to proliferating premium cars demand.
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