PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1235966
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1235966
Magnesium Wheel Market Forecasts to 2028 - Global Analysis By Manufacturing (Forged and Cast), Vehicle (Bikes and Premium/ Sports Cars), End User and By Geography
According to Stratistics MRC, the Global Magnesium Wheel Market is accounted for $25.2 billion in 2022 and is expected to reach $33.6 billion by 2028 growing at a CAGR of 4.6% during the forecast period. Magnesium is lighter than aluminium as a material. Moreover, it has a silvery gloss that makes wheels made from it appealing. These wheels are made from alloys that mostly contain magnesium. These wheels have a large dampening capacity, which makes the ride more comfortable. They possess the singular ability to convert vibration into heat. The thermal conductivity of magnesium wheels, which increases brake lifetime by dispersing heat produced when brakes are engaged, is one of their key advantages.
According to the California Vehicle Code (CVC), the gross weight on any wheel should not surpass 10,500 pounds. For every 100 pounds of vehicle weight reduction, there is an average decrease of about 2% fuel consumption.
Market Dynamics:
Driver:
Shifting trend towards lightweight vehicles
Growing demand would be driven by changing trends towards lightweight automobiles and growing concerns about traffic safety. The market will develop due to a trend towards improved driving experiences, the increased substitution of conventional steel with effective & lasting magnesium materials, the expanding automotive sector brought on by rising vehicle demand, as well as rising consumer expenditure.
Restraint:
Availability of substitutes
The market expansion may be constrained by the availability of substitute materials for magnesium alloys that are less expensive and relatively heavier, as well as manufacturing impacts including holes, cavities, and metallurgical microstructure that results in high grain size.
Opportunity:
Rising demand for hybrid and electric vehicles
Growth in the industry will be fueled by increasing demand for hybrid and electric vehicles, as weight reduction in hybrid cars remains a top priority. Manufacturing, end use, vehicle, and geography are the main segments. The elements causing the increased industrial demand for magnesium wheels are the low production costs and simpler manufacturing procedure. As a result, these sectors are fuelling the market's expansion.
Threat:
Fluctuation of prices
Fluctuating magnesium prices, as well as issues associated with corrosion and welding of magnesium alloys, are expected to limit market expansion. These wheels are expensive as compared to aluminium wheels. This factor acts as restraining factor for the growth of the market.
COVID-19 Impact
The COVID-19 pandemic's arrival has also resulted in significant losses for the market's players. The market's growth prospects were limited by the lockdown restrictions. The pandemic-related economic crisis and lockdown had a significant negative impact on manufacturers' finances. The pandemic brought about market instability, supply chain interruptions, corporate decline, and consumer panic.
The forged segment is expected to be the largest during the forecast period
The forged segment is estimated to have a lucrative growth, due to its higher durability, ductility, and easier repairing properties. Forged wheels are lighter and more durable than cast magnesium and stronger than aluminium wheels. The growth of the category will be favourably impacted by the lack of casting flaws and cracks.
The bikes segment is expected to have the highest CAGR during the forecast period
The bikes segment is anticipated to witness the fastest CAGR growth during the forecast period, due to the lower weight and easier handling offered 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. These wheels also enable effective and fluid bike performance and lower overall vibrations, promoting market share.
Region with highest share:
Asia Pacific is projected to hold the largest market share during the forecast period owing to o the proliferating premium car demand. The size of the market is being further increased by the presence of multiple luxury automakers. Its expansion is linked to rising urbanisation and disposable money, which have caused people's presences to change throughout time.
Region with highest CAGR:
Europe is projected to have the highest CAGR over the forecast period, owing to the consumers choosing magnesium wheels over normal steel wheels. The thermal conductivity of magnesium wheels, which increases brake life by dispersing heat produced when brakes are engaged, is one of their key advantages. Growing globalisation fuels the market's expansion even further.
Key players in the market
Some of the key players profiled in the Magnesium Wheel Market include: Ferrari, Mercedes Benz, Volkswagen, App Tech, Enkei Corporation, SMW Engineering, Marchesini, Marvic Wheels, MKW Alloy, Ronal Group, Dymag Group Limited, Cromodora Wheels SPA, Minilite, PVM Brakes & Wheels Mannheim, Vision Ability Dedication, BBI Autosport and Washi Beam.
Key Developments:
In March 2022, Volkswagen and Ford expand collaboration on MEB electric platform. ord plans to produce another electric model for the European market based on the MEB platform. The automaker will also double its planned MEB volume to 1.2 million units over a six-year timeframe.
Manufacturings Covered:
- Forged
- Cast
Vehicles Covered:
- Bikes
- Premium
End Users Covered:
- Aerospace
- Sports
- Automotive
- Electronics
- Other End Users
Regions Covered:
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- Italy
- France
- Spain
- Rest of Europe
- Asia Pacific
- Japan
- China
- India
- Australia
- New Zealand
- South Korea
- Rest of Asia Pacific
- South America
- Argentina
- Brazil
- Chile
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- UAE
- Qatar
- South Africa
- Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
- Company Profiling
- Comprehensive profiling of additional market players (up to 3)
- SWOT Analysis of key players (up to 3)
- Regional Segmentation
- Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
- Competitive Benchmarking
- Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
- 2.1 Abstract
- 2.2 Stake Holders
- 2.3 Research Scope
- 2.4 Research Methodology
- 2.4.1 Data Mining
- 2.4.2 Data Analysis
- 2.4.3 Data Validation
- 2.4.4 Research Approach
- 2.5 Research Sources
- 2.5.1 Primary Research Sources
- 2.5.2 Secondary Research Sources
- 2.5.3 Assumptions
3 Market Trend Analysis
- 3.1 Introduction
- 3.2 Drivers
- 3.3 Restraints
- 3.4 Opportunities
- 3.5 Threats
- 3.6 End User Analysis
- 3.7 Emerging Markets
- 3.8 Impact of Covid-19
4 Porters Five Force Analysis
- 4.1 Bargaining power of suppliers
- 4.2 Bargaining power of buyers
- 4.3 Threat of substitutes
- 4.4 Threat of new entrants
- 4.5 Competitive rivalry
5 Global Magnesium Wheel Market, By Manufacturing
- 5.1 Introduction
- 5.2 Forged
- 5.3 Cast
6 Global Magnesium Wheel Market, By Vehicle
- 6.1 Introduction
- 6.2 Bikes
- 6.3 Premium
7 Global Magnesium Wheel Market, By End User
- 7.1 Introduction
- 7.2 Aerospace
- 7.3 Sports
- 7.4 Automotive
- 7.5 Electronics
- 7.6 Other End Users
8 Global Magnesium Wheel Market, By Geography
- 8.1 Introduction
- 8.2 North America
- 8.2.1 US
- 8.2.2 Canada
- 8.2.3 Mexico
- 8.3 Europe
- 8.3.1 Germany
- 8.3.2 UK
- 8.3.3 Italy
- 8.3.4 France
- 8.3.5 Spain
- 8.3.6 Rest of Europe
- 8.4 Asia Pacific
- 8.4.1 Japan
- 8.4.2 China
- 8.4.3 India
- 8.4.4 Australia
- 8.4.5 New Zealand
- 8.4.6 South Korea
- 8.4.7 Rest of Asia Pacific
- 8.5 South America
- 8.5.1 Argentina
- 8.5.2 Brazil
- 8.5.3 Chile
- 8.5.4 Rest of South America
- 8.6 Middle East & Africa
- 8.6.1 Saudi Arabia
- 8.6.2 UAE
- 8.6.3 Qatar
- 8.6.4 South Africa
- 8.6.5 Rest of Middle East & Africa
9 Key Developments
- 9.1 Agreements, Partnerships, Collaborations and Joint Ventures
- 9.2 Acquisitions & Mergers
- 9.3 New Product Launch
- 9.4 Expansions
- 9.5 Other Key Strategies
10 Company Profiling
- 10.1 Ferrari
- 10.2 Mercedes Benz
- 10.3 Volkswagen
- 10.4 App Tech
- 10.5 Enkei Corporation
- 10.6 SMW Engineering
- 10.7 Marchesini
- 10.8 Marvic Wheels
- 10.9 MKW Alloy
- 10.10 Ronal Group
- 10.11 Dymag Group Limited
- 10.12 Cromodora Wheels SPA
- 10.13 Minilite
- 10.14 PVM Brakes & Wheels Mannheim
- 10.15 Vision Ability Dedication
- 10.16 BBI Autosport
- 10.17 Washi Beam
List of Tables
- Table 1 Global Magnesium Wheel Market Outlook, By Region (2020-2028) ($MN)
- Table 2 Global Magnesium Wheel Market Outlook, By Manufacturing (2020-2028) ($MN)
- Table 3 Global Magnesium Wheel Market Outlook, By Forged (2020-2028) ($MN)
- Table 4 Global Magnesium Wheel Market Outlook, By Cast (2020-2028) ($MN)
- Table 5 Global Magnesium Wheel Market Outlook, By Vehicle (2020-2028) ($MN)
- Table 6 Global Magnesium Wheel Market Outlook, By Bikes (2020-2028) ($MN)
- Table 7 Global Magnesium Wheel Market Outlook, By Premium (2020-2028) ($MN)
- Table 8 Global Magnesium Wheel Market Outlook, By End User (2020-2028) ($MN)
- Table 9 Global Magnesium Wheel Market Outlook, By Aerospace (2020-2028) ($MN)
- Table 10 Global Magnesium Wheel Market Outlook, By Sports (2020-2028) ($MN)
- Table 11 Global Magnesium Wheel Market Outlook, By Automotive (2020-2028) ($MN)
- Table 12 Global Magnesium Wheel Market Outlook, By Electronics (2020-2028) ($MN)
- Table 13 Global Magnesium Wheel Market Outlook, By Other End Users (2020-2028) ($MN)
- Table 14 North America Magnesium Wheel Market Outlook, By Country (2020-2028) ($MN)
- Table 15 North America Magnesium Wheel Market Outlook, By Manufacturing (2020-2028) ($MN)
- Table 16 North America Magnesium Wheel Market Outlook, By Forged (2020-2028) ($MN)
- Table 17 North America Magnesium Wheel Market Outlook, By Cast (2020-2028) ($MN)
- Table 18 North America Magnesium Wheel Market Outlook, By Vehicle (2020-2028) ($MN)
- Table 19 North America Magnesium Wheel Market Outlook, By Bikes (2020-2028) ($MN)
- Table 20 North America Magnesium Wheel Market Outlook, By Premium (2020-2028) ($MN)
- Table 21 North America Magnesium Wheel Market Outlook, By End User (2020-2028) ($MN)
- Table 22 North America Magnesium Wheel Market Outlook, By Aerospace (2020-2028) ($MN)
- Table 23 North America Magnesium Wheel Market Outlook, By Sports (2020-2028) ($MN)
- Table 24 North America Magnesium Wheel Market Outlook, By Automotive (2020-2028) ($MN)
- Table 25 North America Magnesium Wheel Market Outlook, By Electronics (2020-2028) ($MN)
- Table 26 North America Magnesium Wheel Market Outlook, By Other End Users (2020-2028) ($MN)
- Table 27 Europe Magnesium Wheel Market Outlook, By Country (2020-2028) ($MN)
- Table 28 Europe Magnesium Wheel Market Outlook, By Manufacturing (2020-2028) ($MN)
- Table 29 Europe Magnesium Wheel Market Outlook, By Forged (2020-2028) ($MN)
- Table 30 Europe Magnesium Wheel Market Outlook, By Cast (2020-2028) ($MN)
- Table 31 Europe Magnesium Wheel Market Outlook, By Vehicle (2020-2028) ($MN)
- Table 32 Europe Magnesium Wheel Market Outlook, By Bikes (2020-2028) ($MN)
- Table 33 Europe Magnesium Wheel Market Outlook, By Premium (2020-2028) ($MN)
- Table 34 Europe Magnesium Wheel Market Outlook, By End User (2020-2028) ($MN)
- Table 35 Europe Magnesium Wheel Market Outlook, By Aerospace (2020-2028) ($MN)
- Table 36 Europe Magnesium Wheel Market Outlook, By Sports (2020-2028) ($MN)
- Table 37 Europe Magnesium Wheel Market Outlook, By Automotive (2020-2028) ($MN)
- Table 38 Europe Magnesium Wheel Market Outlook, By Electronics (2020-2028) ($MN)
- Table 39 Europe Magnesium Wheel Market Outlook, By Other End Users (2020-2028) ($MN)
- Table 40 Asia Pacific Magnesium Wheel Market Outlook, By Country (2020-2028) ($MN)
- Table 41 Asia Pacific Magnesium Wheel Market Outlook, By Manufacturing (2020-2028) ($MN)
- Table 42 Asia Pacific Magnesium Wheel Market Outlook, By Forged (2020-2028) ($MN)
- Table 43 Asia Pacific Magnesium Wheel Market Outlook, By Cast (2020-2028) ($MN)
- Table 44 Asia Pacific Magnesium Wheel Market Outlook, By Vehicle (2020-2028) ($MN)
- Table 45 Asia Pacific Magnesium Wheel Market Outlook, By Bikes (2020-2028) ($MN)
- Table 46 Asia Pacific Magnesium Wheel Market Outlook, By Premium (2020-2028) ($MN)
- Table 47 Asia Pacific Magnesium Wheel Market Outlook, By End User (2020-2028) ($MN)
- Table 48 Asia Pacific Magnesium Wheel Market Outlook, By Aerospace (2020-2028) ($MN)
- Table 49 Asia Pacific Magnesium Wheel Market Outlook, By Sports (2020-2028) ($MN)
- Table 50 Asia Pacific Magnesium Wheel Market Outlook, By Automotive (2020-2028) ($MN)
- Table 51 Asia Pacific Magnesium Wheel Market Outlook, By Electronics (2020-2028) ($MN)
- Table 52 Asia Pacific Magnesium Wheel Market Outlook, By Other End Users (2020-2028) ($MN)
- Table 53 South America Magnesium Wheel Market Outlook, By Country (2020-2028) ($MN)
- Table 54 South America Magnesium Wheel Market Outlook, By Manufacturing (2020-2028) ($MN)
- Table 55 South America Magnesium Wheel Market Outlook, By Forged (2020-2028) ($MN)
- Table 56 South America Magnesium Wheel Market Outlook, By Cast (2020-2028) ($MN)
- Table 57 South America Magnesium Wheel Market Outlook, By Vehicle (2020-2028) ($MN)
- Table 58 South America Magnesium Wheel Market Outlook, By Bikes (2020-2028) ($MN)
- Table 59 South America Magnesium Wheel Market Outlook, By Premium (2020-2028) ($MN)
- Table 60 South America Magnesium Wheel Market Outlook, By End User (2020-2028) ($MN)
- Table 61 South America Magnesium Wheel Market Outlook, By Aerospace (2020-2028) ($MN)
- Table 62 South America Magnesium Wheel Market Outlook, By Sports (2020-2028) ($MN)
- Table 63 South America Magnesium Wheel Market Outlook, By Automotive (2020-2028) ($MN)
- Table 64 South America Magnesium Wheel Market Outlook, By Electronics (2020-2028) ($MN)
- Table 65 South America Magnesium Wheel Market Outlook, By Other End Users (2020-2028) ($MN)
- Table 66 Middle East & Africa Magnesium Wheel Market Outlook, By Country (2020-2028) ($MN)
- Table 67 Middle East & Africa Magnesium Wheel Market Outlook, By Manufacturing (2020-2028) ($MN)
- Table 68 Middle East & Africa Magnesium Wheel Market Outlook, By Forged (2020-2028) ($MN)
- Table 69 Middle East & Africa Magnesium Wheel Market Outlook, By Cast (2020-2028) ($MN)
- Table 70 Middle East & Africa Magnesium Wheel Market Outlook, By Vehicle (2020-2028) ($MN)
- Table 71 Middle East & Africa Magnesium Wheel Market Outlook, By Bikes (2020-2028) ($MN)
- Table 72 Middle East & Africa Magnesium Wheel Market Outlook, By Premium (2020-2028) ($MN)
- Table 73 Middle East & Africa Magnesium Wheel Market Outlook, By End User (2020-2028) ($MN)
- Table 74 Middle East & Africa Magnesium Wheel Market Outlook, By Aerospace (2020-2028) ($MN)
- Table 75 Middle East & Africa Magnesium Wheel Market Outlook, By Sports (2020-2028) ($MN)
- Table 76 Middle East & Africa Magnesium Wheel Market Outlook, By Automotive (2020-2028) ($MN)
- Table 77 Middle East & Africa Magnesium Wheel Market Outlook, By Electronics (2020-2028) ($MN)
- Table 78 Middle East & Africa Magnesium Wheel Market Outlook, By Other End Users (2020-2028) ($MN)
