Market Overview:
The global magnesium alloy wheels market is expected to grow at a CAGR of 5.5% during the forecast period from 2018 to 2030. The market growth can be attributed to the increasing demand for lightweight vehicles and rising awareness about the benefits of using magnesium alloy wheels over traditional steel wheels. Magnesium alloy wheels are lighter in weight as compared to traditional steel wheel, which leads to improved fuel efficiency and performance of the vehicle. In addition, magnesium alloy wheels offer better braking performance than traditional steel wheel, as they dissipate heat quickly. These factors are expected to drive the demand for magnesium alloy Wheels in the coming years. Cast magnesium alloys accounted for a major share of the global market in 2017 and is projected to maintain its dominance duringthe forecast period owingto their high strength-to-weight ratio and corrosion resistance properties.
Product Definition:
Magnesium alloy wheels are a type of light-weight wheel that is made from a magnesium alloy. Magnesium alloys are lighter than aluminum alloys, so magnesium alloy wheels are typically lighter than traditional steel or aluminum wheels. This can result in improved fuel economy and performance.
Cast:
Cast magnesium alloy wheels are made from a single piece of mold and hence there are no seam welds or additional fasteners. The process is cost-effective, efficient and produces high-quality finished product. It also offers advantages such as uniformity, strength, corrosion resistance along with low maintenance costs.
Forged:
Forged wheels are manufactured by heating the metal to its melting point, then forming a billet which is twice as hard as the original metal from which it was made. The process of Forging makes steel stronger and more resistant to deformation than cast iron or aluminum.
The magnesium alloy wheel market has been witnessing strong growth over the past few years owing to rising demand for lightweight materials in vehicle manufacturing.
Application Insights:
Racing cars was the largest application segment in 2017 and will continue to dominate the market over the forecast period. Magnesium alloy wheels are lightweight, which helps improve vehicle performance and fuel efficiency. They also reduce CO2 emissions, thereby making them an ideal choice for green vehicles. The racing car segment includes Formula 1, IndyCar Series, Le Mans Prototypes and others that compete in international circuits such as Spa-Francorchamps or Monaco Grand Prix Circuit.
Magnesium alloy wheels have a high strength-to-weight ratio which makes them suitable for use on bicycles as well as motorcycles owing to their ability to absorb impact from accidents without getting damaged easily.
Regional Analysis:
Asia Pacific dominated the global market in 2017. The region is expected to witness significant growth over the forecast period owing to increasing automotive production and sales in countries such as China, India, Japan, and South Korea. In addition, rising disposable income of consumers is anticipated to fuel demand for luxury vehicles such as BMWs and Audis which are likely to be equipped with these alloys.
The growing popularity of sports cars on account of rising disposable incomes has led manufacturers including Ferrari SPA; Lamborghini BV; Aston Martin DB; Maserati Ghibli/Quattroporte/S Q4; Mercedes-AMG GTR Roadster & GT R Coupe (C197); Porsche Panamera Sport Turismo & Hybrid (918 Spyder) among others have started production operations at their new plants located in India or China thus boosting product demand across Asia Pacific region over the forecast period.
Growth Factors:
- Increasing demand for lightweight vehicles: Magnesium alloy wheels are lighter in weight as compared to traditional steel wheels, which helps in reducing the overall weight of the vehicle and improving its fuel efficiency. This is one of the key growth drivers for the magnesium alloy wheels market.
- Rising popularity of luxury cars: The growing popularity of luxury cars has led to an increase in demand for premium quality magnesium alloy wheels. This is another major factor driving growth in the magnesium alloy wheels market.
- Technological advancements: The development of new technologies that help improve durability and performance of magnesium alloy wheels is also contributing to their increasing adoption across different segments automotive industry, thereby propelling growth in this market space. For instance, manufacturers are now using advanced casting techniques that result lesser porosity and better mechanical properties such as strength and stiffness etc., making these Wheels more durable than ever before .
Scope Of The Report
Report Attributes
Report Details
Report Title
Magnesium Alloy Wheels Market Research Report
By Type
Cast, Forged
By Application
Racing Cars, Racing Motorcycles, Bikes
By Companies
Marvic Wheels, BBI Autosport, Marchesini, Vision Ability Dedication, OZ Motorbike, APP Tech, SMW Engineering, Tan-Ei-Sya, Marvic Wheels
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
186
Number of Tables & Figures
131
Customization Available
Yes, the report can be customized as per your need.
Global Magnesium Alloy Wheels Market Report Segments:
The global Magnesium Alloy Wheels market is segmented on the basis of:
Types
Cast, Forged
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
Racing Cars, Racing Motorcycles, Bikes
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
- Marvic Wheels
- BBI Autosport
- Marchesini
- Vision Ability Dedication
- OZ Motorbike
- APP Tech
- SMW Engineering
- Tan-Ei-Sya
- Marvic Wheels
Highlights of The Magnesium Alloy Wheels Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of market.
- Historical data and forecast.
- Estimations for the forecast period 2030.
- Developments and trends in the market.
- By Type:
- Cast
- Forged
- By Application:
- Racing Cars
- Racing Motorcycles
- Bikes
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the Magnesium Alloy Wheels Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
How you may use our products:
- Correctly Positioning New Products
- Market Entry Strategies
- Business Expansion Strategies
- Consumer Insights
- Understanding Competition Scenario
- Product & Brand Management
- Channel & Customer Management
- Identifying Appropriate Advertising Appeals
8 Reasons to Buy This Report
- Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
- Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
- Implemented Robust Methodology to Prepare the Report
- Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
- Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
- Provides Information About the Top-winning Strategies Implemented by Industry Players.
- In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
- Customization of the Report Available
Frequently Asked Questions?
Magnesium alloy wheels are a type of wheel made from magnesium. They are lighter than other types of wheels, which makes them easier to move and more efficient.
Some of the key players operating in the magnesium alloy wheels market are Marvic Wheels, BBI Autosport, Marchesini, Vision Ability Dedication, OZ Motorbike, APP Tech, SMW Engineering, Tan-Ei-Sya, Marvic Wheels.
The magnesium alloy wheels market is expected to grow at a compound annual growth rate of 5.5%.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Magnesium Alloy Wheels Market Overview
4.1 Introduction
4.1.1 Market Taxonomy
4.1.2 Market Definition
4.1.3 Macro-Economic Factors Impacting the Market Growth
4.2 Magnesium Alloy Wheels Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Magnesium Alloy Wheels Market - Supply Chain Analysis
4.3.1 List of Key Suppliers
4.3.2 List of Key Distributors
4.3.3 List of Key Consumers
4.4 Key Forces Shaping the Magnesium Alloy Wheels Market
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Global Magnesium Alloy Wheels Market Size & Forecast, 2018-2028
4.5.1 Magnesium Alloy Wheels Market Size and Y-o-Y Growth
4.5.2 Magnesium Alloy Wheels Market Absolute $ Opportunity
Chapter 5 Global Magnesium Alloy Wheels Market Analysis and Forecast by Type
5.1 Introduction
5.1.1 Key Market Trends & Growth Opportunities by Type
5.1.2 Basis Point Share (BPS) Analysis by Type
5.1.3 Absolute $ Opportunity Assessment by Type
5.2 Magnesium Alloy Wheels Market Size Forecast by Type
5.2.1 Cast
5.2.2 Forged
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global Magnesium Alloy Wheels Market Analysis and Forecast by Applications
6.1 Introduction
6.1.1 Key Market Trends & Growth Opportunities by Applications
6.1.2 Basis Point Share (BPS) Analysis by Applications
6.1.3 Absolute $ Opportunity Assessment by Applications
6.2 Magnesium Alloy Wheels Market Size Forecast by Applications
6.2.1 Racing Cars
6.2.2 Racing Motorcycles
6.2.3 Bikes
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global Magnesium Alloy Wheels Market Analysis and Forecast by Region
7.1 Introduction
7.1.1 Key Market Trends & Growth Opportunities by Region
7.1.2 Basis Point Share (BPS) Analysis by Region
7.1.3 Absolute $ Opportunity Assessment by Region
7.2 Magnesium Alloy Wheels Market Size Forecast by Region
7.2.1 North America
7.2.2 Europe
7.2.3 Asia Pacific
7.2.4 Latin America
7.2.5 Middle East & Africa (MEA)
7.3 Market Attractiveness Analysis by Region
Chapter 8 Coronavirus Disease (COVID-19) Impact
8.1 Introduction
8.2 Current & Future Impact Analysis
8.3 Economic Impact Analysis
8.4 Government Policies
8.5 Investment Scenario
Chapter 9 North America Magnesium Alloy Wheels Analysis and Forecast
9.1 Introduction
9.2 North America Magnesium Alloy Wheels Market Size Forecast by Country
9.2.1 U.S.
9.2.2 Canada
9.3 Basis Point Share (BPS) Analysis by Country
9.4 Absolute $ Opportunity Assessment by Country
9.5 Market Attractiveness Analysis by Country
9.6 North America Magnesium Alloy Wheels Market Size Forecast by Type
9.6.1 Cast
9.6.2 Forged
9.7 Basis Point Share (BPS) Analysis by Type
9.8 Absolute $ Opportunity Assessment by Type
9.9 Market Attractiveness Analysis by Type
9.10 North America Magnesium Alloy Wheels Market Size Forecast by Applications
9.10.1 Racing Cars
9.10.2 Racing Motorcycles
9.10.3 Bikes
9.11 Basis Point Share (BPS) Analysis by Applications
9.12 Absolute $ Opportunity Assessment by Applications
9.13 Market Attractiveness Analysis by Applications
Chapter 10 Europe Magnesium Alloy Wheels Analysis and Forecast
10.1 Introduction
10.2 Europe Magnesium Alloy Wheels Market Size Forecast by Country
10.2.1 Germany
10.2.2 France
10.2.3 Italy
10.2.4 U.K.
10.2.5 Spain
10.2.6 Russia
10.2.7 Rest of Europe
10.3 Basis Point Share (BPS) Analysis by Country
10.4 Absolute $ Opportunity Assessment by Country
10.5 Market Attractiveness Analysis by Country
10.6 Europe Magnesium Alloy Wheels Market Size Forecast by Type
10.6.1 Cast
10.6.2 Forged
10.7 Basis Point Share (BPS) Analysis by Type
10.8 Absolute $ Opportunity Assessment by Type
10.9 Market Attractiveness Analysis by Type
10.10 Europe Magnesium Alloy Wheels Market Size Forecast by Applications
10.10.1 Racing Cars
10.10.2 Racing Motorcycles
10.10.3 Bikes
10.11 Basis Point Share (BPS) Analysis by Applications
10.12 Absolute $ Opportunity Assessment by Applications
10.13 Market Attractiveness Analysis by Applications
Chapter 11 Asia Pacific Magnesium Alloy Wheels Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Magnesium Alloy Wheels Market Size Forecast by Country
11.2.1 China
11.2.2 Japan
11.2.3 South Korea
11.2.4 India
11.2.5 Australia
11.2.6 South East Asia (SEA)
11.2.7 Rest of Asia Pacific (APAC)
11.3 Basis Point Share (BPS) Analysis by Country
11.4 Absolute $ Opportunity Assessment by Country
11.5 Market Attractiveness Analysis by Country
11.6 Asia Pacific Magnesium Alloy Wheels Market Size Forecast by Type
11.6.1 Cast
11.6.2 Forged
11.7 Basis Point Share (BPS) Analysis by Type
11.8 Absolute $ Opportunity Assessment by Type
11.9 Market Attractiveness Analysis by Type
11.10 Asia Pacific Magnesium Alloy Wheels Market Size Forecast by Applications
11.10.1 Racing Cars
11.10.2 Racing Motorcycles
11.10.3 Bikes
11.11 Basis Point Share (BPS) Analysis by Applications
11.12 Absolute $ Opportunity Assessment by Applications
11.13 Market Attractiveness Analysis by Applications
Chapter 12 Latin America Magnesium Alloy Wheels Analysis and Forecast
12.1 Introduction
12.2 Latin America Magnesium Alloy Wheels Market Size Forecast by Country
12.2.1 Brazil
12.2.2 Mexico
12.2.3 Rest of Latin America (LATAM)
12.3 Basis Point Share (BPS) Analysis by Country
12.4 Absolute $ Opportunity Assessment by Country
12.5 Market Attractiveness Analysis by Country
12.6 Latin America Magnesium Alloy Wheels Market Size Forecast by Type
12.6.1 Cast
12.6.2 Forged
12.7 Basis Point Share (BPS) Analysis by Type
12.8 Absolute $ Opportunity Assessment by Type
12.9 Market Attractiveness Analysis by Type
12.10 Latin America Magnesium Alloy Wheels Market Size Forecast by Applications
12.10.1 Racing Cars
12.10.2 Racing Motorcycles
12.10.3 Bikes
12.11 Basis Point Share (BPS) Analysis by Applications
12.12 Absolute $ Opportunity Assessment by Applications
12.13 Market Attractiveness Analysis by Applications
Chapter 13 Middle East & Africa (MEA) Magnesium Alloy Wheels Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Magnesium Alloy Wheels Market Size Forecast by Country
13.2.1 Saudi Arabia
13.2.2 South Africa
13.2.3 UAE
13.2.4 Rest of Middle East & Africa (MEA)
13.3 Basis Point Share (BPS) Analysis by Country
13.4 Absolute $ Opportunity Assessment by Country
13.5 Market Attractiveness Analysis by Country
13.6 Middle East & Africa (MEA) Magnesium Alloy Wheels Market Size Forecast by Type
13.6.1 Cast
13.6.2 Forged
13.7 Basis Point Share (BPS) Analysis by Type
13.8 Absolute $ Opportunity Assessment by Type
13.9 Market Attractiveness Analysis by Type
13.10 Middle East & Africa (MEA) Magnesium Alloy Wheels Market Size Forecast by Applications
13.10.1 Racing Cars
13.10.2 Racing Motorcycles
13.10.3 Bikes
13.11 Basis Point Share (BPS) Analysis by Applications
13.12 Absolute $ Opportunity Assessment by Applications
13.13 Market Attractiveness Analysis by Applications
Chapter 14 Competition Landscape
14.1 Magnesium Alloy Wheels Market: Competitive Dashboard
14.2 Global Magnesium Alloy Wheels Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 Marvic Wheels
14.3.2 BBI Autosport
14.3.3 Marchesini
14.3.4 Vision Ability Dedication
14.3.5 OZ Motorbike
14.3.6 APP Tech
14.3.7 SMW Engineering
14.3.8 Tan-Ei-Sya
14.3.9 Marvic Wheels
