Magnesium Wheel Market
PUBLISHED: 2023 ID: SMRC22563
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Magnesium Wheel Market

Magnesium Wheel Market Forecasts to 2028 - Global Analysis By Manufacturing (Forged and Cast), Vehicle (Bikes and Premium/ Sports Cars), End User and By Geography

4.7 (97 reviews)
4.7 (97 reviews)
Published: 2023 ID: SMRC22563

This report covers the impact of COVID-19 on this global market
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Years Covered

2020-2028

Estimated Year Value (2022)

US $25.2 BN

Projected Year Value (2028)

US $33.6 BN

CAGR (2022 - 2028)

4.6%

Regions Covered

North America, Europe, Asia Pacific, South America, and Middle East & Africa

Countries Covered

US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa

Largest Market

Asia Pacific

Highest Growing Market

Europe


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
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o 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
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o 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
1 Global Magnesium Wheel Market Outlook, By Region (2020-2028) ($MN)
2 Global Magnesium Wheel Market Outlook, By Manufacturing (2020-2028) ($MN)
3 Global Magnesium Wheel Market Outlook, By Forged (2020-2028) ($MN)
4 Global Magnesium Wheel Market Outlook, By Cast (2020-2028) ($MN)
5 Global Magnesium Wheel Market Outlook, By Vehicle (2020-2028) ($MN)
6 Global Magnesium Wheel Market Outlook, By Bikes (2020-2028) ($MN)
7 Global Magnesium Wheel Market Outlook, By Premium (2020-2028) ($MN)
8 Global Magnesium Wheel Market Outlook, By End User (2020-2028) ($MN)
9 Global Magnesium Wheel Market Outlook, By Aerospace (2020-2028) ($MN)
10 Global Magnesium Wheel Market Outlook, By Sports (2020-2028) ($MN)
11 Global Magnesium Wheel Market Outlook, By Automotive (2020-2028) ($MN)
12 Global Magnesium Wheel Market Outlook, By Electronics (2020-2028) ($MN)
13 Global Magnesium Wheel Market Outlook, By Other End Users (2020-2028) ($MN)
14 North America Magnesium Wheel Market Outlook, By Country (2020-2028) ($MN)
15 North America Magnesium Wheel Market Outlook, By Manufacturing (2020-2028) ($MN)
16 North America Magnesium Wheel Market Outlook, By Forged (2020-2028) ($MN)
17 North America Magnesium Wheel Market Outlook, By Cast (2020-2028) ($MN)
18 North America Magnesium Wheel Market Outlook, By Vehicle (2020-2028) ($MN)
19 North America Magnesium Wheel Market Outlook, By Bikes (2020-2028) ($MN)
20 North America Magnesium Wheel Market Outlook, By Premium/ Sports Cars (2020-2028) ($MN)
21 North America Magnesium Wheel Market Outlook, By End User (2020-2028) ($MN)
22 North America Magnesium Wheel Market Outlook, By Aerospace (2020-2028) ($MN)
23 North America Magnesium Wheel Market Outlook, By Sports (2020-2028) ($MN)
24 North America Magnesium Wheel Market Outlook, By Automotive (2020-2028) ($MN)
25 North America Magnesium Wheel Market Outlook, By Electronics (2020-2028) ($MN)
26 North America Magnesium Wheel Market Outlook, By Other End Users (2020-2028) ($MN)
27 Europe Magnesium Wheel Market Outlook, By Country (2020-2028) ($MN)
28 Europe Magnesium Wheel Market Outlook, By Manufacturing (2020-2028) ($MN)
29 Europe Magnesium Wheel Market Outlook, By Forged (2020-2028) ($MN)
30 Europe Magnesium Wheel Market Outlook, By Cast (2020-2028) ($MN)
31 Europe Magnesium Wheel Market Outlook, By Vehicle (2020-2028) ($MN)
32 Europe Magnesium Wheel Market Outlook, By Bikes (2020-2028) ($MN)
33 Europe Magnesium Wheel Market Outlook, By Premium (2020-2028) ($MN)
34 Europe Magnesium Wheel Market Outlook, By End User (2020-2028) ($MN)
35 Europe Magnesium Wheel Market Outlook, By Aerospace (2020-2028) ($MN)
36 Europe Magnesium Wheel Market Outlook, By Sports (2020-2028) ($MN)
37 Europe Magnesium Wheel Market Outlook, By Automotive (2020-2028) ($MN)
38 Europe Magnesium Wheel Market Outlook, By Electronics (2020-2028) ($MN)
39 Europe Magnesium Wheel Market Outlook, By Other End Users (2020-2028) ($MN)
40 Asia Pacific Magnesium Wheel Market Outlook, By Country (2020-2028) ($MN)
41 Asia Pacific Magnesium Wheel Market Outlook, By Manufacturing (2020-2028) ($MN)
42 Asia Pacific Magnesium Wheel Market Outlook, By Forged (2020-2028) ($MN)
43 Asia Pacific Magnesium Wheel Market Outlook, By Cast (2020-2028) ($MN)
44 Asia Pacific Magnesium Wheel Market Outlook, By Vehicle (2020-2028) ($MN)
45 Asia Pacific Magnesium Wheel Market Outlook, By Bikes (2020-2028) ($MN)
46 Asia Pacific Magnesium Wheel Market Outlook, By Premium (2020-2028) ($MN)
47 Asia Pacific Magnesium Wheel Market Outlook, By End User (2020-2028) ($MN)
48 Asia Pacific Magnesium Wheel Market Outlook, By Aerospace (2020-2028) ($MN)
49 Asia Pacific Magnesium Wheel Market Outlook, By Sports (2020-2028) ($MN)
50 Asia Pacific Magnesium Wheel Market Outlook, By Automotive (2020-2028) ($MN)
51 Asia Pacific Magnesium Wheel Market Outlook, By Electronics (2020-2028) ($MN)
52 Asia Pacific Magnesium Wheel Market Outlook, By Other End Users (2020-2028) ($MN)
53 South America Magnesium Wheel Market Outlook, By Country (2020-2028) ($MN)
54 South America Magnesium Wheel Market Outlook, By Manufacturing (2020-2028) ($MN)
55 South America Magnesium Wheel Market Outlook, By Forged (2020-2028) ($MN)
56 South America Magnesium Wheel Market Outlook, By Cast (2020-2028) ($MN)
57 South America Magnesium Wheel Market Outlook, By Vehicle (2020-2028) ($MN)
58 South America Magnesium Wheel Market Outlook, By Bikes (2020-2028) ($MN)
59 South America Magnesium Wheel Market Outlook, By Premium (2020-2028) ($MN)
60 South America Magnesium Wheel Market Outlook, By End User (2020-2028) ($MN)
61 South America Magnesium Wheel Market Outlook, By Aerospace (2020-2028) ($MN)
62 South America Magnesium Wheel Market Outlook, By Sports (2020-2028) ($MN)
63 South America Magnesium Wheel Market Outlook, By Automotive (2020-2028) ($MN)
64 South America Magnesium Wheel Market Outlook, By Electronics (2020-2028) ($MN)
65 South America Magnesium Wheel Market Outlook, By Other End Users (2020-2028) ($MN)
66 Middle East & Africa Magnesium Wheel Market Outlook, By Country (2020-2028) ($MN)
67 Middle East & Africa Magnesium Wheel Market Outlook, By Manufacturing (2020-2028) ($MN)
68 Middle East & Africa Magnesium Wheel Market Outlook, By Forged (2020-2028) ($MN)
69 Middle East & Africa Magnesium Wheel Market Outlook, By Cast (2020-2028) ($MN)
70 Middle East & Africa Magnesium Wheel Market Outlook, By Vehicle (2020-2028) ($MN)
71 Middle East & Africa Magnesium Wheel Market Outlook, By Bikes (2020-2028) ($MN)
72 Middle East & Africa Magnesium Wheel Market Outlook, By Premium (2020-2028) ($MN)
73 Middle East & Africa Magnesium Wheel Market Outlook, By End User (2020-2028) ($MN)
74 Middle East & Africa Magnesium Wheel Market Outlook, By Aerospace (2020-2028) ($MN)
75 Middle East & Africa Magnesium Wheel Market Outlook, By Sports (2020-2028) ($MN)
76 Middle East & Africa Magnesium Wheel Market Outlook, By Automotive (2020-2028) ($MN)
77 Middle East & Africa Magnesium Wheel Market Outlook, By Electronics (2020-2028) ($MN)
78 Middle East & Africa Magnesium Wheel Market Outlook, By Other End Users (2020-2028) ($MN)
 

List of Figures

RESEARCH METHODOLOGY


Research Methodology

We at Stratistics opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.

Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.

Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.

Data Mining

The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.

Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.

Data Analysis

From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:

  • Product Lifecycle Analysis
  • Competitor analysis
  • Risk analysis
  • Porters Analysis
  • PESTEL Analysis
  • SWOT Analysis

The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.


Data Validation

The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.

We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.

The data validation involves the primary research from the industry experts belonging to:

  • Leading Companies
  • Suppliers & Distributors
  • Manufacturers
  • Consumers
  • Industry/Strategic Consultants

Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.


For more details about research methodology, kindly write to us at info@strategymrc.com

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