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

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