Global Magnesium Alloy Wheels Market 2017-2021

Overview of the global magnesium alloy wheels market

Research analysis on the global magnesium alloy wheels market identifies that the increased fuel efficiency of forged magnesium wheels will be one of the major factors that will have a positive impact on the growth of the market. Technavio's market research analysts predict that this market will grow at a CAGR of more than 20% by 2021. Forged magnesium wheels lower the fuel consumption as they are 40% lighter than cast alloy wheels and require less effort to rotate. Compared to a twice heavy steel wheel, forged magnesium has repeatedly shown improvements of at least 3% in tire rolling resistance in a test performed by Alcoa. Fuel saving of nearly 1% or 0.5% can also be achieved for vehicles that use forged magnesium wheels due to the reduction in rolling resistance compared to a typical cast aluminum wheel. Other advantages of the magnesium alloy wheels also include reduced braking distance and acceleration, lower carbon dioxide emission, and better tire life and minimal risk.

The rising preference of customized vehicles is one of the latest trends that will gain traction in the magnesium alloy wheels market.  Compared to standard wheels, custom wheels offer improved functionality, precision and a stronger grip on the road. OEM wheels are made from steel and aluminum, whereas custom wheels are made of forged alloys that can be produced in different shapes. These forged magnesium alloy wheels will not be damaged in case of an accident or collision, and they offer an extended life. Customers can choose from a variety of shape, design, and color to enhance the aesthetic appeal of their vehicles.

Competitive landscape and key vendors  

MotoGP and Formula One races use vehicles that are fitted with forged magnesium wheels. Such vehicles are not commonly manufactured due to the complicated production process. Most of the manufacturers are aftermarket manufacturers as magnesium alloy wheels are used in racing cars and motorcycles, and the companies customize the wheels based on preference.

The leading vendors in the market are -

• Marvic Wheels
• BBI Autosport
• Marchesini
• Vision Ability Dedication

The other prominent vendors in the market are OZ, APP TECH, SMW Engineering, Tan-ei-sya, Milinite, and Washi Beam.

Segmentation by applications and analysis of the magnesium alloy wheels market

• Racing motorcycles
• Racing cars

During 2016, the racing cars segment accounted for the major shares of the magnesium alloy wheels market. Factors such as the rising popularity of racing events in developing countries, such as India, China, and Indonesia and the high level of customization will drive the growth of the segment in the global market.

Geographical segmentation and analysis of the magnesium alloy wheels market

• Americas
• APAC
• EMEA

This market study estimates that in terms of geographic regions, the Americas will be the major revenue contributor to the magnesium alloy wheels market throughout the forecast period. The strong racing culture and increased adoption of high-end sports cars in the region will drive the demand for magnesium alloy wheels.

Key questions answered in the report include

• What will the market size and the growth rate be in 2021?
• What are the key factors driving the global magnesium alloy wheels market?
• What are the key market trends impacting the growth of the global magnesium alloy wheels market?
• What are the challenges to market growth?
• Who are the key vendors in the global magnesium alloy wheels market?
• What are the market opportunities and threats faced by the vendors in the global magnesium alloy wheels market?
• Trending factors influencing the market shares of the Americas, APAC, and EMEA.
• What are the key outcomes of the five forces analysis of the global magnesium alloy wheels market?

Technavio also offers customization on reports based on specific client requirement.

Alloy wheels are constructed from an alloy of aluminum and magnesium, which are typically lighter and provide better strength, heat conduction, and often improves cosmetic appearance. The upcoming report on the global magnesium alloy wheel market follows a scrupulous data collection methodology and offers an analysis of fast growing market segments like auto accessories. By considering market intelligence factors such as market size, growth rate, technological developments, and eminent market drivers, Technavio provides a wealth of information from its vast collection of research reports from the automotive industry.

By considering the market forecast and size and the rising demand for various automotive accessories, the market research experts at Technavio offer an all-inclusive picture of the magnesium alloy wheels market for the estimated period of 2017 to 2021. Qualitative and quantitative research methodologies are used to accurately forecast the growth of the market, which will help the client in making investment and product decisions. This market study also offers an extensive analysis of various automotive accessories based on the interpretation of the information gathered from specific resources such as channel partners and market stakeholders.

This upcoming industry report on the magnesium alloy wheels market also considers the growth of the related markets such as the global automotive upholstery market, which is expected to project an impressive CAGR of nearly 10% during the forecasted period. According to our analysts, adoption of new technologies for making more efficient alloys is expected to drive the demand for such products over the next four years. This upcoming market research report on the magnesium alloy wheels market also covers vendors like Borbet, Enkei Wheels, Ronal Wheels, Momo Wheels, Uniwheels, BBS Wheels, Konig Wheels, Lenso Wheels, O.Z. S.p.A., and Rota Wheels.

The forthcoming industry research report on the magnesium alloy wheels market also categorizes the key drivers, prominent trends, as well as the major challenges that the automotive accessories sector currently experiences. The upcoming report also provides analysis of the market as per geographic segmentation by covering geographies like the Americas, APAC, and EMEA. Technavio also provides in-depth market assessments into the sectors such as automotive components and automotive electronics.

Technavio also offers clients the option to customize every report to suit their specific requirements and offers attractive discounts on all upcoming reports and future purchases.