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Magnesium Wheel Market Size - Global Industry, Share, Analysis, Trends and Forecast 2023 - 2032

Category : Automotive, Transportation and Logistics | Published at : December-2023 | Delivery Format : PDF | Status: Published | Pages : 250

The Magnesium Wheel Market Size accounted for USD 22.6 Billion in 2022 and is estimated to achieve a market size of USD 29.6 Billion by 2032 growing at a CAGR of 2.8% from 2023 to 2032.

Magnesium Wheel Market Highlights

  • Global magnesium wheel market revenue is poised to garner USD 29.6 billion by 2032 with a CAGR of 2.8% from 2023 to 2032
  • Europe magnesium wheel market value occupied around USD 8.1 billion in 2022
  • Asia-Pacific magnesium wheel market growth will record a CAGR of more than 3.2% from 2023 to 2032
  • Among manufacturing, the cast sub-segment generated noteworthy revenue in 2022
  • Based on end-use, the OEM sub-segment generated around 60% share in 2022
  • R&D for enhanced durability and performance of magnesium wheels is a popular magnesium wheel market trend that fuels the industry demand

Magnesium Wheel Market Dynamics

Magnesium wheels, which are mostly made of magnesium alloys, provide outstanding lightweight qualities as well as high strength, making them a popular choice in car wheel building. These wheels are known for their exceptional strength-to-weight ratio, which improves vehicle handling, acceleration, and fuel efficiency. Their capacity to efficiently dissipate heat makes them popular in high-performance and racing automobiles. The magnesium wheel industry is a specialized area that caters to enthusiasts looking for performance enhancement and unique looks. While typical aluminum alloys have a larger market share in the wheel business, this market segment is continuously growing due to weight reduction, improved vehicle performance, and unique design preferences in the luxury and high-performance automotive sectors. Technological improvements continue to perfect these wheels, increasing their appeal among car enthusiasts.

Global Magnesium Wheel Market Dynamics

Market Drivers

  • Lightweight trend in automotive industry
  • Increasing demand for high-performance vehicles
  • Stringent emission regulations
  • Advancements in magnesium wheel manufacturing technology

Market Restraints

  • Higher costs associated with magnesium procurement
  • Fluctuating trade policies and tariff duties
  • Limited use in lower-priced vehicle segments

Market Opportunities

  • Development of cost-effective manufacturing processes
  • Expansion of magnesium wheel application in electric vehicles
  • Growing focus on sustainability and eco-friendly solutions

Magnesium Wheel Market Report Coverage

Market Magnesium Wheel Market
Magnesium Wheel Market Size 2022 USD 22.6 Billion
Magnesium Wheel Market Forecast 2032 USD 29.6 Billion
Magnesium Wheel Market CAGR During 2023 - 2032 2.8%
Magnesium Wheel Market Analysis Period 2020 - 2032
Magnesium Wheel Market Base Year
2022
Magnesium Wheel Market Forecast Data 2023 - 2032
Segments Covered By Manufacturing, By Vehicle, By End Use, And By Geography
Regional Scope North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
Key Companies Profiled App Tech, BBI Autosport, Cromodora Wheels SPA, Dymag Group Limited, Enkei, Ferrari, Marvic Wheels, Marchesini, Mercedes Benz, Milinite, MKW Alloy, O.Z. Group, PVM Brakes & Wheels Mannheim, Ronal Group, SMW Engineering, Tan-ei-sya, Volkswagen, Vision Ability Dedication, and Washi Beam.
Report Coverage
Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Covid-19 Analysis, Regulation Analysis

Magnesium Wheel Market Insights

The magnesium wheel market is being propelled by car manufacturers' preference for lighter vehicles to reduce carbon emissions. The increased demand for lightweight automotive parts with superior mechanical characteristics drives the growing adoption of magnesium wheels. Customers seek specially designed wheels that significantly enhance both vehicle performance and aesthetics. Magnesium wheels boast superior thermal conductivity, aiding heat dissipation compared to traditional wheels. They also offer smoother driving and better cushioning, significantly improving the driving experience on uneven roads. The rising demand for high-quality external automotive components and the durable structure of magnesium wheels positively impact their market growth. As the popularity of premium cars increases alongside their improved maneuverability and handling stability, the market is poised for substantial expansion in the magnesium wheel industry forecast period.

The magnesium wheel market continues to surge due to a growing preference for eco-friendly solutions and increased demand for premium sports cars and bikes. Stringent government regulations promoting emission reduction and enhanced fuel efficiency drive manufacturers to invest in advanced wheel production technologies. For instance, the National Highway Traffic Safety Administration (NHTSA) focuses annually on improving car fuel efficiency through Corporate Average Fuel Economy (CAFE) standards. Industrial players are integrating magnesium wheels into premium and luxury vehicles to expand market share. Despite higher prices compared to alloy wheels and traditional steel, magnesium wheels are limited in cheaper vehicles. Automotive OEMs, however, are investing in R&D to introduce innovative manufacturing technologies for cost-effective wheels. Initiatives like Ford Motors and AUTO21's development of custom tailor-welded blank (TWB) and friction wheel soldering (FSW) technologies aim to produce more affordable magnesium wheels, catering to a broader customer base.

The market might face challenges in market share due to elevated costs in magnesium procurement and processing throughout the magnesium wheel market forecast period. Changes in trade policies and tariff duties could further impede industry growth by impacting raw material prices. Manufacturers consistently drive the growth of the magnesium wheel market through R&D efforts aimed at developing advanced production processes. For instance, innovative technologies like MagSonic are revolutionizing magnesium production by significantly reducing energy consumption and carbon emissions when compared to traditional methods.

Magnesium Wheel Market Segmentation

The worldwide market for magnesium wheel is split based on manufacturing, vehicle, end use, and geography.

Magnesium Wheel Manufacturing

  • Cast
  • Forged

According to magnesium wheel industry analysis, the growing share of the cast products segment is driven by lower production costs, which are expected to increase over the planned time frame. This growth is supported by simplified casting processes and reduced complexities in manufacturing. Magnesium wheels market share is significantly influenced by a uniform grain structure, facilitated by various production methods like low-pressure and gravity casting. The rising adoption of forged car components is attributed to several advantages, including increased tensile strength, reduced weight, and superior load-bearing capabilities compared to cast products. The interconnected internal structure of forged wheels enhances their toughness, expanding their applications across the automotive industry. Particularly suited for high-speed vehicles, including racing cars, the increased use of forged wheels is expected to drive market growth throughout the study period.

Magnesium Wheel Vehicles

  • Bike
  • Sports/Premium Cars

The adoption of two-wheeled vehicles is on the rise due to increased traffic congestion, especially in urban areas, fostering the growth of motorcycles within the planned period. The lighter weight of magnesium wheels not only facilitates easier maneuvers but also significantly enhances bike efficiency. Automotive OEMs are launching upgraded products featuring magnesium wheels to expand their market share. For instance, Aprilia introduced the RSV4 X bike with factory-fitted magnesium wheels in 2019.

Premium and sports cars accounted for a significant volume share over the study period, driven by the escalating demand for technologically advanced vehicles. Improved performance attributes such as rapid acceleration, precise braking, and superior heat dissipation contribute to the segment's enduring growth. Furthermore, the markedly higher quality of these wheels compared to others plays a pivotal role in their increased usage in premium and sports cars.

Magnesium Wheel End Uses

  • Aftermath
  • OEM

OEMs play a crucial role in elevating car manufacturers ambitions, meeting the increased demand for high-end features in vehicles. The substantial reduction in weight offered by magnesium wheels not only enhances vehicle efficiency but also contributes to emissions reduction. Improved quality and superior damping capabilities, providing comfort on uneven roads, are pivotal factors fostering the growth of the magnesium wheel market during this study period.

In terms of magnesium wheel market analysis, the aftermarket segment is poised for significant growth. Consumer preference for customizing their vehicles drives this trend. The need to repair or replace wheels due to defects or accidents after a certain mileage range will further augment this segment's size. Additionally, the market for magnesium wheels will experience notable growth due to tire wear in older vehicles and their capacity to enhance overall vehicle comfort.

Magnesium Wheel Market Regional Outlook

North America

  • U.S.
  • Canada

Europe

  • U.K.
  • Germany
  • France
  • Spain
  • Rest of Europe

Asia-Pacific

  • India
  • Japan
  • China
  • Australia
  • South Korea
  • Rest of Asia-Pacific

Latin America

  • Brazil
  • Mexico
  • Rest of Latin America

The Middle East & Africa

  • South Africa
  • GCC Countries
  • Rest of the Middle East & Africa (ME&A)

Magnesium Wheel Market Drivers

Magnesium Wheel Market Regional Analysis

The magnesium wheel market held a substantial share in Europe's revenues, attributed to the presence of major car manufacturers across the region launching new vehicles and upgrading their existing portfolios. Volkswagen, BMW, Skoda, Audi, and Rolls Royce stand among the prominent manufacturers incorporating magnesium wheels to bolster their market share. For instance, in 2022, Porsche introduced the upgraded GT2 RS model featuring magnesium wheels, resulting in a significant weight reduction of approximately 11 kg.

In Asia-Pacific, growing vehicle sales, driven by improved disposable income and a preference for personal mobility, have been pivotal in driving the market across the region. The regional market continues to strengthen due to increased sales of premium and luxury cars and the burgeoning automotive aftermarket. Stringent regulatory policies further incentivize industrial players to invest in lightweight and efficient automotive components, aiming to enhance vehicle efficiency and reduce carbon emissions.

Magnesium Wheel Market Players

Some of the top magnesium wheel companies offered in our report includes App Tech, BBI Autosport, Cromodora Wheels SPA, Dymag Group Limited, Enkei, Ferrari, Marvic Wheels, Marchesini, Mercedes Benz, Milinite, MKW Alloy, O.Z. Group, PVM Brakes & Wheels Mannheim, Ronal Group, SMW Engineering, Tan-ei-sya, Volkswagen, Vision Ability Dedication, and Washi Beam.

Frequently Asked Questions

The magnesium wheel market size was USD 22.6 billion in 2022.

The CAGR of magnesium wheel is 2.8% during the analysis period of 2023 to 2032.

The key players operating in the global market are including App Tech, BBI Autosport, Cromodora Wheels SPA, Dymag Group Limited, Enkei, Ferrari, Marvic Wheels, Marchesini, Mercedes Benz, Milinite, MKW Alloy, O.Z. Group, PVM Brakes & Wheels Mannheim, Ronal Group, SMW Engineering, Tan-ei-sya, Volkswagen, Vision Ability Dedication, and Washi Beam.

Europe held the dominating position in magnesium wheel industry during the analysis period of 2023 to 2032.

Asia-Pacific region exhibited fastest growing CAGR for market of magnesium wheel during the analysis period of 2023 to 2032.

The current trends and dynamics in the magnesium wheel industry include lightweight trend in automotive industry, increasing demand for high-performance vehicles, stringent emission regulations, and advancements in magnesium wheel manufacturing technology.

The cast manufacturing held the maximum share of the magnesium wheel industry.


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