Asia Pacific magnesium wheel market will showcase significant growth over the study timeframe. Increasing purchasing power of citizens from economies including China, Thailand, Indonesia, and India will drive market. Increasing two wheelers sales across the region including bikes mostly from the youth customers are attracting several manufacturers to establish their plants in the region. Additionally, China is among the global leaders in the magnesium production and exporting magnesium to several countries including U.S. and Brazil.
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Industry Growth drivers:
- Increasing R&D activities for using magnesium in automotive applications
- Increasing demand for sports and premium cars
- Rising magnesium production along with increasing material export
- Proliferating automotive manufacturing industry
- Government initiatives for improving fuel economy and lower emissions
OEMs will account for a significant volume share in the magnesium wheel market. This can be credited to the increasing investments by automobile manufacturers and industry players to incorporate magnesium wheels in their vehicle portfolio. Moreover, stringent government regulations require OEMs to invest in technologies for lowering vehicle weight to significantly improve efficiency and lower emissions, thereby supporting the segment share over the projected timeframe.
Premium & sports cars will account for a significant revenue share in the magnesium wheel market share. This can be attributed to the rising focus of automobile OEMs to incorporate high end aspirational features in vehicles for increasing their market share. Moreover, the usage of magnesium wheels allows for significant performance improvements owing to enhanced power to weight ratio. Additionally, the superior damping and cushioning offered by such wheels improves ride quality considerably, thereby improving the segment share over the projected timeframe.
Rising preference of automobile OEMs to lower vehicle weight for improving fuel efficiency along with lowering carbon emissions are driving the magnesium wheel market over the forecast timeframe. The benefits offered by these wheels including superior strength to weight ratio and lower weight with higher damping capacity are further supporting the product demand.
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Repairs and replacements along with upgradation of existing car wheels with advanced magnesium wheels are boosting the revenue share over the study timeframe. Consumers also opt for specialized designs and customized tires depending on their requirements, thereby expanding their market size. Moreover, the improved aesthetics and improved performance offered by these wheels provides a positive outlook for the market share expansion.
The increasing adoption of forged magnesium wheels can be attributed to the benefits offered including stronger, stiffer, and lower weight wheel compared to the counterparts. Additionally, the forged magnesium wheels also minimize the occurrence of cracks and deformation under extreme pressure, thereby expanding the segment share over the projected timeframe.
Magnesium wheels offer enhanced thermal conductivity that enables easier heat dissipation compared to the traditional wheels. Additionally, these wheels offer smoother ride quality and softer cushioning capabilities, thereby contributing significantly toward improving the driving conditions in uneven and bad roads.
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Few of the major players in the magnesium wheel market includes MKW Alloy, BBS USA, Enkei Corporation, Marchesini, Marvic Wheels, OZ Group, and Cromodora Wheels.