How Will OEM Segment Fare In Magnesium Wheel Market By 2024?

Automobile OEMs have been seeking to reduce vehicle weight to improve fuel efficiency and reduce carbon emissions, which is likely to drive magnesium wheel market trends over 2019-2024.  Magnesium wheels offer benefits such as high strength to weight ratio and lesser weight with better damping capacity which may support the product demand. As per the latest research report compiled by Global Market Insights Inc., magnesium wheel industry share is anticipated to exceed valuation of $28 billion through 2024.

Magnesium wheels provide improved thermal conductivity and allow easier heat dissipation in comparison with traditional wheels, which is anticipated to accelerate magnesium wheel industry trends. Additionally, these wheels deliver softer cushioning capabilities and smoother ride quality, which help to   enhance driving experience in bad and uneven roads. Such benefits offered by   magnesium wheels are likely to accelerate the adoption of the product in the coming years.

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Governments of various countries across the globe have been continuously promoting the development of magnesium to facilitate usage across numerous automotive applications. For example, in North America, the Magnesium Vision 2020 project emphases on boosting investments in R&D towards magnesium technology development. The project focuses on the development reliable and durable magnesium materials for utilization in automotive applications. Furthermore, the program also aims to address magnesium-related issues such as fastening, fire, and corrosion.

Repairs, replacements, and upgradation of current car wheels with innovative magnesium wheels  are likely to   boost the revenue share of magnesium wheel industry. Consumers have also been noted to opt for customized tires and specialized designs as per their requirements. Inclination of consumers towards such tires will expand magnesium wheel market size. Heightened consumer interest towards customized and specialized designs is another influential factor propelling magnesium wheel market size.

The intensifying adoption of forged magnesium wheels can be accredited to the significant advantages offered by them such as stiffer, lower weight, and stronger wheel in comparison with their traditional counterparts. Moreover, forged magnesium wheels also help to reduce the occurrence of cracks and deformation under intense pressure. The exceptional benefits offered by forged magnesium wheels will uplift   magnesium wheel industry share over 2019-2024.

OEMs are anticipated to account for a substantial share in magnesium wheel industry volume.  Automotive OEMs are making relentless strides to achieve light-weighting and improve fuel economy of vehicles. Moreover, aims to impart sophisticated, high-end aesthetic features to vehicles have prompted OEMs to incorporate magnesium wheels in their vehicle portfolios.  Additionally, strict government rules pertaining to emission control and efficiency require OEMs to invest in technologies, which are likely to spur magnesium wheel market demand. .

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Premium and sports cars are predicted to hold significant revenue share in magnesium wheel market size. The use of magnesium wheels enables significant performance improvement due to excellent power to weight ratio, higher ability to bear impact, noise reduction, better heat dissipation, and shock absorption capabilities. In addition, superior cushioning and damping provided by such wheels enhance ride quality considerably. Furthermore, they help to furnish an elegant look to premium cars through which OEMs can command higher price for these vehicles.

Table of Contents (ToC) of the report:

Chapter 1 Methodology & Scope

1.1 Research methodology

1.1.1 Initial data exploration

1.1.2 Statistical model and forecast

1.1.3 Industry insights and validation

1.1.4 Scope, definitions, & forecast parameters Definitions Forecast parameters & considerations

1.1.5 Data Sources Paid sources Secondary Sources Primary

Chapter 2 Magnesium Wheel Market Summary

2.1 Magnesium wheel industry 3600 synopsis, 2013 - 2024

2.1.1 Business trends

2.1.2 Manufacturing trends

2.1.3 End-use trends

2.1.4 Vehicle trends

2.1.5 Regional trends

Chapter 3 Magnesium Wheel Market Insights

3.1 Industry segmentation

3.2 Industry landscape, 2013 – 2025

3.3 Industry ecosystem analysis

3.3.1 Raw material suppliers

3.3.2 Manufacturers

3.3.3 Profit margin trends

3.3.4 Distribution channel analysis Dealerships Distributors E-commerce

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