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.
Reportedly, material scientists and engineers have been conducting in-depth research studies to check the feasibility of magnesium for manufacturing automotive structural components. For instance, scientists at the Pacific Northwest National Laboratory (PNNL) of the Department of Energy have developed a new extrusion process to incorporate magnesium alloys into automotive components. The prevalence of research and development activities related to the advancement of magnesium material, such as the aforementioned, are certain to propel magnesium wheel market trends.
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Automobiles are responsible for about 12% of the overall carbon emissions across Europe. As the weight of the vehicle increases, fuel consumption increases, releasing more CO2 per km. In this regard, to curb carbon footprints, the European Commission is planning to introduce regulatory norms for reducing the overall weight of the vehicle, which would impact the regional magnesium wheel market.
What are the factors triggering magnesium wheel market growth?
- 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.
How are government initiatives contributing to magnesium wheel industry size?
- 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.
Meanwhile, to increase the sturdiness and reduce the weight of the wheel, manufacturers of alloy wheels are primarily giving preference for forging technology. Companies involved in the design, manufacturing, and sales of lightweight alloy wheels for street and racing bikes have been producing wheels for racing and high-performance street bikes with the forging process. Currently, wheels manufactured with magnesium and aluminum alloys are being used prominently in motorcycle racing events such as Gran Premio motorbikes.
In 2015, more than 14 drivers of the MotoGP had used forged magnesium wheels. Thus, the growing use of forged magnesium wheels for racing motorcycles is slated to enhance magnesium wheel industry share over the years ahead. According to Global Market Insights, Inc., forged manufacturing is a dominant segment in magnesium wheel market, pertaining to the growing preference for lightweight, high durability, rigidity, and ease of maintenance.
Considering the efficiency of this product, most of the well-known automakers are replacing heavier steel material with magnesium alloys in order to boost its fuel economy by minimizing the weight of the vehicle. Over the coming years, the surging investment in magnesium for automotive applications is thus likely to stimulate magnesium wheel market share.
However, it is imperative to mention that lighter materials are more expensive, which may slightly impede magnesium wheel industry in the future. The basic cost of magnesium seems to be major restraint for many of the automakers. In order to deal with this issue, most of the auto suppliers and giants in magnesium wheel industry have been adopting tactics of joint ventures and partnerships with research institutes.
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Heavy investments in R&D activities along with surging technological advancements in magnesium wheel industry are thus likely to fuel product demand over the years ahead, owing to which the overall magnesium wheel market will surpass a revenue collection of USD 28 billion by the end of 2024.
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
184.108.40.206 Forecast parameters & considerations
1.1.5 Data Sources
220.127.116.11 Paid sources
18.104.22.168 Secondary Sources
Chapter 2 Executive 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 Industry Insights
3.1 Industry segmentation
3.2 Industry landscape, 2013 – 2025
3.3 Industry ecosystem analysis
3.3.1 Raw material suppliers
3.3.3 Profit margin trends
3.3.4 Distribution channel analysis
3.3.5 End users
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