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.
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.
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Impact of the booming luxury car sales on the global magnesium wheel industry
The Conditions: In 2017 Forbes reported that, fueled by the relentless expansion in the number of billionaires globally, the premium car segment has been witnessing unprecedented level of growth. These cars, as on today, have become an obligatory status symbol today for the ultra-rich. In fact, a record 28,500 super luxury vehicles were sold back in 2016, a growth of 15.9% as compared to the 2015 numbers.
The Projections: Premium cars undeniably, have been responsible for fueling he growth graph of magnesium wheel market. Luxury car makers have been predominantly installing magnesium wheels to improve performance by leveraging light weight and strength, while taking advantage of high damping capacity to enhance ride quality. With the substantial growth projected for the premium vehicle segments, the magnesium wheel market is poised to accrue significant remunerations over 2019-2024.
Impact of the expanding two wheeler segment on the global magnesium wheel industry
The Promoters: The same characteristics that endorse the sale of magnesium wheels for premium cars are also responsible for stimulating their sales graph in the two wheeler industry. However, a key factor that promotes the infusion of magnesium wheels in the two wheeler industry is the ROI it provides by facilitating an impressive fuel economy.
The Demographic: The middle class is the most prominent demographic of the global two wheeler segment as it facilitates a substantially affordable means of transport. China and India are the biggest two wheeler market consumers. In fact, according to OverDrive, India and China are two of the biggest two wheeler markets in the world, with India leading the foray. According to the HDFC Bank Investment Advisory Group, fueled by the growing middle class, India’s two wheeler industry witnessed a 14.8% year-over-year growth in FY2018.
The Projections: Evidently, as two wheelers are predominantly sold across emerging economies, magnesium wheels are bound to becoming the ideal choice, as they are more capable of taking on the daunting road conditions and catering to the increasing fuel economy demands. This would consequently offer enormous business opportunities to magnesium wheel market players.
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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. Industry participants are enhancing their market share by launching advanced new products.
Major Table of content: –
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
3.3.3 Profit margin trends
3.3.4 Distribution channel analysis
3.3.5 End users
3.3.6 Vendor matrix
3.4 Technology landscape
3.4.1 Forged magnesium 1- piece wheel
3.4.2 Friction stir process cast magnesium alloy wheel
3.4.3 Super magnesium alloys
3.5 Raw material analysis
3.6 Magnesium wheel market best practices and key buying criteria
3.6.1 Need recognition
3.6.2 Information search
3.6.3 Evaluation of alternatives
3.6.4 Purchase decision
3.6.5 Post purchase behaviour
3.7 Regulatory landscape
3.7.1 North America
3.7.3 Asia Pacific
18.104.22.168 North America
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