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APAC Magnesium Wheel Market to surpass USD 8+ billion by 2024

Author : Ronak Bora | Published Date : 2019-03-20 

Magnesium wheel market players, in the recent past, have been chiefly concentrating on forging strong and long-lasting alliances with the top-notch premium car manufacturers. The dynamic collaborations of such kind have emerged as the principal driving force to spur the robust growth of magnesium wheel market. To note a few remarkable collaborations, the Italy-based prominent Magnesium wheel market player, the O.Z. Group has renovated its partnership with the sports car manufacturer, Ferrari, till 2019 as the company has rebalanced its product positioning to cater the sports car industry.

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The O.Z. Group has further teamed up with other leading Original Equipment Manufacturers (OEMs) including Mercedes Benz and Volkswagen. Furthermore, the Germany-based leading high-performance magnesium wheel manufacturer, BBS, has focused on supplying its products to the sports cars participating in the Formula One racing events. The aforementioned alliances between magnesium wheel makers and premium car manufacturers will assist in broadening and diversifying the customer base and to bring in latest technological innovations in producing high-end wheels required by the thriving magnesium wheel market. Reportedly, magnesium wheel industry size was valued at over $22 billion in 2016 with premium/sports car segment accounting for over 95% of the total share.

According to the U.S. based trade group, International Magnesium Association, Magnesium weighs 75% lighter than steel and 33% lighter than aluminum. The paradigm shifts in automotive trends including the increased demand for reduced weight cars, enhanced fuel economy, vehicle customization, green mobility, optimum precision, improved functionality and stronger grip on the road have proven to be of immense help to massively drive the magnesium wheel market size in terms of revenue growth and expanding its customer base.

Meanwhile, the recent Volkswagen diesel emissions scandal in the U.S alerted the regulatory agencies across the developed and developing economies to prescribe harsh regulatory emissions standards in the countries. The stringent regulatory emissions standards are being strictly implemented across nations which are forcing the premium car manufacturers to produce lightweight vehicles which are, in turn, accentuating the demand for magnesium wheel industry.

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Speaking of the magnesium wheel market by its end use, the OEM market is anticipated to demonstrate itself as the chief industry driver. The increasing product innovations complimented with enormous R&D investments by major magnesium wheel makers will propel the industry-specific demand. The competitive wheel design contests organized by the magnesium wheel makers, like the “BBS Wheel Design 2017” arranged by the leading wheel maker, BBS, are exploring the creativity of university students to tap breath-taking designs and pioneering wheel concepts. Such refreshing initiatives are bound to make the magnesium wheel industry more combative in the ensuing years.

The distribution in the magnesium wheel market share has seen a sea change as the motorbikes segment is emerging as a bright spot. The rising population and construction have led to road congestion in all the major cities of the world. Add to it, the altering income trends and increasing preference for bikes has enhanced the demand for magnesium wheel. Coupled with the rising demand for enhanced acceleration and quick braking in the premium and luxury cars, North American and European markets are witnessing rather a humongous product demand.

Speaking along same lines, Europe has been the leader in the magnesium wheel market share owing to the presence of reputable automotive brands including BMW, Audi, Porsche, Lamborghini, and Ferrari. In 2016, Europe constituted over 40% of the magnesium wheel market share.

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Asia Pacific region is also expected to grow strongly due to increasing disposable income and favorable socio-economic condition for setting up manufacturing facilities. Especially, the initiatives taken up by Japanese automotive associations will assist the market to register decent growth in the region.

Apparently, magnesium wheel market is regarded as a moderately consolidated business space as the presence of the multinational players is comparatively less. Some of the renowned industry names include MKW Alloy, O.Z. Group, BBS, SMW Engineering, Enkei Corporation and PVM Brakes Manheim. According to a research report compiled by Global Market Insights, Inc., magnesium wheel market is estimated to exceed $27 billion by 2024.

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Fractovia.org and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. He can be contacted at- [email protected] | https://twitter.com/RonakBora26

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