Magnesium Wheel Market Size Is Predicted To Grow Significantly Till 2024
Magnesium wheel market is projected to record sizeable gains over the forecast timeframe. Propelled by rising disposable incomes in developing countries and the increased penchant for premium vehicles worldwide. Presently, the most commonly used wheel metals across the global automobile industry include aluminum, steel as well as magnesium. While magnesium is the most expensive of the bunch, costing approximately 20% more than aluminum, its superior characteristics when compared to the other two wheel metals make it an ideal base for automotive alloy wheels.
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Impact of the booming luxury car sales on the global magnesium wheel market
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 industry is poised to accrue significant remunerations over 2019-2024.
Impact of the expanding two wheeler segment on the global magnesium wheel market
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.
Propelled by rising disposable incomes in developing countries and the increased penchant for premium vehicles worldwide, the magnesium wheel industry is projected to record sizeable gains over the forecast timeframe.
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Partial Chapter of the Table of Content
Chapter 4 Magnesium Wheel Market, By Manufacturing
4.1 Market share by manufacturing, 2018 & 2024
4.2 Cast
4.2.1 Market estimates and forecast from cast, 2013 - 2024, (Thousand Units) (USD Million)
4.2.2 Market estimates & forecast from cast, by region, 2013-2024 (Thousand Units) (USD Million)
4.3 Forged
4.3.1 Market estimates and forecast from forged, 2013 - 2024, (Thousand Units) (USD Million)
4.3.2 Market estimates & forecast from forged, by region, 2013-2024 (Thousand Units) (USD Million)
Chapter 5 Magnesium Wheel Market, By End-Use
5.1 Market share by end-use, 2018 & 2024
5.2 OEM
5.2.1 Market estimates and forecast from OEM, 2013 - 2024, (Thousand Units) (USD Million)
5.2.2 Market estimates & forecast from OEM, by region, 2013-2024 (Thousand Units) (USD Million)
5.3 Aftermarket
5.3.1 Market estimates and forecast from aftermarket, 2013 - 2024, (Thousand Units) (USD Million)
5.3.2 Magnesium wheel Market estimates & forecast from aftermarket, by region, 2013-2024 (Thousand Units) (USD Million)
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