Magnesium Wheel Market Outlook to 2024: Top Companies, Trends & Growth Factors Details for Business Development
Category: #world  By Sachin Pashte  Date: 2019-01-22
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Magnesium Wheel Market Outlook to 2024: Top Companies, Trends & Growth Factors Details for Business Development

This Global Magnesium Wheel market report studies the industry based on one or more segments covering key players, types, applications, products, technology, end-users, and regions for historical data as well as provides forecasts for next few years.

Rising demand for European car brands due to rapid globalization will fuel the magnesium wheel market growth. For instance, European exports in automotive industry was valued over USD 130 billion in 2016. Growing popularity of sport events including Grand Prix and Formula One has resulted in increased product demand as numerous companies are involved in sponsorships in the events.

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Potential outlook in automotive industry accompanied by lightweight vehicle trends will drive magnesium wheel market growth. Shifting preference for customized vehicles along inclination towards green mobility will propel magnesium wheel market size. Magnesium Wheel Market size is estimated to exceed USD 27 billion by 2024; according to a new research report.

Improved functionality, optimum precision and stronger grip on road are the key factors driving product demand. High availability of forged wheel in several designs is further expected to enhance industry growth.

Premium/ sports car vehicle accounted for over 95% of the overall industry share in 2016. Changing lifestyles and improving income trends have resulted in increasing demand for better rides, improved comfort and easy handling. High impact absorption, enhanced braking system and improved acceleration are additional properties fueling the industry growth. High capital investment, production costs and fluctuating energy costs may affect magnesium wheel market price trend.

Cast manufacturing was valued over USD 5 billion in 2016. Low production cost and easy manufacturing process are the key factors supporting business growth. However, heavy weight as compared to forged products may hamper demand.

Forged manufacturing will observe gains over 3.5% up to 2024. High durability, strength, better suspension and reduced weight are the major properties fueling forged magnesium wheel market growth. Regulatory support for lightweight automotive components to reduce emissions and increase fuel efficiency will propel the product demand.

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North America magnesium wheel market accounted for more than 20% of total industry share in 2016. Expansion in automotive industry in the region due to favorable geographical location, business environment, high investment on research & development and availability of advanced technology will propel the regional demand.

Europe magnesium wheel market was valued over USD 9 billion in 2016. Presence of major luxury car manufacturers including Jaguar Land Rover, Morgan, Bentley and Rolls-Royce will drive the industry growth. Increasing investment on superior manufacturing facilities with highly skilled & productive workforce and cutting-edge design & technology will fuel the regional demand. UK automotive industry was valued over USD 20 billion in 2016.

 

Asia Pacific magnesium wheel market will observe gains exceeding 3.5% up to 2024. Efficient economic recovery coupled with technological advancement in automotive industry has enhanced the product demand. Growth in number of automotive manufacturing facilities particularly in China and India will drive the product scope.

 

Global magnesium wheel market is share is moderately consolidated owing to presence of few multinational industry players. Some of the key players include SMW Engineering Ltd., PVM Brakes Manheim, Enkei Corporation, BBS, O.Z. and APP Tech. Mergers, acquisitions, collaborations and supply agreements are the key strategies adopted.

 

Table of Content:

 

Chapter 1. Magnesium Wheel Market Methodology & Scope

 

Chapter 2. Magnesium Wheel Market Executive Summary

 

Chapter 3. Magnesium Wheel Market Industry Insights

 

Chapter 4. Magnesium Wheel Market, By Manufacturing

 

Chapter 5. Magnesium Wheel Market, By End-Use

 

Chapter 6. Magnesium Wheel Market, By Vehicle

 

Chapter 7. Magnesium Wheel Market, By Region

 

Chapter 8. Magnesium Wheel Market Company Profiles

 

For more information on this report at: https://www.marketstudyreport.com/reports/magnesium-wheel-market/?utm_source=marketsizeforecasters.com-SP

 

Related Report:

 

Global Ethanol Bus Market 2018 by Manufacturers, Regions, Type and Application, Forecast to 2023

 

Governments are making efforts worldwide to minimize the negative effects of global warming and reduce GHG emissions. As greater number of countries are implementing emission standards, the use of hybrid and alternative fuel vehicles like the ethanol bus is expected to increase during the forecast period.

 

https://www.marketstudyreport.com/reports/global-ethanol-bus-market-2018-by-manufacturers-regions-type-and-application-forecast-to-2023?utm_source=RR-SP

 

Read more at: https://www.marketwatch.com/press-release/at-33-cagr-automotive-brake-system-components-market-to-reach-usd-7060-million-by-2023-2019-01-15

 

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About Author

Sachin Pashte

Email: [email protected]   

Sachin Pashte

Sachin is into market research and web marketing since the last 2 years and has worked on multiple projects across various industries. He has expertise in writing promotional content for market research reports while his personal interests include the games of footbal...

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