According to estimates, magnesium wheel market size is anticipated to reach annual revenues of over $28 billion by 2025.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.
Fuel efficiency enhancement seems to have emerged as a major goal for automotive behemoths lately, thereby impacting magnesium wheel market. In order to achieve higher fuel efficiency, automakers are using lightweight materials for manufacturing automotive parts, primarily for BIW and wheels. Technically, magnesium is 75% lighter than steel and 33% lighter than aluminum. Thus, the increasing preference for magnesium material over other available structural materials is likely to boost magnesium wheel industry share.
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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.
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.
Vehicle weight reduction is among the more principal factors responsible for lowering the fuel consumption thereby minimizing exhaust emissions. This would help augment magnesium wheel market size, as magnesium alloys fulfill the lowest weight value set by automakers and giants in aeronautical sectors. The presence of a large automotive base across several European countries will also have a positive impact on the Europe magnesium wheel industry.
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.
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.
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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
4.2.1 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)
4.3.1 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
5.2.1 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)
5.3.1 Market estimates and forecast from aftermarket, 2013 - 2024, (Thousand Units) (USD Million)
5.3.2 Market estimates & forecast from aftermarket, by region, 2013-2024 (Thousand Units) (USD Million)
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