LOS ANGELES, May 11, 2019 (GLOBE NEWSWIRE) -- The global Magnesium Wheel Market is estimated to grow at CAGR above 3 % over the forecast time frame 2019-2026 and reach the market value around USD 29 billion by 2026.

The growing demand for magnesium wheels is driving the market share of magnesium wheels over the predicted time frame, owing to their advantages, which include lower weight, improved performance, better damping factor and better heat dissipation. A higher preference for the production of light-weight vehicles and support for the fuel efficiency and reduced carbon emissions regulations encourage market expansion.

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Increasing consumer propensity to promote the growth of global magnesium wheel markets in sports & premium cars. Forged wheels produce speeds, decreases braking distances and increases the overall performance of the vehicle. The forged wheels also contain a complex grain structure that significantly improves wheel strength. These wheels also help to improve the overall power to weight ratio for vehicles and thus increase market share.

The magnesium wheel market is increasing in size, shifting trends to lower-weight vehicles and increasing security concerns. Due to increasing disposable income the industry is encouraged to replace traditional steel wheels with efficient and durable magnesium wheels by inclination towards a premium, and comfortable driving experience. Furthermore, the premium design and design of these rollers significantly improves vehicle aesthetics and thus increases the share of the business.

Driving Factors

The size of the magnesium wheel market is influenced positively by the increase in R & D investment and technological innovations. Due to weight reduction and improved acceleration, these wheels become more acceptable for sports cars and premium bikes. The Magnesium wheels are 33% lighter than traditional aluminum and 75% lighter than steel, for example, according to the International Magnesium Association. In addition, these wheels are ideal to travel across diverse road conditions due to their superior damping capability and low vibration.

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Several federal organisations, including Canada's Lightweight Materials Research Initiative, support R&D in magnesium technology development. The Climate Change Innovation Initiative and the Energy Research and Development Fund Program support this initiative. These funds are earmarked for research on magnesium products and development of automotive components. Researchers in Canada also cooperate with the United States. Energy Department and play a key role in projects including the Magnesium Development Project for Structural Cast.

The magnesium wheel market will be expanded by stringent government regulation to promote lightweight automotive components. The vehicle's gross weight should be no more than 10,500 pounds under the Regulation of the California Vehicle Code. Automobile manufacturers continue to focus on lightweight, reliable and durable wheels to replace the traditional spare wheels, thereby helping to save vehicle weight.

Segment Stance

Due to the increasing inclination of manufacturers to reduce vehicle weight, the OEM will significantly increase on the market in the magnesium wheel. In addition, the magnesium wheels offer greater rigidity and heat dissipation, which makes them ideal for use in sports and premium automobiles. In addition, these wheels deliver significant improvements in performance and significantly improve vehicle efficiency. Increased impact resistance and weight reduction are provided by lower-weight wheels which support magnesium wheels market development over the planned time period.

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Regional Snapshots

The market size of the magnesium wheel in Asia Pacific will grow substantially as demand for premium vehicles proliferates. Many premium car manufacturers in China and Japan are also increasing their market size. Several auto manufacturers such as Porsche, Volkswagen and BMW are involved in new magnesium wheels car launches. For example, Porsche launched its magnesium wheels GT2 RS in India in 2018.

Key Players & Strategies

Due to the presence of key players such as BBS, Enkei Corporation, the Ronal Group, SMW Engineering, Marvić Wheels and Marchesini, the magnesium wheel market share is particularly competitive. MKW Alloy, OZ, Cromodora Wheels, Tan-ei-sya, Minilite, and Washi Beam are other leading manufacturers. Increased product design, configuration, and post-sales services are key to industry players ' areas. Expansion & innovation of the portfolio of products are amongst the major strategies taken to improve their market share by industry players. Fusions and acquisitions are just a few of the major market share strategy adopted by industry participants. In 2017, for example, Ronal Group announced that APP-Tech Srl will acquire a wider range of forced magnesium wheels in order to complement its product portfolio.

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