Lighter. Stronger. Better performing. More fuel-efficient. Stylish-looking. Racers and everyday drivers choose magnesium wheels for lots of reasons. And the worldwide market for magnesium alloy wheels is estimated to grow at a robust CAGR (Compound Annual Growth Rate) of 20.47% to year 2021, according to a new research report from global research leader, Technavio.
The 77-page, including tables and figures, Global Magnesium Alloy Wheels Market 2017-2021 presents the current market portrait and its 5-year growth prospects, and calculates the market size according to new installations of alloy wheels in vehicles in the Americas, Asia Pacific region, and Europe and the Middle East. A comprehensive analysis of this market is also presented by applications, including racing motorcycles and racing cars.
The report’s overview states that significantly, “Research analysis on the global magnesium alloy wheels market identifies that the increased fuel efficiency of forged magnesium wheels will be one of the major factors that will have a positive impact on the growth of the market. Forged magnesium wheels lower the fuel consumption as they are 40% lighter than cast alloy wheels and require less effort to rotate. Compared to a twice-heavy steel wheel, forged magnesium has repeatedly shown improvements of at least 3% in tire rolling resistance in a test performed by Alcoa.”
While automotive racing is already popular in developed countries such as the U.S., Italy, France, Spain, the UK, North America, and Japan, one strong market growth factor according to the report is the growing popularity of competitive auto racing in developing economies like China, India and the UAE, encouraging OEMs (Original Equipment Manufacturers) to participate and conduct racing championships in these regions.
Further, the report states that one challenge in the market is the inconsistent quality of aftermarket magnesium alloy wheels. Different techniques are employed in the manufacturing of magnesium alloy wheels, including casting of wheels, forging from a single piece of magnesium, and other multi-piece wheels that involve different methods. Like any other automotive product, aftermarket wheels also include high-performance wheels and budget wheels.
The report recognizes the leading vendors in the market, including SMW Engineering (SMWwheels.com), OZ, Marchesini, BBI Autosport and Washi Beam.
The report notes that within the competitive landscape during 2016, the racing cars segment accounted for the major shares of the magnesium alloy wheels market. Factors such as the rising popularity of racing events in developing countries, including India, China, and Indonesia, and the high level of customization will drive the growth of the segment in the global market.
Discover the world of superior forged magnesium wheels at smwwheels.com.
For more details and information on how to order a copy of the report, visit https://www.technavio.com/report/global-magnesium-alloy-wheels-market
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