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Magnesium Wheel Market Share

Report ID: GMI2129
Published Date: Apr 2019
Report Format: PDF

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Magnesium Wheel Market Share

The magnesium wheel market share is highly competitive owing to the presence of key players including

BBS
Enkei Corporation
Ronal Group
SMW Engineering
Marvic Wheels
Marchesini
MKW Alloy
OZ Group
Cromodora Wheels
Tan-ei-sya
Minilite
Washi Beam

Improvements in product configuration, design, and after-sale services are among the key concerning areas for industry players. Product portfolio expansion & innovation are among the prominent strategies adopted by industry players to enhance their market share. Mergers and acquisitions are few of the major strategies adopted by industry participants to improve their market share. For instance, in 2017, Ronal Group announced the acquisition of APP-Tech Srl to complement its product portfolio with a wide range of forged magnesium wheels.

Authors: Preeti Wadhwani, Aishvarya Ambekar

Frequently Asked Questions (FAQ) :

The market size of magnesium wheel was valued at over USD 23.5 billion in 2018.

The industry share of magnesium wheel is estimated to exhibit around 3% CAGR from 2019 to 2024.

Shifting preference of automobile OEMs towards the introduction of lightweight components to improve fuel efficiency and lower carbon emissions is driving the market forecast.

Magnesium wheels offer excellent thermal conductivity that facilitates efficient heat dissipation, resulting into a much smoother ride and enhanced driving experience.

Magnesium wheels will record considerable demand across premium and sports cars in the forthcoming years due to surging demand for technologically advanced vehicles with improved performance.

Increasing per capita incomes has resulted into an exponential rise in the sales of luxury vehicles and premium sports cars and bikes, propelling the adoption of magnesium wheels.