Magnesium Wheel Market in North America will grow at 20% CAGR To 2024

North America is anticipated to hold over 20% revenue share in global magnesium wheel market over the forecast timeframe. Automotive industry expansion across the region owing to business environment and favorable geographical location will primarily drive the industry growth. Availability of advanced technology and high investments on R&D will further support the region’s growth over the coming years.

Magnesium wheel market from premium/sports cars accounted for maximum share crossing 95% in 2016. Improving income trends and changing lifestyles have led to increased demand for comfort and better rides. Enhanced braking system, improved acceleration, and high impact absorption are other factors propelling the industry growth over the forecast timeframe. However, high capital investment, production costs, and fluctuations in energy costs may negatively impact the industry price trend.

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Cast manufacturing accounted for over USD 5 billion in 2016. Less complicated manufacturing process and low production cost are the major factors supporting the industry growth. however, heavy weight as compared to its counterpart may hamper the segment growth over the next eight years.

OEM is expected to account for over USD 15 billion over the forecast timeframe. Standardized manufacturing in OEMs including optimization, testing, quality control for ensuring product compatibility with vehicles, is fostering the product demand. Provision of benefits such as low response time, high return on investments, and enhanced support will further escalate the revenue generation till 2024.

Positive outlook of automotive industry coupled with shifting trend towards light weight vehicles will primarily drive the magnesium wheel market growth. moreover, inclination towards green mobility along with shifting consumer preference towards customized vehicles will further propel the industry growth over the next eight years.

Optimum precision, enhanced functionality, and strong grip on road are the major factors strengthening the product demand. Availability of forged wheels in numerous designs will attract the customers, escalating the revenue generation.

Demand for European car brands have witnessed a continuous rise owing to rapid industrialization, positively impacting the industry growth. In 2016, the European exports in automobile industry accounted for over USD 130 billion. Rising popularity of sports events such as Formula One and Grand Prix has accelerated the product demand since numerous companies are involved in sponsorships of these events.

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Europe accounted for over USD 9 billion in global magnesium wheel market in 2016. Presence of established luxury car OEMs such as Land Rover, Jaguar, Bentley, Rolls-Royce, Morgan, etc. will primarily drive the region’s growth. Continuously increasing investments on superior manufacturing units with productive and highly skilled workforce and cutting-edge technology and design will strengthen product penetration in Europe. Automotive industry in UK was valued at over USD 20 billion in 2016.

Magnesium wheel market from Asia Pacific will grow at over 3.5% CAGR over the next eight years. Regular technological innovations in automotive sector coupled with efficient economic recovery will enhance the product demand. Rising number of automobile manufacturing units, especially in India and China will further support the region’s growth till 2024.

Magnesium wheel market is moderately consolidated due to presence of few multi-national industry participants capturing a significant share. SMW Engineering Ltd., Enkei Corporation, APP Tech., PVM Brakes Manheim, BBS, and O.Z. are among the prominent players in the industry. Mergers and acquisitions, supply agreements, and collaborations are among the key strategies adopted by the players to strengthen their foothold.

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