Magnesium Wheel Market Future Scope, Demands and Projected Industry Growths to 2024

The magnesium wheel market is slated to emerge as a highly profitable investment avenue in the forthcoming years, owing to superior characteristics and increased application in the luxury vehicle and two wheeler segments, Presently, the most used wheel metals across the global automobile industry include aluminum, steel as well as magnesium. While magnesium is the most expensive of the bunch, costing approximately 20% more than aluminum, its superior characteristics when compared to the other two wheel metals make it an ideal base for automotive alloy wheels.
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Apparently, the properties that give magnesium wheels an edge over their peers include the high strength-to-weight ratio, which is higher than any of the commonly available metals, the lightness – they are seemingly 20% to 25% lighter than alloy wheels made from aluminum, the ability to dissipate heat quicker and a high damping capacity. These superior properties deliver magnesium wheel users excellent return on investment (ROI). In fact, the lower weight of magnesium wheels significantly helps with fuel economy, leading to considerable reduction in carbon emissions. With carbon emission regulations such as the Paris Agreement gaining momentum, the magnesium wheel market is slated to witness remarkable growth over the forecast timeframe.
Impact of the booming luxury car sales on the global magnesium wheel market
The Conditions: In 2017 Forbes reported that, fueled by the relentless expansion in the number of billionaires globally, the premium car segment has been witnessing unprecedented level of growth. These cars, as on today, have become an obligatory status symbol today for the ultra-rich. In fact, a record 28,500 super luxury vehicles were sold back in 2016, a growth of 15.9% as compared to the 2015 numbers.
The Projections: Premium cars undeniably, have been responsible for fueling he growth graph of magnesium wheel market. Luxury car makers have been predominantly installing magnesium wheels to improve performance by leveraging light weight and strength, while taking advantage of high damping capacity to enhance ride quality. With the substantial growth projected for the premium vehicle segments, the magnesium wheel market is poised to accrue significant remunerations over 2019-2024.
Impact of the expanding two wheeler segment on the global magnesium wheel market
The Promoters: The same characteristics that endorse the sale of magnesium wheels for premium cars are also responsible for stimulating their sales graph in the two wheeler industry. However, a key factor that promotes the infusion of magnesium wheels in the two wheeler industry is the ROI it provides by facilitating an impressive fuel economy.
The Demographic: The middle class is the most prominent demographic of the global two wheeler segment as it facilitates a substantially affordable means of transport. China and India are the biggest two wheeler market consumers. In fact, according to OverDrive, India and China are two of the biggest two wheeler markets in the world, with India leading the foray. According to the HDFC Bank Investment Advisory Group, fueled by the growing middle class, India’s two wheeler industry witnessed a 14.8% year-over-year growth in FY2018.
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The Projections: Evidently, as two wheelers are predominantly sold across emerging economies, magnesium wheels are bound to becoming the ideal choice, as they are more capable of taking on the daunting road conditions and catering to the increasing fuel economy demands. This would consequently offer enormous business opportunities to magnesium wheel market players.
Propelled by rising disposable incomes in developing countries and the increased penchant for premium vehicles worldwide, the magnesium wheel industry is projected to record sizeable gains over the forecast timeframe. According to estimates, magnesium wheel market size is anticipated to reach annual revenues of over $28 billion by 2025.
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