It was estimated prior to this unanticipated outbreak MagnesiumWheel Market will reach CAGR of 12.8% during the forecast period.However, the gradual slowing down of industries will undoubtedly impose limitson the previously estimated growth rate.
Market Insights
Magnesium Wheel Market is likely to witness a CAGR of 2.9% duringthe forecast period. The major factors such as increasing preference ofautomobile OEMs to lower vehicle weight to enhance fuel efficiency coupled with lowering carbon emissions, increasing disposable incomes, growing preference for personal green mobility solutions along with the growing demand for premium & sports cars and bikes is expected to fuel the growth of the market during the forecast period.
SegmentAnalysis
Magnesium Wheel Market Share: ByManufacturing Type
Based on themanufacturing type, the market is segmented as cast and forged. Thecast manufacturing type is projected to account for the major share ofthe market owing to its lower cost of production. Factors such as lowercomplexities in casting along with easier fabrication processes, and uniform grain structure coupled with the availability of multiple manufacturing processes are further expected to boost the growth of the segment during the forecast period.
On the other hand,the forged segment is estimated to witness significant growth rate in themarket on account of its various advantages, such as higher tensile strength, capability to bear heavier loads as compared to cast products, and lower weight. These types of wheels are ideal for high-speed automotive applications, fueling the overall industry growth over the forecast period.
Magnesium Wheel Market Share: By End-Use Type
Based on the end-usetype, the market is segmented as OEM and aftermarket. OEMis anticipated to account for the major share of themarket on account of growing preferences of automobile manufacturers toincorporate high-end features in their vehicles to enhance their aspirational value. Moreover, enhanced quality of riding & comfort on uneven roads and excellent damping abilities are further expected to fuel the overall market growth during the forecast period. On the other hand, aftermarket is projected to witness significant growth rate owing to increasing consumer preferences for customizing their vehicles in the aftermarket during the forecast period.
Magnesium Wheel Market Share: By Vehicle Type
Based on thevehicle type, the market is segmented as bikes and premium/sports cars. The bikevehicle type is estimated to register higher growth rate inthe market on account of increasing traffic congestion and easiermaneuverability across various cities & towns during the forecast period. Its light weighted wheel helps in enhancing the efficiency of bike and riding with ease and comfort, fueling the segment’s growth during the forecast period. Moreover, premium/sports car is projected to witness significant growth in the market during the forecast period owing to the growing demand for such cars with technologically-advanced properties, which results in an improved performance of the vehicle.
Regional Analysis
In terms ofregions, Europe is estimated to be the leading region inthe market owing to the presence of some of the key automobile manufacturers inthe region, launching new and improvised vehicles to meet consumer’s demand during the forecast period. Moreover, Asia-Pacific is also estimated to witness significant growth in the market on account of increasing disposable income and growing preferences for personal mobility in the region over the forecast period. North America is also expected to offer substantial growth opportunities during the forecast period.
