Automotive Magnesium Wheel Market
“Automotive magnesium wheels (alloys) are generally used in racing vehicles because of their low weight. Forged automotive magnesium wheels yield shorter braking distance, better acceleration, improved overall performance, and augment safety level. Owing to its lightweight nature, they lower fuel consumption by 4-6% and offer better strength and ductility”
This report provides in depth study of “Automotive Magnesium Wheel Market” using SWOT analysis i.e. Strength, Weakness, Opportunities and Threat to the organization. The Automotive Magnesium Wheel Market report also provides an in-depth survey of key players in the market which is based on the various objectives of an organization such as profiling, the product outline, the quantity of production, required raw material, and the financial health of the organization.
Automotive magnesium wheels are mainly manufactured from alloys that contain only magnesium. These wheels either produced by casting (metal-working) (where melted metal is introduced into a mold, hardening inside the mold), or else by forging (where a pre-fabricated bar is deformed mechanically).
Magnesium has numerous significant properties that make it an attractive base metal for wheels: high damping capability, lightness and high strength. Magnesium is the lightest available metallic structural material. This material is one by five times less compact than aluminum, so automotive magnesium wheels can be considerably lighter than aluminum alloy wheels, while presenting comparable strength.
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FACTS AT A GLANCE
Companies: SMW Engineering Ltd.,Tecnología y Fabricación, S.A,BBS, Tecnología y Fabricación, S.A,MKW Alloy Inc.,Ronal Group,Dymag Group Limited,Enkei Corporation,Marvic Wheels,Marchesini
Coverage: All major geographies and key segments
Segments: Automotive Magnesium Wheel Market Segmented By vehicle type such as PC (Passenger Car), LCV (Light Commercial Vehicle) and HCV (Heavy Commercial Vehicle) with OEM and Aftermarket sales channel
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Geographies: North America (U.S., Canada),Latin America (Mexico, Brazil, Argentina, Chile, Peru),Western Europe (Germany, Italy, France, U.K, Spain, BENELUX, Nordic, Eastern Europe),CIS and Russia,Asia-Pacific (China, India, ASEAN, South Korea),Japan,Middle East and Africa (GCC Countries, South Africa, Turkey, Iran, Israel)
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ABSTRACT-
Mounting prominence of luxury cars offering better maneuverability and handling stability will significantly fuel the automotive magnesium wheel market share over the forecast period. The rising preference for personal green travel solutions along with increasing demand for premium & sports bikes and cars are increasing the magnesium wheel market over the projected timeframe.
Strict government regulations pertaining to lowering emissions and improving fuel efficiency are enabling manufacturers to invest in advanced technologies for producing such wheels.
For example, the Corporate Average Fuel Economy (CAFE) standards set by the NHTSA (National Highway Traffic Safety Administration) focuses on improving fuel efficiency of vehicles every year
One of the major disadvantage associated with automotive magnesium wheels was susceptibility to corrosion. Also, the cost of a magnesium wheel is twenty percent higher than that of aluminum-based wheels. This increases the overall vehicle cost, and hence, most consumers do not prefer magnesium wheel.
Henceforth, it will restraint the demand for automotive magnesium wheel market. Another factor being a deterrent in market growth of Magnesium Wheels is that its use is confined only to luxury and sports based cars and motorcycles as compared to the common vehicle fleet.
In terms of future opportunities, the magnesium wheels is deemed to find its application in the aviation industry.
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