Magnesium Wheel Market revenue in APAC to surpass USD 8.2 billion by 2024
More Information @ http://bit.ly/2yMI4BI Growing automotive industry due to rising vehicle demand along with increasing consumer spending will support the industry growth.
More Information @ http://bit.ly/2yMI4BI
Growing automotive industry due to rising vehicle demand along with increasing consumer spending will support the industry growth.
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<strong>Magnesium</strong> <strong>Wheel</strong> <strong>Market</strong> will <strong>surpass</strong> 76.2 million<br />
units <strong>by</strong> <strong>2024</strong>: Global <strong>Market</strong> Insights, Inc.<br />
<strong>Magnesium</strong> wheel market <strong>in</strong> North America accounted for more than 20% of <strong>to</strong>tal<br />
<strong>in</strong>dustry share <strong>in</strong> 2016. Expansion <strong>in</strong> au<strong>to</strong>motive <strong>in</strong>dustry <strong>in</strong> the region due <strong>to</strong><br />
favorable geographical location, bus<strong>in</strong>ess environment, high <strong>in</strong>vestment on research<br />
& development and availability of advanced technology will propel the regional<br />
demand. <strong>Magnesium</strong> <strong>Wheel</strong> <strong>Market</strong> size is estimated <strong>to</strong> exceed <strong>USD</strong> 27 <strong>billion</strong> <strong>by</strong><br />
<strong>2024</strong>; accord<strong>in</strong>g <strong>to</strong> a new research report <strong>by</strong> Global <strong>Market</strong> Insights, Inc.<br />
Potential outlook <strong>in</strong> au<strong>to</strong>motive <strong>in</strong>dustry accompanied <strong>by</strong> lightweight vehicle trends<br />
will drive magnesium wheel market growth. Shift<strong>in</strong>g preference for cus<strong>to</strong>mized<br />
vehicles along <strong>in</strong>cl<strong>in</strong>ation <strong>to</strong>wards green mobility will propel magnesium wheel<br />
market size.<br />
Improved functionality, optimum precision and stronger grip on road are the key<br />
fac<strong>to</strong>rs driv<strong>in</strong>g product demand. High availability of forged wheel <strong>in</strong> several designs<br />
is further expected <strong>to</strong> enhance <strong>in</strong>dustry growth.<br />
Ris<strong>in</strong>g demand for European car brands due <strong>to</strong> rapid globalization will fuel the<br />
magnesium wheel market growth. For <strong>in</strong>stance, European exports <strong>in</strong> au<strong>to</strong>motive<br />
<strong>in</strong>dustry was valued over <strong>USD</strong> 130 <strong>billion</strong> <strong>in</strong> 2016. Grow<strong>in</strong>g popularity of sport events<br />
<strong>in</strong>clud<strong>in</strong>g Grand Prix and Formula One has resulted <strong>in</strong> <strong>in</strong>creased product demand as<br />
numerous companies are <strong>in</strong>volved <strong>in</strong> sponsorships <strong>in</strong> the events.<br />
Premium/ sports car vehicle accounted for over 95% of the overall <strong>in</strong>dustry share <strong>in</strong><br />
2016. Chang<strong>in</strong>g lifestyles and improv<strong>in</strong>g <strong>in</strong>come trends have resulted <strong>in</strong> <strong>in</strong>creas<strong>in</strong>g<br />
demand for better rides, improved comfort and easy handl<strong>in</strong>g. High impact<br />
absorption, enhanced brak<strong>in</strong>g system and improved acceleration are additional<br />
properties fuel<strong>in</strong>g the <strong>in</strong>dustry growth. High capital <strong>in</strong>vestment, production costs and<br />
fluctuat<strong>in</strong>g energy costs may affect magnesium wheel market price trend.<br />
Cast manufactur<strong>in</strong>g was valued over <strong>USD</strong> 5 <strong>billion</strong> <strong>in</strong> 2016. Low production cost and<br />
easy manufactur<strong>in</strong>g process are the key fac<strong>to</strong>rs support<strong>in</strong>g bus<strong>in</strong>ess growth.<br />
However, heavy weight as compared <strong>to</strong> forged products may hamper demand.<br />
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Forged manufactur<strong>in</strong>g will observe ga<strong>in</strong>s over 3.5% up <strong>to</strong> <strong>2024</strong>. High durability,<br />
strength, better suspension and reduced weight are the major properties fuel<strong>in</strong>g<br />
forged magnesium wheel market growth. Regula<strong>to</strong>ry support for lightweight<br />
au<strong>to</strong>motive components <strong>to</strong> reduce emissions and <strong>in</strong>crease fuel efficiency will propel<br />
the product demand.<br />
U.S. <strong>Magnesium</strong> <strong>Wheel</strong> <strong>Market</strong>, By Manufactur<strong>in</strong>g, 2013 – <strong>2024</strong> (Thousand<br />
Units)<br />
Browse key <strong>in</strong>dustry <strong>in</strong>sights spread across 300 pages with 204 market data tables &<br />
11 figures & charts from the report, “<strong>Magnesium</strong> <strong>Wheel</strong> <strong>Market</strong> Size By<br />
Manufactur<strong>in</strong>g (Cast, Forged), By End use (OEM, Aftermarket), By Vehicle<br />
(Bikes, Premium/Sports Cars), Industry Analysis Report, Regional Outlook<br />
(U.S., Canada, Germany, UK, Italy, Spa<strong>in</strong>, Russia, France, Turkey, Ch<strong>in</strong>a,<br />
Japan, India, South Korea, Australia, Brazil, Argent<strong>in</strong>a, Mexico, Saudi Arabia,<br />
South Africa, UAE), Growth Potential, Price Trends, Competitive <strong>Market</strong> Share<br />
& Forecast, 2016 – <strong>2024</strong>” <strong>in</strong> detail along with the table of contents:<br />
https://www.gm<strong>in</strong>sights.com/<strong>in</strong>dustry-analysis/magnesium-wheel-market<br />
OEM market is anticipated <strong>to</strong> value over <strong>USD</strong> 15 <strong>billion</strong> <strong>by</strong> <strong>2024</strong>. High manufactur<strong>in</strong>g<br />
standards <strong>in</strong> OEMs <strong>in</strong>clud<strong>in</strong>g test<strong>in</strong>g, optimization, quality control <strong>to</strong> ensure product<br />
compatibility with vehicles has enhanced product demand. High return on<br />
<strong>in</strong>vestment, low response time and improved support are the key benefits support<strong>in</strong>g<br />
<strong>in</strong>dustry growth.<br />
Europe magnesium wheel market was valued over <strong>USD</strong> 9 <strong>billion</strong> <strong>in</strong> 2016. Presence<br />
of major luxury car manufacturers <strong>in</strong>clud<strong>in</strong>g Jaguar Land Rover, Morgan, Bentley<br />
and Rolls-Royce will drive the <strong>in</strong>dustry growth. Increas<strong>in</strong>g <strong>in</strong>vestment on superior<br />
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manufactur<strong>in</strong>g facilities with highly skilled & productive workforce and cutt<strong>in</strong>g-edge<br />
design & technology will fuel the regional demand. UK au<strong>to</strong>motive <strong>in</strong>dustry was<br />
valued over <strong>USD</strong> 20 <strong>billion</strong> <strong>in</strong> 2016.<br />
Asia Pacific magnesium wheel market will observe ga<strong>in</strong>s exceed<strong>in</strong>g 3.5% up <strong>to</strong><br />
<strong>2024</strong>. Efficient economic recovery coupled with technological advancement <strong>in</strong><br />
au<strong>to</strong>motive <strong>in</strong>dustry has enhanced the product demand. Growth <strong>in</strong> number of<br />
au<strong>to</strong>motive manufactur<strong>in</strong>g facilities particularly <strong>in</strong> Ch<strong>in</strong>a and India will drive the<br />
product scope.<br />
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Global magnesium wheel market is share is moderately consolidated ow<strong>in</strong>g <strong>to</strong><br />
presence of few mult<strong>in</strong>ational <strong>in</strong>dustry players. Some of the key players <strong>in</strong>clude<br />
SMW Eng<strong>in</strong>eer<strong>in</strong>g Ltd., PVM Brakes Manheim, Enkei Corporation, BBS, O.Z. and<br />
APP Tech. Mergers, acquisitions, collaborations and supply agreements are the key<br />
strategies adopted.<br />
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