Competitive Strength of the Key Leading Players in Magnesium Wheel Market to Post a CAGR of 4.6% by 2026, by Key Vendors: BBS USA, Cromodora Wheels SPA, Enkei Corporation, Marvic Wheels SRL, Minilite, MKW Alloy, PVM Brakes & Wheels

Magnesium Wheel market is accounted for $23.17 billion in 2017 and is expected to reach $34.73 billion by 2026 growing at a CAGR of 4.6%. The factors that are influencing the market are magnesium’s quality is better than other materials like steel and aluminum. Magnesium wheels provide high damping capacity, which smoothens the ride. The factors which are hampering the Magnesium Wheel market is its high cost.

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Magnesium wheels are wheels manufactured from alloys which contain mostly magnesium. They are produced either by casting. Magnesium has several key properties that make it an attractive base metal for wheels: lightness; a high damping capacity; and high specific strength. Magnesium is the lightest metallic structural material available. It is 1.5 times less dense than aluminum so magnesium wheels can be designed to be significantly lighter than aluminum alloy wheels while exhibiting comparable strength.

Some of the key players in the Magnesium Wheel market include BBS USA, Cromodora Wheels SPA, Enkei Corporation, Marvic Wheels SRL, Minilite, MKW Alloy, PVM Brakes & Wheels, Mannheim, Ronal Group, SMW Engineering Ltd., Tan-ei-sya Co., Ltd., Washi Beam, Marchesini, OZ S.p.A.

Based on End User, the OEM segment offers magnesium wheels as a standard or add-on option. Although, different types of magnesium wheels are available in the aftermarket, owing to their high cost, very few vehicle owners prefer them. OEMs including optimization, testing, quality control for ensuring the product compatibility with vehicles is fostering the product demand.

By Geography, Asia Pacific will experience compelling growth in the magnesium wheel market size owing to the generating premium cars demand. The existence of numerous premium car manufacturers in Japan and China are further rising the market size.

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Market Segments:
Process Covered:
• Forged
• Cast

Distribution Pattern Covered:
• Dealerships
• Distributors
• E-Commerce

Vehicle Type Covered:
• Two Wheelers
• Three Wheelers
• Sports Utility Vehicle

End Users Covered:
• Original Equipment Manufacturer (OEM)
• Aftermarket

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This release was published on openPR.