Covid-19 Impact on Magnesium Wheel Market is Expected to Grow at an Impressive CAGR by 2026

The Magnesium Wheel Market report published by Stratview Research offers wide-ranging analysis of key growth strategies, drivers, opportunities, key segments, and competitive landscape, etc. This detailed study is a useful source of information for prominent market players, new entrants, investors, and stakeholders to gain a thorough understanding of the market and determine measures to be taken to gain a competitive advantage.

Some key takeaways from this report –
The report offers key drivers that trigger the growth in the Magnesium Wheel Market. The insights mentioned in this report helps market players in formulating strategies to gain market presence or to sustain during the hard times. The research also mentions restraints of the market. Critical data on growth opportunities, current and upcoming trends are mentioned to assist market players in taking further steps by determining the potential in untapped regions.

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The research offers segment wise analysis of the Magnesium Wheel Market. Extensive analysis of sales, revenue, growth rate, and market share of each for the historic period and the forecast period is offered with the help of tables, graphs, pie charts and more.

Magnesium Wheel Market Share: By Manufacturing Type
Based on the manufacturing type, the market is segmented as cast and forged. The cast manufacturing type is projected to account for the major share of the market owing to its lower cost of production. Factors such as lower complexities 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 the market 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-use type, the market is segmented as OEM and aftermarket. OEM is anticipated to account for the major share of the market on account of growing preferences of automobile manufacturers to incorporate 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 the vehicle type, the market is segmented as bikes and premium/sports cars. The bike vehicle type is estimated to register higher growth rate in the market on account of increasing traffic congestion and easier maneuverability 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 of regions, Europe is estimated to be the leading region in the market owing to the presence of some of the key automobile manufacturers in the 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.

Key Players
The following are the key players in the Magnesium Wheel Market-
• BBS USA
• Cromodora Wheels S.P.A.
• Enkei Corporation
• Marvic Wheels SRL
• Minilite
• MKW Alloy
• PVM Brakes & Wheels Mannheim
• Ronal Group
• SMW Engineering Ltd.
• Washi Beam.

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This release was published on openPR.