Global Magnesium Alloy Wheels Market 2017-2021
About Magnesium Alloy Wheels
An alloy is a metal made from two or more metals and provides greater strength to the metal. It keeps the metal free from corrosion and can conduct heat. Alloy wheels are made from the alloys of magnesium or aluminum. They are lightweight, provide a better appearance, and possess the same strength as that of steel wheels. Magnesium wheels are also known as mag wheels. The wheels are used mostly in racing and classic cars. As they are very light, they help improve the mileage of the vehicle. Pure magnesium wheels are prone to pitting, cracking, and corrosion.
Technavio’s analysts forecast the global magnesium alloy wheels market to grow at a CAGR of 20.47% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global magnesium alloy wheels market for 2017-2021. To calculate the market size, the report considers new installations of alloy wheels in vehicles.The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Magnesium Alloy Wheels Market 2017-2021
Technavio recognizes the following companies as the key players in the global magnesium alloy wheels market: Marvic Wheels, BBI Autosport, Marchesini, and Vision Ability Dedication.
Other Prominent Vendors in the market are: OZ, APP TECH, SMW Engineering, Tan-ei-sya, Milinite, and Washi Beam.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is rise in sales through online channels. The market for automotive parts and accessories of online B2C sales is expected to reach a value of $20 billion by 2020 in Europe and North America. Emerging markets such as Brazil and China will see incremental growth in online parts purchasing, whereas the western market will drive the transaction volume.”
According to the report, one driver in the market is growing popularity of automotive racing in developing economies. Automotive racing is popular in developed countries such as the US, Italy, France, Spain, the UK, North America, and Japan. OEMs participate and conduct racing championships in these regions. The sport is also gaining popularity in developing countries such as China, India, and the UAE. This has encouraged OEMs to invest in racing championships in these regions. With the growing popularity Formula One and Grand Prix in India, many companies such as Reliance and Mahinda are willing to sponsor teams for these events in the country.
Further, the report states that one challenge in the market is ban on inconsistent quality aftermarket magnesium alloy wheels. There are different techniques employed in the manufacturing of magnesium alloy wheels. This includes casting of wheels, forging from a single piece of magnesium, and other multi-piece wheels that involve different methods. Like any other automotive product, aftermarket wheels also include high-performance wheels and budget wheels. A few of the aftermarket alloy wheels maintain the same quality standards and safety standards as OEMs. Aftermarket alloy wheels may also deliver better performance over factory alloy wheels.
Marvic Wheels, BBI Autosport, Marchesini, Vision Ability Dedication, OZ, APP TECH, SMW Engineering, Tan-ei-sya, Milinite, and Washi Beam.
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