Transparency Market Research in its new report titled, “Magnesium Wheel Market for Automotive - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2018 – 2026,” provides key insights on the magnesium wheel market for automotive market. The TMR report anticipates that the increasing demand for luxury class vehicles owing to increasing per capita income and low cost of vehicles will drive the magnesium wheel market for automotive market during the forecast period i.e, 2018-2026. According to the report, a key driver of the automotive magnesium wheel market is magnesium’s superior qualities over other materials such as aluminum and steel. Magnesium has the highest strength- to-weight ratio among all the materials used for wheels. Magnesium wheels provide high damping capacity, which smoothens the ride. They have the unique property of transforming vibration into heat.

The TMR report states that one of the main advantages of magnesium wheels is their thermal conductivity, which increases brake life by dissipating heat generated when brakes are applied. Another promising quality of magnesium wheels is their appearance. Magnesium wheels have a shiny silvery appearance, which enriches the look of the vehicle. The report has also discussed market restraints the automotive magnesium wheel market such as its cost. Generally, the cost of a magnesium wheel is 20% higher than that of aluminum-based wheels. This increases the overall vehicle cost, and hence, most consumers do not prefer magnesium wheels. The report has segregated the magnesium wheel market for automotive based on manufacturing method, wheel size, vehicle type, sales channel, and geography. On the basis of manufacturing method, the automotive magnesium wheel market is classified into casted magnesium and one other method. Casted magnesium wheels possess qualities such as superior surface finish and higher strength. They also cost less than wheels produced with the other manufacturing method. Therefore, casted magnesium wheels are preferred.

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Based on wheel size, the magnesium wheel market for automotive is split into three categories. 17 to 19 Inch wheels are mostly preferred on the general purpose vehicles, SUVs, MUVs, and luxury cars. The wheel diameter affects the vehicle control, noise, and also the efficiency. On the basis of sales channel, the magnesium wheel market for automotive is classified into two categories. For luxury and sports vehicles, 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. From a regional perspective, the magnesium wheel market for automotive is divided into five regions. North American and European countries are economically stable and consumers are willing to spend on vehicle appearance. These regions have a significant demand for luxury class vehicles as well as sports vehicles. Due to this, North America and Europe are dominant regions of the automotive magnesium wheel market. Major players operating in the magnesium wheel market for automotive are profiled in this report to give a better competitive analysis and these include SMW Engineering Ltd., Dymag Group Limited, Tecnología y Fabricación, S.A., BBS, Tecnología y Fabricación, S.A., MKW Alloy Inc., and others. Increasing demand for luxury class vehicles owing to the increased per capita income and lower costs of the vehicles are expected to reveal numerous opportunities for the automotive magnesium wheel market.

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Transparency Market Research (TMR) is a U.S.-based provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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