Sellbyville, DE -- (SBWIRE) -- 06/18/2019 -- Global Market Insights, Inc. presents an extensive report on Magnesium Wheel Market that offers qualitative information about prevailing trends and a detailed analysis of the growth trajectory of this industry. It also includes a study of the historical data and detailed statistics that will help determine the future scope of the industry in terms of commercialization opportunities.

Rising preference of automobile OEMs to lower vehicle weight for improving fuel efficiency along with lowering carbon emissions are driving the magnesium wheel market over the forecast timeframe. The benefits offered by these wheels including superior strength to weight ratio and lower weight with higher damping capacity are further supporting the product demand.

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The increasing adoption of forged magnesium wheels can be attributed to the benefits offered including stronger, stiffer, and lower weight wheel compared to the counterparts. Additionally, the forged magnesium wheels also minimize the occurrence of cracks and deformation under extreme pressure, thereby expanding the segment share over the projected timeframe.

Magnesium Wheel Market by original equipment manufacturer (OEMs) sector will account for a significant volume share in the global market. This can be credited to the increasing investments by automobile manufacturers and industry players to incorporate magnesium wheels in their vehicle portfolio. Moreover, stringent government regulations require OEMs to invest in technologies for lowering vehicle weight to significantly improve efficiency and lower emissions, thereby supporting the segment share over the projected timeframe.

Asia Pacific magnesium wheel market will showcase significant growth over the study timeframe. Increasing purchasing power of citizens from economies including China, Thailand, Indonesia, and India will drive market. Increasing two wheelers sales across the region including bikes mostly from the youth customers are attracting several manufacturers to establish their plants in the region. Additionally, China is among the global leaders in the magnesium production and exporting magnesium to several countries including U.S. and Brazil.

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Premium & sports cars will account for a significant revenue share in the magnesium wheel market share. This can be attributed to the rising focus of automobile OEMs to incorporate high end aspirational features in vehicles for increasing their market share. Moreover, the usage of magnesium wheels allows for significant performance improvements owing to enhanced power to weight ratio. Additionally, the superior damping and cushioning offered by such wheels improves ride quality considerably, thereby improving the segment share over the projected timeframe.

The increasing adoption of forged magnesium wheels can be attributed to the benefits offered including stronger, stiffer, and lower weight wheel compared to the counterparts. Additionally, the forged magnesium wheels also minimize the occurrence of cracks and deformation under extreme pressure, thereby expanding the segment share over the projected timeframe.

Few of the major players in the magnesium wheel market includes MKW Alloy, BBS USA, Enkei Corporation, Marchesini, Marvic Wheels, OZ Group, and Cromodora Wheels. Industry participants are enhancing their market share by launching advanced new products. For instance, in November 2016, MKW's brand RSR announced the launch of advanced light weight muscle car vehicle magnesium wheel. This newer product development is based on advanced technology one-piece forged magnesium.

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