The COVID-19 pandemic has caused supply and manufacturing disruptions in the automotive sector creating uncertainties in every aspect. The change in customer behavior in terms of mobility preferences during this crisis is changing the automotive landscape.
This pandemic situation has shut down many production lines owing to the trade restrictions and closed borders, creating a shortage in required parts and limiting the distribution of supplies. Different enforced measures including the closing of workspaces and dismissal of short-time workers have created a depression in the growth rate of the automotive industry.
The growing fear of recession is estimated to decrease overall sales and revenue. A limited supply of parts coupled with a reduced workforce has forced the leading OEMs to shut down their production. A significant drop in demand has restricted the cash inflow which is highly important in payment of salaries to the workforce. With growing uncertainties around the COVID-19 pandemic, the industry leaders are taking measures to adapt to the situation.
Automotive Magnesium wheel Market: Market Outlook
Automotive magnesium wheels are mainly manufactured from alloys that contain only magnesium. These wheels either produced by casting (metal-working) (where melted metal is introduced into a mold, hardening inside the mold), or else by forging (where a pre-fabricated bar is deformed mechanically). Magnesium has numerous significant properties that make it an attractive base metal for wheels: high damping capability, lightness and high strength. Magnesium is the lightest available metallic structural material. This material is one by five times less compact than aluminum, so automotive magnesium wheels can be considerably lighter than aluminum alloy wheels, while presenting comparable strength.
“Automotive magnesium wheels (alloys) are generally used in racing vehicles because of their low weight. Forged automotive magnesium wheels yield shorter braking distance, better acceleration, improved overall performance, and augment safety level. Owing to its lightweight nature, they lower fuel consumption by 4-6% and offer better strength and ductility”
Automotive Magnesium Wheel Market: Dynamics
Mounting prominence of luxury cars offering better maneuverability and handling stability will significantly fuel the automotive magnesium wheel market share over the forecast period. The rising preference for personal green travel solutions along with increasing demand for premium & sports bikes and cars are increasing the magnesium wheel market over the projected timeframe. Strict government regulations pertaining to lowering emissions and improving fuel efficiency are enabling manufacturers to invest in advanced technologies for producing such wheels. For example, the Corporate Average Fuel Economy (CAFE) standards set by the NHTSA (National Highway Traffic Safety Administration) focuses on improving fuel efficiency of vehicles every year
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One of the major disadvantage associated with automotive magnesium wheels was susceptibility to corrosion. Also, the cost of a magnesium wheel is twenty percent higher than that of aluminum-based wheels. This increases the overall vehicle cost, and hence, most consumers do not prefer magnesium wheel. Henceforth, it will restraint the demand for automotive magnesium wheel market. Another factor being a deterrent in market growth of Magnesium Wheels is that its use is confined only to luxury and sports based cars and motorcycles as compared to the common vehicle fleet.
In terms of future opportunities, the magnesium wheels is deemed to find its application in the aviation industry.
Automotive Magnesium Wheel Market: Trend
With many tests solved by modern technological solutions, a number of companies—including Brembo (Marchesini), OZ, BBS, SMW and Taneisya—are now producing the next generation of dependable forged magnesium wheels. Furthermore, many car and motorcycle manufacturers (OEMs) have positively homologated forged automotive magnesium wheels for use as original equipment. Merely a limited number of forgers in the world have the large presses required to manufacture the forgings, from which forged automotive magnesium wheels are machined.
Prominent market participants invest heavily in R&D, which is intended to implement new material for automotive wheel rims. The introduction of new technologies/materials to their products is further fueling the use of alloys among the OEM, which will accelerate the growth of the automotive wheel market
Automotive Magnesium wheel Market: Segmentation
On the basis of vehicle-type, the Automotive Magnesium wheel Market can be segmented into:
- PC (Passenger Car)
- LCV (Light Commercial Vehicle)
- HCV (Heavy Commercial Vehicle)
On the basis of wheel size, the Automotive Magnesium wheel Market can be segmented into:
- Compact Size (upto 16 inch)
- Mid-Size (17 to 21 inch)
- Large Size (21 inch and more)
On the basis of sales channel, the Automotive Magnesium wheel Market can be segmented into:
- OEM
- Aftermarket
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Automotive Magnesium wheel Market: Market Participants
The overall market of Automotive Magnesium wheel market used for numerous application is comparatively fragmented and manufacturers see the potential to increase the pace of the growth by the way of product launches and sales through new channels. Some of the market manufacturers identified in the Automotive Magnesium wheel market across the globe are:
- SMW Engineering Ltd.
- Tecnología y Fabricación, S.A
- BBS, Tecnología y Fabricación, S.A
- MKW Alloy Inc.
- Ronal Group
- Dymag Group Limited
- Enkei Corporation
- Marvic Wheels
- Marchesini
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We leave no stone unturned to give clients an exhaustive coverage of the industry.Persistence Market Research’s proactive approach identifies early innovation opportunities for clients in the global automotive sector. Our insights on next-generation automotive technologies such as connected cars, automotive emissions control, vehicle-to-vehicle (V2V), autonomous cars, electric and hybrid vehicles, and augmented reality dashboards ensure clients stay at the forefront of innovation.
Our reports strive to offer superior quality reports based on authentic and accurate findings.
Customer Satisfaction
We aim to ensure that our client’s research needs are met with customized, top-of-the-line solutions.
Unmatched Expertise
Our analysts and consultants are among the best in their field and promise to deliver excellent market intelligence.
360-degree Analysis
We leave no stone unturned to give clients an exhaustive coverage of the industry.Persistence Market Research’s proactive approach identifies early innovation opportunities for clients in the global automotive sector. Our insights on next-generation automotive technologies such as connected cars, automotive emissions control, vehicle-to-vehicle (V2V), autonomous cars, electric and hybrid vehicles, and augmented reality dashboards ensure clients stay at the forefront of innovation.
Our competencies go beyond regular market research to deliver tailored solutions in an industry marked with increasing environment regulations, evolving consumer preferences, and a shifting landscape of emerging markets.
Report Highlights:
- Shifting Industry dynamics
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