Global Automotive Magnesium Wheel Market Overview
As per MRFR analysis, the Automotive Magnesium Wheel Market Size was estimated at 2.64 (USD Billion) in 2022. The Automotive Magnesium Wheel Market Industry is expected to grow from 2.77(USD Billion) in 2023 to 4.2 (USD Billion) by 2032. The Automotive Magnesium Wheel Market CAGR (growth rate) is expected to be around 4.74% during the forecast period (2024 - 2032).
Key Automotive Magnesium Wheel Market Trends Highlighted
The automotive magnesium wheel market is projected to witness significant growth due to several key market drivers. The increasing demand for lightweight vehicles, coupled with the rising concerns about environmental sustainability, is driving the adoption of magnesium wheels. Magnesium is a strong and lightweight material that offers several advantages over traditional steel or aluminum wheels, including improved fuel efficiency, handling, and braking performance. Furthermore, the growing popularity of electric vehicles is further propelling the demand for lightweight wheels, as these vehicles require lighter components to maximize their driving range.
Opportunities within this market lie in the development of innovative magnesium wheel designs and the expansion into emerging markets. Manufacturers are investing in research and development to produce wheels with enhanced strength, durability, and aesthetic appeal. Additionally, the growing presence of automotive manufacturers in developing countries presents opportunities for market expansion, as these regions have a high demand for affordable and lightweight vehicles.
Recent trends in the automotive magnesium wheel market include the adoption of advanced manufacturing techniques, such as casting and forging. These techniques enable the production of lightweight wheels with complex designs and improved mechanical properties. Furthermore, there is a growing emphasis on safety and durability, leading to the development of wheels that meet stringent industry standards and regulations.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Automotive Magnesium Wheel Market Drivers
Increasing Demand for Lightweight Vehicles
One of the factors that drive the global market is the increasing demand for lightweight vehicles. One of the primary benefits of magnesium wheels is that they are much lighter than steel or even aluminum alternatives. As a result, fewer materials are used during the production process. Lowering the overall weight of a car increases its fuel economy and performance. As a bonus, magnesium wheels are also less prone to wear and corrosion, meaning that their lifespan is also much longer. For these reasons, manufacturers like to use them for plenty of different types of vehicles – passenger cars, trucks, or SUVs.
Growing Popularity of Electric Vehicles
The growing popularity of electric vehicles (EVs) is another major driver of the global automotive magnesium wheel market. EVs are typically heavier than gasoline-powered vehicles due to the weight of their batteries. As a result, EV manufacturers are looking for ways to reduce the overall weight of their vehicles, and magnesium wheels are a good option. Magnesium wheels can help to reduce the weight of an EV by up to 20%, which can lead to improved range and performance.
In addition, magnesium wheels are more resistant to corrosion than other types of wheels, which can help to protect the EV's battery from damage.
Increasing Demand for Performance Vehicles
The increasing demand for performance vehicles is also driving growth in the global automotive magnesium wheel market. Performance vehicles typically require lightweight wheels that can withstand high levels of stress and wear. Magnesium wheels are ideal for this application, as they are both lightweight and strong. In addition, magnesium wheels can help to improve the handling and performance of a performance vehicle. As a result, magnesium wheels are becoming increasingly popular for use on a wide range of performance vehicles, including sports cars, racing cars, and off-road vehicles.
Automotive Magnesium Wheel Market Segment Insights:
Automotive Magnesium Wheel Market Wheel Size Insights
The Global Automotive Magnesium Wheel market is segmented per wheel size into 15-16 Inches, 17-18 Inches, 19-20 Inches, and 21 Inches and Above. Out of these segments, owing to the soaring popularity of SUVs and crossovers, which primarily use 17-18-inch wheels, the 17-18-inch segment occupied the highest market share in 2023, comprising close to 40% of the entire global revenue. However, the 19-20-inch segment is anticipated to extend the highest growth rate over the forecast period owing to the booming production of luxury and high-performance vehicles.
The 21 inches and above category is also expected to extend a desirable growth rate because of the increasing popularity of high-performance vehicles substantially. Moreover, as of 2024, in terms of revenue, the 17-18 inches segment is anticipated to lift over USD 1.2 billion in profit. The 19-20-inch segment is projected to earn over USD 0.9 billion in profit by 2024, and the 21-inch and above category is expected to make over USD 0.6 billion in profit.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Automotive Magnesium Wheel Market Vehicle Type Insights
The Global Automotive Magnesium Wheel Market is segmented into various categories, including Vehicle Type, which is further classified into Passenger Cars, Commercial Vehicles, SUVs, and Trucks. The commercial Vehicles segment is expected to hold a significant market share due to the rising demand for magnesium wheels in heavy-duty vehicles for improved durability and load-bearing capacity. The SUVs segment is projected to witness steady growth due to the growing popularity of SUVs globally. The truck segment is anticipated to contribute to the overall market growth due to the increasing use of magnesium wheels in pickup trucks and other heavy-duty vehicles.
Automotive Magnesium Wheel Market Material Grade Insights
Material Grade The Automotive Magnesium Wheel Market is segmented by material grade into AZ31B, AM60B, AM50B, AE42, and Other Grades. AZ31B is the most widely used material grade in the production of automotive magnesium wheels, accounting for over 50% of the global market share. It is a lightweight and strong alloy with good corrosion resistance, making it ideal for use in automotive applications. AM60B is another popular material grade, offering higher strength and hardness than AZ31B. It is often used in high-performance wheels and racing applications.
AM50B is a low-cost alternative to AZ31B with similar properties, making it a popular choice for budget-conscious manufacturers. AE42 is a high-strength alloy with excellent corrosion resistance, making it suitable for use in harsh environments. Other Grades include a variety of other magnesium alloys with specialized properties, such as improved weldability or creep resistance. The Global Automotive Magnesium Wheel Market revenue is expected to reach $2.77 billion in 2023 and is projected to grow at a CAGR of 4.74% from 2024 to 2032, reaching $4.2 billion by 2032.
Automotive Magnesium Wheel Market Surface Treatment Insights
The Global Automotive Magnesium Wheel Market is segmented based on Surface Treatment into Chrome Plating, Powder Coating, Anodizing, and Paint. In 2023, the Chrome Plating segment held the largest market share of around 35%, owing to its durability and resistance to corrosion. Powder Coating is projected to witness the fastest growth during the forecast period due to its enhanced aesthetic appeal and eco-friendliness. Anodizing is expected to account for a significant market share, driven by its ability to provide a protective oxide layer on the wheel surface.
The Paint segment is anticipated to hold a steady market share, owing to its cost-effectiveness and availability in a wide range of colors and finishes. The market growth is attributed to the increasing demand for lightweight and fuel-efficient vehicles, along with the rising popularity of magnesium wheels in the automotive industry.
Automotive Magnesium Wheel Market Application Insights
The global automotive magnesium wheel market is segmented based on application into OEM and aftermarket. The OEM segment accounted for a larger market share in 2023 and is projected to continue its dominance during the forecast period. The growth of the OEM segment can be attributed to the increasing demand for lightweight and fuel-efficient vehicles, as magnesium wheels are significantly lighter than traditional steel or aluminum wheels. The aftermarket segment, on the other hand, is expected to witness significant growth over the forecast period, owing to the rising popularity of aftermarket modifications and performance upgrades among consumers.
In 2023, the global automotive magnesium wheel market was valued at USD 2.77 billion and is projected to reach USD 4.2 billion by 2032, exhibiting a CAGR of 4.74% during the forecast period.
Automotive Magnesium Wheel Market Regional Insights
In terms of region, the Global Automotive Magnesium Wheel Market is segmented into North America, Europe, APAC, South America, and MEA. It is expected that North America will lead the Automotive Magnesium Wheel Market and account for a significant revenue share by 2024. This can be attributed to the presence of major automotive manufacturers and the growing demand for lightweight and fuel-efficient vehicles. However, the APAC region is expected to witness the highest growth rate during the forecast period. This is due to the rising disposable income and increasing vehicle sales in developing countries like India and China.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Automotive Magnesium Wheel Market Key Players And Competitive Insights:
Major players in the Automotive Magnesium Wheel Market industry are constantly striving to gain a competitive edge by offering innovative and advanced products. Leading Automotive Magnesium Wheel Market players are investing heavily in research and development to enhance their product portfolio and cater to the evolving needs of customers.
The Automotive Magnesium Wheel Market industry is witnessing a surge in strategic collaborations and partnerships among key players to strengthen their market position and expand their geographical reach. These alliances involve joint ventures, mergers and acquisitions, and technology-sharing agreements. Moreover, the competitive landscape is characterized by the entry of new players, particularly from emerging economies, who are offering cost-effective solutions and catering to specific regional demands. Overall, the Automotive Magnesium Wheel Market Competitive Landscape is highly dynamic and competitive, with players constantly adapting to the changing market trends and customer preferences.
Aisin Seiki Co., Ltd. is a prominent player in the Automotive Magnesium Wheel Market, renowned for its advanced manufacturing capabilities and commitment to quality. The company has a strong global presence with production facilities in various countries. Aisin Seiki offers a wide range of automotive components, including magnesium wheels, which are known for their lightweight, durability, and performance-enhancing properties. The company's focus on innovation and customer satisfaction has enabled it to establish a strong reputation in the industry. Aisin Seiki's extensive distribution network and strategic partnerships with leading automakers contribute to its success in the Automotive Magnesium Wheel Market.
Another leading player in the Automotive Magnesium Wheel Market is Ronal Group. Headquartered in Germany, Ronal is a global supplier of high-quality alloy wheels for passenger cars, commercial vehicles, and motorsport applications. The company has a long-standing history in the automotive industry and is recognized for its expertise in wheel design and manufacturing. Ronal's magnesium wheels are known for their exceptional strength, weight reduction, and stylish aesthetics. The company's commitment to sustainability and its focus on eco-friendly production processes have positioned it as a responsible player in the Automotive Magnesium Wheel Market. Ronal's global presence, extensive product portfolio, and strategic partnerships with leading automakers contribute to its strong position in the industry.
Key Companies in the Automotive Magnesium Wheel Market Include:
- Vorsteiner
- BBS Automotive Technology
- HRE Performance Wheels
- Superior Industries International
- Forgiato Wheels
- Hayes Lemmerz International
- Alcoa Corporation
- Borbet Gmb H
- Giovanna Wheels
- MAE Wheels
- Ronal Group
- IochpeMaxion S.A.
- OZ Racing
- Dymag International
- Volk Racing
Automotive Magnesium Wheel Market Industry Developments
The global automotive magnesium wheel market is projected to reach USD 4.2 billion by 2032, exhibiting a CAGR of 4.74% during the forecast period (2024-2032). Rising demand for lightweight vehicles to improve fuel efficiency and reduce emissions is driving the market growth. Magnesium wheels are lighter than traditional steel or aluminum wheels, offering weight reduction and improved performance.
Technological advancements, such as flow forming and forging, have enhanced the strength and durability of magnesium wheels while reducing manufacturing costs.Recent developments in the market include the introduction of lightweight and high-strength magnesium alloy wheels by companies like OZ Racing and BBS. These wheels offer superior performance and aesthetics, catering to the growing demand for premium vehicles. Additionally, the adoption of magnesium wheels in electric vehicles is gaining traction due to their weight reduction capabilities, which contribute to extended battery range.
Automotive Magnesium Wheel Market Segmentation Insights
-
Automotive Magnesium Wheel Market Wheel Size Outlook
- 15-16 Inches
- 17-18 Inches
- 19-20 Inches
- 21 Inches and Above
-
Automotive Magnesium Wheel Market Vehicle Type Outlook
- Passenger Cars
- Commercial Vehicles
- SUVs
- Trucks
-
Automotive Magnesium Wheel Market Material Grade Outlook
- AZ31B
- AM60B
- AM50B
- AE42
- Other Grades
-
Automotive Magnesium Wheel Market Surface Treatment Outlook
- Chrome Plating
- Powder Coating
- Anodizing
- Paint
-
Automotive Magnesium Wheel Market Application Outlook
-
Automotive Magnesium Wheel Market Regional Outlook
- North America
- Europe
- South America
- Asia Pacific
- Middle East and Africa
| Report Attribute/Metric |
Details |
| Market Size 2022 |
2.64 (USD Billion) |
| Market Size 2023 |
2.77 (USD Billion) |
| Market Size 2032 |
4.2 (USD Billion) |
| Compound Annual Growth Rate (CAGR) |
4.74% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2023 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
Vorsteiner, BBS Automotive Technology, HRE Performance Wheels, Superior Industries International, Forgiato Wheels, Hayes Lemmerz International, Alcoa Corporation, Borbet Gmb H, Giovanna Wheels, MAE Wheels, Ronal Group, IochpeMaxion S.A., OZ Racing, Dymag International, Volk Racing |
| Segments Covered |
Wheel Size, Vehicle Type, Material Grade, Surface Treatment, Application, Regional |
| Key Market Opportunities |
Lightweight offerings Improved performance Design customization Sustainability concerns Electric vehicle growth. |
| Key Market Dynamics |
Rising demand for lightweight vehicles Government regulations for fuel efficiency Increasing popularity of electric vehicles Growing consumer preference for customization Technological advancements in manufacturing processes |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Automotive Magnesium Wheel Market is expected to reach an overall valuation of 4.2 billion USD by 2032.
The Automotive Magnesium Wheel Market is projected to exhibit a CAGR of 4.74% over the forecast period.
North America is expected to account for the largest market share in the Automotive Magnesium Wheel Market in 2032.
Magnesium wheels are primarily used in high-performance vehicles, luxury cars, and electric vehicles due to their lightweight and durability.
Some of the key competitors in the Automotive Magnesium Wheel Market include BBS, Ronal Group, and Enkei.
The Automotive Magnesium Wheel Market is estimated to be worth 2.77 billion USD in 2023.
The growing demand for lightweight and fuel-efficient vehicles, as well as the increasing popularity of electric vehicles, are driving the growth of the Automotive Magnesium Wheel Market.
The high cost of magnesium and the limited availability of raw materials are some of the challenges faced by the Automotive Magnesium Wheel Market.
The use of innovative materials and technologies, such as carbon fiber-reinforced magnesium, is an emerging trend in the Automotive Magnesium Wheel Market.
The Automotive Magnesium Wheel Market is expected to continue growing over the long term, driven by the increasing demand for lightweight and fuel-efficient vehicles.
