The global magnesium alloy wheels market is expected to grow at a CAGR of 20.47% during the period 2017-2021.
The report, Global Magnesium Alloy Wheels Market 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the Key vendors operating in this market.
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.