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Magnesium Wheel Market

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Magnesium Wheel Market is estimated to reach US$ XX Bn by 2026 in terms of revenue at a CAGR of XX% in the forecast period. Shifting trend towards lightweight vehicles along with increased road safety concerns will propel the magnesium wheel market size. Inclination towards enhanced driving experience accompanied by increasing replacement of traditional steel by efficient & durable magnesium material will drive the product demand. Growing automotive industry due to rising vehicle demand along with increasing consumer spending will support the industry growth of magnesium wheel market. For example, in 2016 U.S. passenger car sales reached 6 million, while only 4 million cars were manufactured in the country. Changing automotive trends including vehicle customization, improved fuel efficiency, and reduced weight are the key factors positively influencing the product penetration.

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Increasing preference for green mobility coupled with stringent regulations promoting lightweight automotive components has been a key driver for the magnesium wheel market globally. According to the California Vehicle Code (CVC), gross weight on any wheel should not surpass 10,500 pounds. For every 100 pounds of vehicle weight reduction, there is an average decrease of about 2% fuel consumption. Rising demand for hybrid and electric vehicles will drive the industry growth, as weight reduction remains a major concern in the hybrid automobiles.

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Target State: All States
Target City : pune
Last Update : Sep 16, 2019 2:25 AM
Number of Views: 7
Item  Owner  : pallavi narwade
Contact Email:
Contact Phone: 9607365656

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2019-09-16 (0.115 sec)