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Magnesium Wheels Market - By Manufacturing, By Vehicle, By Wheel Size, and By Sales Channel, Growth Forecast, 2025 – 2034
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Magnesium Wheels Market
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Premium Report Details
Base Year: 2024
Companies covered: 20
Tables & Figures: 200
Countries covered: 21
Pages: 175
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Magnesium Wheels Market Size
The global magnesium wheels market size was valued at USD 1.86 billion in 2024 and is estimated to register a CAGR of 2.2% between 2025 and 2034. A rise in the demand for the sports car segment has been one of the many factors that has contributed to the boost in revenue for the market. Statista foresees that revenue share from sales of sports cars is expected to increase significantly, for example in 2023 it is expected to surge to 4 exponential growth from 2.6% majority share achieved in 2019.
In 2023, the sales share of Swiss and Austrians in terms of sales of sports cars was higher than comparable values within that year. BMW generated the highest revenue with 16.6 billion US dollars, followed by Porsche with 16.3 billion US dollars and Chevrolet with 7.7 billion US dollars.
The two intertwined fields, sports cars and the racing industry, aim to cut down the weight of the said vehicles whilst retaining strength and capability. Magnesium wheels assist in this endeavor by cutting down on unsprung weight, which helps to increase acceleration, braking, and handling. The wheels are excellent for dissipating heat, which guarantees consistent performance for high-speed and long-duration types of racing. They are now widely used in professional motorsport racing and sports cars because they can withstand high temperatures and have a low moment of inertia while being rotating.
Magnesium wheels, in addition to their outstanding performance and classy look, are greatly admired. The strong yet light materials used enable complex shapes, which appeal to customers who wish to mod their cars. They are also available in different surfaces such as matte, polished, and anodized so that a wider variety of their consumers can be satisfied. This development has resulted in a greater availability of magnesium in the market for made-to-order cars.
Magnesium Wheels Market Trends
Magnesium Wheels Market Analysis
Based on vehicle, the market is divided into motorcycles and cars. In 2024, the cars segment held a market share of over 60% and is expected to cross USD 1 billion by 2034.
Based on manufacturing, the magnesium wheels market is categorized into cast and forged. The cast system segment held a market share of around 55% in 2024.
Based on sales channel, the magnesium wheels market is segmented into OEM and Aftermarket. The OEM segment dominated the market accounting for over USD 1 billion in 2024.
Based on wheel size, the magnesium wheels market is segmented into 13-15 inches, 16-18 inches, 19-21 inches and above 21 inches. The 16-18 inches segment held a market share of around 40% in 2024.
Europe dominated the global magnesium wheels market with a major share of around 35% in 2024 and Germany leads the market in the region.
The magnesium wheels market in U.S. is expected to experience significant and promising growth from 2025 to 2034.
The magnesium wheels market in China is anticipated to witness lucrative growth between 2025 – 2034.
The magnesium wheels market in Mexico is expected to experience significant and promising growth from 2025 to 2034.
Magnesium Wheels Market Share
Magnesium Wheels Market Companies
Major players operating in the magnesium wheels industry include:
Magnesium Wheels Industry News
The magnesium wheels market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue ($Bn) and shipment (units) from 2021 to 2034, for the following segments:
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Market, By Manufacturing
Market, By Vehicle
Market, By Wheel Size
Market, By Sales Channel
The above information is provided for the following regions and countries: