Pune, India, Nov. 09, 2022 (GLOBE NEWSWIRE) -- The global automotive forging market size was valued at USD 40.49 billion in 2021. The market is expected to grow from USD 45.49 billion in 2022 to USD 67.75 billion by 2030, exhibiting a CAGR of 5.10% during the forecast period. Increasing adoption of manufacturing technology and increasing automation in the automotive industry is expected to enhance the industry's progress. Fortune Business Insights™ provides this information in its report titled "Automotive Forging Market, 2022-2030."
Industry Development
February 2022- Bharat Forge Limited announced an agreement for the acquisition of Foundry India to expand its product portfolio.
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Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 20212-2030 |
| Forecast Period 2022 to 2030 CAGR | 5.10% |
| 2030 Value Projection | USD 67.75 Billion |
| Base Year | 2021 |
| Market Size in 2022 | USD 45.49 Billion |
| Historical Data for | 2019-2020 |
| No. of Pages | 187 |
| Segments covered | By Vehicle Type, By Material, By Application, By Technology, By Supplier Type |
| Growth Drivers | Extensive Production of Forged Components to Propel Market Growth in Asia Pacific |
| Rising Demand for Lightweight and Fuel-Efficient Vehicles to Propel Market Progress |
Regional Insights
Extensive Production of Forged Components to Propel Market Growth in Asia Pacific
Asia Pacific is expected to dominate the automotive forging market share due to the extensive production of forged components. The market in the Asia Pacific stood at USD 23.09 billion in 2021 and is expected to gain a huge portion of the global market share in the upcoming years. Furthermore, the rising focus on automation and advanced machinery is expected to enhance the demand for automotive forging.
In Europe, the presence of substitute production techniques in the forging sector is expected to elevate the industry's progress. In North America, strong demand for forged automobile parts is expected to enhance the demand for automotive forging.
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Market Drivers
Rising Demand for Lightweight and Fuel-Efficient Vehicles to Propel Market Progress
Using a compressive force, the manufacturing process of automotive forging shapes metal. The need for automotive forging is anticipated to increase as the market for lightweight automobiles grows. Furthermore, it is projected that the sector would advance more rapidly due to the growing demand for fuel-efficient vehicles. Additionally, it is anticipated that rising automobile sales among the general public will increase demand for automotive forging. Additionally, rising disposable incomes are anticipated to accelerate the use of forging technology. These elements could fuel market expansion for automotive forging. The adoption of electric vehicles, however, is anticipated to limit the growth of this sector.
Segmentation
Passenger Cars Segment to Dominate Attributable to Rising Shared Mobility Services
By vehicle type, the market is segmented into passenger cars, light, heavy, and medium commercial vehicles, agricultural machinery, construction equipment, and others. The passenger cars segment is expected to dominate due to the rising shared mobility services.
Steel Segment to Lead Attributable to Robust Demand for Aluminum Forged Lightweight Auto Parts
As per material, the market is categorized into aluminum and steel. The steel segment is expected to lead due to strong demand for aluminum forged lightweight auto parts.
Axle Segment to Dominate Owing to its Vitality in Vehicles
Based on application, the market is classified into crankshaft, gears, piston, axle, bearings, connecting rods, and others. The axle segment is expected to dominate since its vitality in a vehicle's drive train.
Closed Die Segment to Dominate Attributable to its Superior Mechanical Properties
By technology type, the market is divided into open die casting, closed die casting, and others. The closed die segment is expected to dominate due to its superior mechanical properties.
Local Segment to Lead Attributed to its Lower Production Costs
By supplier type, the market is bifurcated into local and international (import). The local segment is expected to lead due to its lower production costs.
Regionally, the market is grouped into North America, Europe, Asia Pacific, and the rest of the world.
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Competitive Landscape
Major Players Deploy Acquisitions to Enhance their Market Reach
The prominent players operating in the market deploy acquisition strategies to enhance their market reach. For example, Cummins acquired Meritor Inc. in February 2022. This acquisition was aimed to assist Cummins Inc. in developing solutions for critical technology challenges. This strategy may allow Cummins to enhance its market reach and reinforce its brand image. Further, major players deploy research and development, mergers, innovations, novel product launches, and expansions to enhance their market position.
Companies Profiled in the Automotive Forging Research Report:
- ThyssenKrupp AG (Germany)
- CIE Automotive (Spain)
- NTN Corporation (Japan)
- American Axle and Manufacturing Inc. (U.S.)
- Bharat Forge Limited (India)
- Ramkrishna Forgings (India)
- Dana Limited (U.S.)
- Meritor Inc. (U.S.)
- ZF Friedrichshafen AG (Germany)
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Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments –Mergers, Acquisitions and Partnerships
- Technological Advancements
- Porters Five Forces Analysis
- PEST Analysis
- Impact Of Covid-19
- Global Automotive Forging Market Analysis, Insights and Forecast, 2019-2030
- Segmental Definitions
- Market Analysis, Insights and Forecast – By Vehicle Type
- Passenger Cars
- Light Commercial Vehicle
- Medium & Heavy Commercial Vehicles
- Agricultural Machinery
- Construction Equipment
- Others
- Market Analysis, Insights and Forecast – By Material
- Steel
- Aluminum
- Market Analysis, Insights and Forecast – By Application
- Gears
- Crankshaft
- Piston
- Axle
- Bearing
- Connecting Rods
- Others
- Market Analysis, Insights and Forecast – By Technology
- Closed Die
- Open Die
- Others
- Market Analysis, Insights and Forecast – By Supplier Type
- Local
- International (Import)
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Rest of the world
- North America Automotive Forging Market Analysis, Insights and Forecast, 2019-2030
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Vehicle Type
- Passenger Cars
- Light Commercial Vehicle
- Medium & Heavy Commercial Vehicles
- Agricultural Machinery
- Construction Equipment
- Others
- Market Analysis, Insights and Forecast – By Material
- Steel
- Aluminum
- Market Analysis, Insights and Forecast – By Application
- Gears
- Crankshaft
- Piston
- Axle
- Bearing
- Connecting Rods
- Others
- Market Analysis, Insights and Forecast – By Technology
- Closed Die
- Open Die
- Others
- Market Analysis, Insights and Forecast – By Supplier Type
- Local
- International (Import)
- Market Analysis – By Country
- The U.S.
- Canada
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About Us:
Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them to address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.
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