Global Automotive Forging Market Growth, Share, Size, Trends and Forecast (2024 - 2030)

By Material;

Aluminum, Steel, and Others

By Components;

Engine Components, Steering/chassis components, Transmission components, Drive Components, and Others.

By Geography;

North America, Europe, Asia Pacific, Middle East and Africa, and Latin America - Report Timeline (2020 - 2030).
Report ID: Rn074964506 Published Date: May, 2024 Updated Date: June, 2024

Introduction

Global Automotive Forging Market (USD Million), 2020 - 2030

In the year 2023, the Global Automotive Forging Market was valued at USD 40,290.86 million. The size of this market is expected to increase to USD 56,693.29 million by the year 2030, while growing at a Compounded Annual Growth Rate (CAGR) of 5.0%.

The Global Automotive Forging Market plays a pivotal role in shaping the automotive industry, providing essential components integral to vehicle performance and safety. Forging, a manufacturing process involving the shaping of metal through localized compressive forces, ensures the production of high-strength, durable automotive parts. This market encompasses a wide range of forged components used in various automotive applications, including engines, transmissions, drivetrain systems, chassis, and suspension systems.

Forged components such as crankshafts, connecting rods, camshafts, gears, and axles are critical elements in modern automobiles, contributing to enhanced performance, fuel efficiency, and overall vehicle durability. With the automotive industry's continual evolution towards lightweighting and sustainability, forging processes have gained prominence due to their ability to produce lightweight yet robust components, aligning with industry demands for improved fuel economy and reduced emissions.

Driven by the rapid expansion of the automotive sector globally, the demand for forged automotive components is experiencing significant growth. Factors such as increasing vehicle production, rising consumer preference for high-performance vehicles, and stringent regulatory requirements regarding vehicle safety and emissions standards propel the market forward. Additionally, advancements in forging technologies, including computer-aided design (CAD), simulation software, and automated forging processes, contribute to enhanced efficiency, precision, and cost-effectiveness in component manufacturing.

  1. Introduction
    1. Research Objectives and Assumptions
    2. Research Methodology
    3. Abbreviations
  2. Market Definition & Study Scope
  3. Executive Summary
    1. Market Snapshot, By Material
    2. Market Snapshot, By Components
    3. Market Snapshot, By Region
  4. Global Automotive Forging Market Dynamics
    1. Drivers, Restraints and Opportunities
      1. Drivers
        1. Demand for lightweight, high-strength automotive parts
        2. Growth of electric and hybrid vehicles
        3. Emphasis on fuel efficiency and emissions reduction
        4. Focus on safety standards driving demand
        5. Shift towards modular manufacturing processes
      2. Restraints
        1. Challenges in achieving precise tolerances
        2. Dependency on industry cycles
        3. Skilled labor shortages
        4. Integration complexity
        5. Quality standards
      3. Opportunities
        1. Aftermarket sales growth
        2. Lightweighting strategies and materials
        3. Electric vehicle component demand
        4. R&D in forging materials
        5. Development for autonomous vehicles
    2. PEST Analysis
      1. Political Analysis
      2. Economic Analysis
      3. Social Analysis
      4. Technological Analysis
    3. Porter's Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of Substitutes
      4. Threat of New Entrants
      5. Competitive Rivalry
  5. Market Segmentation
    1. Global Automotive Forging Market, By Material, 2020 - 2030 (USD Million)
      1. Aluminum
      2. Steel
      3. Others
    2. Global Automotive Forging Market, By Components, 2020 - 2030 (USD Million)
      1. Engine Components
      2. Steering/chassis components
      3. Transmission components
      4. Drive Components
      5. Others
    3. Global Automotive Forging Market, By Geography, 2020 - 2030 (USD Million)
      1. North America
        1. United States
        2. Canada
      2. Europe
        1. Germany
        2. United Kingdom
        3. France
        4. Italy
        5. Spain
        6. Nordic
        7. Benelux
        8. Rest of Europe
      3. Asia Pacific
        1. Japan
        2. China
        3. India
        4. Australia & New Zealand
        5. South Korea
        6. ASEAN (Association of South East Asian Countries)
        7. Rest of Asia Pacific
      4. Middle East & Africa
        1. GCC
        2. Israel
        3. South Africa
        4. Rest of Middle East & Africa
      5. Latin America
        1. Brazil
        2. Mexico
        3. Argentina
        4. Rest of Latin America
  6. Competitive Landscape
    1. Company Profiles
      1. ThyssenKrupp AG (Germany)
      2. CIE Automotive (Spain)
      3. NTN Corporation (Japan)
      4. American Axle and Manufacturing Inc. (US)
      5. Bharat Forge Limited (India)
      6. Ramkrishna Forgings (India)
      7. Dana Limited (US)
      8. Meritor Inc. (US)
      9. ZF Friedrichshafen AG (Germany)
      10. Jiangsu Pacific Precision Forging (China)
      11. Siderforgerossi Group S.p.A. (Italy)
      12. Grupo Euskal Forging, S.L. (Spain)
      13. Nippon Steel Corporation (Japan)
      14. Nippon Steel & Sumitomo Metal Corporation (Japan)
      15. FormTech Industries LLC (US)
      16. Hirschvogel Automotive Group (Germany)
      17. Norsk Hydro ASA (Norway)
      18. Allegheny Technologies Incorporated (US)
      19. SIFCO Industries, Inc. (US)
      20. Precision Castparts Corp. (US)
  7. Analyst Views
  8. Future Outlook of the Market