Global Automotive Forgings Market to Grow with a CAGR of 4.6% through 2028
The Global Automotive Forgings Market is
driven by two key factors. Firstly, the automotive industry's focus on
lightweighting has increased the adoption of forged components. Forgings offer
reduced weight and enhanced strength, improving fuel efficiency and safety.
Secondly, the demand for electric vehicles (EVs) has led to the use of
lightweight and durable forgings in EV manufacturing. These factors, along with
the industry's pursuit of efficiency and sustainability, drive the growth of
the global automotive forgings market.
According to TechSci Research report, “Global Automotive
Forgings Market – Global Industry Size, Share, Trends, Competition
Forecast & Opportunities, 2028”, the Global Automotive Forgings Market
stood at USD 42 Billion in 2022 and is anticipated to grow with a CAGR of 4.6%
in the forecast period, 2024-2028.The Global Automotive Forgings Market is
experiencing robust growth driven by several key factors. Firstly, the
increasing production of automobiles worldwide, especially in emerging
economies, is contributing significantly to the market's expansion. With the
rising population and improving living standards, the demand for vehicles is on
the rise, leading to a surge in automotive forgings. Additionally, there is a
growing focus on vehicle weight reduction to comply with stringent emission
norms and improve fuel efficiency. As governments worldwide are implementing
strict regulations to curb emissions, automakers are increasingly adopting
lightweight materials and advanced forging techniques to achieve weight
reduction without compromising structural integrity. This trend is further
boosting the demand for automotive forgings as they offer excellent
strength-to-weight ratio and structural integrity.
Moreover, the adoption of high-strength materials,
such as advanced steels and aluminum alloys, is also driving the growth of the
Automotive Forgings Market. These materials provide enhanced safety features
and fuel efficiency, making them ideal for modern vehicles. Furthermore,
advancements in forging technology, including computer-aided design (CAD) and
simulation, are enabling manufacturers to optimize the forging process,
resulting in improved product quality and reduced production costs. Lastly, the
rising demand for electric vehicles (EVs) is expected to provide a significant
boost to the Automotive Forgings Market in the coming years. As the world
shifts towards sustainable mobility, automakers are investing heavily in EV
production. Electric vehicles require specialized components, including
lightweight forgings, to ensure optimal performance and efficiency. This
increased demand for automotive forgings in the EV segment is expected to drive
the market growth further. In conclusion, the Global Automotive Forgings Market
is witnessing remarkable growth due to factors such as increasing vehicle
production, focus on weight reduction, adoption of high-strength materials,
advancements in forging technology, and the rise of electric vehicles. These
trends are reshaping the market landscape and offering new opportunities for
manufacturers and suppliers in the automotive forging industry.
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The global automotive forgings market is a dynamic and
integral part of the automotive industry, providing essential components that
contribute to the performance, safety, and efficiency of vehicles. This market
has witnessed substantial growth and transformation in recent years, driven by
several key factors that are reshaping the industry landscape.
One of the fundamental drivers of the global
automotive forgings market is the automotive industry's increasing emphasis on
lightweighting. Automakers are under constant pressure to enhance fuel
efficiency, reduce emissions, and improve overall vehicle performance. Forgings
play a pivotal role in this pursuit, as they offer the unique combination of
high strength and reduced weight. Lightweight forged components are used
extensively in critical automotive systems, such as chassis, suspension, and
powertrain, enabling automakers to achieve these performance goals while
ensuring safety and durability.
The automotive forgings market has seen a significant
shift in materials and manufacturing processes. Advanced materials like
high-strength steel, aluminum, and titanium are increasingly being utilized in
automotive components, demanding specialized forging techniques and expertise.
Additionally, the development of advanced forging processes, precision forging,
and net shape forging, has improved the quality, consistency, and efficiency of
forged parts, contributing to the industry's evolution.
The global trend towards electric vehicles (EVs) has
had a profound impact on the automotive forgings market. EVs rely heavily on
lightweight materials to extend range and enhance efficiency. Forgings made
from aluminum and other lightweight alloys are being used in essential
components of EVs, including motor housings, battery casings, and structural
elements. As the EV market continues to grow, the demand for specialized forged
components tailored to electric vehicle requirements is expected to rise.
Safety remains a paramount concern in the automotive
industry. Forgings are crucial in the production of safety-critical components
like steering systems, suspension parts, and structural reinforcements. The
industry's dedication to improving safety and crashworthiness has led to the
adoption of advanced forging techniques and materials, ensuring that forged
components meet stringent industry standards and regulations.
The global automotive forgings market is becoming
increasingly interconnected as automakers and suppliers diversify their supply
chains. This strategic move aims to reduce risks associated with geopolitical
factors, trade disputes, and supply chain disruptions. Consequently, forging
facilities are expanding into various regions across Asia, North America, and
Europe, ensuring a more robust and resilient supply chain for the automotive
industry.
Automation and Industry 4.0 technologies are driving
efficiencies in the automotive forgings market. Robotic forging cells, for
instance, are being employed for material handling and quality control tasks,
reducing labor costs and improving production consistency. Real-time monitoring
and optimization of forging processes through sensor integration and data
analytics are further enhancing productivity and precision.
In line with global sustainability concerns, the
automotive forgings market is adopting eco-friendly practices. Manufacturers
are optimizing energy consumption, minimizing waste, and reducing the
environmental impact of their operations. Forgings, known for their material
efficiency, align with sustainability goals. Additionally, recyclable materials
and closed-loop manufacturing processes are gaining traction, contributing to a
greener automotive forgings industry.
Consumer preferences are evolving rapidly, prompting
automakers to seek customization options and quicker prototyping of components.
Forgings offer design flexibility and are well-suited for producing custom and
prototype parts. Advanced forging techniques enable greater design freedom,
facilitating faster development of prototypes and the introduction of
innovative vehicle models.
Collaboration and strategic alliances between forging
companies, automakers, and technology firms are becoming increasingly common.
These partnerships drive innovation, provide access to new markets, and enable
shared research and development efforts. Investing in research centers is also
helping forging companies maintain a competitive edge in the evolving
automotive forgings market.
The automotive industry is subject to numerous
regulations and quality standards. Compliance with these standards is essential
for market access. Forging manufacturers continually adapt their processes to
meet evolving standards related to safety, emissions, and materials. This
ongoing commitment to compliance ensures that forged components meet or exceed
the stringent requirements set by regulatory bodies worldwide.
In conclusion, the global automotive forgings market
is marked by dynamic trends and factors that are shaping its future. These
include the pursuit of lightweighting, materials and technology advancements,
the rise of electric vehicles, safety considerations, globalization,
automation, sustainability practices, customization, collaboration, and
regulatory compliance. Adapting to these trends and embracing innovation will
be crucial for companies in this market to remain competitive and meet the
evolving needs of the automotive industry.
Major companies operating in
Global Automotive Forgings Market are:
- NTN Corporation
- Kovarna Viva
- ThyssenKrupp AG
- Bharat Forge Limited
- Nanjin Automobile Forging Co
Ltd
- Dana Inc
- CIE Automotive SA
- Meritor Inc
- Aichi Forge USA Inc
- American Axle &
Manufacturing Inc.
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“The main
drivers for the Global Automotive Forgings Market include increasing automobile
production and growing focus on vehicle weight reduction to meet stringent
emission norms. Greater adoption of high-strength materials for safety and fuel
efficiency, and advancements in forging technology, are also pivotal factors.
Lastly, rising demand for electric vehicles is expected to boost the market
further.” said Mr. Karan Chechi, Research Director with TechSci Research, a
research-based management consulting firm.
“Global Automotive
Forgings Market By Material Type (Aluminium, Steel, Others), By Component
(Gears, Piston, Bearing, Axel, Connecting Roads, Crankshaft, Others), By
Vehicle Type (Passenger Cars, Light Commercial Vehicles, Heavy Commercial
Vehicles), By Regional, By Competition, Forecast &
Opportunities, 2018-2028F”, has evaluated
the future growth potential of Global Automotive Forgings Market and provides
statistics & information on market size, structure, and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Global Automotive Forgings Market.
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