Press Release

Automotive Forging Market to Grow with a CAGR of 3.97% in Europe through to 2028

The major drivers for the Europe Automotive Forging Market include the region's strong automotive manufacturing sector, the demand for lightweight and fuel-efficient vehicles, and the need for high-strength components to meet safety and performance standards. These factors drive the demand for forged automotive parts in Europe.

 

According to TechSci Research report, “Europe Automotive Forging Market - Industry Size, Share, Trends, Competition Forecast & Opportunities, 2028”, the Europe Automotive Forging Market stood at USD 14 Billion in 2022 and is anticipated to grow with a CAGR of 3.97% in the forecast period, 2024-2028. The Europe Automotive Forging Market is driven by several key factors. Firstly, there is a significant increase in vehicle production, which has created a strong demand for automotive forging. As the automotive industry continues to grow and evolve, the need for reliable and high-quality automobile components becomes even more crucial. This has led to a greater emphasis on automotive forging, as it offers enhanced durability and strength compared to other manufacturing processes.

Secondly, advancements in manufacturing technologies have allowed for more efficient and precise forging processes. With the aid of innovative techniques and machinery, manufacturers can now produce forged components with higher accuracy and consistency. This not only improves the overall quality of the finished products but also reduces waste and enhances production efficiency.

Moreover, stringent environmental regulations have prompted the automotive industry to reevaluate its manufacturing practices and materials. In order to meet the requirements for reduced emissions and improved fuel efficiency, automakers are turning to lightweight materials. Automotive forging, with its ability to produce strong yet lightweight components, has emerged as an ideal solution to achieve both weight reduction and durability in vehicles.

Furthermore, the growing demand for high-strength materials in the high-performance automotive sector has further fueled the market growth. Performance-oriented consumers are seeking vehicles that can deliver exceptional power and reliability. Automotive forging provides the necessary strength and reliability required in high-performance vehicles, making it a preferred choice for manufacturers and consumers alike.

Additionally, the increasing adoption of electric vehicles in the region has created new opportunities for the automotive forging market. As electric vehicles strive to maximize their efficiency and range, the use of lightweight components becomes crucial. Forged components, known for their strength and durability, are well-suited for electric vehicles, making them an attractive choice for automakers.

 

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The Europe Automotive Forging Market is a crucial segment within the continent's automotive industry, playing a vital role in the production of high-strength and precision components that are essential for vehicle performance, safety, and efficiency. This market overview provides insights into the current landscape, key players, market dynamics, growth factors, challenges, and emerging trends shaping the Europe Automotive Forging Market.

Europe is renowned for its robust automotive manufacturing sector, with a strong presence of leading automakers such as Volkswagen, BMW, Daimler, and Renault, among others. The Europe Automotive Forging Market thrives as a key component supplier to this thriving automotive industry. It serves as a pivotal link in the region's automotive supply chain, providing forged components critical to the functionality and safety of vehicles. The market's significance is underscored by its role in ensuring the structural integrity and performance of vehicles produced in Europe.

The market is characterized by a diverse array of key players, including established forging companies, automotive manufacturers, and component suppliers. Prominent global forging firms like Thyssenkrupp, Mahindra CIE, and Benteler Automotive operate alongside regional manufacturers and specialized forging companies. Manufacturing clusters are strategically distributed across Europe, with Germany, France, Italy, and the United Kingdom serving as major hubs for forging operations. These clusters benefit from proximity to automotive OEMs and advanced infrastructure, facilitating efficient production and delivery.

The Europe Automotive Forging Market encompasses the production of a wide range of forged components essential to vehicle manufacturing. These components include engine and transmission parts, suspension and chassis components, steering systems, drivetrain components, and safety-critical parts like airbag housings and seatbelt anchors. Forged components are valued for their superior strength, durability, and resistance to wear and tear, making them indispensable for meeting stringent safety and performance standards in European vehicles.

Technological advancements are driving innovation within the Europe Automotive Forging Market. Advanced forging processes, such as hot, warm, and cold forging, enable the production of complex and high-precision components. Automation, robotics, and digitalization are increasingly integrated into forging operations, enhancing efficiency and quality control. Innovations in material science, including the use of lightweight alloys and advanced steel grades, are driving the development of forged components that align with the industry's lightweighting objectives, reducing fuel consumption and emissions.

The Europe Automotive Forging Market is propelled by several drivers, including the region's thriving automotive manufacturing sector, stringent safety and emissions regulations, consumer demand for lightweight and fuel-efficient vehicles, technological advancements, and the adoption of sustainable and eco-friendly manufacturing practices. These drivers collectively fuel the demand for forged components that are integral to vehicle performance and safety.

Despite its growth prospects, the market faces challenges such as the need for substantial technological investments, economic uncertainties, environmental regulations, global competition, supply chain disruptions, and fluctuations in raw material prices. Sustainability considerations are gaining prominence, prompting forging companies to adopt eco-friendly practices, responsible waste management, and energy-efficient manufacturing processes. Navigating these challenges is essential for the long-term sustainability and competitiveness of the Europe Automotive Forging Market.

Emerging trends within the Europe Automotive Forging Market include the shift towards lightweighting, the increasing importance of electric vehicles (EVs) and autonomous technology, the adoption of advanced manufacturing technologies, sustainability practices to reduce the environmental impact of forging operations, and the focus on building resilient supply chains to mitigate future disruptions. These trends reflect the industry's response to evolving consumer preferences, regulatory changes, and technological advancements.

In conclusion, the Europe Automotive Forging Market is a pivotal component of the region's automotive industry, supplying critical forged components that ensure vehicle performance, safety, and sustainability. The market's growth is closely intertwined with the dynamic and evolving European automotive landscape, where innovation, technological advancement, and sustainability are driving forces shaping the future of the industry.

 

Major companies operating in Europe Automotive Forging Market are:

  • Nanjin Automobile Forging Co Ltd
  • ThyssenKrupp AG
  • Bharat Forge Limited
  • Meritor Inc
  • Aichi Forge USA Inc
  • Kovarna Viva
  • CIE Automotive SA
  • Dana Inc
  • NTN Corporation
  • American Axle & Manufacturing Inc  

 

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“The major drivers for the Europe Automotive Forging Market include an increase in vehicle production, advancements in manufacturing technologies, and stringent environmental regulations prompting the need for lightweight and durable automobile components. Additionally, the growing demand for high-strength materials in the high-performance automotive sector, coupled with the increasing adoption of electric vehicles in the region, further propels the market growth.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm.

Automotive Forging Market Europe Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028, Segmented Market By Material (Aluminium, Steel, Others), By Component (Gears, Piston, Bearing, Axel, Connecting Roads, Crankshaft, Others) and By Vehicle Type (Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles), By Country, Competition”, has evaluated the future growth potential of Europe Automotive Forging 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 Europe Automotive Forging Market.           

 

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Mr. Ken Mathews

Techsci Research LLC

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New York, United States- 10170

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Relevant Reports

Europe Automotive Forging Market By Material (Aluminium, Steel, Others), By Component (Gears, Piston, Bearing, Axel, Connecting Roads, Crankshaft, Others) and By Vehicle Type (Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles), Competition, Forecast & Opportunities, 2018-2028

Automotive | Nov, 2023

The major drivers for the Europe Automotive Forging Market include the region's strong automotive manufacturing sector, the demand for lightweight and fuel-efficient vehicles, and the need for high-strength components to meet safety and performance standards. These factors drive the demand for forged automotive parts in Europe.

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