Report Description

Forecast Period

2024-2028

Market Size (2022)

USD 23 Billion

CAGR (2023-2028)

3.84%

Fastest Growing Segment

Passenger Car

Largest Market

China


Market Overview

Asia-Pacific Automotive Forging Market has valued at USD 23 Billion in 2022 and is anticipated to project robust growth in the forecast period with a CAGR of 3.84%. The Asia-Pacific Automotive Forging Market demonstrates significant growth potential due to several factors. With the region's fast-rising automobile industry, the demand for high-quality automotive forging has seen a consistent increase. This demand is driven by the need for vehicles with superior features and performance, as consumers in countries such as China, India, and Japan seek technologically advanced and reliable automobiles. Moreover, the market is stimulated by government initiatives aimed at promoting the automotive industry and creating a favorable economic environment.

In addition to these factors, the Asia-Pacific Automotive Forging Market is also benefiting from the growing focus on sustainability and environmental consciousness. As consumers become more aware of the impact of their purchasing decisions, there is a rising demand for vehicles that are not only high-performing but also environmentally friendly. Automotive forging plays a crucial role in the production of lightweight and durable components, contributing to the development of fuel-efficient and eco-friendly automobiles.

Furthermore, the market is witnessing advancements in forging technologies, leading to improved manufacturing processes and enhanced product quality. Innovations such as precision forging and hot forging enable the production of complex and intricate automotive components with exceptional strength and precision. These advancements not only meet the evolving demands of the automotive industry but also offer opportunities for cost savings and efficiency improvements.

Overall, the Asia-Pacific Automotive Forging Market is poised for substantial expansion in the coming years. With the convergence of factors such as the region's growing automobile industry, government support, increasing consumer preferences for high-quality vehicles, and technological advancements in forging, the market presents a promising landscape for industry players and stakeholders alike.            

Key Market Drivers

Technological Advancements

Technological advancements are a fundamental driver of the Asia-Pacific Automotive Forging Market. Forging techniques have evolved significantly over the years, leading to the production of high-quality, complex, and precision-engineered components. Advanced forging processes, including hot, warm, and cold forging, have enabled manufacturers to produce critical automotive parts with exceptional strength and durability. The use of computer-aided design (CAD) and computer-aided manufacturing (CAM) systems has further improved the precision and efficiency of forging operations, meeting the stringent requirements of modern vehicles.

Expanding Automotive Industry

The Asia-Pacific region, encompassing countries like China, India, and others, is not only home to some of the world's largest automotive markets but also witnesses remarkable growth in this sector. With increasing incomes, rapid urbanization, and a growing emphasis on mobility, the demand for automobiles continues to surge. Consequently, the automotive industry faces the challenge of meeting these escalating demands with high-performance and reliable components.

In this context, forged parts emerge as a crucial solution. Renowned for their exceptional mechanical properties and durability, forged components play a vital role in satisfying the stringent requirements of the automotive industry. These components offer superior resistance to wear and tear, ensuring longevity and reliability in various automotive applications.

The expansion and development of the automotive sector in the Asia-Pacific region, particularly in China and India, reflect the transformative power of rising incomes, urbanization, and increased mobility. As these factors continue to shape the future of the automotive industry, the demand for high-quality forged parts is set to soar, driving innovation and propelling growth in this dynamic market.

Pursuit of Lightweighting

Automotive manufacturers are increasingly focused on lightweighting strategies to improve fuel efficiency and reduce emissions. Forged components play a pivotal role in this pursuit, as they provide exceptional strength-to-weight ratios. Forged aluminum, titanium, and lightweight steel alloys are used extensively in the production of critical automotive parts such as engine components, transmission gears, and suspension components. The adoption of lightweight forged materials helps automakers achieve the twin goals of improved fuel economy and reduced environmental impact.

Regulatory Requirements

Stringent safety and emissions regulations are driving the widespread adoption of advanced automotive forging solutions. As governments across the Asia-Pacific region prioritize the safety of their citizens, they have implemented rigorous safety standards that include crash-test requirements and stringent emission limits. To meet these regulatory standards, automotive manufacturers are turning to forged components, such as safety-critical chassis parts and engine components, which are specifically engineered to ensure vehicle safety and compliance.

Moreover, the use of forged parts goes beyond safety benefits. By enabling lightweighting, forged components contribute to the reduction of emissions and improved fuel efficiency. This weight reduction not only enhances the overall sustainability of vehicles but also results in reduced fuel consumption, making it a win-win solution for both the environment and consumers.

Cost-Effectiveness and Efficiency

Automotive forging offers cost-effective manufacturing solutions. The mass production of forged components benefits from economies of scale, making it a cost-efficient method for producing high-quality parts in large quantities. Furthermore, the exceptional mechanical properties of forged components contribute to extended service life and reduced maintenance costs for vehicles. These cost-saving advantages make forging an attractive choice for automakers seeking to balance quality, performance, and affordability.

Sustainability and Environmental Concerns

Sustainability and environmental considerations are increasingly shaping manufacturing practices in the Asia-Pacific Automotive Forging Market. Forging is known for its minimal material waste, energy efficiency, and ability to recycle scrap materials. This aligns with global efforts to reduce the environmental footprint of manufacturing processes. As sustainability becomes a top priority for both consumers and regulatory bodies, the use of forging processes that minimize waste and energy consumption is gaining traction in the automotive industry.  

 

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Key Market Challenges

Technological Advancements and Automation

One of the primary challenges in the Asia-Pacific Automotive Forging Market is keeping pace with rapid technological advancements and automation. As manufacturing processes become increasingly automated and sophisticated, forging facilities need to invest in modern equipment, robotics, and digitalization to remain competitive. The adoption of digital manufacturing technologies, such as Industry 4.0 principles, requires significant capital investment and the upskilling of the workforce. Smaller or less technologically advanced manufacturers may face challenges in adopting these technologies, potentially leading to a widening technological gap within the industry.

Global Economic Uncertainties

The Asia-Pacific region is deeply interconnected with the global economy. Economic uncertainties, including trade disputes, currency fluctuations, and market volatility, can significantly impact the automotive industry, which, in turn, affects the demand for forged components. The market's vulnerability to external economic factors, coupled with the economic slowdown caused by events like the COVID-19 pandemic, underscores the need for resilience and diversification among forging companies. Adapting to unpredictable economic conditions and safeguarding supply chains are critical challenges for the industry.

Environmental Regulations and Sustainability

Growing environmental concerns and increasingly stringent regulations pose challenges to the Asia-Pacific Automotive Forging Market. As governments implement stricter emissions and environmental standards, automakers are under pressure to produce eco-friendly vehicles. Forging operations, like other manufacturing processes, must reduce their carbon footprint and adopt sustainable practices. This includes the responsible management of waste materials, energy efficiency improvements, and the reduction of greenhouse gas emissions. Compliance with environmental regulations can be costly and complex, particularly for smaller manufacturers.

Competition and Consolidation

The forging industry in the Asia-Pacific region is highly competitive. The presence of both large, established players and numerous smaller manufacturers creates competition for market share and contracts with automotive OEMs. Price pressures, especially from low-cost competitors, can erode profit margins. Additionally, the market is witnessing consolidation as larger companies acquire smaller ones to enhance their capabilities and expand their customer base. For smaller forging companies, the challenge lies in differentiating themselves through specialization, innovation, and cost-effective solutions to maintain competitiveness.

Supply Chain Disruptions

The Asia-Pacific Automotive Forging Market relies on complex supply chains that are susceptible to disruptions. Factors such as natural disasters, transportation bottlenecks, and geopolitical tensions can interrupt the flow of raw materials and finished products. Just-in-time manufacturing practices increase efficiency but also leave little room for error when supply chains are disrupted. The COVID-19 pandemic highlighted these vulnerabilities, causing temporary shutdowns and production delays. Forging companies must invest in robust supply chain management and risk mitigation strategies to ensure continuity and resilience.

Materials Availability and Pricing

The availability and pricing of raw materials, particularly specialty alloys used in forging, can be volatile. Demand for these materials can fluctuate due to factors such as global supply constraints, trade policies, and geopolitical tensions. Such fluctuations can impact production costs and profit margins for forging companies. Ensuring a stable supply of materials while managing their costs is a constant challenge. Additionally, forging companies need to explore alternative materials and alloys that meet industry standards while offering cost-effective solutions.  

Key Market Trends

Shift Towards Lightweighting

Lightweighting has emerged as a dominant trend in the Asia-Pacific Automotive Forging Market. To meet stringent emissions standards and improve fuel efficiency, automakers are increasingly focused on reducing the weight of vehicles. Forged components, known for their high strength-to-weight ratios, play a critical role in this endeavor. Forged aluminum, titanium, and advanced steel alloys are replacing heavier materials in critical automotive parts, such as engine components, transmission gears, and chassis components. This shift toward lightweighting not only enhances vehicle performance but also aligns with sustainability goals by reducing fuel consumption and emissions.

Increasing Demand for Electric Vehicles (EVs)The growth of the electric vehicle market is another prominent trend influencing the Asia-Pacific Automotive Forging Market. As the adoption of EVs accelerates across the region, forging companies are tasked with producing specialized components for electric drivetrains, battery enclosures, and other EV-related systems. Forged parts, particularly those made from lightweight materials, are essential for ensuring the structural integrity and safety of EVs. The demand for forged components in the EV sector is expected to continue to rise in response to the electrification trend.

Advanced Manufacturing Technologies

The adoption of advanced manufacturing technologies is transforming the forging industry in the Asia-Pacific region. Industry 4.0 principles, including automation, robotics, digitalization, and data analytics, are being integrated into forging processes. Automation and robotics enhance efficiency and precision, reducing human intervention and production errors. Digitalization allows real-time monitoring of manufacturing processes, enabling predictive maintenance and quality control. These technologies are not only improving the productivity of forging operations but also enabling the production of more complex and customized components, meeting the evolving demands of automotive manufacturers.

Sustainability and Green Forging Practices

Sustainability has become a central theme in the Asia-Pacific Automotive Forging Market. Forging companies are increasingly adopting green practices to reduce their environmental footprint. This includes responsible waste management, recycling of scrap materials, and energy-efficient manufacturing processes. The implementation of environmentally friendly practices aligns with automotive manufacturers' sustainability goals and helps forging companies demonstrate their commitment to reducing the industry's impact on the environment. As environmental regulations become stricter, sustainability practices will continue to shape the market.

Shift Towards Electric Powertrains and Autonomous Technology

The transition to electric powertrains and the development of autonomous vehicles are driving changes in the Asia-Pacific Automotive Forging Market. Electric powertrains require specialized components, such as motor housings and transmission components, which are produced using forging techniques. Additionally, autonomous vehicles rely on precise and durable forged parts for safety-critical systems like steering and suspension. As automakers invest in electric and autonomous technologies, forging companies are adapting to meet the unique requirements of these advanced vehicle systems.

Global Supply Chain Resilience

The COVID-19 pandemic exposed vulnerabilities in global supply chains, leading to disruptions in the Asia-Pacific Automotive Forging Market. As a result, there is a growing trend toward building resilient and localized supply chains. Forging companies are exploring strategies to source raw materials locally or regionally, reducing reliance on global suppliers. This trend aligns with the broader goal of achieving supply chain stability and reducing the risk of future disruptions. The development of regional supply chains could lead to greater collaboration and partnerships among local forging companies.   

Segmental Insights

Material Type Insights

The Asia-Pacific region is currently witnessing an extraordinary surge in the automotive forging market, driven by the utilization of various material types that play a pivotal role in shaping the industry's landscape. Among these materials, steel and aluminium take center stage, renowned for their exceptional strength, durability, and cost-effectiveness. Steel, with its inherent robustness and impressive mechanical properties, proves to be the ideal choice for manufacturing components that endure heavy wear and tear, such as gears, bearings, and shafts. On the other hand, aluminium's lightweight properties and excellent corrosion resistance make it widely sought after, not only contributing to enhanced fuel efficiency but also ensuring structural integrity in various automotive applications.

As the automotive industry continues to prioritize weight reduction for optimal fuel efficiency, the demand for these materials in the Asia-Pacific automotive forging market is expected to soar even higher. This trend underscores the region's unwavering commitment to pushing the boundaries of automotive innovation and sustainability, as it strives to meet the evolving needs of consumers and address global environmental challenges. With a focus on enhancing performance, reducing carbon emissions, and improving overall driving experience, the Asia-Pacific region is solidifying its position as a driving force in the automotive industry, setting new benchmarks for excellence and shaping the future of mobility.  

Vehicle Type Insights

The Asia-Pacific Automotive Forging Market showcases a wide array of vehicle types, catering to various needs and preferences. Among these, passenger cars take center stage, dominating the market with their substantial share. This can be attributed to the ever-growing demand for personal vehicles as well as the continuous advancements in forging technologies that contribute to improved vehicle performance and safety.

While passenger cars hold a prominent position, it's worth noting that the light commercial vehicles (LCVs) and heavy commercial vehicles (HCVs) segments are also experiencing noteworthy growth. This surge can be attributed to the increasing logistics and transportation activities across the region, as businesses strive to meet the demands of a rapidly expanding market.

In summary, the Asia-Pacific Automotive Forging Market not only offers a diverse range of vehicle types but also reflects the dynamic nature of the automotive industry in the region. The continuous advancements in forging technologies and the rising logistics and transportation activities contribute to the overall growth and development of this market.  

 

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Regional Insights

The Asia-Pacific region holds a prominent and influential position in the global automotive forging market. This is primarily due to the thriving automotive industry in countries like China, India, and Japan, which have witnessed remarkable growth in their automobile manufacturing sectors. As a result, there has been an increased demand for automotive forging in these nations.

Moreover, the region's infrastructural landscape is continuously evolving, with substantial government investments pouring into the automotive sector. These investments not only boost the market's growth but also create opportunities for technological advancements and innovation in forging techniques. The Asia-Pacific region is at the forefront of adopting new technologies and manufacturing processes, which further strengthens its position in the automotive forging industry.

Additionally, the region's vast population contributes to a large consumer base, fostering the expansion of the automotive forging industry. The growing middle class in countries like China and India has led to an increase in disposable income and purchasing power, driving the demand for automobiles. This, in turn, fuels the demand for automotive forging, as it plays a crucial role in producing high-quality and durable automotive components.

With its dynamic market conditions, favorable growth factors, and commitment to innovation, the Asia-Pacific region continues to play a significant role in shaping the global automotive forging landscape. As the region further develops its manufacturing capabilities and embraces sustainable practices, it is poised to drive the future growth and advancements in the automotive industry.      

Recent Developments

  • July 2022: Bharat Forge announced the acquisition of JS Autocast Foundry India Private Limited, located in Coimbatore, India. JS Autocast provides the essential machined ductile castings for various industries and applications, including automotive, hydraulic, off-highway, and wind.
  • July 2022: Aichi Forge USA, a subsidiary of Aichi Steel Corporation in the United States, announced that it had completed the construction of a new manufacturing line for forged connecting rods. This expansion will help the company become more competitive in the North American forged products industry.

Key Market Players

  • 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

By Material

By Vehicle Type

By Component

By Country

  • Aluminium
  • Steel
  • Others
  • Passenger Cars
  • Light Commercial Vehicles
  • Heavy Commercial Vehicles
  • Gears
  • Piston
  • Bearing
  • Axel
  • Connecting Roads
  • Crankshaft
  • Others
  • China
  • India
  • Japan
  • Indonesia
  • Thailand
  • South Korea
  • Australia

 

Report Scope:

In this report, the Asia-Pacific Automotive Forging Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

  • Automotive Forging Market, By Material:   

o   Aluminium

o   Steel

o   Others

  • Automotive Forging Market, By Vehicle Type: 

o   Passenger Cars

o   Light Commercial Vehicles

o   Heavy Commercial Vehicles

  • Automotive Forging Market, By Component:  

o   Gears

o   Piston

o   Bearing

o   Axel

o   Connecting Roads

o   Crankshaft

o   Others

  • Automotive Forging Market, By Country:  

o   China

o   India

o   Japan

o   Indonesia

o   Thailand

o   South Korea

o   Australia

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Asia-Pacific Automotive Forging Market.

Available Customizations:

Asia-Pacific Automotive Forging Market report with the given market data, Tech Sci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

  • Detailed analysis and profiling of additional market players (up to five).

Asia-Pacific Automotive Forging Market is an upcoming report to be released soon. If you wish an early delivery of this report or want to confirm the date of release, please contact us at [email protected]

Table of content

1.    Introduction

1.1.  Market Overview

1.2.  Key Highlights of the Report

1.3.  Market Coverage

1.4.  Market Segments Covered

1.5.  Research Tenure Considered

2.    Research Methodology

2.1.  Objective of the Study

2.2.  Baseline Methodology

2.3.  Key Industry Partners

2.4.  Major Association and Secondary Sources

2.5.  Forecasting Methodology

2.6.  Data Triangulation & Validation

2.7.  Assumptions and Limitations

3.    Executive Summary

3.1.  Market Overview

3.2.  Market Forecast

3.3.  Key Regions

3.4.  Key Segments

4.    Impact of COVID-19 on Asia-Pacific Automotive Forging Market

5.    Voice of Customer Analysis

5.1.  Brand Awareness

5.2.  Brand Satisfaction

5.3.  Factors Affecting Purchase Decision

6.    Asia-Pacific Automotive Forging Market Outlook

6.1.  Market Size & Forecast

6.1.1.    By Volume & Value

6.2.  Market Share & Forecast

6.2.1.    By Material Market Share Analysis (Aluminium, Steel, Others)

6.2.2.    By Component Market Share Analysis (Gears, Piston, Bearing, Axel, Connecting Roads, Crankshaft, Others)

6.2.3.    By Vehicle Type Market Share Analysis (Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles)

6.2.4.    By Country Market Share Analysis   

6.2.4.1.        China Market Share Analysis

6.2.4.2.        India Market Share Analysis

6.2.4.3.        Japan Market Share Analysis

6.2.4.4.        Indonesia Market Share Analysis

6.2.4.5.        Thailand Market Share Analysis

6.2.4.6.        South Korea Market Share Analysis

6.2.4.7.        Australia Market Share Analysis

6.2.4.8.        Rest of Asia Market Share Analysis

6.2.5.    By Company Market Share Analysis (Top 5 Companies, Others - By Value, 2022)

6.3.  Asia-Pacific Automotive Forging Market Mapping & Opportunity Assessment

6.3.1.    By Material Market Mapping & Opportunity Assessment

6.3.2.    By Component Market Mapping & Opportunity Assessment

6.3.3.    By Vehicle Type Market Mapping & Opportunity Assessment

6.3.4.    By Country Market Mapping & Opportunity Assessment

6.3.5.    China Automotive Forging Market Outlook

6.3.5.1.        Market Size & Forecast

6.3.5.1.1.           By Volume & Value

6.3.5.2.        Market Share & Forecast

6.3.5.2.1.           By Material Market Share Analysis

6.3.5.2.2.           By Component Market Share Analysis

6.3.5.2.3.           By Vehicle Type Market Share Analysis

6.3.6.    India Automotive Forging Market Outlook

6.3.6.1.        Market Size & Forecast

6.3.6.1.1.           By Volume & Value

6.3.6.2.        Market Share & Forecast

6.3.6.2.1.           By Material Market Share Analysis

6.3.6.2.2.           By Component Market Share Analysis

6.3.6.2.3.           By Vehicle Type Market Share Analysis

6.3.7.    Japan Automotive Forging Market Outlook

6.3.7.1.        Market Size & Forecast

6.3.7.1.1.           By Volume & Value

6.3.7.2.        Market Share & Forecast

6.3.7.2.1.           By Material Market Share Analysis

6.3.7.2.2.           By Component Market Share Analysis

6.3.7.2.3.           By Vehicle Type Market Share Analysis

6.3.8.    Indonesia Automotive Forging Market Outlook

6.3.8.1.        Market Size & Forecast

6.3.8.1.1.           By Volume & Value

6.3.8.2.        Market Share & Forecast

6.3.8.2.1.           By Material Market Share Analysis

6.3.8.2.2.           By Component Market Share Analysis

6.3.8.2.3.           By Vehicle Type Market Share Analysis

6.3.9.    Thailand Automotive Forging Market Outlook

6.3.9.1.        Market Size & Forecast

6.3.9.1.1.           By Volume & Value

6.3.9.2.        Market Share & Forecast

6.3.9.2.1.           By Material Market Share Analysis

6.3.9.2.2.           By Component Market Share Analysis

6.3.9.2.3.           By Vehicle Type Market Share Analysis

6.3.10. South Korea Automotive Forging Market Outlook

6.3.10.1.     Market Size & Forecast

6.3.10.1.1.         By Volume & Value

6.3.10.2.     Market Share & Forecast

6.3.10.2.1.         By Material Market Share Analysis

6.3.10.2.2.         By Component Market Share Analysis

6.3.10.2.3.         By Vehicle Type Market Share Analysis

6.3.11. Australia Automotive Forging Market Outlook

6.3.11.1.     Market Size & Forecast

6.3.11.1.1.         By Volume & Value

6.3.11.2.     Market Share & Forecast

6.3.11.2.1.         By Material Market Share Analysis 

6.3.11.2.2.         By Component Market Share Analysis

6.3.11.2.3.         By Vehicle Type Market Share Analysis

7.    SWOT Analysis

7.1.  Strength

7.2.  Weakness

7.3.  Opportunities

7.4.  Threats

8.    Market Dynamics

8.1.  Market Drivers

8.2.  Market Challenges

9.    Market Trends and Developments

10. Competitive Landscape

10.1.           Company Profiles (Up to 10 Major Companies)

10.1.1. Nanjin Automobile Forging Co Ltd.

10.1.1.1.     Company Details

10.1.1.2.     Key Product Offered

10.1.1.3.     Recent Developments

10.1.1.4.     Key Management Personnel

10.1.2. ThyssenKrupp AG  

10.1.2.1.     Company Details

10.1.2.2.     Key Product Offered

10.1.2.3.     Recent Developments

10.1.2.4.     Key Management Personnel

10.1.3. Bharat Forge Limited    

10.1.3.1.     Company Details

10.1.3.2.     Key Product Offered

10.1.3.3.     Recent Developments

10.1.3.4.     Key Management Personnel

10.1.4. Meritor Inc

10.1.4.1.     Company Details

10.1.4.2.     Key Product Offered

10.1.4.3.     Recent Developments

10.1.4.4.     Key Management Personnel

10.1.5. Aichi Forge USA Inc  

10.1.5.1.     Company Details

10.1.5.2.     Key Product Offered

10.1.5.3.     Recent Developments

10.1.5.4.     Key Management Personnel

10.1.6. Kovarna Viva     

10.1.6.1.     Company Details

10.1.6.2.     Key Product Offered

10.1.6.3.     Recent Developments

10.1.6.4.     Key Management Personnel

10.1.7. CIE Automotive SA     

10.1.7.1.     Company Details

10.1.7.2.     Key Product Offered

10.1.7.3.     Recent Developments

10.1.7.4.     Key Management Personnel

10.1.8. Dana Inc        

10.1.8.1.     Company Details

10.1.8.2.     Key Product Offered

10.1.8.3.     Recent Developments

10.1.8.4.     Key Management Personnel

10.1.9. NTN Corporation   

10.1.9.1.     Company Details

10.1.9.2.     Key Product Offered

10.1.9.3.     Recent Developments

10.1.9.4.     Key Management Personnel

10.1.10.              American Axle & Manufacturing Inc            

10.1.10.1.  Company Details

10.1.10.2.  Key Product Offered

10.1.10.3.  Recent Developments

10.1.10.4.  Key Management Personnel

11. Strategic Recommendations

11.1.           Key Focus Areas

11.1.1. Target Countries

11.1.2. Target By Material

11.1.3. Target By Vehicle Type

About Us & Disclaimer

Figures and Tables

Frequently asked questions

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The market size of the Asia-Pacific Automotive Forging Market was estimated to be USD 23 Billion in 2022.

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In 2022, the dominant segment by vehicle type in the Asia-Pacific Automotive Forging Market was passenger cars. The surge in demand for passenger cars, primarily due to an increase in disposable income and urbanisation in emerging economies, has significantly propelled the growth of this segment.

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In the rapidly growing Asia-Pacific Automotive Forging Market, China is observed as the dominant player. China's booming automotive industry, coupled with its advanced industrial manufacturing capabilities, has propelled it to the forefront in the regional market.

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The major drivers for the Asia-Pacific Automotive Forging Market include the growing automotive industry, increasing demand for lightweight and fuel-efficient vehicles, and the need for high-strength components to meet safety and performance standards. These factors are fueling the demand for forged automotive parts in the region.

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Srishti Verma

Business Consultant
Press Release

Automotive Forging Market to Grow with a CAGR of 3.84% in Asia-Pacific through to 2028

Nov, 2023

The major drivers for the Asia-Pacific Automotive Forging Market include a strong focus on technological innovation, government support through policies and investments, and a growing demand for impr