Forged Automotive Components Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2031 - By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)

Forged Automotive Components Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2031 - By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)

The global forged automotive components market is set for significant growth, with a valuation of US$ 51.29 billion in 2024, projected to reach US$ 70.1 billion by 2031, at a CAGR of 4.5%. Forged automotive components are renowned for their strength and durability, offering essential advantages for automotive applications, and driving advancements across the industry.

Market Insights

Forging aligns the metal’s grain structure, resulting in components that can withstand high stresses, impact loads, and fatigue—key features for automotive parts like crankshafts, connecting rods, pistons, and gears. Forged products provide high strength-to-weight ratios, making them ideal for the current automotive trend of lightweight components for better fuel efficiency and reduced emissions.

Drivers of Market Growth

1.Rising Safety Regulations: With safety regulations tightening worldwide, manufacturers are adopting forged components for their superior structural integrity and reliability. This shift is increasing demand, especially for critical automotive applications.

2.Popularity of Electric & Hybrid Vehicles: As electric and hybrid vehicles gain traction, demand for lightweight yet robust components continues to rise. Forged components are well-suited to these applications, driving innovation and market growth.

3.Technological Advancements: Additive manufacturing (3D printing) is transforming the production of customized and lightweight forged components. This offers greater design flexibility and caters to the automotive sector's need for innovative and complex part geometries.

Business Opportunities

Significant opportunities for market players lie in the increasing defense budgets of Asia Pacific countries, where there is growing demand for military vehicles and equipment. Forged automotive components play a crucial role in building robust military vehicles like tanks and armored personnel carriers. The rise in defense expenditure offers lucrative opportunities for manufacturers to expand their portfolio and meet the growing demand for high-performance forged components in the military sector.

Regional Insights
• China: Expected to reach US$ 23.2 billion by 2031, the forged automotive components market in China is benefiting from government policies promoting increased vehicle production, especially in electric and hybrid vehicles. The country’s status as the world’s largest automotive market will continue to boost growth.
• United States: With the market projected to reach US$ 15.7 billion by 2031, growth in the U.S. is driven by strict regulatory standards related to vehicle safety. The demand for forged components that meet safety regulations is particularly strong, making the U.S. a key market for these products.

Challenges in the Market

1.High Initial Investments: The upfront capital required for forging facilities and equipment is a barrier, particularly for small- and medium-sized manufacturers. These capital-intensive requirements can limit market entry, restricting the growth of new entrants.

2.Limited Design Flexibility: While forged components offer strength and durability, the process can be limited when it comes to producing intricate designs. This constraint can pose challenges for industries that value complex or aesthetic designs, potentially slowing innovation in some segments.

Key Players in the Market

The market is moderately fragmented, with tier-I players holding 15% to 20% of the global market share. Notable companies leading the forged automotive components market include:
• ThyssenKrupp AG
• 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)
• Kalyani Group
• Om Forge
• Super Auto Forge Private Limited
• GAZ Group
• TBK Co., Ltd.
• EL FORGE LIMITED
• Schweiger fulpmes GesmbH
• NIPPON STEEL & SUMITOMO METAL CORPORATION
• Agrasen Engineering Industries Pvt. Ltd.
• Advance Forgings Pvt. Ltd.
• SDF Automotive
• Happy Forgings Limited
• Indo Schöttle Auto Parts Pvt. Ltd.
• Mueller Brass Co.

These key players are focusing on introducing lightweight and durable materials and investing in public and private partnerships to expand their presence and market share.

Regional Overview

1.North America: Tightening regulatory standards are playing a key role in boosting the demand for forged components that meet safety and compliance requirements. The focus on vehicle safety is propelling market growth.

2.Asia Pacific: The rising budget for military defense and the focus on electric vehicle production are major drivers for the market in Asia Pacific. Forged components play a critical role in the production of high-performance vehicles and defense equipment.

Forged Automotive Components Market Segmentation

By Vehicle Type:
• Heavy Commercial Vehicles
• Light Commercial Vehicles
• Passenger Vehicles

By Automotive Component:
• Gears
• Crankshafts
• Axles
• Bearings
• Pistons
• Steering Knuckles
• CV Joints
• Beams
• Fittings & Flanges
• Valve Bodies & High-pressure Valves
• Others

By Forging Process:
• Impression Die Forging
Hydraulic Presses
Mechanical Presses
Hammers
• Cold Forging
• Open Die Forging
• Seamless Rolled Ring Forging

By Application:
• Power Train Components
• Chassis Components
• Transmission Parts
• Other Parts

By Region:
• North America
• Latin America
• Europe
• East Asia
• South Asia & Pacific
• MEA

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