Automotive Forging Market Size, Share, and Analysis, By Vehicle Type (Passenger Cars, Light Commercial Vehicles, and Heavy Commercial Vehicles), By Material (Aluminum, Steel, and Others), By Application (Gears, Crankshaft, Pistons, Axle, Bearings, Connecting Rods, and Others), By Technology (Closed Die, Open Die, and Others), and By Region (North America, Europe, Asia-Pacific, And Rest of the World) And Regional Forecast 2024-2034
Automotive Forging Market Size, Share, and Analysis, By Vehicle Type (Passenger Cars, Light Commercial Vehicles, and Heavy Commercial Vehicles), By Material (Aluminum, Steel, and Others), By Application (Gears, Crankshaft, Pistons, Axle, Bearings, Connecting Rods, and Others), By Technology (Closed Die, Open Die, and Others), and By Region (North America, Europe, Asia-Pacific, And Rest of the World) And Regional Forecast 2024-2034
PRODUCT OVERVIEW
Automotive Forging Market is anticipated to exhibit a Compound Annual Growth Rate (CAGR) of 5.1% during the forecast span from 2024 to 2034. In 2023, the market size was assessed at USD 47.9 billion and is projected to reach USD 83.1 billion by the completion of 2034.
Automotive forging is a manufacturing method that shapes and forms metal components for vehicles using heat and pressure. This procedure improves the structural integrity and mechanical properties of automobile parts by aligning the metal's grain structure, which results in increased strength and longevity. Automotive forging is widely used for the creation of various items including crankshafts, connecting rods, and gears, ensuring precision shape and uniform material density. The standard technique of automotive forging involves heating the metal to a malleable state, then pressing or hammering it into the required shape with specialized dies. Furthermore, the finished forged products have high fatigue resistance, impact strength, and better performance, which significantly contribute to the reliability and safety of automotive systems.
MARKET HIGHLIGHTS
Automotive Forging Market is projected to reach USD 83.1 billion over the forecast period, owing to the rising demand across industries for lightweight and high-strength components. Automobile manufacturers are prioritizing fuel efficiency and safety, which has resulted in increased use of forged parts such as crankshafts and connecting rods. Additionally, the global growth in car production is another factor driving market expansion. Automotive forging has significant advantages, such as increased durability, fatigue resistance, and component strength, which aligns with the industry's emphasis on satisfying high performance standards. Moreover, key competitors in the automotive forging market are investing heavily in R&D to stay competitive and improve their product offerings. Therefore, the market's growth trajectory is defined by the focus on innovation and a persistent search for advanced materials to satisfy evolving industry demands.
Automotive Forging Market Segments:
- By Vehicle Type
- Passenger Cars
- Light Commercial Vehicles
- Heavy Commercial Vehicles
- By Material
- Aluminium
- Steel
- Others
- By Application
- Gears
- Crankshaft
- Pistons
- Axle
- Bearings
- Connecting Rods
- Others
- By Technology
- Closed Die
- Open Die
- Others
Growth Drivers
Growing Demand for Lightweight Components Creates Growth Opportunities
Rising Adoption of Electric Vehicles (EVs) will Likely Result in Market Expansion
Restraint
High Initial Costs to Prevent Industry Expansion
Key Players
- Nippon Steel Corporation
- Thyssenkrupp AG
- American Axle & Manufacturing, Inc.
- Precision Castparts Corp.
- ATI (Allegheny Technologies Incorporated)
- Bharat Forge Limited
- Hirschvogel Automotive Group
- Arconic Inc.
- Norsk Hydro ASA
- Trenton Forging Company
- Mahindra CIE Automotive Limited
- Kalyani Group
- Ellwood Group, Inc.
- SIFCO Industries, Inc.
- Sona BLW Precision Forgings Limited
- Other Prominent Players (Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis)
- North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAG.R – United States and Canada
- Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil and Rest of Latin America
- Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey and Rest of Europe
- Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia and Rest of APAC
- Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa and Rest of MENA
- Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors
- Provision of market value (USD Billion) data for each segment and sub-segment
- Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market
- Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region
- Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled
- Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players
- The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions
- Includes in-depth analysis of the market of various perspectives through Porter’s five forces analysis
- Provides insight into the market through Value Chain
- Market dynamics scenario, along with growth opportunities of the market in the years to come
- 3-month post-sales analyst support.
- 1. Executive Summary
- 1.1.Regional Market Share
- 1.2. Business Trends
- 1.3.Automotive Forging Market: COVID-19 Outbreak
- 1.4.Regional Trends
- 1.5. Segmentation Snapshot
- 2. Research Methodology
- 2.1. Research Objective
- 2.2.Research Approach
- 2.3.Data Sourcing and Methodology
- 2.4. Primary Research
- 2.5. Secondary Research
- 2.5.1. Paid Sources
- 2.5.2.Public Sources
- 2.6.Market Size Estimation and Data Triangulation
- 3. Market Characteristics
- 3.1. Market Definition
- 3.2.Automotive Forging Market: COVID-19 Impact
- 3.3.Key Segmentations
- 3.4. Key Developments
- 3.5. Allied Industry Data
- 4. Automotive Forging Market – Industry Insights
- 4.1.Industry Segmentation
- 4.2. COVID-19 overview on world economy
- 4.3. Industry ecosystem Channel analysis
- 4.4. Innovation & Sustainability
- 5. Macroeconomic Indicators
- 6. Recent Developments
- 7.Market Dynamics
- 7.1. Introduction
- 7.2.Growth Drivers
- 7.3.Market Opportunities
- 7.4. Market Restraints
- 7.5.Market Trends
- 8. Risk Analysis
- 9. Market Analysis
- 9.1. Porters Five Forces
- 9.2.PEST Analysis
- 9.2.1. Political
- 9.2.2.Economic
- 9.2.3.Social
- 9.2.4.Technological
- 10. Automotive Forging Market
- 10.1.Overview
- 10.2. Historical Analysis (2019-2022)
- 10.2.1. Market Size, Y-o-Y Growth (%) and Market Forecast
- 11.Automotive Forging Market Size & Forecast 2024A-2034F
- 11.1.Overview
- 11.2. Key Findings
- 11.3. Market Segmentation
- 11.3.1.By Vehicle Type
- 11.3.1.1. Passenger Cars
- 11.3.1.1.1. By Value (USD Million) 2024-2034F
- 11.3.1.1.2.Market Share (%) 2024-2034F
- 11.3.1.1.3.Y-o-Y Growth (%) 2024-2034F
- 11.3.1.2.Light Commercial Vehicles
- 11.3.1.2.1.By Value (USD Million) 2024-2034F
- 11.3.1.2.2. Market Share (%) 2024-2034F
- 11.3.1.2.3. Y-o-Y Growth (%) 2024-2034F
- 11.3.1.3.Heavy Commercial Vehicles
- 11.3.1.3.1.By Value (USD Million) 2024-2034F
- 11.3.1.3.2. Market Share (%) 2024-2034F
- 11.3.1.3.3. Y-o-Y Growth (%) 2024-2034F
- 11.3.2. By Material
- 11.3.2.1.Aluminum
- 11.3.2.1.1.By Value (USD Million) 2024-2034F
- 11.3.2.1.2. Market Share (%) 2024-2034F
- 11.3.2.1.3. Y-o-Y Growth (%) 2024-2034F
- 11.3.2.2. Steel
- 11.3.2.2.1. By Value (USD Million) 2024-2034F
- 11.3.2.2.2.Market Share (%) 2024-2034F
- 11.3.2.2.3.Y-o-Y Growth (%) 2024-2034F
- 11.3.2.3. Others
- 11.3.2.3.1. By Value (USD Million) 2024-2034F
- 11.3.2.3.2.Market Share (%) 2024-2034F
- 11.3.2.3.3.Y-o-Y Growth (%) 2024-2034F
- 11.3.3. By Application
- 11.3.3.1.Gears
- 11.3.3.1.1.By Value (USD Million) 2024-2034F
- 11.3.3.1.2. Market Share (%) 2024-2034F
- 11.3.3.1.3. Y-o-Y Growth (%) 2024-2034F
- 11.3.3.2. Crankshaft
- 11.3.3.2.1. By Value (USD Million) 2024-2034F
- 11.3.3.2.2.Market Share (%) 2024-2034F
- 11.3.3.2.3.Y-o-Y Growth (%) 2024-2034F
- 11.3.3.3. Pistons
- 11.3.3.3.1. By Value (USD Million) 2024-2034F
- 11.3.3.3.2.Market Share (%) 2024-2034F
- 11.3.3.3.3.Y-o-Y Growth (%) 2024-2034F
- 11.3.3.4. Axle
- 11.3.3.4.1. By Value (USD Million) 2024-2034F
- 11.3.3.4.2. Market Share (%) 2024-2034F
- 11.3.3.4.3. Y-o-Y Growth (%) 2024-2034F
- 11.3.3.5. Bearings
- 11.3.3.5.1. By Value (USD Million) 2024-2034F
- 11.3.3.5.2.Market Share (%) 2024-2034F
- 11.3.3.5.3.Y-o-Y Growth (%) 2024-2034F
- 11.3.3.6. Connecting Rods
- 11.3.3.6.1. By Value (USD Million) 2024-2034F
- 11.3.3.6.2.Market Share (%) 2024-2034F
- 11.3.3.6.3.Y-o-Y Growth (%) 2024-2034F
- 11.3.3.7. Others
- 11.3.3.7.1. By Value (USD Million) 2024-2034F
- 11.3.3.7.2.Market Share (%) 2024-2034F
- 11.3.3.7.3.Y-o-Y Growth (%) 2024-2034F
- 11.3.4. By Technology
- 11.3.4.1.Closed Die
- 11.3.4.1.1.By Value (USD Million) 2024-2034F
- 11.3.4.1.2. Market Share (%) 2024-2034F
- 11.3.4.1.3. Y-o-Y Growth (%) 2024-2034F
- 11.3.4.2. Open Die
- 11.3.4.2.1. By Value (USD Million) 2024-2034F
- 11.3.4.2.2.Market Share (%) 2024-2034F
- 11.3.4.2.3. Y-o-Y Growth (%) 2024-2034F
- 11.3.4.3. Others
- 11.3.4.3.1. By Value (USD Million) 2024-2034F
- 11.3.4.3.2. Market Share (%) 2024-2034F
- 11.3.4.3.3. Y-o-Y Growth (%) 2024-2034F
- 12. North America Automotive Forging Market Size & Forecast 2024A-2034F
- 12.1. Overview
- 12.2. Key Findings
- 12.3. Market Segmentation
- 12.3.1. By Vehicle Type
- 12.3.2.By Material
- 12.3.3.By Application
- 12.3.4.By Technology
- 12.4. Country
- 12.4.1. United States
- 12.4.2.Canada
- 13. Europe Automotive Forging Market Size & Forecast 2024A-2034F
- 13.1. Overview
- 13.2. Key Findings
- 13.3. Market Segmentation
- 13.3.1. By Vehicle Type
- 13.3.2.By Material
- 13.3.3.By Application
- 13.3.4.By Technology
- 13.4. Country
- 13.4.1.Germany
- 13.4.2.United Kingdom
- 13.4.3.France
- 13.4.4. Italy
- 13.4.5.Spain
- 13.4.6.Russia
- 13.4.7.Rest of Europe (BENELUX, NORDIC, Hungary, Turkey & Poland)
- 14. Asia-Pacific Automotive Forging Market Size & Forecast 2024A-2034F
- 14.1.Overview
- 14.2. Key Findings
- 14.3. Market Segmentation
- 14.3.1. By Vehicle Type
- 14.3.2.By Material
- 14.3.3.By Application
- 14.3.4. By Technology
- 14.4. Country
- 14.4.1. India
- 14.4.2.China
- 14.4.3. South Korea
- 14.4.4. Japan
- 14.4.5. Rest of APAC
- 15. Middle East and Africa Automotive Forging Market Size & Forecast 2024A-2034F
- 15.1.Overview
- 15.2. Key Findings
- 15.3. Market Segmentation
- 15.3.1. By Vehicle Type
- 15.3.2.By Material
- 15.3.3.By Application
- 15.3.4.By Technology
- 15.4. Country
- 15.4.1. Israel
- 15.4.2.GCC
- 15.4.3.North Africa
- 15.4.4. South Africa
- 15.4.5.Rest of Middle East and Africa
- 16. Latin America Automotive Forging Market Size & Forecast 2024A-2034F
- 16.1. Overview
- 16.2. Key Findings
- 16.3. Market Segmentation
- 16.3.1. By Vehicle Type
- 16.3.2.By Material
- 16.3.3.By Application
- 16.3.4.By Technology
- 16.4. Country
- 16.4.1. Mexico
- 16.4.2.Brazil
- 16.4.3.Rest of Latin America
- 17. Competitive Landscape
- 17.1. Company market share, 2023
- 17.2.Key player overview
- 17.3. Key stakeholders
- 18. Company Profiles
- 18.1.Nippon Steel Corporation
- 18.1.1.Company Overview
- 18.1.2.Financial Overview
- 18.1.3.Key Product; Analysis
- 18.1.4.Company Assessment
- 18.1.4.1.Product Portfolio
- 18.1.4.2. Key Clients
- 18.1.4.3. Market Share
- 18.1.4.4. Recent News & Development (Last 3 Yrs.)
- 18.1.4.5. Executive Team
- 18.2.Thyssenkrupp AG
- 18.3.American Axle & Manufacturing, Inc.
- 18.4. Arconic Inc.
- 18.5.Precision Castparts Corp.
- 18.6.ATI (Allegheny Technologies Incorporated)
- 18.7.Bharat Forge Limited
- 18.8. Mahindra CIE Automotive Limited
- 18.9.Kalyani Group
- 18.10.Hirschvogel Automotive Group
- 18.11. Norsk Hydro ASA
- 18.12. Trenton Forging Company
- 18.13. Ellwood Group, Inc.
- 18.14.SIFCO Industries, Inc.
- 18.15. Sona BLW Precision Forgings Limited
- 18.16.Other Prominent Players
- 19. Appendix
- 20.Consultant Recommendation
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