PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1485819
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1485819
Automotive Gigacasting Market size was valued at USD 72.93 Million in 2023, expanding at a CAGR of 49.92% from 2024 to 2032.
Automotive gigacasting represents an innovative manufacturing method that is transforming the production of large, intricate automotive parts. This cutting-edge technology involves the use of special aluminum alloys to create sizeable castings with complex shapes and dimensions exceeding 2.5 m x 2 m. The resulting lightweight yet durable components, such as vehicle frames, engine blocks, transmission cases, and suspension parts, offer improved performance and fuel efficiency. By adopting gigacasting, car manufacturers can simplify assembly procedures, reduce the number of parts, and enhance safety standards. As the automotive industry continues to emphasize lightweight design, efficiency, and eco-friendliness, gigacasting technology is set to play a crucial role in shaping the future of vehicle production.
Automotive Gigacasting Market- Market Dynamics
Increasing Demand for Lightweight Vehicles is expected to drive the growth of the market
Gigacasting is a manufacturing process that involves producing large, intricate automotive parts using precision casting techniques. This method allows manufacturers to create lightweight yet durable components, leading to enhanced fuel efficiency, improved performance, and lower emissions in vehicles. The global sales of electric light commercial vehicles (LCVs) surged by more than 70% in 2021. Despite this growth, the electric LCV market share remains at 2%, which is significantly lower compared to passenger cars, as reported by the International Energy Agency. The continuous progress in materials science presents opportunities to enhance the strength-to-weight ratio, durability, and overall characteristics of gigacast components. However, the high initial investment required for gigacasting may pose a challenge to market expansion.
Automotive Gigacasting Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 49.92% over the forecast period (2024-2032)
Based on Locking Force segmentation, 30,000 kN to 60,000 kN was predicted to show maximum market share in the year 2023
Based on application segmentation, Body Part was the leading type in 2023
Based on region, Asia Pacific was the leading revenue generator in 2023
The Global Automotive Gigacasting Market is segmented on the basis of Locking Force, Application, and Region.
The market is divided into three categories based on Locking Force: 10,000 kN to 30,000 kN, 30,000 kN to 60,000 kN, and Above 60,000 kN. 30,000 kN to 60,000 kN segment dominates the market. Gigacasting involves the use of high-pressure die-casting machines with a clamping force ranging from 30,000 kN to 60,000 kN to produce large and intricate parts in a single piece.
The market is divided into three categories based on application: Body Part, Engine Part, Transmission Part, and Others. The body Part segment dominates the market. The application of gigacasting technology in producing automotive body parts offers significant benefits in terms of performance, efficiency, and safety, driving its adoption across the automotive industry.
Automotive Gigacasting Market- Geographical Insights
Geographically, this market spans across North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further segmented by countries contributing to business activities. The market growth is predominantly driven by Asia Pacific, owing to its strong automotive industry and technological advancements. Countries in Asia-Pacific have been pioneers in technological innovation across various sectors, particularly in automotive manufacturing. The increasing demand for vehicles in this region has led to a surge in the adoption of advanced manufacturing technologies such as gigacasting to enhance production efficiency. In 2023, China's car production exceeded 30.16 million units, marking an 11.6 percent year-on-year increase, while total car sales surpassed 30.09 million units, reflecting a 12 percent year-on-year growth, as per data from the China Association of Automobile Manufacturers (CAAM). Europe stands as the second largest region for market growth, driven by the necessity for lightweight, structurally efficient, cost-effective, scalable, and flexible manufacturing solutions.
To enhance gigacasting processes, manufacturers are investing in research and development to improve material properties and expand the range of components that can be produced using gigacasting technology. By utilizing advanced mold designs, alloy advancements, and process optimization techniques, companies can achieve a competitive advantage. Automotive manufacturers prioritize quality and reliability when selecting gigacasting technology suppliers. Companies that consistently deliver defect-free components with precise dimensional accuracy and mechanical properties can establish a competitive edge. Additionally, the credibility of gigacasting technology providers is bolstered by quality certifications such as ISO standards.
L.K. Technology Holdings Limited has recently declared that it successfully organized a Signing Ceremony for Strategic Cooperation in Giga Press and Technology in partnership with Nezha Motors. During this event, both entities established a profound strategic collaboration to jointly develop 20000 tonnes of Giga Press and explore various business opportunities. The forthcoming die-casting unit, resulting from this collaboration, is anticipated to possess the highest clamping force globally.
UBE Machinery Corporation, Ltd., the primary entity of the UBE Group's machinery division, has been awarded a contract to supply an exceptionally large die-casting machine for giga casting. Giga casting entails the utilization of aluminum alloy to seamlessly mold substantial automotive body components. This order has been placed by Ryobi Limited.
GLOBAL AUTOMOTIVE GIGACASTING MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
Idra S.r.l.
L.K. Technology Holdings
Buhler Holding
Birch Machinery
Colosio
Haitian Die Casting
Handtmann Group
Huachen Precision Manufacturing
Norican Group
Oskar Frech
Shibaura Machine
Suzhou Sanji Foundry Equipment
UBE Machinery
Yizumi Holdings
T'Zitai Precision Machinery
Others