Global Automotive Forging Market Size, Share, Growth Analysis, By Vehicle type, By Material, By Application, By Technology - Industry Forecast 2023-2030

Global Automotive Forging Market size was valued at USD 45.92 Billion in 2022 and is poised to grow from USD 48.12 Billion in 2023 to USD 70.03 Billion by 2031, at a CAGR of 4.80% during the forecast period (2024-2031).

The global automotive forging market has experienced consistent growth in recent years, reflecting the dynamic changes within the automotive industry. Manufacturers in this sector are driven by a commitment to enhancing the structural integrity and performance of automotive components, resulting in an increased demand for forged parts such as engine components, transmission gears, and chassis elements. Moreover, a growing emphasis on sustainability and efficiency has prompted a shift towards lightweight materials and the adoption of innovative forging techniques. As the automotive industry explores electrification and advanced technologies, the automotive forging market is poised for further innovation and adaptation to meet these evolving needs. Collaboration between manufacturers, technological advancements, and a focus on sustainable practices are expected to play pivotal roles in shaping the future of this market.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Automotive Forging Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analysed to get the final quantitative and qualitative data.

Global Automotive Forging Market Segmental Analysis

The global automotive forging market is segmented on the basis of Vehicle type, Material, Application, Technology and region. Based on Vehicle type the Material it is segmented as Passenger Cars, Light Commercial Vehicles, Medium & Heavy Commercial Vehicles, Agriculture Machinery, Construction Equipment, and Others. On the basis of Material, the market is segmented as Steel and Aluminum. On the basis of Application, the market is segmented as Gears, Crankshaft, Pistons, Axle, Bearings, Connecting Rods, and Others. Based on Technology, it Is segregated into Closed Die, Open Die, and Others. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Drivers of the Global Automotive Forging Market

In response to the imperative of meeting stringent fuel efficiency and emission standards, automakers are increasingly opting for lightweight forged components crafted from materials such as aluminium and advanced high-strength steels. These materials play a crucial role in reducing vehicle weight, thereby enhancing fuel economy and overall performance. The increasing consumer preference for fuel-efficient and environmentally friendly vehicles is driving the widespread adoption of lightweight forged parts, emerging as a key driver for the growth of the industry.

Restraints in the Global Automotive Forging Market

A significant challenge in the global automotive forging market is market fragmentation. The industry consists of numerous small to medium-sized forging companies, each specializing in specific components or materials. This fragmentation can pose difficulties in achieving standardization, coordinating the supply chain, and ensuring cost-effectiveness. Consequently, it becomes challenging to attain economies of scale and establish streamlined production processes. The market encounters inefficiencies and heightened competition, potentially impacting profit margins and overall market growth.

Market Trends of the Global Automotive Forging Market

As the automotive sector undergoes a shift towards cleaner and more sustainable transportation, there is a growing utilization of forged parts in Electric Vehicle (EV) drivetrains and structural components. This is attributed to the lightweight and high-strength characteristics of forged components. The trend towards EVs is anticipated to contribute significantly to the growth of the forging sector, with companies emphasizing specialized forging techniques and materials tailored to meet the unique requirements of electric vehicles. Moreover, the transition towards EVs is expected to drive innovation in forging technologies to cater to the specific demands of this evolving market segment.