Automotive Forging Market Updates

Automotive Forging Market size was valued at USD 48.12 Billion in 2023 and is poised to grow from USD 50.43 Billion in 2024 to USD 73.39 Billion by 2032, growing at a CAGR of 4.80% during the forecast period (2025-2032).

The competitive landscape in the global automotive forging market is characterized by intense rivalry among established companies and new entrants striving to gain a foothold. These entities focus on leveraging advanced technologies and forging methods to produce high-quality components that meet the industry's evolving demands for lightweight and durable parts. 'ThyssenKrupp AG (Germany)', 'CIE Automotive (Spain)', 'NTN Corporation (Japan)', 'American Axle and Manufacturing Inc. (US)', 'Bharat Forge Limited (India)', 'Ramkrishna Forgings (India)', 'Dana Limited (US)', 'Meritor Inc. (US)', 'ZF Friedrichshafen AG (Germany)', 'Jiangsu Pacific Precision Forging (China)', 'Siderforgerossi Group S.p.A. (Italy)', 'Grupo Euskal Forging, S.L. (Spain)', 'Nippon Steel Corporation (Japan)', 'Nippon Steel & Sumitomo Metal Corporation (Japan)', 'FormTech Industries LLC (US)', 'Hirschvogel Automotive Group (Germany)', 'Norsk Hydro ASA (Norway)', 'Allegheny Technologies Incorporated (US)', 'SIFCO Industries, Inc. (US)', 'Precision Castparts Corp. (US)'

As automakers strive to meet stringent fuel efficiency and emission standards, they are turning to lightweight forged components made from materials like aluminum and advanced high-strength steels. These materials help reduce vehicle weight, improving fuel economy and overall performance. The growing consumer preference for fuel-efficient and environmentally friendly vehicles is propelling the adoption of lightweight forged parts, making it a crucial driver for the industry's growth.

Rise of Electric Vehicle (EV) Forging: As the automotive sector transitions towards cleaner and more sustainable transportation, forged parts are increasingly utilized in EV drivetrains and structural components due to their lightweight and high-strength characteristics. This trend is expected to drive substantial growth in the forging sector, with companies focusing on specialized forging techniques and materials tailored to the unique requirements of EVs. Additionally, the shift towards EVs is likely to spur innovation in forging technologies to meet the specific demands of this evolving market segment.

North America stands as the dominating and largest player in the global automotive forging market due to several key factors. Firstly, it boasts a mature and well-established automotive industry, home to major automakers and a robust network of suppliers and forging companies. This ecosystem benefits from advanced manufacturing technologies, stringent quality standards, and a skilled workforce, enabling efficient and high-quality forging production. Moreover, North America's geographical proximity to its primary automotive export markets, such as the United States and Canada, provides a strategic advantage in terms of logistics and supply chain efficiency.