Global Automotive Forging Market

Automotive Forging Market Size, Share, Growth Analysis, By Vehicle type(Passenger Cars, Light Commercial Vehicles), By Material(Steel and Aluminum), By Application(Gears, Crankshaft), By Technology(Closed Die, Open Die) - Industry Forecast 2024-2031

Report ID: SQMIG25C2093 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 122 | Figures: 77

Automotive Forging Market Insights

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 exhibited steady growth in recent years, reflecting the ever-evolving dynamics of the automotive industry. Manufacturers in this sector have been driven by a commitment to enhancing the structural integrity and performance of automotive components. This has led to a growing demand for forged parts such as engine components, transmission gears, and chassis elements.

Furthermore, sustainability and efficiency have become key considerations, prompting a shift towards lightweight materials and innovative forging techniques. As the automotive industry continues to explore 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.

US Automotive Forging Market is poised to grow at a sustainable CAGR for the next forecast year.

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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 competitive landscape in the 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 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.

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