Market Forecast:

Global Automotive Forging Market size was valued at US$ 48.17 Billion in 2023 and is poised to grow from US$  50.53 Billion in 2024 to US$ 70.63 Billion by 2032, at a CAGR of 4.90% during the forecast period (2024-2032).

The global automotive forging market is the largest in the automotive industry because it is an essential sector that is important for the production of parts that are essential to vehicle performance and safety. For the production technique of forging it involves concentrated compressive forces; hammers, presses, or other specialised equipment. The technology mentioned earlier has high capacity to yield parts with exceptional mechanical qualities and high strength that is why it is preferred in the automobile industry.

Gears, shafts, and axles for transmissions and crankshafts, connecting rods, and camshafts for engines are vast varieties of items which are included in automotive forging. These parts guarantee the dependable operation of automobiles in a range of scenarios, from heavy-duty operations to daily commuting that is why it is very essential. Vehicles require high-performance, lightweight, and long-lasting parts that improve fuel economy, pollution control, and overall vehicle dependability that is why automotive forgings are in high demand.

Has the advantage of improving the overall strength of parts, which is one of its main benefits in automotive applications as compared to casting or machining higher overall reliability, stronger impact strength, and increased fatigue resistance are some superior mechanical qualities of forged components. Suspension and steering systems, where a malfunction could have disastrous effects these components are especially important there.

In addition to performance gains Automotive forging also helps the industry achieve sustainability goals. Forging procedures helps to decrease waste and maximise material utilisation, which helps to reduce the environmental impact of the automobile industry. This aligns with the worldwide movement towards more environmentally friendly business practices in all industries.

The automotive forgings market is impacted by Continuous developments in production technologies and material science. Changing needs of contemporary car designs are satisfied by Metallurgical advances which enable the creation of alloys with better strength-to-weight ratios and increased resistance to corrosion. Improvements in forging processes, such as accurate forging and hot forging, which allow manufacturers to create complicated geometries and tighter tolerances is used to increase the application potential of forged components in automotive systems.

Market Dynamics: Market Drivers

Increasing Demand for Lightweight and High-Strength Automotive Components

• The growing demand for lightweight and high-strength vehicle components are few factors which influence the current automobile industry. Lightweight materials like advanced alloys and composites are in high demand because lightweight materials can reduce vehicle weight, which immediately improves fuel efficiency and lowers emissions. The handling, braking, and acceleration characteristics of cars, which improves their overall performance are improved because of these materials.
• In important areas like the chassis, control systems, and structural parts high-strength automotive parts are necessary to guarantee the longevity and safety of vehicles. Vehicles with improved strength characteristics are more resistant to impact and fatigue loads, which increases longevity and lowers maintenance costs.

Growing Emphasis on Fuel Efficiency and Emissions Reduction

• With the increasing focus of car industry on emissions reduction and fuel efficiency is an indication of larger trends in sustainability and regulatory compliance.as the worries about the environment and the preservation of resources grow automakers are under growing pressure to create cars that use less gasoline and emit fewer pollutants. Consumer desire for environmentally friendly transit options and strict international government rules are the two main forces behind this shift.
• Improving fuel efficiency is critical not only for reducing operational costs for consumers but also for mitigating the environmental footprint of the transportation sector, which is a significant contributor to greenhouse gas emissions. By adopting technologies such as lightweight materials, advanced aerodynamics, and more efficient powertrain systems (including hybrid and electric vehicles), automakers can achieve substantial gains in fuel efficiency without sacrificing vehicle performance or safety.
• The same way, cutting back on emissions is essential for meeting global climate goals and improving air quality in urban areas. Automakers to invest in cleaner technologies, including electrification and alternative fuels by Regulations such as emission standards and carbon dioxide targets incentivize to prevent harmful pollutants released during vehicle operation.

Market Opportunities

Expansion of Electric and Hybrid Vehicle Production

• With the development of production of electric and hybrid vehicles, there has been a notable movement in the automobile sector towards sustainability and innovation. Growing concerns about climate change and its impact on the environment, as well as advances in battery technology and regulatory benefits Automakers are increasingly focused on electrified vehicles as a crucial approach to address.
• Electric and hybrid vehicles (EVs) provide a number of benefits, such as lower greenhouse gas emissions and a decreased reliance on fossil fuels as Compared to traditional internal combustion engine vehicles. This is in accordance with international initiatives to slow down climate change and enhance urban air quality, as transport emissions are a significant source of pollution.
• The viability of EV mass manufacturing and customer acceptance have increased because of Improvements in electric drivetrain efficiency, battery energy density, and charging infrastructure. The vehicle's lifespan, electric and hybrid vehicles are becoming more and more competitive with conventional vehicles in terms of purchase price and total cost of ownership because to these developments that have also reduced prices.
• Due to global government policies and regulations, such as emission standards, zero-emission car requirements, and financial incentives for the adoption of electric vehicles the manufacturing of electric and hybrid vehicles is increasing. Because of these regulations, manufacturers are in a better position to invest in electrification, increase the number of EV models they offer, and increase manufacturing capacity in order to fulfil the growing demand from consumers for greener and more efficient modes of transportation.
• There is a shift in consumer preferences towards sustainability and environmental stewardship as customers are prioritising cars with lower emissions and less of an impact on the environment. Automakers have been forced to include electric and hybrid technology into their portfolios of vehicles, which includes anything from compact cars to SUVs and even commercial vehicles, due to a shift in consumer demand.

Market Restraining Factors

Intense Competition from Alternative Manufacturing Processes

• Because of its continuous effort to achieve innovation, cost-effectiveness, and efficiency, the automobile industry faces fierce competition from alternative manufacturing processes. Traditional techniques include Forging, casting, and machining that have long been essential to the manufacturing of automotive components. By technological developments in fields like advanced robotics, composite materials, and additive manufacturing brought new opportunities and efficiency.
• Lightweight structures and complex geometries with less material waste are produced because additive manufacturing is appealing for prototyping and the manufacture of custom parts. To save weight and increase fuel efficiency automotive applications are using composite materials because of their excellent strength-to-weight ratio and resistance to corrosion.
• Advanced robotics and automation have increased speed, accuracy, and scalability in manufacturing processes which have also decreased labour costs and increased total production efficiencies. With the use of these technologies, producers can satisfy demanding quality requirements and keep their prices competitive in the worldwide market.
• Due to competition from these new technologies the traditional forging and casting industries have been forced to innovate and adapt. Hot forging and precision forging are examples of how forging technologies have advanced to produce stronger, lighter components with better mechanical qualities. New alloys and methods that improve casting quality and lower flaws have also been included in casting processes as they have developed.

Report Coverage

The report will cover the qualitative and quantitative data on the Global Automotive Forging Market. The qualitative data includes latest trends, market players analysis, market drivers, market opportunity, and many others. Also, the report quantitative data includes market size for every region, country, and segments according to your requirements. We can also provide customize report in every industry vertical.

By Vehicle Type (Passenger Cars, Light Commercial Vehicles, Medium & Heavy Commercial Vehicles, Agriculture Machinery, Construction Equipment, and Others), By Material (Steel and Aluminum), By Application (Gears, Crankshaft, Pistons, Axle, Bearings, Connecting Rods, and Others) By Technology (Closed Die, Open Die, and Others) By Supplier Type (Local and International)

Segmentation Analysis

The market scope is segmented because of By Vehicle Type, By Material, By Application, By Technology, and By Supplier Type.

By Vehicle Type

Based on the Vehicle Type of the market is segmented into Passenger Cars, Light Commercial Vehicles, Medium & Heavy Commercial Vehicles, Agriculture Machinery, Construction Equipment, and Others.

In 2023 the passenger cars segment held the largest market share also expected to maintain its leading position throughout the forecast period. For an example passenger car production grew by 9.10% in 2022 compared to the previous year, reaching 61.6 million units, up from 57 million units in 2021 according to the Organisation International des Constructers Automobiles. Due to their basic geometry, simplified mechanical component designs in electric vehicles have several advantages. Forged aluminium parts perform better than machined or cast parts, improving reliability. These factors are ready to make an impact on market expansion.

By Material

Based on the Material of the market is segmented into Steel and Aluminium.

In 2023 Steel material hold the largest market share in automotive formed. in the upcoming year carbon steel in particular is preferred in the automotive industry, due to its of its superior forge ability, impact strength, cost-effectiveness, and production efficiency, which is expected to increase in demand and possibly boost market. Reducing Vehicle weight is among several factors affecting fuel economy and performance.

Regional Snapshots

Compared to other regions The Asia Pacific region is expected to fastest in growth because of the significant contributions made by China and India in manufacturing of forged components.to improve efficiency and reduce energy consumption Major regional players are concentrating on investments in automation and advanced machinery. The presence of key industry players in these regions is expected to bolster market expansion, Companies like Bharat Forge Limited and Ramakrishna Forgings LTD are actively pursuing opportunities in these countries.

The Europe will increase significantly, helped by developments in alternate forging methods. Due to the support of the Government regulations products manufactured in country are encouraging market growth in Europe. The global market is expected to increase gradually in North America due to the region's growing demand for forged automotive parts.

Increasing demand for forged components in North America the Light Commercial Vehicle (LCV) and heavy truck segments have shown a successful recovery and increased replacement needs.

Policies for the automobile industry have been implemented in Brazil and Turkey, offering tax benefits to manufacturers who participate in technical developments. These rules have encouraged automakers to use advanced manufacturing techniques, which has boosted market expansion in other parts of the world.

List of Companies Profiled:

• ThyssenKrupp AG
• CIE Automotive
• NTN Corporation
• American Axle and Manufacturing Inc.
• Bharat Forge Limited
• Ramkrishna Forgings
• Dana Limited
• Meritor Inc.
• ZF Friedrichshafen AG

Key Industry Developments

In November 2023, Forge Nano, Inc. announced the launch of a new venture into the lithium-ion battery sector, introducing a product named Forged Battery. The company plans to manufacture batteries for defense, aerospace, and specialized electric vehicle markets at its gigafactory located in Raleigh, North Carolina.

In July 2023, Talbros Automotive Components secured a long-term business contract valued at INR 400 Crore (USD 48.4 million). The contract, spanning 5-7 years, involves supplying gaskets, heat shields, forged components, and chassis product lines.

In March 2023, Ramkrishna Forgings established its subsidiary named RKFL Engineering Industry Private Limited. The subsidiary specializes in forging, pressing, rolling metal sheets, and stamping processes. It has been formed to execute a resolution plan as part of the Corporate Insolvency Resolution Process (CIRP) for JMT Auto, a unit of the Amtek Auto group.

In February 2023, Jiangsu Pacific Precision Forging has allocated approximately USD 64.9 million for constructing a new plant in Thailand focused on manufacturing parts for electric vehicles. Situated in Pinthong Industrial Park, Rayong province, the facility is expected to become operational within five years. The company, based in Taizhou, intends to produce vehicle gears, forging components, and assembly products at this new location, although specific production capacities were not detailed.

Report Scope and Segmentations:

Regional Analysis

North America accounted for the highest xx% market share in terms of revenue in the Automotive Forging market and is expected to expand at a CAGR of xx% during the forecast period. This growth can be attributed to the growing adoption of Automotive Forging. The market in APAC is expected to witness significant growth and is expected to register a CAGR of xx% over upcoming years, because of the presence of key Automotive Forging companies in economies such as Japan and China.

The objective of the report is to present comprehensive analysis of Global Automotive Forging Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language.

Automotive Forging Market Report is also available for below Regions and Country Please Ask for that

North America

• U.S.
• Canada

Europe

• Switzerland
• Belgium
• Germany
• France
• U.K.
• Italy
• Spain
• Sweden
• Netherland
• Turkey
• Rest of Europe

Asia-Pacific

• India
• Australia
• Philippines
• Singapore
• South Korea
• Japan
• China
• Malaysia
• Thailand
• Indonesia
• Rest Of APAC

Latin America

• Mexico
• Argentina
• Peru
• Colombia
• Brazil
• Rest of South America

Middle East and Africa

• Saudi Arabia
• UAE
• Egypt
• South Africa
• Rest Of MEA

Points Covered in the Report

• The points that are discussed within the report are the major market players that are involved in the market such as market players, raw material suppliers, equipment suppliers, end users, traders, distributors and etc.
• The complete profile of the companies is mentioned. And the capacity, production, price, revenue, cost, gross, gross margin, sales volume, sales revenue, consumption, growth rate, import, export, supply, future strategies, and the technological developments that they are making are also included within the report. This report analysed 5 years data history and forecast.
• The growth factors of the market are discussed in detail wherein the different end users of the market are explained in detail.
• Data and information by market player, by region, by type, by application and etc., and custom research can be added according to specific requirements.
• The report contains the SWOT analysis of the market. Finally, the report contains the conclusion part where the opinions of the industrial experts are included.

Key Questions

• How much the global Automotive Forging Market valued?
• Which region has the largest share in 2024 for the global Automotive Forging Market?
• What are the driving factors for the market?
• Which is the leading segment in the global market?
• What are the major players in the market?

Research Scope of Automotive Forging Market

• Historic year: 2019- 2022
• Base year: 2023
• Forecast: 2024 to 2032
• Representation of Market revenue in USD Million

Automotive Forging Market Trends: Market key trends which include Increased Competition and Continuous Innovations Trends