New York, July 26, 2023 (GLOBE NEWSWIRE) -- The global forged automotive components market Size is estimated to be valued at US$ 48.9 billion in 2023 and is predicted to expand at 4.9% CAGR over the forecast period (2023 to 2033).
The process of shaping metal through compressive force, known as forging, serves as a manufacturing method employed in automotive production. Automotive forging plays a vital role in manufacturing engine parts like connecting rods, injection components, crankshafts, camshafts, pistons, and more.
Forging is utilized to create components such as chassis, bearings, gears, and axles. Automotive forging can be performed at high or low temperatures, depending on the desired mechanical properties. Forged automotive products offer advantages like toughness, strength, and high strength-to-weight ratios.
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The automotive industry's growing demand for lightweight materials is driven by automakers' efforts to improve fuel efficiency and reduce emissions. Lightweight components are given significant importance, and forged automotive components, known for their excellent strength-to-weight ratios, provide an optimal solution. These components enable vehicles to achieve enhanced performance while minimizing weight.
In the Asia Pacific region, the increasing budget and spending on military requirements create a significant opportunity for the forged automotive components market. Countries in the region are focusing on strengthening their defense capabilities, leading to rising demand for advanced military vehicles and equipment.
Forged automotive components play a critical role in constructing robust and high-performance military vehicles like tanks, armored personnel carriers, and artillery systems. Surge in defense expenditure worldwide creates a favorable market environment, offering manufacturers opportunities to meet the growing demand and supply forged components for military applications.
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Key Takeaways from Market Study
- The global forged automotive components market is expected to reach US$ 67.8 billion by 2033.
- The market in the United States is predicted to reach US$ 15.7 billion by 2033, advancing at 4.9% CAGR.
- The China market is estimated to reach US$ 23.2 billion by 2033, expanding at a CAGR of 5%.
- The market in East Asia is predicted to reach a value of US$ 5.9 billion by 2033, progressing at 5.1% CAGR.
- The passenger car segment is expected to dominate the global market over the forecast period.
- Demand for cold-forged automotive components is set to rise at a CAGR of 5.2% from 2023 to 2033.
“Increasing automotive production & sales and high demand for luxurious passenger & commercial vehicles are factors set to contribute significantly to market growth over the decade,” says a Persistence Market Research analyst.
Competitive Landscape
Tier-I market players, who account for a 15% to 20% share, invest in technological advancements and expansion of their distribution networks to maintain their market presence.
The global forged automotive components market is highly competitive due to the presence of several established and emerging players. Some of the major players in this market include ThyssenKrupp AG, CIE Automotive (Spain), NTN Corporation (Japan), American Axle and Manufacturing Inc. (U.S.), Bharat Forge Limited (India), Ramkrishna Forgings (India), Dana Limited (U.S.), Meritor Inc. (U.S.), ZF Friedrichshafen AG (Germany), Kalyani Group, Om Forge, Super Auto Forge Private Limited, GAZ Group, TBK Co., Ltd., EL FORGE LIMITED, Schweiger fulpmes GesmbH, NIPPON STEEL & SUMITOMO METAL CORPORATION, Agrasen Engineering Industries Pvt. Ltd., Advance Forgings Pvt. Ltd., SDF Automotive, Happy Forgings Limited, Indo Schöttle Auto Parts Pvt. Ltd., Mueller Brass Co.
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Find More Valuable Insights
The research report by Persistence Market Research covers the demand analysis for forged automotive components, the impact of COVID-19 on the market, macroeconomic factors, market trends, and market background.
The analysis is based on vehicle type, automotive component, forging process, application, and region. The report provides qualitative and quantitative information on various players in this market. This report also tracks the market on the basis of supply-side and demand-side factors.
Market Segmentation
- By Vehicle Type: Heavy Commercial Vehicles, Light Commercial Vehicles, Passenger Vehicles
- By Automotive Component: Gears, Crankshafts, Axles, Bearings, Pistons, Steering Knuckles, CV Joints, Beams, Fittings & Flanges, Valve Bodies & High-pressure Valves, Others
- By Forging Process: Impression Die Forging, Hydraulic Presses, Mechanical Presses, Hammers, Cold Forging, Open Die Forging, Seamless Rolled Ring Forging
- By Application: Power Train Components, Chassis Components, Transmission Parts, Other Parts
- By Region: North America, Latin America, Europe, East Asia, South Asia & Pacific, MEA
For additional insights on how the global forged automotive components market will shape up over the decade, write to media@persistencemarketresearch.com
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The Automotive and Transportation division of PMR provides exclusive coverage and actionable insights about the automotive and transportation industry encompassing the automotive, aviation, shipping and marine, and railway sectors. Market findings and competition intelligence of the OEM, aftermarket, services, and technology landscape have helped numerous industry stakeholders’ right from automakers, component manufacturers, channel partners, and service providers in making informed decisions and keeping them up-to-date with market behavior.
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