November 09, 2022 05:30 ET | Source: Fortune Business Insights Fortune Business Insights

Pune, India, Nov. 09, 2022 (GLOBE NEWSWIRE) -- The global automotive forging market size was valued at USD 40.49 billion in 2021. The market is expected to grow from USD 45.49 billion in 2022 to USD 67.75 billion by 2030, exhibiting a CAGR of 5.10% during the forecast period. Increasing adoption of manufacturing technology and increasing automation in the automotive industry is expected to enhance the industry’s progress. Fortune Business Insights™ provides this information in its report titled “Automotive Forging Market, 2022-2030.” Forging Generator shaft

February 2022- Bharat Forge Limited announced an agreement for the acquisition of Foundry India to expand its product portfolio.

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Extensive Production of Forged Components to Propel Market Growth in Asia Pacific

Asia Pacific is expected to dominate the automotive forging market share due to the extensive production of forged components. The market in the Asia Pacific stood at USD 23.09 billion in 2021 and is expected to gain a huge portion of the global market share in the upcoming years. Furthermore, the rising focus on automation and advanced machinery is expected to enhance the demand for automotive forging.

In Europe, the presence of substitute production techniques in the forging sector is expected to elevate the industry’s progress. In North America, strong demand for forged automobile parts is expected to enhance the demand for automotive forging.

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Rising Demand for Lightweight and Fuel-Efficient Vehicles to Propel Market Progress

Using a compressive force, the manufacturing process of automotive forging shapes metal. The need for automotive forging is anticipated to increase as the market for lightweight automobiles grows. Furthermore, it is projected that the sector would advance more rapidly due to the growing demand for fuel-efficient vehicles. Additionally, it is anticipated that rising automobile sales among the general public will increase demand for automotive forging. Additionally, rising disposable incomes are anticipated to accelerate the use of forging technology. These elements could fuel market expansion for automotive forging. The adoption of electric vehicles, however, is anticipated to limit the growth of this sector.

Passenger Cars Segment to Dominate Attributable to Rising Shared Mobility Services

By vehicle type, the market is segmented into passenger cars, light, heavy, and medium commercial vehicles, agricultural machinery, construction equipment, and others. The passenger cars segment is expected to dominate due to the rising shared mobility services.

Steel Segment to Lead Attributable to Robust Demand for Aluminum Forged Lightweight Auto Parts

As per material, the market is categorized into aluminum and steel. The steel segment is expected to lead due to strong demand for aluminum forged lightweight auto parts.

Axle Segment to Dominate Owing to its Vitality in Vehicles

Based on application, the market is classified into crankshaft, gears, piston, axle, bearings, connecting rods, and others. The axle segment is expected to dominate since its vitality in a vehicle’s drive train.

Closed Die Segment to Dominate Attributable to its Superior Mechanical Properties

By technology type, the market is divided into open die casting, closed die casting, and others. The closed die segment is expected to dominate due to its superior mechanical properties.

Local Segment to Lead Attributed to its Lower Production Costs

By supplier type, the market is bifurcated into local and international (import). The local segment is expected to lead due to its lower production costs.

Regionally, the market is grouped into North America, Europe, Asia Pacific, and the rest of the world.

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Major Players Deploy Acquisitions to Enhance their Market Reach

The prominent players operating in the market deploy acquisition strategies to enhance their market reach. For example, Cummins acquired Meritor Inc. in February 2022. This acquisition was aimed to assist Cummins Inc. in developing solutions for critical technology challenges. This strategy may allow Cummins to enhance its market reach and reinforce its brand image. Further, major players deploy research and development, mergers, innovations, novel product launches, and expansions to enhance their market position.

Companies Profiled in the Automotive Forging Research Report:

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