Automotive Forging Market Forecasts to 2028 – Global Analysis By Supplier Type (Local, International), Technology (Closed Die, Open Die), Application (Axel, Bearing, Gears, Piston), Channel (Direct, Indirect) and By Geography
According to Stratistics MRC, the Global Automotive Forging Market is accounted for $34,576.30 million in 2020 and is expected to reach $59,408.52 million by 2028 growing at a CAGR of 7.0% during the forecast period. The increasing demand for enriched vehicle engine performance and automation in manufacturing processes and the adoption of innovative approaches by original equipment manufacturers (OEM) are driving the market growth. However, fluctuation in the cost of raw materials is hampering the growth of the market.
Automotive forging involves the manufacturing of automotive components, including engine parts, bearings, gears, chassis, axles, and others. The automotive forging process can be carried out on materials either in the hot or cold state, depending upon the mechanical properties essential. Automotive forged products offer high strength-to-weight ratios, strength, and superior toughness. The most common materials exploited in the automotive forging market are steel and aluminum. Steel is generally used in the automotive forging industry due to its availability, strength, and high resilience.
Based on the supplier type, local is going to have lucrative growth during the forecast period. This dominance is accredited to the high demographic growth rate, particularly in the developing countries that include more raw material production and cheap labor convenience. Furthermore, the growing provision of the government and their favorable initiatives to encourage local production of forged parts in numerous urban and suburban parts of the country is expected to increase the growth of the market.
By geography, Asia Pacific is going to have high growth during the forecast period. Expansion in infrastructure, industrialization, and rapid economic growth in countries, such as China, India, and Indonesia boost the progress of the automotive forging market in the Asia Pacific. Furthermore, India and China are the centers for automotive forging manufacturers. Additionally, favorable government initiatives are motivating the manufacturing sector in the region, which will boost the growth of the automotive forging market in near future.
Some of the key players profiled in the Automotive Forging Market include Aichi Forge Usa Inc, American Axle & Manufacturing Inc, Bharat Forge Limited, Byd Company Limited, Cfs Machinery Co Ltd, Cie Automotive S.A.Dana Inc, Farinia Group, Jvr Forging, Kovárna Viva, Meritor Inc, Nanjin Automobile Forging Co Ltd Ntn Corporation, Ramakrishna Forgings and Thyssenkrupp Ag company.
Estimated Market Size in 2020:
USD 34,576.30 million
Compound Annual Growth Rate (CAGR) from 2020 to 2028:
Predicted 2028 Value:
USD 59,408.52 million
Tables, Graphs& Figures
Vehicle Type, Supplier Type, Forging Material, Component, Technology, Application, Marketing Channel, and Region
Core Drivers and Opportunities:
Restraining Factors & Market Threats:
Vehicle Types Covered:
• Passenger Cars
• Agricultural Machinery
• Construction Equipment
Supplier Types Covered:
• International (Import)
Forging Materials Covered:
• Alloy Steel
• Microalloyed Steel
• Drive Components
• Engine Components
• Powertrain Components
• Steering/chassis components
• Transmission components
• Closed Die
• Open Die
• Rolled Rings
• Connecting Roads
Marketing Channels Covered:
• Direct Marketing
• Indirect Marketing
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2019, 2020, 2021, 2025 and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Key Questions Answered In The Report
The Global Automotive Forging Market is majorly driven by the increasing demand for enriched vehicle engine performance and automation in manufacturing processes.
The local segment is growing at a highest CAGR owing to the high demographic growth rate, particularly in the developing countries that include more raw material production and cheap labor convenience.
Europe dominated with a significant market share due to the factors such as increasing sales of vehicles, and increasing number of construction and infrastructure projects across different countries in the region.
Asia Pacific market is growing at a highest CAGR owing to expansion in infrastructure, industrialization, and rapid economic growth in countries which will boost the progress of the automotive forging market.
Key players in Automotive Forging Market include Aichi Forge UsaInc, American Axle & Manufacturing Inc, Bharat Forge Limited, Byd Company Limited, Cfs Machinery Co Ltd, Cie Automotive S.A.DanaInc, Farinia Group, Jvr Forging, Kovárna Viva, Meritor Inc, Nanjin Automobile Forging Co Ltd Ntn Corporation, Ramakrishna Forgings and Thyssenkrupp Ag company.
Select License Type
Best in class reports with high standard of research integrity
24X7 Research Support
Continuous support to ensure the best customer experience.
Adding more values to your product of interest.
Safe & Secure Access
Providing a secured environment for all online transactions.
Trusted by 600+ Brands
Serving the most reputed brands across the world.