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Global Automotive Forging Market to reach USD 57.35 billion by the end of 2029

Global Automotive Forging Market Size study & Forecast, by Vehicle Type (Passenger Car, Light Commercial Vehicles, Heavy Commercial Vehicles), by Material Type (Aluminum, Steel, Others), by Components (Engine Components, Steering/chassis components, Transmission components, Drive Components, Other Components) and Regional Analysis, 2022-2029

Product Code: ALTAMC-42260023
Publish Date: 25-01-2023
Page: 200

Global Automotive Forging Market is valued at approximately USD 40.49 billion in 2021 and is anticipated to grow with a healthy growth rate of more than 5.1 % over the forecast period 2022-2029. Forging is an industrial process that includes the molding of metal using compression. Components of automotive forging include engine parts, chassis, axles, bearings, gears, and other things. Depending on the required mechanical properties, this method can be applied to a variety of materials. In addition, compared to other manufacturing processes, metal forging provides some of the hardest manufactured parts with high mechanical properties. The key factors driving the market growth are growing vehicle production and rising demand for lightweight fuel-efficient vehicles. As fossil fuel prices rise rapidly, the demand for lightweight, fuel-efficient vehicles is growing significantly. Aluminum and other lightweight materials are used to make the parts and automobile components for these light cars. The demand for aluminum-forged products is therefore expected to increase in the next years due to increased sales of lightweight vehicles.

Vehicle production is globally rising due to increasing vehicle demand which creates a lucrative demand for automotive forging market. According to Statista, in 2020 the revenue of global automotive manufacturing industry was USD 2.71 trillion and in 2022 the number reached USD 2.95 trillion. Also, rising adoption of smart manufacturing technology and automation is anticipated to create a lucrative opportunity for the market during the forecast period. However, the increasing electric vehicle penetration stifles market growth throughout the forecast period of 2022-2029.

The key regions considered for the Global Automotive Forging Market study include Asia Pacific, North America, Europe, Latin America, and Rest of the World. Asia Pacific is the dominating and fastest growing region across the world in terms of market share. Factors such as the presence of major market players and rising demand for automotive vehicles would create lucrative growth prospects for the Automotive Forging market across Asia Pacific region.

Major market players included in this report are:
ThyssenKrupp AG (Germany)
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)

Recent Developments in the Market:
 In 2022, Ramkrishna Forgings Limited acquired a multi-year contract order valued at USD 13.5 million per year from the major producer of chassis-related components and systems mainly for trailers and trailers, buses, and trucks in the U.S.

Global Automotive Forging Market Report Scope:
Historical Data 2019-2020-2021
Base Year for Estimation 2021
Forecast period 2022-2029
Report Coverage Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
Segments Covered Vehicle Type, Material Type, Components, Region
Regional Scope North America; Europe; Asia Pacific; Latin America; Rest of the World
Customization Scope Free report customization (equivalent up to 8 analyst’s working hours) with purchase. Addition or alteration to country, regional & segment scope*

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:

By Vehicle Type:
Passenger Car
Light Commercial Vehicles
Heavy Commercial Vehicles

By Material Type:

By Components:
Engine Components
Steering/chassis components
Transmission components
Drive Components
Other Components

By Region:
North America
Asia Pacific
South Korea
Latin America
Rest of the World

Chapter 1. Executive Summary
1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, 2019-2029 (USD Billion)
1.2.1. Automotive Forging Market, by Region, 2019-2029 (USD Billion)
1.2.2. Automotive Forging Market, by Vehicle Type, 2019-2029 (USD Billion)
1.2.3. Automotive Forging Market, by Material Type, 2019-2029 (USD Billion)
1.2.4. Automotive Forging Market, by Components, 2019-2029 (USD Billion)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption
Chapter 2. Global Automotive Forging Market Definition and Scope
2.1. Objective of the Study
2.2. Market Definition & Scope
2.2.1. Scope of the Study
2.2.2. Industry Evolution
2.3. Years Considered for the Study
2.4. Currency Conversion Rates
Chapter 3. Global Automotive Forging Market Dynamics
3.1. Automotive Forging Market Impact Analysis (2019-2029)
3.1.1. Market Drivers Growing vehicle production Rising demand for lightweight fuel-efficient vehicles
3.1.2. Market Challenges Increasing electric vehicle penetration
3.1.3. Market Opportunities Rising adoption of smart manufacturing technology and automation
Chapter 4. Global Automotive Forging Market Industry Analysis
4.1. Porter’s 5 Force Model
4.1.1. Bargaining Power of Suppliers
4.1.2. Bargaining Power of Buyers
4.1.3. Threat of New Entrants
4.1.4. Threat of Substitutes
4.1.5. Competitive Rivalry
4.2. Futuristic Approach to Porter’s 5 Force Model (2019-2029)
4.3. PEST Analysis
4.3.1. Political
4.3.2. Economical
4.3.3. Social
4.3.4. Technological
4.4. Top investment opportunity
4.5. Top winning strategies
4.6. Industry Experts Prospective
4.7. Analyst Recommendation & Conclusion
Chapter 5. Risk Assessment: COVID-19 Impact
5.1. Assessment of the overall impact of COVID-19 on the industry
5.2. Pre COVID-19 and post COVID-19 Market scenario
Chapter 6. Global Automotive Forging Market, by Vehicle Type
6.1. Market Snapshot
6.2. Global Automotive Forging Market by Vehicle Type, Performance – Potential Analysis
6.3. Global Automotive Forging Market Estimates & Forecasts by Vehicle Type 2019-2029 (USD Billion)
6.4. Automotive Forging Market, Sub Segment Analysis
6.4.1. Passenger Car
6.4.2. Light Commercial Vehicles
6.4.3. Heavy Commercial Vehicles
Chapter 7. Global Automotive Forging Market, by Material Type
7.1. Market Snapshot
7.2. Global Automotive Forging Market by Material Type, Performance – Potential Analysis
7.3. Global Automotive Forging Market Estimates & Forecasts by Material Type 2019-2029 (USD Billion)
7.4. Automotive Forging Market, Sub Segment Analysis
7.4.1. Aluminum
7.4.2. Steel
7.4.3. Others
Chapter 8. Global Automotive Forging Market, by Components
8.1. Market Snapshot
8.2. Global Automotive Forging Market by Components, Performance – Potential Analysis
8.3. Global Automotive Forging Market Estimates & Forecasts by Components 2019-2029 (USD Billion)
8.4. Automotive Forging Market, Sub Segment Analysis
8.4.1. Engine Components
8.4.2. Steering/chassis components
8.4.3. Transmission components
8.4.4. Drive Components
8.4.5. Other Components
Chapter 9. Global Automotive Forging Market, Regional Analysis
9.1. Automotive Forging Market, Regional Market Snapshot
9.2. North America Automotive Forging Market
9.2.1. U.S. Automotive Forging Market Vehicle Type breakdown estimates & forecasts, 2019-2029 Material Type breakdown estimates & forecasts, 2019-2029 Components breakdown estimates & forecasts, 2019-2029
9.2.2. Canada Automotive Forging Market
9.3. Europe Automotive Forging Market Snapshot
9.3.1. U.K. Automotive Forging Market
9.3.2. Germany Automotive Forging Market
9.3.3. France Automotive Forging Market
9.3.4. Spain Automotive Forging Market
9.3.5. Italy Automotive Forging Market
9.3.6. Rest of Europe Automotive Forging Market
9.4. Asia-Pacific Automotive Forging Market Snapshot
9.4.1. China Automotive Forging Market
9.4.2. India Automotive Forging Market
9.4.3. Japan Automotive Forging Market
9.4.4. Australia Automotive Forging Market
9.4.5. South Korea Automotive Forging Market
9.4.6. Rest of Asia Pacific Automotive Forging Market
9.5. Latin America Automotive Forging Market Snapshot
9.5.1. Brazil Automotive Forging Market
9.5.2. Mexico Automotive Forging Market
9.5.3. Rest of Latin America Automotive Forging Market
9.6. Rest of The World Automotive Forging Market

Chapter 10. Competitive Intelligence
10.1. Top Market Strategies
10.2. Company Profiles
10.2.1. ThyssenKrupp AG (Germany) Key Information Overview Financial (Subject to Data Availability) Product Summary Recent Developments
10.2.2. CIE Automotive (Spain)
10.2.3. NTN Corporation (Japan)
10.2.4. American Axle and Manufacturing Inc. (U.S.)
10.2.5. Bharat Forge Limited (India)
10.2.6. Ramkrishna Forgings (India)
10.2.7. Dana Limited (U.S.)
10.2.8. Meritor Inc. (U.S.)
10.2.9. ZF Friedrichshafen AG (Germany)
Chapter 11. Research Process
11.1. Research Process
11.1.1. Data Mining
11.1.2. Analysis
11.1.3. Market Estimation
11.1.4. Validation
11.1.5. Publishing
11.2. Research Attributes
11.3. Research Assumption

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Market driving trends and favorable economic conditions
Restraints and challenges that are expected to be encountered during the forecast period.
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