Automotive Component Forging Market Overview
As per MRFR analysis, the Automotive Component Forging Market Size was estimated at 50.6 (USD Billion) in 2022.The Automotive Component Forging Market Industry is expected to grow from 53.02(USD Billion) in 2023 to 80.6 (USD Billion) by 2032. The Automotive Component Forging Market CAGR (growth rate) is expected to be around 4.77% during the forecast period (2024 - 2032).
Key Automotive Component Forging Market Trends Highlighted
The automotive component forging market is influenced by several key trends.
Growing demand for lightweight vehicles: Automakers are increasingly seeking to reduce vehicle weight to improve fuel efficiency and meet emission regulations. Forging enables the production of lightweight components with high strength-to-weight ratios. Advancements in material technology: Technological advancements have led to the development of new materials, such as high-strength steels and aluminum alloys, which offer improved performance and durability in forged components.
Automation and digitalization: The adoption of automation and digital technologies in forging processes enhances efficiency, reduces costs, and ensures consistent product quality. Electrification of vehicles: The growing popularity of electric vehicles is driving demand for forged components in electric motors, power electronics, and battery systems due to their ability to withstand high temperatures and stresses.
Regional shifts: Asia-Pacific is expected to remain a dominant market for automotive component forging due to the presence of major auto manufacturers and a growing automotive industry. However, North America and Europe are also expected to witness substantial growth due to increasing demand for lightweight vehicles and electrification initiatives.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Automotive Component Forging Market Drivers
Rising Demand for Lightweight Vehicles
The increasing demand for lightweight vehicles is a major driver of growth in the global automotive component forging market. As governments around the world implement stricter fuel economy regulations, automakers are looking for ways to reduce the weight of their vehicles. Forged components are lighter and stronger than traditional cast or machined components, making them ideal for use in lightweight vehicles. The growing popularity of electric vehicles is also contributing to the demand for forged components, as electric vehicles require lighter components to improve their range and performance.
Increasing Complexity of Automotive Components
The increasing complexity of automotive components is another major driver of growth in the global automotive component forging market. As vehicles become more sophisticated, they require more complex components. Forged components can be produced with complex geometries and tight tolerances, making them ideal for use in these applications. The growing use of electronics in vehicles is also contributing to the demand for forged components, as forged components can be used to create heat sinks and other electronic components.
Growth in the Automotive Industry
Growth in the automotive industry on a global scale is another factor, which drives the growth of the international market of automotive component forging. As the global economy grows, more and more people become able to purchasing vehicles. Consequently, the demand for automotive components including the forged ones also continues to flourish. The growth of the automotive market in emerging markets also drives such demand, because the markets of the developing countries are characterized by high rates of production.
Automotive Component Forging Market Segment Insights:
Automotive Component Forging Market Component Type Insights
The Global Automotive Component Forging Market is segmented into Engine Components, Transmission Components, Braking Components, Chassis and Suspension Components, and Body and Frame Components. Among these segments, Transmission Components held the largest market share in 2023, accounting for approximately 30% of the global revenue. The growth of this segment can be attributed to the increasing demand for automatic transmissions, which are more efficient and provide a smoother driving experience. Engine Components is expected to be the fastest-growing segment during the forecast period, with a CAGR of 5.2% from 2023 to 2032.This growth is driven by the increasing demand for lightweight and fuel-efficient engines.
Braking Components are also expected to witness significant growth during the forecast period, owing to the growing safety concerns and the adoption of advanced braking systems. Chassis and Suspension Components and Body and Frame Components are expected to witness moderate growth during the forecast period, due to the increasing demand for lightweight and durable components.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Automotive Component Forging Market Material Type Insights
There are several materials used in automotive component forging, and the market can be segmented based on the type of material used. The competing materials are steel, aluminum, titanium, magnesium, and the relatively new carbon fiber. Steel is the most popular material due to its high strength, durability, and low cost. Aluminum’s popularity has been rising because of its lightweight and high resistance to corrosion. Due to these properties, aluminum is considered an attractive option for components that are used in high-performance vehicles.
Titanium is applied in areas where overall material weight is the most critical, but it is too expensive to be frequently used.Magnesium has the highest strength-to-weight ratio of all the competing materials, although it is highly vulnerable to corrosion. Carbon fiber is still in the research phase and is not yet suitable for commercial use, although its benefits of extreme strength and very light weight have created interest among manufacturers, especially those that produce higher-end vehicles.
Automotive Component Forging Market Vehicle Type Insights
The Vehicle Type segment is a crucial part of the Global Automotive Component Forging Market, with each type having distinct characteristics and growth prospects. Passenger Cars hold a significant share of the market, driven by rising vehicle production and increasing demand for lightweight components. Commercial Vehicles are expected to witness steady growth due to expanding e-commerce and logistics sectors.
Electric Vehicles and Hybrid Vehicles are gaining traction as governments promote sustainable transportation, leading to a surge in demand for forged components that enhance efficiency and performance.Off-Highway Vehicles, used in construction, agriculture, and mining, represent a growing market segment due to increasing infrastructure development and resource exploration activities.
Automotive Component Forging Market Manufacturing Process Insights
The Global Automotive Component Forging Market is segmented into various manufacturing processes, including open-die forging, closed-die forging, precision forging, cold forging, and isothermal forging. Each process offers unique advantages and is suited for different applications.
Open-die forging is a traditional method that involves shaping metal between two flat dies. It allows for larger and more complex parts, but with lower precision. Closed-die forging uses dies that completely enclose the metal, resulting in higher precision and dimensional accuracy.Precision forging is a specialized process that produces high-quality, close-tolerance parts with minimal material waste. Cold forging is performed at room temperature, offering high strength and surface finish. Isothermal forging is done at a controlled temperature, ensuring uniform material properties and reduced forging forces.
The choice of manufacturing process depends on factors such as part design, material properties, and production volume. Open-die forging is commonly used for large components like crankshafts and connecting rods. Closed-die forging is suitable for precision parts like gears and engine components.Precision forging is ideal for high-performance applications in aerospace and automotive industries. Cold forging is preferred for high-strength fasteners and other small parts. Isothermal forging is used for complex shapes and materials that require controlled properties.
Automotive Component Forging Market Application Insights
The Automotive Component Forging Market is segmented by application into powertrain, transmission, suspension, braking, and steering. The powertrain segment is expected to account for the largest market share in 2023, primarily due to the increasing demand for lightweight and fuel-efficient vehicles. The transmission segment is also expected to witness significant growth, driven by the rising adoption of automatic transmissions in passenger cars. The suspension segment is expected to grow at a steady pace, owing to the increasing demand for improved ride comfort and handling.The braking segment is expected to witness moderate growth, driven by the increasing demand for safety features in vehicles. The steering segment is expected to grow at a slower pace, due to the increasing adoption of electronic power steering systems. The Global Automotive Component Forging Market revenue is expected to reach USD 80.6 billion by 2032, exhibiting a CAGR of 4.77% during the forecast period.
Automotive Component Forging Market Regional Insights
The regional segmentation of the Global Automotive Component Forging Market offers valuable insights into the geographic distribution of the industry. North America is expected to dominate the market in 2023, with a valuation of USD 18.59 billion, driven by the presence of major automotive manufacturers and a strong aftermarket. Europe follows closely, with a market value of USD 16.27 billion, supported by government initiatives promoting electric vehicles. APAC is projected to grow at a significant rate, reaching a value of USD 14.93 billion by 2032, due to the increasing demand for vehicles and components in emerging economies like China and India.South America and MEA are anticipated to have a combined market size of USD 6.81 billion in 2023, with potential for growth in the coming years.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Automotive Component Forging Market Key Players And Competitive Insights:
Major participants in Automotive Component Forging Market industry are engaged in continuous efforts to maintain a competitive position by investing in research and development, expanding the product portfolio, and creating strategic alliances. The major players of the Automotive Component Forging Market are focused on the development of lightweight and innovative components, as the demand for fuel-efficient vehicle increases.
The Automotive Component Forging Market industry is marked by a high degree of competition, as there are numerous established players and a number of emerging ones that compete to secure their market share. The Competitive Landscape of the Automotive Component Forging Market is expected to be dynamic, a trend associated with the continuous development of technology and the increase in the number of players entering the market.
CIE Automotive is one of the leading companies in the Automotive Component Forging Market. CIE automotive is a global supplier of automotive components and systems, including the forging segment. CIE Automotive has a great variety of capabilities in the field of forging, such as hot forging, cold forging, and precision forging. Its products are used in a wide range of automotive applications, such as powertrain, transmission, chassis, and body. It also has a diverse geographical presence in Europe, North America, and Asia. It is characterized by strong financial performance and innovativeness, which earns the reputation of a leading company in the Automotive Component Forging Market.
Another company, which is a competitor of a great repute, is Gestamp. Gestamp is a global provider of metal components and assemblies for the automotive industry. The company focuses on the forging segment, with a strong position in the hot forging, cold forging, and precision forging. The products are used in a wide variety of automotive applications, such as structural, body in white, closures, chassis and mechanisms. Gestamp has a strong global presence in Europe, North America, and Asia, and is committed to quality and innovation.
Key Companies in the Automotive Component Forging Market Include:
- Gestamp
- Dongfeng Motor Parts and Components Group
- Yanfeng Automotive Interiors
- Aisin Seiki
- HBPO
- Presstech
- Bharat Forge
- Unipres
- Thyssenkrupp
- Bohai Automotive Systems
- Accuride
- Toyota Tsusho
- Minth Group
- CIE Automotive
- Arconic
Automotive Component Forging Market Industry Developments
Recent advancements in the automotive industry, such as the growing adoption of electric vehicles and autonomous driving systems, are driving demand for high-performance and lightweight automotive components. Forging, a metalworking process that involves shaping metal under high pressure, is gaining traction as a preferred manufacturing method for these components due to its ability to produce complex shapes with enhanced strength and durability.
Key players in the global automotive component forging market are investing in research and development to optimize forging processes and materials. The integration of advanced technologies, such as artificial intelligence and machine learning, is enabling manufacturers to improve efficiency, reduce production time, and enhance product quality. The growing demand for lightweight vehicles is also fueling the adoption of aluminum and magnesium alloys in automotive component forging. These materials offer significant weight reduction advantages without compromising strength, making them ideal for applications such as engine components, suspension systems, and body panels.
In terms of regional markets, Asia-Pacific is expected to witness significant growth in the automotive component forging market due to the increasing production of automobiles in the region. China, in particular, is a major driver of market growth, with a large domestic automotive industry and a growing demand for high-quality automotive components.
Automotive Component Forging Market Segmentation Insights
Automotive Component Forging Market Component Type Outlook
- Engine Components
- Transmission Components
- Braking Components
- Chassis and Suspension Components
- Body and Frame Components
Automotive Component Forging Market Material Type Outlook
- Steel
- Aluminum
- Titanium
- Magnesium
- Carbon Fiber
Automotive Component Forging Market Vehicle Type Outlook
- Passenger Cars
- Commercial Vehicles
- Electric Vehicles
- Hybrid Vehicles
- Off-Highway Vehicles
Automotive Component Forging Market Manufacturing Process Outlook
- Open-Die Forging
- Closed-Die Forging
- Precision Forging
- Cold Forging
- Isothermal Forging
Automotive Component Forging Market Application Outlook
- Powertrain
- Transmission
- Suspension
- Braking
- Steering
Automotive Component Forging Market Regional Outlook
- North America
- Europe
- South America
- Asia Pacific
| Report Attribute/Metric |
Details |
| Market Size 2022 |
50.6(USD Billion) |
| Market Size 2023 |
53.02(USD Billion) |
| Market Size 2032 |
80.6(USD Billion) |
| Compound Annual Growth Rate (CAGR) |
4.77% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2023 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
Gestamp, Dongfeng Motor Parts and Components Group, Yanfeng Automotive Interiors, Aisin Seiki, HBPO, Presstech, Bharat Forge, Unipres, Thyssenkrupp, Bohai Automotive Systems, Accuride, Toyota Tsusho, Minth Group, CIE Automotive, Arconic |
| Segments Covered |
Component Type, Material Type, Vehicle Type, Manufacturing Process, Application, Regional |
| Key Market Opportunities |
Autonomous vehicle development Electric vehicle proliferation Lightweighting needs Growing demand for forged components in emerging markets Increasing adoption of advanced forging technologies |
| Key Market Dynamics |
Rising EV production Lightweighting trend Technological advancements Growing demand for commercial vehicles Stringent emission regulations |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The global Automotive Component Forging Market is projected to reach USD 80.6 billion by 2032, growing at a CAGR of 4.77% from 2023 to 2032.
Asia Pacific is expected to dominate the global Automotive Component Forging Market, accounting for a share of over 50% in 2032.
Rising demand for lightweight and fuel-efficient vehicles, increasing production of passenger cars, and growing adoption of advanced forging technologies are driving the growth of the global Automotive Component Forging Market.
Some of the key players in the global Automotive Component Forging Market include Aisin Seiki Co., Ltd., Thyssenkrupp AG, Gestamp Automocion, S.A., and CIE Automotive, S.A.
Technological advancements such as the development of new forging techniques and the use of advanced materials are expected to have a positive impact on the growth of the global Automotive Component Forging Market.
Key trends in the global Automotive Component Forging Market include the increasing use of lightweight materials, the adoption of advanced manufacturing technologies, and the growing demand for forged components in electric vehicles
Challenges faced by the global Automotive Component Forging Market include rising raw material costs, intense competition, and fluctuating demand from the automotive industry.
The outlook for the global Automotive Component Forging Market is positive, with increasing demand for lightweight and fuel-efficient vehicles expected to drive growth in the coming years.
Key growth opportunities for the global Automotive Component Forging Market include the development of new forging technologies, the use of advanced materials, and the growing demand for forged components in electric vehicles.
Potential risks for the global Automotive Component Forging Market include economic downturns, fluctuations in demand from the automotive industry, and rising raw material costs.
