Forged Automotive Component Market
Forged Automotive Component Market Study by Gear, Crankshafts, Axles, Bearings, Pistons, CV Joints, Beams, Fittings & Flanges, Valve Bodies, and High-Pressure Valves from 2024 to 2034
Analysis of Forged Automotive Component Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Forged Automotive Component Market Outlook (2024 to 2034)
The global forged automotive component market size is projected to be valued at US$ 51.3 billion in 2024. Worldwide demand for forged automotive components is forecasted to rise at a steady CAGR of 4.9% and reach a market value of US$ 82.78 billion by 2034-end.
Forged automotive components refer to parts of a vehicle that have undergone the forging process to enhance their strength, durability, and performance. Forging is a manufacturing process that involves shaping metal by applying localized compressive forces. In the context of automotive components, this process is commonly used for shaping and forming various parts using materials such as steel, aluminum, or alloys.
Common examples of forged auto parts include gears, crankshafts, axles, bearings, pistons, steering knuckles, CV joints, beams, fittings and flanges, and valve bodies and high-pressure valves that play crucial roles in the overall performance and safety of the vehicle. Use of forged components contributes to the overall efficiency, longevity, and safety of automotive systems.
- Worldwide sales of forged automotive gears are forecasted to increase at 5.1% and reach US$ 16.05 billion by 2034-end.
Forged gears exhibit superior strength and durability compared to gears produced through other manufacturing processes. The automotive industry demands components that can withstand high loads, vibrations, and varying operating conditions. Forged auto gears are designed to be lighter than their counterparts made through alternative processes.
East Asia serves as a global manufacturing hub for various sectors, including automotive. The concentration of automotive production facilities and the region's strategic geographic location are contributing to the high demand for forged components to meet the needs of both domestic and international markets.
The automotive sector in East Asian countries is exhibiting significant growth. The expansion of both domestic and international automobile manufacturing is further leading to a high demand for high-quality forged auto components, including brake components.
- East Asia is projected to account for 39.3% of the global forged automotive component market share by 2034.
- The North American forged automotive component market size is forecasted to reach US$ 13.18 billion for 2024.
| Report Attributes | Details |
|---|---|
| Forged Automotive Component Market Size (2024E) | US$ 51.3 Billion |
| Forecasted Market Value (2034F) | US$ 82.78 Billion |
| Global Market Growth Rate (2024 to 2034) | 4.9% CAGR |
| Mexico Market Value (2024E) | US$ 672.5 Million |
| South Korea Market Value (2034F) | US$ 2.01 Billion |
| Forged Automotive Bearing Demand Growth (2024 to 2034) | 5.7% CAGR |
| Key Companies Profiled |
|
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Which Forged Automotive Component Market Trends are Manufacturers Capitalizing On?
“Forged Auto Components Ensuring Efficient Power Transmission in EVs”
Growing popularity of electric vehicles (EVs) is significantly reshaping the automotive manufacturing landscape. The distinctive characteristics of electric propulsion systems, such as high torque and efficiency, are influencing the demand for specialized forged components, particularly in drivetrain and power transmission systems.
Electric vehicles are known for their immediate and consistent torque delivery, a characteristic that distinguishes them from traditional internal combustion engine vehicles. To withstand the high torque generated by electric motors, components within the drivetrain, such as gears and shafts, need to exhibit exceptional strength and durability. Forged components, with their superior mechanical properties and fatigue resistance, are well-suited to meet the rigorous demands of electric drivetrains.
Efficiency of power transmission is critical in electric vehicles to ensure that the energy from the battery is effectively converted into motion. High-strength forged gears play a crucial role in this process by providing a robust and efficient means of transmitting power from the electric motor to the wheels. The precise engineering and strength-to-weight ratio of forged gears contribute to the overall efficiency and performance of the power transmission system in EVs.
“Technological Advancements Entailing Development of High-Performance Forged Auto Parts”
The forging industry is undergoing a significant transformation driven by continuous technological advancements. The integration of computer-aided design (CAD), simulation tools, and automated forging processes is revolutionizing traditional manufacturing practices. This adoption of cutting-edge technologies is enhancing the precision, efficiency, and cost-effectiveness of forging operations and leading to the development of high-quality forged components.
CAD technology enables precise digital modeling and design of forged components. This technology is helping manufacturers create detailed 3D models and allowing for accurate simulations and analyses before physical production begins. This level of precision in the design phase ensures that forged components meet strict specifications and quality standards.
Automation in forging processes reduces manual intervention and enhances production efficiency. Automated systems handle repetitive tasks with precision, leading to consistent quality in forged components. This high efficiency is crucial in meeting the growing demand for forged automotive components.
Which Challenges are Hurting the Profits of Forged Automotive Component Manufacturers?
“High Initial Investment and Limited Budget Flexibility”
While adoption of advanced forging technologies brings several benefits, it also presents challenges, especially for smaller manufacturers. The significant initial investment required to upgrade facilities and implement cutting-edge forging equipment can impose several limitations, potentially hindering the competitiveness of smaller players in the industry.
Upgrading to advanced forging technologies involves a substantial upfront financial investment. For smaller manufacturers with limited capital resources, this poses a significant financial strain. The cost of acquiring new equipment, implementing automation, and training personnel on modern technologies can be prohibitive.
Smaller manufacturers often operate on tighter budgets, leaving little room for absorbing the high costs associated with technological upgrades. This limitation impacts their ability to stay competitive and invest in research and development or explore new market opportunities.
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How are Startups Making a Mark in This Market?
“Focus on Employing Cutting-Edge Forging Techniques”
New companies can set themselves apart by focusing on innovation in forged automotive components. This may involve the development of unique designs, advanced materials, or forging techniques that enhance the performance, durability, or lightweight properties of components.
Innovative products help to attract the attention of customers seeking cutting-edge solutions. By offering distinct advantages over existing components, new companies can secure a niche market segment and establish a reputation for being at the forefront of technological advancements.
“Strategic Alliances and Partnerships Boosting Credibility of New Companies”
Forming strategic alliances and partnerships with established players, raw material suppliers, or research institutions can provide new companies with access to resources, expertise, and a broader network within the industry.
Collaborative efforts are foreseen to lead to shared knowledge, reduced production costs, and vast market reach. By aligning with key stakeholders, new manufacturers can accelerate their learning curve and gain credibility in the market.
Country-wise Analysis
According to Fact.MR, a market research and competitive intelligence provider, the forged automotive component market growth in the United States, Germany, and Japan is driven by a combination of industry-specific factors, including automotive manufacturing excellence, performance requirements, lightweighting initiatives, technological innovation, and a commitment to sustainability.
Why are Forged Automotive Components Gaining Traction in the United States?
“Rapid Automotive Sector Growth Pushing Sales of Forged Vehicle Parts”
| Attribute | United States |
|---|---|
| Market Value (2024E) | US$ 11.4 Billion |
| Growth Rate (2024 to 2034) | 4.9% CAGR |
| Projected Value (2034F) | US$ 18.37 Billion |
Robust growth of the automotive sector in the United States is a primary driver for the demand for high-strength forged automotive components. The continuous expansion of domestic and international automobile manufacturing is contributing to a steady need for high-quality forged auto parts.
Why are Forged Automotive Component Manufacturers Investing in Germany?
“Automotive Engineering Excellence Boosting Utilization of High-quality Forged Auto Parts”
Germany is renowned for its automotive engineering excellence, particularly in manufacturing high-performance and luxury vehicles. This emphasis on precision and performance is driving healthy demand for forged automotive components that can withstand the demands of premium vehicle applications.
What Makes Forged Automotive Components Made in Japan Highly Popular?
“Focus on Fuel Efficiency Prompting Production of Lightweight Forged Auto Components”
| Attribute | Japan |
|---|---|
| Market Value (2024E) | US$ 4.27 Billion |
| Growth Rate (2024 to 2034) | 4.5% CAGR |
| Projected Value (2034F) | US$ 6.66 Billion |
Fuel efficiency is a critical consideration in the Japanese automotive market. Forged components, known for their ability to contribute to lightweight and improve fuel efficiency, are gaining traction as Japanese automakers strive to meet stringent fuel economy standards.
Japanese automakers are pioneers in precision engineering and innovation. Demand for advanced forging technologies including computer-aided design and automated processes in Japan is driven by the need for precision and efficiency in the production of forged automotive components.
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Category-wise Analysis
Widespread usage of forged auto parts in passenger vehicles is driven by their inherent strengths, including superior durability, safety characteristics, weight reduction capabilities, precision engineering, customization options, cost-efficiency, and their positive impact on overall vehicle performance.
Why are Forged Automotive Components Widely Utilized in Passenger Vehicles?
“Forged Auto Components Contributing to Vehicle Stability and Passenger Safety”
| Attribute | Passenger Vehicles |
|---|---|
| Segment Value (2024E) | US$ 35.35 Billion |
| Growth Rate (2024 to 2034) | 5.1% CAGR |
| Projected Value (2034F) | US$ 58.14 Billion |
Forged auto parts are widely utilized in passenger vehicles across the automotive sector due to several key advantages offered by the forging process. These advantages align with the specific requirements of passenger vehicles, contributing to enhanced performance, safety, and overall efficiency.
Passenger vehicles prioritize safety, and forged auto parts excel in meeting stringent safety standards. The forging process aligns with safety requirements by producing components with high structural integrity and resistance to fatigue.
Key safety components, including steering and suspension parts, are often forged. These components play a critical role in maintaining vehicle stability, handling, and responsiveness, contributing to passenger safety in various driving scenarios. Weight reduction is a key consideration for improving fuel efficiency in passenger vehicles. Forged auto parts offer a high strength-to-weight ratio, allowing manufacturers to reduce the overall weight of the vehicle without compromising structural integrity.
Competitive Landscape
Key players in the forged automotive component market are employing several organic and inorganic strategies to earn more and achieve a competitive edge in the market. These include vertical integration, global market expansion, focus on the production of high-performance components, investment in R&D, strategic collaborations, adoption of advanced manufacturing technologies, brand building, efficient supply chain management, environmental sustainability, and continuous quality improvement.
Integration of these strategies allows market leaders to navigate industry dynamics, drive innovation, and consistently enhance their earnings over time.
Key Segments of Forged Automotive Component Market Research
-
By Component :
- Gears
- Crankshafts
- Axles
- Bearings
- Pistons
- Steering Knuckles
- CV Joints
- Beams
- Fittings and Flanges
- Valve Bodies and High-Pressure Valves
- Others
-
By Vehicle Type :
- Passenger Vehicles
- Commercial Vehicles
-
By Forging Process :
- Impression Die Forging
- Hydraulic Presses
- Mechanical Presses
- Hammers
- Cold Forging
- Open Die Forging
- Seamless Rolled Ring Forging
- Impression Die Forging
-
By Application :
- Power Train Components
- Chassis Components
- Transmission Parts
- Others
-
By Region :
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- Middle East & Africa
- FAQs -
What is the projected size of the forged automotive component market in 2024?
The global forged automotive component market is estimated at US$ 51.3 billion in 2024.
What are the forecasted sales of forged automotive components for 2034?
Sales of forged automotive components are forecasted to reach US$ 82.78 billion by the end of 2034.
What is the demand growth projection for forged automotive components?
Demand for forged automotive components is projected to rise at a CAGR of 4.9% from 2024 to 2034.
Who are the leading producers of forged automotive components?
Some of the leading companies are ThyssenKrupp AG, CIE Automotive, and NTN Corporation.
Which forged auto part accounts for higher sales?
Sales of forged automotive gears are projected to reach US$ 16.05 billion by the end of 2034.
At what rate are the sales of forged automotive components projected to rise in South Korea?
Sales of forged automotive components in South Korea are forecasted to increase at a CAGR of 4.9% through 2034.
Forged Automotive Component Market
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