Automotive Forging Market ZF Friedrichshafen AG, Bharat Forge Limited, NTN Corporation, American Axle & Manufacturing, Inc., Meritor Inc., ThyssenKrupp AG, CIE Automotive, S.A., Dana Inc., Nanjin Automobile Forging Co., Ltd., and Ramkrishna Forgings among others. To enhance their market share in the global Automotive Forging market, the key vendors are now focusing on adopting the prominent strategies such as recent developments, product innovation, mergers & acquisitions, joint venture, collaborations, and partnership.
Pune India, April 25, 2022 (GLOBE NEWSWIRE) -- Automotive Forging market is anticipated to grow at a steady growth rate over the forecast period, owing to increased automotive production across the globe due to rising demand for luxury vehicle models and heavy-duty vehicles. Forging is the manufacturing process mainly associated with the shaping of metal by applying compressive forces such as hammering, pressing, or rolling. In automotive industry the forging process involves manufacturing of different automotive components such as engine parts (including connecting rods, crankshaft, camshaft, and piston among others), chassis, bearings, gears, and others. According to the required mechanical properties, automotive forging process is carried out on materials either in cold or hot state.
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The steel segment led the automotive forging market and valued at USD 23.85 Billion in 2020. This is mainly due ability of steel to design a stronger vehicle with the forged components. In addition to this, its extensive availability and high resilience boosts growth of the segment size.
The closed die segment led the automotive forging market and valued at USD 1.44 Billion in 2020. The number of benefits offers by closed die forging including enhanced surface finish and superior mechanical properties, cost-effectiveness for large production, and ability to reproduce nearly any shape and/or size primarily drives growth of the segment.
The engine components segment accounted for the largest market share and valued at USD 11.86 Billion in 2020. Growth of this segment is mainly driven by increasing demand for improved vehicle engine performance and high quality forging of engine parts including connecting rods, crankshaft, camshaft, and piston among others.
The passenger car segment accounted for the largest market share and valued at USD 12.93 Billion in 2020. Increasing disposable income of end users primarily drives growth of this segment. However, lightweight commercial vehicle segment is expected to witness highest growth rate during the forecast period.
The regions analyzed for the market include North America, Europe, South America, Asia Pacific, and Middle East and Africa. The Asia-Pacific region emerged as the largest market for the Automotive Forging market and valued at USD 12.43 Billion in 2020. A number of factors such as increasing disposable income of populations, rapidly growth in automotive industry in China, rapid economic growth, rising urbanization and industrialization, and ongoing development for infrastructure across the countries such as India, China and Indonesia boosts demand for the Automotive Forging in Asia-Pacific.
Key players operating in the global automotive forging market ZF Friedrichshafen AG, Bharat Forge Limited, NTN Corporation, American Axle & Manufacturing, Inc., Meritor Inc., ThyssenKrupp AG, CIE Automotive, S.A., Dana Inc., Nanjin Automobile Forging Co., Ltd., and Ramkrishna Forgings among others. To enhance their market share in the global Automotive Forging market, the key vendors are now focusing on adopting the prominent strategies such as recent developments, product innovation, mergers & acquisitions, joint venture, collaborations, and partnership.
For instance, in November 2020, Dana Incorporated announced the purchase of a portion of the thermal-management business of Modine Manufacturing Company's automotive segment. This acquisition strengthens Dana's Power Technologies business unit.
In August 2019, ThyssenKrupp, one of the leading market players invested €80 million for building the one of the most advanced forging line in Homburg, in Germany.
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Global Automotive Forging Market by Material:
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About the report: This research report gives detailed data about the major factors influencing the growth of the Automotive Forging market at the national and local level forecast of the market size, in terms of value, market share by region, and segment; regional market positions; segment and country opportunities for growth; Key company profiles, SWOT, product portfolio and growth strategies. It studies the market essential sides such as top participants, expansion strategies, business models, and other market features to improve market insight.
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