May 24, 2021 07:01 ET | Source: Fortune Business Insights Fortune Business Insights
Pune, India, May 24, 2021 (GLOBE NEWSWIRE) -- According to the report, the global automotive forging market size is expected to reach USD 56,801.7 million by 2030, exhibiting a CAGR of 5.0% between 2021 and 2030. The increasing demand for enriched vehicle engine performance. The increasing automation in manufacturing processes and adoption of innovative approaches by OEMs will boost the growth during the forecast period. The market size stood at USD 34,576.3 million in 2020. Most manufacturing facilities heavily rely on migrant laborers to operate machines and equipment. The shortage of laborers in many countries has caused enormous pressure on OEMs during the pandemic, thus contracting automotive forging business. As per the Association of Indian Forging Industry (AIFI), the lack of workers in automotive industries will inhibit the automotive business during the epidemic. However, increasing digitalization and smart manufacturing techniques will improve the prospects of this forging industry.
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Acquisition of Wabco Holdings by ZF Friedrichshafen AG to Consolidate Business
In June 2020, ZF Friedrichshafen AG, also known as ZF Group is a German automaker headquartered in Friedrichshafen, announced that it has acquired Wabco Holding, a leading American provider of electronic braking, stability, suspension, and transmission automation systems for heavy-duty commercial vehicles. The merger will unite two leading companies sharing a mission to improve commercial vehicle technology, thus catering to the customers. ZF's concentration will be to grow its commercial vehicle service portfolio on every front. Wabco Holdings New Commercial Vehicle Control Systems division engages nearby 12,000 people at 45 sites worldwide and will work meticulously with ZF's existing Commercial Vehicle Technology division. The division will boost the Commercial Vehicle Technology of ZF and reinforce its position in the market for automotive forging.
High Production of Passenger and Commercial Cars to Propel Market Due to urbanization and the surging middle-class population in developing nations, the demand for vehicles is snowballing, contributing effectively to the automotive forging market share. The need for low emission vehicles because of strict emission laws will aid the market growth. The market players are leveraging their technologies to produce advanced and fuel-efficient vehicles. The increasing competitiveness in the automotive industry will have a tremendous impact on the market. However, rising energy expenses, raw material costs, and unstable supply chain networks can hinder this forging industry. Besides, the struggle to bear extra expenses to produce high-end cars can diminish the automotive forging market growth.
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The Closed-die Segment to Hold the Largest Share
Based on material type, the market is classified into steel and aluminum. The steel segment is expected to hold the largest share globally due to its ability to design a stronger vehicle with forged components.
The aluminum segment is expected to hold a substantial share due to its exceptional properties such as lightweight and stronger durability.
Based on technology, the market is segmented into closed die, open die, and others. The closed die segment is expected to account for the largest share due to its low operational cost. Based on supplier type, the market is classified into local and international (import).
The market is divided into gear, crankshaft, piston, axle, bearing, connecting rods, and others based on application type.
The market is segmented into passenger cars, light commercial vehicles, medium & heavy commercial vehicles, agricultural machinery, construction equipment, and others based on vehicle type.
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Bharat Forge to Account for the Lion’s Share
Bharat Forge is a major producer and exporter of Auto Components in India. The company is focused on designing and innovating cutting-edge metal framing for the automotive, marine, oil and gas, railways, power, aerospace, and construction and mining industries. The company creates lightweight components with carbon while using less energy. Similarly, CIE Automotive, a provider of congregations and sub-gatherings for the automotive industry. The company utilizes aluminum, cylinder framing, plastic, machining, metal stepping, iron projecting, and forging for production. Currently, the company is rested at second position in the automotive forging industry.
A list of reputed Automotive Forging service providers operating in the global market:
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Global Automotive Forging Market Segmentation:
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