Forged Automotive Component Market Forecasts, Market Trends and Impact Analysis (2024 - 2031)
The "Forged Automotive Component Market" is focused on controlling cost, and improving efficiency. Moreover, the reports offer both the demand and supply aspects of the market. The Forged Automotive Component market is expected to grow annually by 14.1% (CAGR 2024 - 2031).
This entire report is of 169 pages.
Forged Automotive Component Introduction and its Market Analysis
The Forged Automotive Component market research report analyzes the current market conditions and future trends of forged automotive components. Forged Automotive Components are metal parts that are created through the process of forging, resulting in higher strength and durability than cast or machined parts. The target market for Forged Automotive Components includes automotive manufacturers and suppliers. Major factors driving revenue growth in the market include increasing vehicle production, demand for lightweight and fuel-efficient vehicles, and stringent emission norms. Key players in the market include Kalyani, Om Forge, TBK, and Thyssenkrupp Forging. The report’s main findings indicate a growing demand for forged automotive components, driven by technological advancements and a focus on sustainability. Recommendations include investing in research and development to stay ahead of the competition and expanding into emerging markets to capitalize on growth opportunities.
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The Forged Automotive Component market is experiencing significant growth, driven by the demand for high-quality components such as gears, crankshafts, axles, bearings, pistons, and steering knuckles. These components are essential for heavy commercial vehicles, light commercial vehicles, and passenger vehicles. The market is segmented based on the application of these components in different types of vehicles.
Regulatory and legal factors specific to market conditions play a crucial role in the Forged Automotive Component industry. Manufacturers must adhere to strict quality and safety standards to ensure the components meet the required specifications. Additionally, regulations governing emissions, fuel efficiency, and vehicle safety also impact the market dynamics.
Overall, the Forged Automotive Component market continues to evolve, driven by technological advancements, increasing vehicle production, and shifting consumer preferences. Manufacturers must stay abreast of regulatory changes and market trends to remain competitive in this rapidly changing industry.
Top Featured Companies Dominating the Global Forged Automotive Component Market
The forged automotive component market is highly competitive and fragmented, with several key players dominating the industry. Companies such as Kalyani, Om Forge, Super Auto Forge Private, GAZ, TBK, El Forge, Schweiger fulpmes, Nippon Steel & Sumitomo Metal, Thyssenkrupp Forging, Agrasen Engineering Industries, Advance Forgings, SDF Automotive, Happy Forgings, Indo Schottle Auto Parts, and Mueller Brass are some of the leading players in the market.
These companies manufacture a wide range of forged automotive components such as crankshafts, connecting rods, camshafts, gears, and axles, which are essential for the smooth functioning of vehicles. Their products are used in various automotive applications, including passenger cars, commercial vehicles, and off-highway vehicles.
These companies help grow the forged automotive component market by investing in research and development to innovate new products and technologies, expanding their production capabilities, and forming strategic partnerships with automotive OEMs. They also focus on improving their manufacturing processes to enhance the quality and performance of their products, thereby gaining a competitive edge in the market.
Some of the above-listed companies, such as Kalyani and Thyssenkrupp Forging, have reported significant sales revenue in the forged automotive component market. For example, Kalyani reported sales revenue of $ billion in 2020, while Thyssenkrupp Forging reported sales revenue of $3.5 billion in the same year. These figures demonstrate the strong market presence and financial performance of these companies in the forged automotive component market.
- Kalyani
- Om Forge
- Super Auto Forge Private
- GAZ
- TBK
- El Forge
- Schweiger fulpmes
- Nippon Steel & Sumitomo Metal
- Thyssenkrupp Forging
- Agrasen Engineering Industries
- Advance Forgings
- SDF Automotive
- Happy Forgings
- Indo Schottle Auto Parts
- Mueller Brass
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Forged Automotive Component Market Analysis, by Type:
- Gears
- Crankshaft
- Axle
- Bearing
- Piston
- Steering Knuckle
Forged gears, crankshafts, axles, bearings, pistons, and steering knuckles are some of the common types of forged automotive components. These components are manufactured through a process of shaping and compressing metal under high pressure, resulting in improved strength, durability, and performance. The demand for forged automotive components is boosted by their ability to withstand extreme operating conditions, reduce weight, improve fuel efficiency, and enhance overall vehicle safety. Additionally, the growing trend of lightweight materials in the automotive industry further drives the demand for forged components due to their high strength-to-weight ratio.
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Forged Automotive Component Market Analysis, by Application:
- Heavy Commercial Vehicles
- Light Commercial Vehicles
- Passenger Vehicles
Forged automotive components are used in heavy commercial vehicles, light commercial vehicles, and passenger vehicles for their durability, strength, and reliability. These components are essential for ensuring the safety and performance of the vehicles. In heavy commercial vehicles, forged components such as crankshafts and front axles are crucial for handling heavy loads. In light commercial vehicles, components like connecting rods and gears are used for improved efficiency. In passenger vehicles, forged components like suspension parts and steering knuckles are used for a smoother ride. The fastest growing application segment in terms of revenue is in passenger vehicles due to increasing demand for fuel-efficient and technologically advanced vehicles.
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Forged Automotive Component Industry Growth Analysis, by Geography:
North America:
- United States
- Canada
Europe:
- Germany
- France
- U.K.
- Italy
- Russia
Asia-Pacific:
- China
- Japan
- South Korea
- India
- Australia
- China Taiwan
- Indonesia
- Thailand
- Malaysia
Latin America:
- Mexico
- Brazil
- Argentina Korea
- Colombia
Middle East & Africa:
- Turkey
- Saudi
- Arabia
- UAE
- Korea
The forged automotive component market is experiencing significant growth in various regions. North America, especially the United States and Canada, is witnessing a rise in demand for high-quality forged automotive parts. In Europe, countries like Germany, France, the ., Italy, and Russia are driving market growth. Asia-Pacific, with key players in China, Japan, South Korea, India, Australia, Indonesia, Thailand, and Malaysia, is expected to dominate the market with a substantial market share. Latin America, including Mexico, Brazil, Argentina, and Colombia, is also showing promising growth. The Middle East & Africa, with countries like Turkey, Saudi Arabia, UAE, and Korea, are expected to see increasing market share in the coming years. Overall, Asia-Pacific is anticipated to hold the largest market share in the forged automotive component market, followed by North America and Europe.
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