Automotive Forging Market by Vehicle Type (Passenger Cars, Light Commercial Vehicles, Medium & Heavy Commercial Vehicles, Agriculture Machinery, Construction Equipment, Others), by Material (Steel, Aluminum), by Application (Gears, Crankshaft, Pistons, Axle, Bearings, Connecting Rods, Others), by Technology (Closed Die, Open Die, Others), by Supplier Type (Local, International), by By Vehicle Type (Passenger Cars, Light Commercial Vehicles, Medium & Heavy Commercial Vehicles, Agricultural Machinery, Construction Equipment, Others), by Europe (U.K., Germany, France, Rest of Europe), by Asia Pacific (China, Japan, India, South Korea, Rest of Asia Pacific) Forecast 2024-2032
The Automotive Forging Market size was valued at USD 45.92 USD Billion in 2023 and is projected to reach USD 63.76 USD Billion by 2032, exhibiting a CAGR of 4.8 % during the forecast period. Forging is used to make a variety of components, including engine components, transmission components, and suspension components, among others. There are four types of forging, including impression die forging (closed die), open die forging, cold forging, and seamless rolled ring forging. They have a wide variety of benefits, including aligning the grain structure of the metal, resulting in a stronger, more durable product, improved fatigue resistance, increased dimensional accuracy and consistency, an improved surface finish, and more. They are used in various applications, such as automotive and aerospace components, hand and power tools, construction components, power generation and transmission components, medical devices, and others. Increasing importance on fuel efficiency and emission reduction, automotive manufacturers are turning to lightweight materials to improve the performance of vehicles. Forged components, known for their strength-to-weight ratio, are integral to lightweighting initiatives, driving demand for forged parts such as crankshafts, connecting rods, and gears.
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Material:
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Supplier Type:
Vehicle Type
Material
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Strengths
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Aspects | Details |
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Study Period | 2018-2032 |
Base Year | 2023 |
Estimated Year | 2024 |
Forecast Period | 2024-2032 |
Historical Period | 2018-2023 |
Growth Rate | CAGR of 4.8% from 2018-2032 |
Segmentation |
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Aspects | Details |
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Study Period | 2018-2032 |
Base Year | 2023 |
Estimated Year | 2024 |
Forecast Period | 2024-2032 |
Historical Period | 2018-2023 |
Growth Rate | CAGR of 4.8% from 2018-2032 |
Segmentation |
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Note* : In applicable scenarios
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