Automotive Forging Market to Grow with a CAGR of 5.14% in North America through to 2028
The major drivers for the North America
Automotive Forging Market include the region's robust automotive manufacturing
sector, the demand for lightweight and high-strength components to meet fuel
efficiency and emissions standards, and the focus on safety and performance,
driving the need for forged automotive parts in North America.
According to TechSci Research report, “North
America Automotive Forging Market - Industry Size, Share,
Trends, Competition Forecast & Opportunities, 2028”, the North
America Automotive Forging Market stood at USD 15 Billion in 2022 and is
anticipated to grow with a CAGR of 5.14% in the forecast period, 2024-2028. The
North America Automotive Forging Market is driven by several key factors.
Firstly, the stringent environmental regulations imposed by government
authorities are compelling automotive manufacturers to shift towards
lightweight and durable components. This shift not only helps in reducing the
overall weight of vehicles but also contributes to improved fuel efficiency and
reduced emissions. Additionally, the increasing demand for electric and hybrid
vehicles is further propelling the adoption of lightweight forged components,
as they play a crucial role in enhancing the performance and range of these
vehicles.
Secondly, advancements in technology have
revolutionized the forging industry, leading to the development of innovative
forging techniques. These techniques, such as precision forging and hot-die
forging, offer superior control over the shaping and properties of forged
components, resulting in enhanced strength, durability, and dimensional
accuracy. This technological progress is driving the growth of the Automotive
Forging Market in North America, as manufacturers strive to meet the evolving
demands of the automotive industry.
Lastly, the presence of key automotive players in
North America, including major OEMs and forging companies, is a significant
factor contributing to the expansion of the Automotive Forging Market. These
established players have extensive expertise in automotive forging and possess
well-established supply chains, enabling them to cater to the growing demand
for forged components in the region. Moreover, the increasing adoption of
vehicles in North America, driven by factors such as rising disposable income and
improved living standards, is further boosting the demand for automotive
forging.
In conclusion, the North America Automotive Forging
Market is experiencing steady growth due to the combination of stringent
environmental regulations, demand for lightweight and durable components,
technological advancements, and the presence of key automotive players. The
continuous evolution of the automotive industry and the increasing adoption of
advanced vehicles are expected to further drive the demand for automotive
forging in this region.
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America Automotive Forging Market”
The North America Automotive Forging Market is an
integral part of the region's thriving automotive manufacturing sector,
specializing in the production of high-strength and precision-engineered forged
components used in various types of vehicles. Forging, a metalworking process
that involves shaping metal through localized compressive forces, yields
components known for their exceptional strength, durability, and reliability.
These forged parts are indispensable to the functioning of multiple vehicle systems,
including the engine, transmission, suspension, and chassis.
One of the defining features of the North America
Automotive Forging Market is its close association with the robust automotive
manufacturing sector in the region. North America boasts a diverse array of
original equipment manufacturers (OEMs) and assembly plants responsible for the
production of a wide range of vehicles, from passenger cars and trucks to
commercial vehicles. This thriving automotive industry serves as the linchpin
of the Automotive Forging Market, driving a consistent demand for high-quality
forged components.
Within the North America Automotive Forging Market, a
diverse range of forged components is produced to cater to the varied needs of
the automotive sector. These components include crucial parts like crankshafts,
connecting rods, camshafts, gears, steering knuckles, and suspension
components. Importantly, they are used across different types of vehicles,
reflecting the adaptability of the industry to evolving automotive
technologies, including the growing prominence of electric and hybrid vehicles.
Technological advancements have significantly
transformed the forging process within the North America Automotive Forging
Market. Innovations in forging technology have brought about increased
precision and efficiency. With the aid of computer-aided design (CAD) and
computer-aided manufacturing (CAM) systems, complex component geometries can be
developed with incredibly tight tolerances. This technological progress has
resulted in the production of high-precision forged parts, meeting the
stringent requirements of modern vehicles.
In response to environmental regulations and consumer
demand for reduced emissions and improved fuel efficiency, the North America
Automotive Forging Market has embraced lightweighting as a critical trend.
Forging is instrumental in this endeavor, producing lightweight yet strong
components that contribute to vehicle lightweighting efforts. This helps
enhance fuel economy without compromising safety or performance, aligning with
the industry's commitment to sustainability and efficiency.
Safety and performance remain paramount in the North
America Automotive Forging Market. Forged components are renowned for their
structural integrity and durability, making them a natural choice for
safety-critical systems. These components find their way into critical vehicle
systems such as steering, suspension, and chassis components, reinforcing the
industry's unwavering emphasis on safety and performance.
Global competition is a hallmark of the North America
Automotive Forging Market. International forging companies vie with their North
American counterparts, with competition often revolving around
cost-effectiveness, quality, and technological innovation. To stay competitive,
North American forging firms prioritize delivering value-added solutions and
staying at the forefront of technological advancements.
Sustainability has gained prominence within the
industry, with forging operations inherently generating minimal material waste
and being highly recyclable. Many forging companies in North America are
actively adopting sustainability initiatives. These include responsible waste
management practices, energy-efficient manufacturing processes, and the use of
eco-friendly materials, aligning with the growing emphasis on environmental
responsibility.
Finally, the recent disruptions in global supply
chains have underscored the need for enhanced supply chain resilience. Forging
firms in North America are proactively working to strengthen their supply
chains by diversifying suppliers, localizing sourcing, and implementing
contingency plans, ensuring a reliable flow of raw materials and minimizing the
impact of unforeseen events on production schedules.
In summary, the North America Automotive Forging
Market is a vital and dynamic component of the region's automotive
manufacturing landscape. Its production of high-quality forged components
contributes significantly to vehicle safety, performance, and environmental
sustainability. As the industry continues to innovate and adapt to evolving
regulatory standards and consumer preferences, it plays a pivotal role in
shaping the future of North America's automotive sector.
Major companies operating in North America Automotive
Forging Market are:
- Nanjin Automobile Forging Co
Ltd
- ThyssenKrupp AG
- Bharat Forge Limited
- Meritor Inc
- Aichi Forge USA Inc
- Kovarna Viva
- CIE Automotive SA
- Dana Inc
- NTN Corporation
- American Axle &
Manufacturing Inc
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“The North America Automotive Forging Market is driven
by several key factors. Firstly, the stringent environmental regulations and
increasing demand for lightweight and durable components are major drivers.
Secondly, advancements in technology are leading to the development of
innovative forging techniques, further fueling the market growth. Lastly, the
presence of key automotive players and the increasing adoption of vehicles in
this region are contributing to the expansion of the Automotive Forging Market.”
said Mr. Karan Chechi, Research Director with TechSci Research, a
research-based management consulting firm.
“Automotive Forging Market – North
America Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028, Segmented Market By Material (Aluminium,
Steel, Others), By Component (Gears, Piston, Bearing, Axel, Connecting Roads,
Crankshaft, Others) and By Vehicle Type (Passenger Cars, Light Commercial
Vehicles, Heavy Commercial Vehicles), By Country,
Competition”, has evaluated the future growth potential of North America Automotive
Forging Market and provides statistics & information on market size,
structure and future market growth. The report intends to provide cutting-edge
market intelligence and help decision makers take sound investment decisions.
Besides, the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities in North America Automotive
Forging Market.
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