Strong Commercial Vehicle Sales to Push North America Automotive Forging Market to $ 4.8 Billion by 2023
Growing
construction and industrial sectors coupled with increasing vehicle production
and population and technological advancements in automotive forging processes
to drive North America automotive forging market through 2023
According to TechSci Research report, “North
America Automotive Forging Market By Vehicle Type, By Material Type, By
Application, By Country, Competition Forecast & Opportunities, 2013 – 2023”, automotive forging market across the region is
forecast to reach $ 4.9 billion by the end of 2023. Technological advancements,
growing vehicle fleet and sales, and rising demand for complex structures from
auto manufacturers to boost the vehicle performance are expected to have a
positive impact on the region’s automotive forging market during forecast
period. Additionally, growth in the market is anticipated to be driven by
increasing number of pre-forming units and declining raw material prices.
Browse 29 market data
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America Automotive Forging Market"
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Capturing more than 50% value share, light
commercial vehicle segment dominated the region’s automotive forging market in
2017. Owing to growing sales of light commercial vehicles and rising
investments in construction and industrial sectors in North America, demand for
automotive forging from this segment of vehicles is anticipated to grow at a
robust pace. Moreover, medium & heavy commercial vehicle segment is
expected to exhibit the fastest growth rate in the coming years.
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“Growing demand for automotive forging
components and rising investments in forging industry by major players is
expected to drive the North American automotive forging market in the coming
years. This in addition to rising sales of commercial vehicles and increasing
investments by major players in research & development activities to launch
technology advanced products would further
aid market growth during the forecast period.”, said Mr. Karan Chechi, Research
Director with TechSci Research, a research based global management consulting
firm.
“North
America Automotive
Forging Market By Vehicle Type, By Material Type, By Application, By
Country, Competition Forecast & Opportunities, 2013 – 2023” has analyzed potential of automotive forging market
across the region, and provides statistics and information on market size,
shares and trends. The report will suffice in providing the intending clients
with cutting-edge market intelligence and help them in taking sound investment
decisions. Besides, the report also identifies and analyzes emerging trends
along with essential drivers and key challenges faced by the North America
automotive forging market.
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