Commercial Vehicle Component Forging Market – Global Industry Size, Share, Trends Opportunity, and Forecast, Segmented By Material Type (Aluminum, Steel, Others), By Component Type (Gears, Piston, Bearing, Axle, Connecting Rods, Crankshaft, Others), By Vehicle Type (LCV, M&HCV), By Region and By Competition 2021-2031F

Forecast Period	2027-2031
Market Size (2025)	USD 34.65 Billion
CAGR (2026-2031)	6.26%
Fastest Growing Segment	Steel
Largest Market	North America
Market Size (2031)	USD 49.88 Billion

Market Overview

The Global Commercial Vehicle Component Forging Market will grow from USD 34.65 Billion in 2025 to USD 49.88 Billion by 2031 at a 6.26% CAGR. Commercial vehicle component forging involves the manufacturing process of shaping metal using compressive forces to produce durable parts such as crankshafts, axles, and chassis components for trucks and buses. The market expansion is primarily supported by the escalating demand for logistics services and substantial investments in global infrastructure development which necessitate robust transport fleets to handle heavy loads. This consistent need for reliable commercial transport solutions underpins the requirement for high strength forged components that ensure vehicle longevity and performance. According to the European Automobile Manufacturers' Association, in 2024, new van registrations in the European Union increased by 8.3 percent to roughly 1.6 million units, reflecting the resilience and growing demand within the light commercial vehicle segment which directly bolsters the component forging industry.

A significant challenge impeding market expansion is the rapid global transition toward electric mobility and sustainable powertrains. Electric vehicles utilize simpler propulsion systems with significantly fewer moving parts compared to traditional internal combustion engines, which naturally reduces the volume of forged components required per vehicle. This structural shift compels forging manufacturers to invest heavily in lightweight materials and diversify their production capabilities to maintain relevance in an evolving automotive landscape that increasingly favors efficiency over mechanical complexity.

Key Market Drivers

Rising investment in infrastructure and construction activities fundamentally compels the commercial vehicle component forging market, as heavy-duty machinery requires high-strength parts to withstand extreme operational stress. Governments worldwide are prioritizing modernization projects, leading to a surge in the procurement of yellow goods and vocational trucks that utilize forged engine and chassis components for superior durability. This localized construction boom creates a sustained requirement for forged steel tracks, hydraulic cylinder bases, and transmission gears necessary for earthmoving applications. According to the Indian Construction Equipment Manufacturers Association, May 2024, in the 'Annual Industry Review', construction equipment sales in India surged by 26 percent to surpass 135,000 units in fiscal year 2024, highlighting the intensifying demand for robust machinery that relies heavily on forged manufacturing.

The expansion of global logistics and transportation sectors further amplifies market growth, driven by the escalating volume of freight and the necessity for reliable fleet operations. As supply chains densify, logistics providers are expanding their fleets, thereby increasing the consumption of forged axles, steering knuckles, and crankshafts which are essential for heavy-duty truck performance. According to the China Association of Automobile Manufacturers, July 2024, in the 'Production and Sales of Commercial Vehicles' update, commercial vehicle sales reached 2.068 million units in the first half of 2024, representing a year-on-year increase of 4.9 percent. This production volume underscores the critical role of forging in maintaining supply chain continuity. Furthermore, the economic scale of this sector remains vast; according to the American Trucking Associations, August 2024, in the 'American Trucking Trends 2024' report, the United States trucking industry generated USD 987 billion in gross freight revenues in 2023, signaling a continued capital outlay for fleet maintenance and new vehicle acquisition.

Download Free Sample Report

Key Market Challenges

The rapid transition toward electric mobility and sustainable powertrains presents a substantial structural barrier to the growth of the commercial vehicle component forging market. Electric propulsion systems function with significantly reduced mechanical complexity compared to traditional internal combustion engines. Consequently, essential forged components such as crankshafts, connecting rods, and complex transmission gears are eliminated from the vehicle architecture. This reduction in part count directly lowers the volume of forged steel required per unit, resulting in a decrease in revenue potential for manufacturers dependent on conventional powertrain supply chains.

The increasing adoption rate of alternative energy vehicles confirms this displacement of demand. According to the European Automobile Manufacturers' Association, in the first quarter of 2024, new registrations of electrically chargeable trucks in the European Union increased by 29.5 percent compared to the prior year. This statistical shift highlights a growing preference for platforms that utilize fewer forged heavy metal parts. As the industry moves toward these efficient architectures, the demand for high-tonnage forging meant for diesel engines faces a corresponding contraction.

Key Market Trends

Strategic Pivot Toward Electric Vehicle Drivetrain Components
Forging companies are increasingly shifting their product portfolios from internal combustion engine parts, such as crankshafts, to specialized components essential for electric commercial vehicles, including high-strength motor shafts and rotor spindles. This strategic realignment addresses the industry's critical need for efficient propulsion systems that can handle the high torque and load requirements of electric trucks while compensating for the reduction in traditional powertrain components. According to ZF Friedrichshafen AG, September 2024, in the 'IAA Transportation 2024: ZF further expands its position as a pacesetter of the commercial vehicle industry' press release, the company secured €5 billion in new orders for electrified driveline technologies and expects the production of electric drive systems to double over the next 12 months, highlighting the rapid scaling of EV component manufacturing.

Implementation of Sustainable and "Green Forging" Practices
In response to global decarbonization goals, the industry is accelerating "green forging" initiatives, which include the adoption of fossil-free steels and energy-efficient processing technologies to lower the embodied carbon of heavy-duty vehicles. These practices allow manufacturers to produce robust chassis and suspension components that meet stringent environmental standards without compromising structural integrity or performance. According to Volvo Trucks, September 2024, in the 'Volvo Trucks ramps up use of low-CO2-emission steel' press release, the company plans to integrate fossil-free steel into 12,000 trucks starting in 2025, a move that significantly reduces the carbon footprint of critical vehicle structures and underscores the market's commitment to sustainable manufacturing.

Segmental Insights

The Steel segment is projected to be the fastest-growing category in the Global Commercial Vehicle Component Forging Market due to the rising reliance on Advanced High-Strength Steel for heavy-duty applications. This material offers the optimal balance of fatigue resistance and cost-efficiency required for critical powertrain and chassis components that must endure high stress. Furthermore, compliance with rigorous emission targets set by authorities such as the Environmental Protection Agency necessitates these stronger yet lighter steel grades. This enables manufacturers to lower vehicle weight and improve fuel economy without compromising the structural durability essential for commercial logistics operations.

Regional Insights

North America dominates the Global Commercial Vehicle Component Forging Market due to its robust manufacturing infrastructure and high production volumes of light and heavy-duty trucks. This leadership is sustained by the presence of major original equipment manufacturers and a mature supply chain that prioritizes durable forged parts for critical structural applications. Furthermore, stringent emission and fuel economy standards enforced by the U.S. Environmental Protection Agency (EPA) compel the industry to adopt high-strength, lightweight forged components to enhance vehicle efficiency. This regulatory framework, combined with consistent freight demand, secures the region's position as the primary market for forged commercial vehicle components.

Recent Developments

• In October 2024, Bharat Forge Limited, a global leader in metal forming and commercial vehicle components, announced its decision to acquire AAM India Manufacturing Corporation, a subsidiary of American Axle & Manufacturing Holdings. This strategic acquisition was designed to expand the company's manufacturing capabilities and product portfolio within the commercial vehicle sector, particularly in the production of axles and suspension components. The transaction allows the company to further consolidate its position in the Indian market while enhancing its ability to serve global customers with a broader range of engineered drivetrain solutions.
• In June 2024, MM Forgings Limited revealed its plans to commence the production of electric vehicle motors through its subsidiary, Abhinava Rizel, marking a strategic diversification beyond its traditional forging business. The company announced it would focus on manufacturing powertrain components, including motors up to 100 kilowatts, gearboxes, and controllers, for two-wheelers, three-wheelers, and commercial vehicles. Simultaneously, the company affirmed its commitment to its core forging operations by targeting the production of 92,000 to 95,000 tons for the fiscal year, with a specific focus on heavy press components such as front axle beams, knuckles, and crankshafts.
• In May 2024, CIE Automotive announced the implementation of a new robotized production line at its CIE LT Forge facility in Marijampolė, Lithuania. The company, a major player in the global automotive component forging market, invested approximately €1 million in this modernization project to enhance operational efficiency and product quality. The new robotic line is designed to increase the output of forged products by up to 30% while reducing the physical strain on employees. This development aligns with the company's strategy to automate key processes and boost competitiveness in manufacturing steel components for automotive giants.
• In February 2024, Ramkrishna Forgings Limited, a leading supplier of rolled, forged, and machined products, secured a significant contract valued at approximately $13.16 million (Rs 109 crore) from the North American market. This strategic order involves the supply of rear axle components and services specifically for the off-highway sector over a period of four years. The agreement was aimed at strengthening the company's foothold in the North American region and underscores its commitment to delivering high-quality automotive components that drive performance in the commercial and industrial vehicle segments.

Key Market Players

• Accurate Steel Forgings (INDIA) Limited
• AICHI STEEL CORPORATION
• Alcoa Corporation
• Aluminum Precision Products
• Anderson Shumaker Company
• Arconic Inc
• Bharat Forge Limited
• Ellwood Group Inc.
• Kalyani Technoforge
• Kobe Steel, Ltd.

By Material Type	By Component Type	By Vehicle Type	By Region
Aluminum Steel Others	Gears Piston Bearing Axle Connecting Rods Crankshaft Others	LCV M&HCV	North America Europe Asia Pacific South America Middle East & Africa

Report Scope:

In this report, the Global Commercial Vehicle Component Forging Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

• Commercial Vehicle Component Forging Market, By Material Type:

• Aluminum
• Steel
• Others

• Commercial Vehicle Component Forging Market, By Component Type:

• Gears
• Piston
• Bearing
• Axle
• Connecting Rods
• Crankshaft
• Others

• Commercial Vehicle Component Forging Market, By Vehicle Type:

• LCV
• M&HCV

• Commercial Vehicle Component Forging Market, By Region:

• North America
• United States
• Canada
• Mexico
• Europe
• France
• United Kingdom
• Italy
• Germany
• Spain
• Asia Pacific
• China
• India
• Japan
• Australia
• South Korea
• South America
• Brazil
• Argentina
• Colombia
• Middle East & Africa
• South Africa
• Saudi Arabia
• UAE