Global Automotive Forging Market is Expected to Reach US $59,408.52 MN By Forecast Year 2028
By: AB Newswire
September 23, 2021 at 12:52 PM EDT
Automotive Forging Market Data And Industry Growth Analysis | Stratistics Market Research ConsultingAutomotive Forging Market size is expected to grow from US $ 34,576.30 MN in 2020 to US $ 59,408.52 MN by 2028, at a CAGR of 7.0%.
The market report “Automotive Forging Market by Vehicle Types (Passenger Cars, Agricultural Machinery and Construction Equipment), Supplier Types (Local and International (Import)), Forging Materials (Alloy Steel, Aluminum, Iron and Microalloyed Steel), Components (Drive Components, Engine Components, Powertrain Components, Steering/chassis components and Transmission components), Technologies (Closed Die, Open Die and Rolled Rings), Applications (Axel, Bearing, Connecting Roads, Crankshaft, Gears and Piston), Marketing Channels (Direct Marketing and Indirect Marketing), and Region – Forecast to 2028”. The automotive forging market is growing at a CAGR of 7.0% by 2028, owing to adoption of innovative approaches by original equipment manufacturers (OEM).
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Based on technology the closed die segment is estimated to grow at highest CAGR segment during the study period.On the basis of technology the market is categorised into closed die, open die and rolled rings. Closed Die is estimated to be the fastest growing market segment owing to their low operational cost benefits and also they can be used to forge for almost all metals. Additionally it improves lead time for overall manufacturing process.
Based on vehicle type, the passenger cars segment is anticipated to grow faster during the forecast period.On the basis of vehicle type, the market is segmented into passenger cars, agricultural machinery and construction equipment. Passenger Cars segment is projected to grow faster during the forecast period due to their rising sales, increasing disposable income of end users and production in developing countries. It is anticipated that this trend is liable to follow during the forecast period.
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By geography, Europe is expected to dominate the market On the basis of geography, the market is segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. Europe holds a dominant position in the automotive forging market. This is mainly attributed by the rising adoption of smart production methods. The regional market growth is attributable by the growing implementation of alternative production methods in automotive forging business, which has witnessed a surge in growth for the period. Moreover, government regulations that support the production of locally manufactured forged components are also contributing to the market for components, and are projected to upsurge the automotive forging market growth in European countries during the forecast period.
The key players in this market are Aichi Forge Usa Inc, American Axle & Manufacturing Inc, Bharat Forge Limited, Byd Company Limited, Cfs Machinery Co Ltd, Cie Automotive S.A.Dana Inc, Farinia Group, Jvr Forging, Kovárna Viva, Meritor Inc, Nanjin Automobile Forging Co Ltd Ntn Corporation, Ramakrishna Forgings and Thyssenkrupp Ag company.
The research provides in-depth analysis of the global Automotive Forging Market numerous growth opportunities and segmentation by types, applications, end-users, and geography. In terms of drivers, restraints, opportunities, trends, and the competitive landscape, the research provides a solid platform for users who want to enter the global market. The study also goes into great detail about the supply and demand analyses, as well as main industry players' participation and market share growth data. The sales margin, pricing, revenue share, and gross margin are all calculated in detail. The report contains an accurate simulation of industry insight, smart solutions, practical solutions, and the latest technology to provide a better user experience. The global Automotive Forging Market market research includes a complete breakdown of regional break-up, status, leading growth rate, country market shares, and future technologies.
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