Growing commercial vehicle production, increasing automation and number of pre-forming units, and rising number of technological advancements to drive global automotive forging market through 2023

According to TechSci Research report, “Global Automotive Forging Market By Vehicle Type, By Material Type, By Application, By Region, Competition Forecast & Opportunities, 2013 – 2023”, the global automotive forging market is forecast to surpass $ 53 billion by 2023. Growing demand for commercial vehicles to support increasing number of construction and industrial projects, in addition to increasing technological advancements in automotive forging processes and rising demand for complex structures from auto manufacturers to boost the vehicle performance, are the key drivers aiding the global automotive forging market. As per a consumer survey conducted by TechSci Research, Bharat Forge is the most recognized automotive forging brand across the globe.

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Passenger cars account for more than half of the value share of the automotive forging market across the globe, owing to their high number of unit sales. However, medium & heavy commercial vehicle segment is anticipated to grow at the fastest rate during the forecast period, backed by increasing production capacity of auto manufacturers, which are also setting up new plants to meet the expanding demand, globally. Asia-Pacific is the largest demand generating region for automotive forging, owing to its large population base, growing automobile fleet and presence of large developing economies such as India and China. Owing to high weight and complexity of gears, which surges their manufacturing cost, gears are expected to maintain their market dominance in the global automotive forging market during the forecast period.

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“Bharat Forge, Thyssenkrupp, CIE Automotive and NTN Corporation are the market leaders in the global automotive forging market. Their continuing research & development operations and expansion activities are anticipated to intensify the market competition in the coming years. Moreover, increasing focus of the automakers towards producing lighter vehicles without comprising their integrity, along with growing preference of consumers towards high performance vehicles, which require complex structures of forged components, is expected to have a positive impact on the global automotive forging market over the course of next five years.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“Global Automotive Forging Market By Vehicle Type, By Material Type, By Application, By Region, Competition Forecast & Opportunities, 2013 – 2023” has analyzed the potential of automotive forging market across the globe, 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 global automotive forging market.

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