Automotive Forging Market to Grow at 4.8% CAGR over 2023 to 2030; Cummins Acquires Meritor to Gain Robust Footing

The global automotive forging market size stood at USD 45.92 billion in 2022. The market value is slated to rise from USD 49.11 billion in 2023 to USD 68.17 billion by 2030 at a CAGR of 4.8% during 2023-2030. The surge is due to the escalating demand for light and fuel-efficient vehicles. The deployment of metal forging helps in producing robust parts. Further, forged parts provide rigid and strong properties. This favors the adoption of the automotive forging process for vehicle manufacturing.

Fortune Business Insights™ presents this information in its report titled “Automotive Forging Market Size, Share & COVID-19 Impact Analysis, By Vehicle Type (Passenger Cars, Light Commercial Vehicles, Medium & Heavy Commercial Vehicles, Agriculture Machinery, Construction Equipment, and Others), By Material (Steel and Aluminum), By Application (Gears, Crankshaft, Pistons, Axle, Bearings, Connecting Rods, and Others) By Technology (Closed Die, Open Die, and Others) By Supplier Type (Local and International), and Regional Forecasts, 2023-2030”.

COVID-19 Pandemic Impacted Industry Expansion with Reduced Automotive Production

The market was negatively impacted by the coronavirus pandemic. The period witnessed the shutdown of manufacturing units, lockdown restrictions, and downturn in the automotive sector. The industry growth was further impacted by disruptions in supply chain and increasing prices of raw materials.

Cummins Acquired Meritor to Strengthen Industry Foothold

In February 2022, Cummins announced its takeover of Meritor, a leading provider of electric propulsion, aftermarket, powertrain, and brake mobility solutions for the industrial and commercial markets. The company acquired Meritor for a value of USD 3.7 billion.

The acquisition would allow Cummins to address vital challenges by deploying Meritor’s complementary strengths.

Market Share to Rise Owing to Increasing Automotive Sales

The key factors impelling the automotive forging market growth are the increasing urbanization and growing popularity of automobiles following the COVID-19 pandemic. This is further impelled by the escalating disposable income and growing preference for private transportation along with improving standard of living.

However, the industry expansion could be affected by the increasing penetration of electric vehicles. This is attributed to the fact that the vehicles have lesser mobile and forged parts. Besides, several government bodies are promoting the purchase of electric vehicles by offering subsidies and tax breaks.

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/automotive-forging-market-105153

Pivotal Companies Enter into Collaborations to Propel Industry Landscape

Leading market players ink partnership deals and agreements to strengthen the positions of their businesses. These comprise the growing involvement in trade conferences and an increase in research activities. For instance, in May 2022, Ramkrishna Forgings secured a USD 13.5 million multi-year contract for major chassis-related components and systems. These components will be primarily deployed for trucks, trailers, and buses in the U.S.

Key Players Profiled in the Report:

• ThyssenKrupp AG (Germany)
• CIE Automotive (Spain)
• NTN Corporation (Japan)
• American Axle and Manufacturing Inc. (U.S.)
• Bharat Forge Limited (India)
• Ramkrishna Forgings (India)
• Dana Limited (U.S.)
• Meritor Inc. (U.S.)
• ZF Friedrichshafen AG (Germany)

Notable Industry Development

• July 2022 – Siderforgerossi Group entered into an agreement for the acquisition of Grupo Euskal Forging S.L. and its subsidiaries. The acquisition will help the company in reaching a leading market position across onshore and offshore applications.

Further Report Findings

• The Asia Pacific market is poised to record considerable expansion over the study period. The rise is due to increasing investments by key players in the improvement of efficiency.
• The Europe automotive forging market share is set to register appreciable growth over the projected period. The surge is driven by favorable government rules.
• On the basis of vehicle type, the market is fragmented into passenger cars, construction equipment, light commercial vehicles, agricultural machinery, medium and heavy commercial vehicles, and others. Of these, the passenger cars segment is poised to exhibit substantial surge over the study period.
• On the basis of material, the market for automotive forging is categorized into aluminum and steel. The steel segment is set to register appreciable growth over the projected period.
• By application, the market is classified into connecting rods, axles, gears, crankshaft, bearings, and others. The axles segment is slated to depict commendable expansion over the estimated period.

Table of Segmentation