Automotive Component Forging Market Size & Share, By Component Type (Engine Components, Transmission Components, Braking Components, Chassis, Suspension Components, Body, Frame Components), Material Type (Steel, Aluminum, Titanium, Magnesium, Carbon Fiber), Vehicle Type (Passenger Cars, Commercial Vehicles, Electric Vehicles, Hybrid Vehicles, Off-Highway Vehicles), Manufacturing Process (Open-Die Forging, Closed-Die Forging, Precision Forging, Cold Forging, Isothermal Forging), Application - Growth Trends, Regional Insights (U.S., Japan, South Korea, UK, Germany), Competitive Positioning, Global Forecast Report 2025-2034

Market Outlook:

Automotive Component Forging Market size is predicted to reach USD 89.21 billion by 2034, up from USD 55.29 billion in 2024, reflecting a CAGR of over 4.9% during the forecast period from 2025 to 2034. The industry revenue for 2025 is projected to be USD 57.48 billion.

• Base Year Value (2024): USD 55.29 Billion
• CAGR (2025-2034): 4.9%
• Forecast Year Value (2034): USD 89.21 Billion
• Historical Data Period: 2021-2024
• Largest Region: Asia Pacific
• Forecast Period: 2025-2034

Key Takeaways:

In terms of segmentation, the global Automotive Component Forging market is analyzed on the basis of Component Type, Material Type, Vehicle Type, Manufacturing Process, Application.

Market Dynamics:

Growth Drivers & Opportunities

The Automotive Component Forging Market is experiencing significant growth, primarily driven by the increasing demand for lightweight and fuel-efficient vehicles. As manufacturers seek to improve vehicle performance and compliance with stringent emission regulations, the adoption of forged components, which offer superior strength-to-weight ratios, is on the rise. This trend is further propelled by advancements in forging technology, which have led to more precise and efficient production processes, reducing waste and enhancing overall manufacturing capabilities.

Another key driver is the growing trend of electric vehicles (EVs), which require high-performance forged components to support their advanced technological systems. The shift towards EVs has created new opportunities for companies to innovate and cater to a market that prioritizes efficiency and performance. Additionally, the rising disposable income in emerging economies is contributing to the increased demand for automotive vehicles, subsequently boosting the need for various forged components in the automotive sector.

Furthermore, partnerships and collaborations between automotive manufacturers and forging companies are fostering innovation and expanding supply chains. These strategic alliances enable firms to leverage each other's strengths and develop new forging techniques and materials, ensuring a competitive edge in a rapidly evolving market. Sustainability is also becoming a focal point; companies that adopt eco-friendly forging practices are likely to attract a more environmentally conscious consumer base.

Report Scope

Report Coverage	Details
Segments Covered	Component Type, Material Type, Vehicle Type, Manufacturing Process, Application
Regions Covered	• North America (United States, Canada, Mexico) • Europe (Germany, United Kingdom, France, Italy, Spain, Rest of Europe) • Asia Pacific (China, Japan, South Korea, Singapore, India, Australia, Rest of APAC) • Latin America (Argentina, Brazil, Rest of South America) • Middle East & Africa (GCC, South Africa, Rest of MEA)
Company Profiled	Gestamp, Dongfeng Motor Parts and Components Group, Yanfeng Automotive Interiors, Aisin Seiki, HBPO, Presstech, Bharat Forge, Unipres, Thyssenkrupp, Bohai Automotive Systems, Accuride, Toyota Tsusho, Minth Group, CIE Automotive, Arconic

Industry Restraints:

Despite the promising growth prospects, the Automotive Component Forging Market is not without its challenges. One significant restraint is the high initial capital investment required for advanced forging machinery and technology. Smaller manufacturers may find it difficult to compete, as these costs can deter innovation and limit access to cutting-edge production techniques. This financial barrier can slow down market entry for new players and keep the competitive landscape relatively stagnant.

Moreover, fluctuations in raw material prices can adversely affect the profitability of forging companies. The cost of metals and alloys used in forging processes can be volatile, leading to uncertainty in pricing strategies and profit margins. Such instability can impact planning and budgeting for manufacturers, forcing them to make strategic adjustments that could hamper growth.

Additionally, the automotive industry is facing increasing pressure to adopt sustainable practices, which may involve significant changes to existing processes. Transitioning to greener methodologies can be resource-intensive and time-consuming, potentially causing disruptions in production. The need to comply with environmental regulations can also drive up operational costs, creating further challenges for companies focused on maintaining competitiveness while adhering to new standards.

Regional Forecast:

North America

The North American automotive component forging market is characterized by its advanced automotive manufacturing sector, particularly in the United States and Canada. The U.S. remains a dominant player due to the presence of major automotive manufacturers and suppliers who demand high-quality forged components. Key regions like Michigan and Ohio are at the forefront, where innovative technologies and efficient production methods are regularly adopted. Canada is also making strides, with its automotive industry benefiting from proximity to U.S. manufacturers and increasing investments in advanced manufacturing processes. The market in this region is expected to see steady growth driven by the rising demand for lightweight components and electric vehicles.

Asia Pacific

The Asia Pacific region, particularly countries like China, Japan, and South Korea, is projected to exhibit significant growth in the automotive component forging market. China is the largest market in this region, driven by its booming automotive sector, which is witnessing rapid expansion and a transition towards electric and hybrid vehicles. Japanese manufacturers are known for their precision and quality in forging technology, making Japan a key player, particularly for high-performance vehicles. South Korea, with its strong automotive industry, is also experiencing growth due to increasing demands for innovative forged automotive components. The combination of robust production capabilities and technological advancements positions Asia Pacific as a leading region for market dynamics.

Europe

In Europe, the automotive component forging market is significantly influenced by countries such as Germany, the UK, and France. Germany stands out as a powerhouse due to its established automotive industry, home to premium car manufacturers and a strong emphasis on engineering excellence. This positions Germany as a primary market for high-value forging applications. The UK is experiencing renaissance in automotive manufacturing with a push towards electric vehicles, spurring demand for advanced forged components. France also contributes to the market with its growing automotive sector and renewed focus on innovation and sustainability. The convergence of high-quality manufacturing processes and a strong regulatory framework regarding emissions and performance standards fosters continuous growth in the European automotive forging market.

Segmentation Analysis:

Automotive Component Forging Market by Component Type

The automotive component forging market is segmented into multiple categories based on component type, which include engine components, transmission components, braking components, chassis, suspension components, and body/frame components. Among these, engine components are expected to exhibit the largest market size due to the increasing demand for high-performance vehicles. Transmission components are also poised for significant growth due to advancements in transmission technology, improving efficiency and reliability. The braking components segment is gaining traction with the rise in safety standards, while chassis and suspension components are benefiting from trends towards lightweight vehicles, which enhance fuel efficiency. Body and frame components are witnessing steady demand driven by the overall production of automobiles and the push for durable structures.

Automotive Component Forging Market by Material Type

The material type segment is classified into steel, aluminum, titanium, magnesium, and carbon fiber. Steel dominates the market, primarily due to its high strength and cost-effectiveness, making it the preferred material for many automotive applications. Aluminum is witnessing rapid growth, particularly in the context of lightweight vehicle design, as it offers a favorable strength-to-weight ratio. Titanium is preferred in high-performance applications, however, its high cost restricts broad usage. Magnesium is emerging as a strong contender in the automotive sector due to its lightweight properties, which contribute to improved fuel efficiency. Carbon fiber, although still in its nascent stages in the automotive forging market, is expected to grow significantly as manufacturers seek to leverage its advanced properties in high-end vehicle segments.

Automotive Component Forging Market by Vehicle Type

Segmentation by vehicle type includes passenger cars, commercial vehicles, electric vehicles, hybrid vehicles, and off-highway vehicles. The passenger cars segment holds the largest market share fueled by continuous advancements and high demand in the consumer automotive sector. Electric vehicles are also experiencing rapid growth due to the global shift towards sustainable transportation, driving demand for lighter, more efficient forged components. Hybrid vehicles, while smaller in market size compared to passenger cars, are witnessing healthy growth rates as markets expand and technology advances. Commercial vehicles and off-highway vehicles present niche opportunities, particularly in applications demanding higher durability and load-bearing capabilities.

Automotive Component Forging Market by Manufacturing Process

The manufacturing process segments are open-die forging, closed-die forging, precision forging, cold forging, and isothermal forging. Closed-die forging is anticipated to dominate the market, owing to its capability to produce complex shapes with high precision, essential for automotive applications. Precision forging has also seen substantial growth traction driven by technological advancements and the need for heightened accuracy in component production. Open-die forging remains relevant for larger components but is expected to see slower growth due to the advantages offered by closed and precision forging techniques. Cold forging and isothermal forging are gaining attention for their specific applications within high-performance automotive components, contributing to overall market expansion.

Automotive Component Forging Market by Application

The application segment encompasses various functionalities within automotive manufacturing, including lightweight structures, durability enhancement, and performance improvement. Lightweight structures are gaining prominence, driven by regulatory pressures for fuel-efficient vehicles. Durability enhancement applications are crucial as manufacturers seek components that can withstand increased stress and performance demands. Performance improvement applications remain at the forefront, particularly in high-performance and luxury vehicles where stringent specifications dictate the use of advanced forging techniques and materials. These evolving applications will continue shaping the automotive component forging landscape as manufacturers adapt to changing market demands and technological innovations.

Competitive Landscape:

The competitive landscape in the Automotive Component Forging Market is characterized by numerous well-established players focused on innovation and technological advancements to enhance manufacturing processes and product quality. With the increasing demand for lightweight and high-strength components in automotive applications, companies are investing in state-of-the-art forging technologies and automated production lines. Strategic partnerships, mergers, and acquisitions are also prevalent as firms strive to expand their market presence and strengthen their supply chains. Moreover, the ongoing shift towards electric vehicles is prompting players to develop specialized components that cater to the new automotive paradigms, intensifying competition among manufacturers.

Top Market Players

1. Thyssenkrupp AG

2. American Axle & Manufacturing Holdings, Inc.

3. Dana Incorporated

4. Precision Castparts Corp.

5. Arconic Corporation

6. SKF Group

7. Gestamp Automoción S.A.

8. Hitachi Metals, Ltd.

9. Mahindra Forgings

10. Farinia Group