Report Description Table of Contents The automotive forging market was worth USD 40 billion in 2023 and will be worth USD 55 billion by 2030, growing at a CAGR of 4.5% during the forecast period. The Automotive Forging market is growing due to the necessity of lightweight and high-strength automobile parts for higher fuel economy and enhanced performance. In 2023, the world production of automobiles exceeded 85 million units; automakers concentrated on the weight reduction of automobiles due to more stringent emission norms, mainly in the EU and North America. Forging produces stronger and lighter components compared to traditional casting or machining, making it ideal for critical parts like crankshafts, connecting rods, and gears. Recent development includes the rise of aluminum and advanced high-strength steel forgings, which help reduce the overall weight of electric and hybrid vehicles, enhancing their range and efficiency. For example, Tesla and other EV manufacturers increasingly use forged components to optimize performance while meeting sustainability goals. The growing demand for electric vehicles (EVs) and lightweight components is a significant opportunity in the Automotive Forging market. As the global electric vehicle (EV) market is expected to grow by more than 20% annually, there is a rising demand for higher-strength forged parts, aluminum, and high-strength steel components. These forged parts offer the advantage of reducing the overall vehicle weight, thus promoting electric vehicle expansion. A relatively new application has been the utilization of forged aluminum in electric drives used in automotive applications where weight saving is paramount to an automobile’s performance and fuel economy. For instance, to attain improved product reliability and optimize energy consumption, leading automotive companies such as BMW and Tesla utilize forged parts in their form of electric vehicles, thereby opening up a large growth segment. Market Segmentation By Material Type: Steel Aluminum Magnesium Titanium Others (Copper, Alloys) By Process Type: Closed Die Forging Open Die Forging Cold Forging Hot Forging Precision Forging By Application: Engine Components (Crankshafts, Connecting Rods, Pistons) Transmission Components (Gears, Shafts) Chassis Components (Control Arms, Knuckles, Links) Drivetrain Components (Axles, Differential Gears) Suspension Components Others (Braking Systems, Steering Systems) By Vehicle Type: Passenger Cars Light Commercial Vehicles (LCVs) Heavy Commercial Vehicles (HCVs) Electric Vehicles (EVs) By Region North America US Mexico Canada Rest of North America Europe Switzerland Russia France Germany U.K Finland Turkey Netherlands Belgium Spain Italy Rest of Europe Asia Pacific India China South Korea Japan Singapore Thailand Indonesia Malaysia Philippines Australia Rest of Asia-Pacific LAMEA Brazil Argentina Uruguay Saudi Arabia Rest of LAMEA Currently, the Asia-Pacific region holds the largest position in the Automotive Forging market due to the high production of automobiles and the presence of a solid industrial structure in the region. In 2023, China alone produced over 25 million vehicles, accounting for a significant portion of global vehicle production, which has fueled the demand for forged components in the region. The automotive industry in countries like India and Japan also contributes to the high demand for forging, as automakers prioritize strong, durable, and lightweight parts to improve vehicle efficiency. A recent development in the region includes the shift toward electric vehicles (EVs), where forged aluminum and high-strength steel components are increasingly used to reduce weight and enhance EV performance. For instance, Japanese car makers have embraced sophisticated forging techniques for electric drives and structures making Asia-Pacific ready for dominance in the market. Key Players Nippon Steel Corporation Thyssenkrupp AG Bharat Forge Limited Aichi Steel Corporation Arconic Inc. CIE Automotive Mahindra Forgings Europe AG China First Heavy Industries (CFHI) FAW Group Corporation Metaldyne Performance Group (MPG) Frequently Asked Question About This Report . Table of Contents 1. AUTOMOTIVE FORGING MARKET – PRODUCTION VOLUME BY REGION, (2024 – 2030) 1.1. North America 1.2. Europe 1.3. Asia Pacific 1.4. Latin America 1.5. Middle East & Africa 2. AUTOMOTIVE FORGING MARKET – REVENUE ($MILLION), BY REGION, (2024 – 2030) 2.1. North America 2.2. Europe 2.3. Asia Pacific 2.4. Latin America 2.5. Middle East & Africa 3. MARKET SHARE ANALYSIS – AUTOMOTIVE FORGING MARKET 3.1. Top 20 Players with Product Mix, Revenue, and Sales Volume 3.2. Market Share, 2023 3.3. Market By Process Type of Automotive Forging and End Use Outlook Analysis 4. HISTORIC TRENDS IN AUTOMOTIVE FORGING MARKET 5. EMERGING MARKET TRENDS 6. NORTH AMERICA AUTOMOTIVE FORGING MARKET ANALYSIS BY SEGMENT (COUNTRY-LEVEL ANALYSIS) 6.1. North America Automotive Forging Historical Market ($MILLION), (2017 – 2023) 6.2. North America Automotive Forging Market ($MILLION) and Forecasts (2024 – 2030) 6.3. North America Automotive Forging Market Type ($MILLION), and Forecasts (2024 – 2030), By Process Type 6.3.1. Closed Die Forging 6.3.2. Open Die Forging 6.3.3. Cold Forging 6.3.4. Hot Forging 6.3.5. Precision Forging 6.4. North America Automotive Forging Market Type ($MILLION), and Forecasts (2024 – 2030), By Material Type 6.4.1. Steel 6.4.2. Aluminum 6.4.3. Magnesium 6.4.4. Titanium 6.4.5. Others (Copper, Alloys) 6.5. North America Automotive Forging Market Type ($MILLION), and Forecasts (2024 – 2030), By Application 6.5.1. Engine Components (Crankshafts, Connecting Rods, Pistons) 6.5.2. Transmission Components (Gears, Shafts) 6.5.3. Chassis Components (Control Arms, Knuckles, Links) 6.5.4. Drivetrain Components (Axles, Differential Gears) 6.5.5. Suspension Components 6.5.6. Others (Braking Systems, Steering Systems) 6.6. North America Automotive Forging Market Type ($MILLION), and Forecasts (2024 – 2030), By Vehicle Type 6.6.1. Passenger Cars 6.6.2. Light Commercial Vehicles (LCVs) 6.6.3. Heavy Commercial Vehicles (HCVs) 6.6.4. Electric Vehicles (EVs) 6.7. North America Automotive Forging Market Type ($MILLION), and Forecasts (2024 – 2030), By Geography 6.7.1. USA 6.7.2. Canada 6.7.3. Rest of North America 7. USA AUTOMOTIVE FORGING MARKET ANALYSIS BY SEGMENT (COUNTRY-LEVEL ANALYSIS) 8. EUROPE AUTOMOTIVE FORGING MARKET ANALYSIS BY SEGMENT (COUNTRY-LEVEL ANALYSIS) 8.1. Europe Automotive Forging Historical Market ($MILLION), (2017 – 2023) 8.2. Europe Automotive Forging Market ($MILLION) and Forecasts (2024 – 2030) 8.3. Europe Automotive Forging Market Type ($MILLION), and Forecasts (2024 – 2030), By Process Type 8.4. Europe Automotive Forging Market Type ($MILLION), and Forecasts (2024 – 2030), By Material Type 8.5. Europe Automotive Forging Market Type ($MILLION), and Forecasts (2024 – 2030), By Application 8.6. Europe Automotive Forging Market Type ($MILLION), and Forecasts (2024 – 2030), By Vehicle Type 8.7. Europe Automotive Forging Market Type ($MILLION), and Forecasts (2024 – 2030), By Geography 8.7.1. Germany 8.7.2. France 8.7.3. UK 8.7.4. Italy 8.7.5. Spain 8.7.6. Rest of Europe 9. APAC AUTOMOTIVE FORGING MARKET ANALYSIS BY SEGMENT (COUNTRY-LEVEL ANALYSIS) 9.1. APAC Automotive Forging Historical Market ($MILLION), (2017 – 2023) 9.2. APAC Automotive Forging Market ($MILLION) and Forecasts (2024 – 2030) 9.3. APAC Automotive Forging Market Type ($MILLION), and Forecasts (2024 – 2030), By Process Type 9.4. APAC Automotive Forging Market Type ($MILLION), and Forecasts (2024 – 2030), By Material Type 9.5. APAC Automotive Forging Market Type ($MILLION), and Forecasts (2024 – 2030), By Application 9.6. APAC Automotive Forging Market Type ($MILLION), and Forecasts (2024 – 2030), By Vehicle Type 9.7. APAC Automotive Forging Market Type ($MILLION), and Forecasts (2024 – 2030), By Geography 9.7.1. China 9.7.2. Japan 9.7.3. South Korea 9.7.4. India 9.7.5. Australia 9.7.6. Rest of APAC 10. LATIN AMERICA AUTOMOTIVE FORGING MARKET ANALYSIS BY SEGMENT (COUNTRY-LEVEL ANALYSIS) 10.1. Latin America Automotive Forging Historical Market ($MILLION), (2017 – 2023) 10.2. Latin America Automotive Forging Market ($MILLION) and Forecasts (2024 – 2030) 10.3. Latin America Automotive Forging Market Type ($MILLION), and Forecasts (2024 – 2030), By Process Type 10.4. Latin America Automotive Forging Market Type ($MILLION), and Forecasts (2024 – 2030), By Material Type 10.5. Latin America Automotive Forging Market Type ($MILLION), and Forecasts (2024 – 2030), By Application 10.6. Latin America Automotive Forging Market Type ($MILLION), and Forecasts (2024 – 2030), By Vehicle Type 10.7. Latin America Automotive Forging Market Type ($MILLION), and Forecasts (2024 – 2030), By Geography 10.7.1. Brazil 10.7.2. Argentina 10.7.3. Rest of Latin America 11. COMPANY PROFILES: 11.1. Nippon Steel Corporation 11.1.1. Company Overview 11.1.2. Company Snapshot 11.1.3. Operating business segments 11.1.4. Product offered and Revenue 11.1.5. Production & Sales 11.2. Thyssenkrupp AG 11.3. Bharat Forge Limited 11.4. Aichi Steel Corporation 11.5. Arconic Inc. 11.6. CIE Automotive 11.7. Mahindra Forgings Europe AG 11.8. China First Heavy Industries (CFHI) 11.9. FAW Group Corporation 11.10. OTHER MARKET PLAYERS