Asia Pacific Automotive Forging Market By Vehicle Type (Passenger Car, Commercial Vehicle, Two-Wheeler), By Component (Gears, Piston, Bearing, Axel, Connecting Rods, Crankshaft, Others), By Country, Competition, Opportunities & Forecast, 2020-2030F
Market Overview:
Asia Pacific Automotive Forging Market was valued at USD 24.80 Billion in 2024 and is expected to reach USD 31.09 Billion by 2030 with a CAGR of 3.84% during the forecast period. The Asia Pacific automotive forging market is experiencing robust momentum due to rising vehicle production volumes and increasing demand for high-strength, lightweight components that enhance fuel efficiency and vehicle performance. The push toward fuel economy and emission reductions is encouraging manufacturers to opt for forged parts over cast or machined alternatives, especially in powertrain, chassis, and transmission systems. Technological advancements such as precision forging and automated die manufacturing are improving dimensional accuracy, reducing waste, and streamlining production processes.
Market Drivers
Growing Vehicle Production Across Segments
The increase in vehicle production across various automotive segments—passenger cars, light commercial vehicles, and heavy-duty trucks—boosts the demand for forged components. These parts are integral to the structural and functional integrity of vehicles, including drivetrain, engine, and transmission systems. As global vehicle manufacturers scale operations to meet rising demand for mobility, forging companies are benefiting from increased orders for both standard and precision-engineered parts. For instance, global vehicle sales reached 92.4 million units in 2023, marking a 10.8% increase from 2022. The strong sales growth, bolstered by an 11% rise in December, signals increasing demand and production. The continuous upward trend in global vehicle sales reflects robust recovery and heightened consumer demand across key markets, including North America, Europe, and Asia. This surge highlights the automotive industry's resilience and adaptability, indicating a promising outlook for the sector.
Key Market Challenges
High Capital Investment Requirements
Forging operations demand substantial capital investment in machinery, tooling, and infrastructure. High-tonnage presses, sophisticated die systems, and heat treatment facilities are essential for producing high-quality automotive forgings. The cost of acquiring and maintaining such equipment poses a barrier for new entrants and small-scale manufacturers. In addition to equipment, forging requires precise temperature control and process parameters, which further escalates energy costs. Setting up in-house forging capabilities also demands specialized knowledge and skilled operators, whose availability is often limited.
Key Market Trends
Rising Use of Forged Parts in Electric Vehicles
As electric vehicle production expands, the demand for forged components is rising in areas such as electric drivetrains, suspension systems, and battery casings. EVs require components that offer high strength-to-weight ratios to support battery loads without compromising on safety or durability. Forged aluminum and high-strength steel parts are being designed to meet these requirements, offering reduced weight along with enhanced mechanical integrity. Unlike internal combustion engine vehicles, EVs concentrate torque delivery, which increases the load on components such as axles and gears, necessitating stronger parts that forged processes are well-suited to produce. For instance, global electric vehicle (EV) sales surged by 49% in the first half of 2023, reaching 6.2 million units. EVs now account for 16% of global light vehicle sales, with China leading at 55% of the market share. Europe and the U.S. followed, showing strong growth, especially in the latter’s 97% year-on-year increase. Tesla and BYD dominate global sales, with Tesla's Model Y leading, and BYD witnessing impressive sales growth. The overall market has grown by almost 39% in 2023, reinforcing the EV sector's transformative momentum.
Key Market Players
In this report, the Asia Pacific Automotive Forging Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:
Company Profiles: Detailed analysis of the major companies presents in the Asia Pacific Automotive Forging Market.
Available Customizations:
Asia Pacific Automotive Forging Market report with the given market data, TechSci Research offers customizations according to the company’s specific needs. The following customization options are available for the report:
Company Information
Asia Pacific Automotive Forging Market was valued at USD 24.80 Billion in 2024 and is expected to reach USD 31.09 Billion by 2030 with a CAGR of 3.84% during the forecast period. The Asia Pacific automotive forging market is experiencing robust momentum due to rising vehicle production volumes and increasing demand for high-strength, lightweight components that enhance fuel efficiency and vehicle performance. The push toward fuel economy and emission reductions is encouraging manufacturers to opt for forged parts over cast or machined alternatives, especially in powertrain, chassis, and transmission systems. Technological advancements such as precision forging and automated die manufacturing are improving dimensional accuracy, reducing waste, and streamlining production processes.
Market Drivers
Growing Vehicle Production Across Segments
The increase in vehicle production across various automotive segments—passenger cars, light commercial vehicles, and heavy-duty trucks—boosts the demand for forged components. These parts are integral to the structural and functional integrity of vehicles, including drivetrain, engine, and transmission systems. As global vehicle manufacturers scale operations to meet rising demand for mobility, forging companies are benefiting from increased orders for both standard and precision-engineered parts. For instance, global vehicle sales reached 92.4 million units in 2023, marking a 10.8% increase from 2022. The strong sales growth, bolstered by an 11% rise in December, signals increasing demand and production. The continuous upward trend in global vehicle sales reflects robust recovery and heightened consumer demand across key markets, including North America, Europe, and Asia. This surge highlights the automotive industry's resilience and adaptability, indicating a promising outlook for the sector.
Key Market Challenges
High Capital Investment Requirements
Forging operations demand substantial capital investment in machinery, tooling, and infrastructure. High-tonnage presses, sophisticated die systems, and heat treatment facilities are essential for producing high-quality automotive forgings. The cost of acquiring and maintaining such equipment poses a barrier for new entrants and small-scale manufacturers. In addition to equipment, forging requires precise temperature control and process parameters, which further escalates energy costs. Setting up in-house forging capabilities also demands specialized knowledge and skilled operators, whose availability is often limited.
Key Market Trends
Rising Use of Forged Parts in Electric Vehicles
As electric vehicle production expands, the demand for forged components is rising in areas such as electric drivetrains, suspension systems, and battery casings. EVs require components that offer high strength-to-weight ratios to support battery loads without compromising on safety or durability. Forged aluminum and high-strength steel parts are being designed to meet these requirements, offering reduced weight along with enhanced mechanical integrity. Unlike internal combustion engine vehicles, EVs concentrate torque delivery, which increases the load on components such as axles and gears, necessitating stronger parts that forged processes are well-suited to produce. For instance, global electric vehicle (EV) sales surged by 49% in the first half of 2023, reaching 6.2 million units. EVs now account for 16% of global light vehicle sales, with China leading at 55% of the market share. Europe and the U.S. followed, showing strong growth, especially in the latter’s 97% year-on-year increase. Tesla and BYD dominate global sales, with Tesla's Model Y leading, and BYD witnessing impressive sales growth. The overall market has grown by almost 39% in 2023, reinforcing the EV sector's transformative momentum.
Key Market Players
- Nanjin Automobile Forging Co Ltd
- ThyssenKrupp AG
- Bharat Forge Limited
- Meritor Inc
- Aichi Forge USA Inc
- Kovarna Viva
- CIE Automotive SA
- Dana Inc
- NTN Corporation
- American Axle & Manufacturing Inc
In this report, the Asia Pacific Automotive Forging Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:
- Asia Pacific Automotive Forging Market, By Component:
- Gears
- Piston
- Bearing
- Axel
- Connecting Rods
- Crankshaft
- Others
- Asia Pacific Automotive Forging Market, By Vehicle Type:
- Passenger Car
- Commercial Vehicle
- Two-wheeler
- Asia Pacific Automotive Forging Market, By Country:
- China
- India
- Japan
- Indonesia
- Thailand
- South Korea
- Australia
- Rest of APAC
Company Profiles: Detailed analysis of the major companies presents in the Asia Pacific Automotive Forging Market.
Available Customizations:
Asia Pacific Automotive Forging Market report with the given market data, TechSci Research offers customizations according to the company’s specific needs. The following customization options are available for the report:
Company Information
- Detailed analysis and profiling of additional market players (up to five).
1. INTRODUCTION
1.1. Product Overview
1.2. Key Highlights of the Report
1.3. Market Coverage
1.4. Market Segments Covered
1.5. Research Tenure Considered
2. RESEARCH METHODOLOGY
2.1. Methodology Landscape
2.2. Objective of the Study
2.3. Baseline Methodology
2.4. Formulation of the Scope
2.5. Assumptions and Limitations
2.6. Sources of Research
2.7. Approach for the Market Study
2.8. Methodology Followed for Calculation of Market Size & Market Shares
2.9. Forecasting Methodology
3. EXECUTIVE SUMMARY
3.1. Overview of the Market
3.2. Overview of Key Market Segmentations
3.3. Overview of Key Regions
4. ASIA PACIFIC AUTOMOTIVE FORGING MARKET OUTLOOK
4.1. Market Size & Forecast
4.1.1. By Value
4.2. Market Share & Forecast
4.2.1. By Vehicle Type Market Share Analysis (Passenger Car, Commercial Vehicle, Two-Wheeler)
4.2.2. By Component Market Share Analysis (Gears, Piston, Bearing, Axel, Connecting Rods, Crankshaft, Others)
4.2.3. By Country
4.2.4. By Company (2024)
4.3. Market Map
5. CHINA AUTOMOTIVE FORGING MARKET OUTLOOK
5.1. Market Size & Forecast
5.1.1. By Value
5.2. Market Share & Forecast
5.2.1. By Vehicle Type Market Share Analysis
5.2.2. By Component Market Share Analysis
6. INDIA AUTOMOTIVE FORGING MARKET OUTLOOK
6.1. Market Size & Forecast
6.1.1. By Value
6.2. Market Share & Forecast
6.2.1. By Vehicle Type Market Share Analysis
6.2.2. By Component Market Share Analysis
7. JAPAN AUTOMOTIVE FORGING MARKET OUTLOOK
7.1. Market Size & Forecast
7.1.1. By Value
7.2. Market Share & Forecast
7.2.1. By Vehicle Type Market Share Analysis
7.2.2. By Component Market Share Analysis
8. INDONESIA AUTOMOTIVE FORGING MARKET OUTLOOK
8.1. Market Size & Forecast
8.1.1. By Value
8.2. Market Share & Forecast
8.2.1. By Vehicle Type Market Share Analysis
8.2.2. By Component Market Share Analysis
9. THAILAND AUTOMOTIVE FORGING MARKET OUTLOOK
9.1. Market Size & Forecast
9.1.1. By Value
9.2. Market Share & Forecast
9.2.1. By Vehicle Type Market Share Analysis
9.2.2. By Component Market Share Analysis
10. SOUTH KOREA AUTOMOTIVE FORGING MARKET OUTLOOK
10.1. Market Size & Forecast
10.1.1. By Value
10.2. Market Share & Forecast
10.2.1. By Vehicle Type Market Share Analysis
10.2.2. By Component Market Share Analysis
11. AUSTRALIA AUTOMOTIVE FORGING MARKET OUTLOOK
11.1. Market Size & Forecast
11.1.1. By Value
11.2. Market Share & Forecast
11.2.1. By Vehicle Type Market Share Analysis
11.2.2. By Component Market Share Analysis
12. MARKET DYNAMICS
12.1. Drivers
12.2. Challenges
13. KEY MARKET DISRUPTIONS
13.1. Conflicts
13.2. Pandemic
13.3. Trade Barriers
14. MARKET TRENDS & DEVELOPMENTS
15. PORTER'S FIVE FORCES ANALYSIS
16. POLICY & REGULATORY LANDSCAPE
17. COMPETITIVE LANDSCAPE
17.1. Company Profiles
17.1.1. Nanjin Automobile Forging Co Ltd
17.1.1.1. Business Overview
17.1.1.2. Company Snapshot
17.1.1.3. Products & Services
17.1.1.4. Financials (As Per Availability)
17.1.1.5. Key Market Focus & Geographical Presence
17.1.1.6. Recent Developments
17.1.1.7. Key Management Personnel
17.1.2. ThyssenKrupp AG
17.1.3. Bharat Forge Limited
17.1.4. Meritor Inc
17.1.5. Aichi Forge USA Inc
17.1.6. Kovarna Viva
17.1.7. CIE Automotive SA
17.1.8. Dana Inc
17.1.9. NTN Corporation
17.1.10. American Axle & Manufacturing Inc
18. STRATEGIC RECOMMENDATIONS
19. ABOUT US & DISCLAIMER
1.1. Product Overview
1.2. Key Highlights of the Report
1.3. Market Coverage
1.4. Market Segments Covered
1.5. Research Tenure Considered
2. RESEARCH METHODOLOGY
2.1. Methodology Landscape
2.2. Objective of the Study
2.3. Baseline Methodology
2.4. Formulation of the Scope
2.5. Assumptions and Limitations
2.6. Sources of Research
2.7. Approach for the Market Study
2.8. Methodology Followed for Calculation of Market Size & Market Shares
2.9. Forecasting Methodology
3. EXECUTIVE SUMMARY
3.1. Overview of the Market
3.2. Overview of Key Market Segmentations
3.3. Overview of Key Regions
4. ASIA PACIFIC AUTOMOTIVE FORGING MARKET OUTLOOK
4.1. Market Size & Forecast
4.1.1. By Value
4.2. Market Share & Forecast
4.2.1. By Vehicle Type Market Share Analysis (Passenger Car, Commercial Vehicle, Two-Wheeler)
4.2.2. By Component Market Share Analysis (Gears, Piston, Bearing, Axel, Connecting Rods, Crankshaft, Others)
4.2.3. By Country
4.2.4. By Company (2024)
4.3. Market Map
5. CHINA AUTOMOTIVE FORGING MARKET OUTLOOK
5.1. Market Size & Forecast
5.1.1. By Value
5.2. Market Share & Forecast
5.2.1. By Vehicle Type Market Share Analysis
5.2.2. By Component Market Share Analysis
6. INDIA AUTOMOTIVE FORGING MARKET OUTLOOK
6.1. Market Size & Forecast
6.1.1. By Value
6.2. Market Share & Forecast
6.2.1. By Vehicle Type Market Share Analysis
6.2.2. By Component Market Share Analysis
7. JAPAN AUTOMOTIVE FORGING MARKET OUTLOOK
7.1. Market Size & Forecast
7.1.1. By Value
7.2. Market Share & Forecast
7.2.1. By Vehicle Type Market Share Analysis
7.2.2. By Component Market Share Analysis
8. INDONESIA AUTOMOTIVE FORGING MARKET OUTLOOK
8.1. Market Size & Forecast
8.1.1. By Value
8.2. Market Share & Forecast
8.2.1. By Vehicle Type Market Share Analysis
8.2.2. By Component Market Share Analysis
9. THAILAND AUTOMOTIVE FORGING MARKET OUTLOOK
9.1. Market Size & Forecast
9.1.1. By Value
9.2. Market Share & Forecast
9.2.1. By Vehicle Type Market Share Analysis
9.2.2. By Component Market Share Analysis
10. SOUTH KOREA AUTOMOTIVE FORGING MARKET OUTLOOK
10.1. Market Size & Forecast
10.1.1. By Value
10.2. Market Share & Forecast
10.2.1. By Vehicle Type Market Share Analysis
10.2.2. By Component Market Share Analysis
11. AUSTRALIA AUTOMOTIVE FORGING MARKET OUTLOOK
11.1. Market Size & Forecast
11.1.1. By Value
11.2. Market Share & Forecast
11.2.1. By Vehicle Type Market Share Analysis
11.2.2. By Component Market Share Analysis
12. MARKET DYNAMICS
12.1. Drivers
12.2. Challenges
13. KEY MARKET DISRUPTIONS
13.1. Conflicts
13.2. Pandemic
13.3. Trade Barriers
14. MARKET TRENDS & DEVELOPMENTS
15. PORTER'S FIVE FORCES ANALYSIS
16. POLICY & REGULATORY LANDSCAPE
17. COMPETITIVE LANDSCAPE
17.1. Company Profiles
17.1.1. Nanjin Automobile Forging Co Ltd
17.1.1.1. Business Overview
17.1.1.2. Company Snapshot
17.1.1.3. Products & Services
17.1.1.4. Financials (As Per Availability)
17.1.1.5. Key Market Focus & Geographical Presence
17.1.1.6. Recent Developments
17.1.1.7. Key Management Personnel
17.1.2. ThyssenKrupp AG
17.1.3. Bharat Forge Limited
17.1.4. Meritor Inc
17.1.5. Aichi Forge USA Inc
17.1.6. Kovarna Viva
17.1.7. CIE Automotive SA
17.1.8. Dana Inc
17.1.9. NTN Corporation
17.1.10. American Axle & Manufacturing Inc
18. STRATEGIC RECOMMENDATIONS
19. ABOUT US & DISCLAIMER
