Forged Automotive Components Market to Reach US$ 70.7 Bn by 2032 at a CAGR of 5.0% | Persistence Market Research Report

The global forged automotive components market is experiencing steady growth and is projected to continue expanding over the next decade. As per the latest insights from Persistence Market Research, the market is expected to reach a valuation of USD 70.7 billion by the end of 2032, up from USD 50.3 billion in 2025, representing a robust CAGR of 5.0%. This growth is being driven by a combination of factors, including the increasing demand for lightweight vehicles, innovations in manufacturing technology, and the growing shift towards electric vehicles (EVs).

Forged automotive components are widely used in vehicle manufacturing due to their strength, durability, and reliability. These components play a crucial role in enhancing vehicle performance, safety, and efficiency. As the automotive industry continues to evolve with the rise of electric mobility and advanced manufacturing techniques, the demand for forged components is expected to rise accordingly, driven by both consumer and industry needs.

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✅ Overview of the Market

The forged automotive components market is currently valued at USD 50.3 billion in 2025 and is projected to grow at a compound annual growth rate (CAGR) of 5.0%, reaching USD 70.7 billion by 2032. Several key factors are contributing to the steady market growth, including technological advancements in forging processes, increasing adoption of lightweight materials for vehicle manufacturing, and the continuous demand for high-performance components in both conventional and electric vehicles.

A significant trend driving market growth is the rising demand for high-strength and lightweight components to improve fuel efficiency and reduce carbon emissions. Additionally, the shift towards electric vehicles is fueling the need for forged components that support enhanced battery systems, electric motors, and other key EV components. Leading geographical regions in the market include North America, Europe, and Asia-Pacific, where advancements in automotive technologies and strong automotive manufacturing hubs are key to fostering continued market growth.

✅ Key Highlights from the Report:

➤ The global forged automotive components market is expected to grow at a CAGR of 5.0% between 2025 and 2032.
➤ The market is projected to reach a value of USD 70.7 billion by 2032, up from USD 50.3 billion in 2025.
➤ Rising demand for lightweight and high-strength automotive components is driving market growth.
➤ The increasing shift towards electric vehicles (EVs) is contributing to the demand for forged components.
➤ Key growth regions include North America, Europe, and Asia-Pacific.
➤ The adoption of advanced manufacturing techniques, such as precision forging, is boosting the quality and efficiency of forged components.

✅ Market Segmentation

The forged automotive components market can be segmented based on product type, end-user, and geographical region. By product type, the market is categorized into components such as engine parts, transmission parts, chassis parts, and others. Engine components are expected to dominate the market share due to the continued need for high-performance parts in both internal combustion engines (ICEs) and electric powertrains. In addition, transmission components are also expected to see significant growth due to the increasing demand for high-quality transmission systems in modern vehicles.

The market can also be segmented by end-user, where the two primary categories are original equipment manufacturers (OEMs) and aftermarket players. OEMs continue to be the largest segment, with a significant portion of the demand coming from major automotive manufacturers who rely on forged components to build the structure of both conventional and electric vehicles. On the other hand, the aftermarket segment is growing steadily as vehicle owners and repair shops increasingly turn to forged components for replacement and upgrades to ensure vehicle longevity and performance.

✅ Regional Insights

The North American region is expected to hold a significant share of the forged automotive components market, primarily driven by the strong automotive manufacturing industry in the United States and Mexico. The region is a key player in the production of vehicles, including both traditional and electric vehicles, and is also a hub for advanced manufacturing techniques such as precision forging. Additionally, the increasing demand for high-performance components to meet stringent safety and emission standards is further supporting market growth in this region.

In Asia-Pacific, countries such as China, Japan, and India are emerging as key markets for forged automotive components. The region's strong automotive industry, along with rising consumer demand for electric vehicles, is driving the need for lightweight, durable, and high-strength forged components. Furthermore, advancements in manufacturing technology and the presence of major automotive manufacturers in these countries are fueling growth in the regional market.

✅ Market Drivers

Several factors are driving the growth of the forged automotive components market. One of the most significant drivers is the rising demand for lightweight vehicles, which is becoming increasingly important in meeting fuel efficiency and emission reduction targets. Forged components, which offer a combination of strength and lightweight properties, are ideal for automakers striving to meet these requirements. Additionally, the growth of the electric vehicle (EV) market is fueling the demand for forged components, particularly those related to electric motors, batteries, and structural components.

Technological advancements in manufacturing processes, such as precision forging, are also driving the growth of the market. These innovations enable manufacturers to produce high-quality components with greater efficiency and precision, reducing material waste and production costs. As automotive manufacturers adopt more advanced technologies to meet performance and sustainability standards, the demand for forged components is expected to continue to rise.

✅ Market Restraints

While the forged automotive components market is poised for growth, there are several challenges that may hinder its expansion. One of the main restraints is the high cost associated with the production of forged components, particularly those made from advanced materials or requiring specialized manufacturing techniques. The need for significant investment in technology, machinery, and skilled labor can make it difficult for smaller manufacturers to compete in the market, limiting the overall growth potential.

Additionally, fluctuating raw material costs and supply chain disruptions, especially in the wake of global economic uncertainties, could impact the production and pricing of forged components. The volatility in the prices of metals such as steel and aluminum may cause fluctuations in component costs, which could affect the affordability of automotive parts for both OEMs and consumers.

✅ Market Opportunities

The forged automotive components market presents several opportunities, particularly in the emerging electric vehicle (EV) sector. As the adoption of EVs continues to rise, the demand for forged components used in electric motors, battery systems, and powertrains is increasing. This shift towards EVs provides a significant opportunity for manufacturers to innovate and develop specialized forged components that cater to the unique requirements of electric mobility.

Another opportunity lies in the adoption of advanced manufacturing techniques, such as 3D printing and additive manufacturing, which could further enhance the precision and customization of forged automotive components. As these technologies evolve, manufacturers could offer more tailored solutions for the automotive industry, improving both performance and efficiency while reducing production costs.

✅ Reasons to Buy the Report:

■ Gain a comprehensive understanding of the key market trends and dynamics shaping the forged automotive components industry.
■ Identify the growth opportunities in the electric vehicle sector and how they are driving the demand for forged components.
■ Understand the regional dynamics and the factors influencing market growth in key regions such as North America, Europe, and Asia-Pacific.
■ Access in-depth insights into market segmentation, including product types and end-users, to tailor your business strategies effectively.
■ Stay ahead of the competition by identifying the key players and their strategies in the forged automotive components market.

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✅ Key Players

The forged automotive components market is competitive, with several key players leading the charge in terms of innovation and market share. Some of the prominent players in the market include:

✦ ArcelorMittal
✦ Thyssenkrupp AG
✦ Nemak S.A.B. de C.V.
✦ GKN Plc
✦ Magna International Inc.

■ Recent Developments:
■ ArcelorMittal has introduced a new line of advanced high-strength steels specifically designed for the automotive industry.
■ Magna International recently announced the launch of a new lightweight forged automotive component aimed at improving fuel efficiency and reducing emissions.

In conclusion, the forged automotive components market is poised for significant growth in the coming years, driven by the increasing demand for lightweight, high-strength components, and the rise of electric vehicles. With ongoing advancements in manufacturing technology and continued innovation, the market is set to expand further, presenting ample opportunities for both established and emerging players in the automotive industry.

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