Forged Automotive Components Market to Reach US$ 70.7 Bn by 2032, Driven by Strength and Durability Demand

✅Overview of the Market

According to the latest study by Persistence Market Research, the forged automotive components market is poised to grow from US$ 50.3 Bn in 2025 to US$ 70.7 Bn by 2032, registering a CAGR of 5.0% during the forecast period. Forged automotive components are crucial in ensuring vehicle safety, reliability, and performance. These components are manufactured through the forging process to enhance mechanical properties such as strength, toughness, and fatigue resistance. As the global automotive industry transitions toward high-performance, lightweight, and electric vehicle platforms, demand for high-quality forged parts is escalating.

Forged components are preferred over cast or machined parts in critical applications such as engine parts, transmission systems, steering knuckles, and axles due to their superior strength-to-weight ratio and impact resistance. The leading segment in the market is forged crankshafts, which are essential for high-performance internal combustion engines. Regionally, Asia Pacific dominates the forged automotive components market, primarily due to the presence of large-scale automotive manufacturing hubs in China, India, Japan, and South Korea. These countries benefit from established supply chains, abundant raw materials, and rising vehicle production, including commercial vehicles and electric mobility platforms.

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✅Key Market Insights

➤ Demand for lightweight and fuel-efficient vehicles is pushing automakers toward forged components for improved strength-to-weight performance.
➤ Asia Pacific remains the leading region due to its strong automotive production base and rising domestic demand.
➤ Forged crankshafts and connecting rods represent the largest product segments due to their critical roles in powertrain performance.
➤ The rise of electric vehicles is creating new growth avenues for forged suspension, chassis, and drivetrain components.
➤ Strategic partnerships between OEMs and forging suppliers are shaping the global competitive landscape with a focus on innovation and customization.

✅Why are forged components preferred in the automotive industry?

Forged components are preferred in the automotive industry because they offer superior mechanical properties, including high strength, durability, and resistance to impact and fatigue. These attributes are critical in high-stress applications such as engines, drivetrains, and suspension systems. Unlike cast or machined parts, forged components have a refined grain structure that enhances their performance under extreme conditions. Additionally, they allow for the production of lightweight parts with high load-bearing capacity, making them ideal for modern vehicles striving to meet fuel efficiency, safety, and performance standards.

✅Market Dynamics

Drivers:
The primary driver for the forged automotive components market is the increasing global production of passenger and commercial vehicles. Rising consumer demand for vehicles with enhanced safety and fuel efficiency is pushing OEMs to adopt forged parts for critical applications. Additionally, government regulations related to vehicle emission standards are encouraging the use of lightweight and high-strength forged components to optimize fuel economy.

Market Restraining Factor:
One of the key restraints for the market is the high initial cost of forging equipment and tooling. The capital-intensive nature of forging processes can be a barrier for small- and mid-sized manufacturers. Furthermore, the rise in raw material prices, such as steel and aluminum, may impact profit margins and limit adoption in cost-sensitive regions.

Key Market Opportunity:
There is a significant opportunity in the growing adoption of electric and hybrid vehicles. These platforms require precision-engineered, high-performance components in limited space and weight, making forged solutions ideal. The integration of advanced materials and process automation in forging is also opening new avenues for innovation and scalability in electric mobility.

✅Market Segmentation

The forged automotive components market is segmented by material type, component type, vehicle type, and sales channel. By material, the market includes steel, aluminum, magnesium, and others. Steel remains the dominant material due to its affordability, wide availability, and high strength properties. However, aluminum is gaining traction due to the growing need for lightweight automotive components, especially in EVs and high-performance vehicles. Magnesium, known for its ultra-lightweight properties, is being explored in niche applications.

By component type, the market includes crankshafts, connecting rods, transmission gears, axles, steering knuckles, suspension arms, and others. Among these, crankshafts and connecting rods are leading segments, given their critical function in the internal combustion engine. In EVs, steering knuckles and suspension arms are gaining attention. By vehicle type, segmentation includes passenger cars, light commercial vehicles (LCVs), and heavy commercial vehicles (HCVs). Passenger cars account for the highest demand due to their large production volumes globally. The aftermarket and OEM sales channels both play vital roles, with OEMs leading in volume and quality requirements.

✅Regional Insights

Asia Pacific holds the largest share in the global forged automotive components market, owing to strong automotive production, low labor costs, and availability of raw materials. China and India are significant contributors, supported by government incentives for automobile manufacturing and exports. Japan and South Korea also remain innovation hubs, especially for forging technologies used in hybrid and electric vehicles.

Europe follows, led by Germany, the U.K., and France. The region's focus on high-end vehicle manufacturing and strict emission standards contributes to the increasing adoption of forged parts. North America, driven by the U.S. and Mexico, is witnessing steady demand due to growth in pickup trucks, SUVs, and performance vehicles. Meanwhile, Latin America and the Middle East & Africa are emerging markets, benefiting from infrastructure development and regional assembly plants.

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✅Competitive Landscape

The forged automotive components market is moderately fragmented with the presence of global forging specialists and regional players. Companies are focused on enhancing forging technologies, expanding manufacturing capabilities, and forming strategic alliances with OEMs for long-term supply agreements.

✅Company Insights

✦ Bharat Forge Limited
✦ Thyssenkrupp AG
✦ American Axle & Manufacturing Holdings, Inc.
✦ Nippon Steel Corporation
✦ SDF Automotive Group
✦ General Motors Company (Forging Division)
✦ ZF Friedrichshafen AG
✦ Precision Castparts Corp.
✦ Farinia Group
✦ Mahindra CIE Automotive Limited

✅Key Industry Developments

The market has witnessed several strategic developments over the past few years. Bharat Forge expanded its global footprint by establishing forging and machining facilities in Europe and North America to cater to growing automotive demand. The company also increased its focus on electric vehicle components by investing in forging solutions tailored for lightweight EV architecture.

In another development, ZF Friedrichshafen AG partnered with regional forging companies to co-develop advanced suspension and steering components for EVs. Meanwhile, Thyssenkrupp enhanced its forging division by integrating AI-based quality control systems, significantly improving manufacturing precision and reducing downtime. These developments reflect the shift toward intelligent manufacturing and vertical integration strategies.

✅Innovation and Future Trends

Innovation in the forged automotive components market is centered around the adoption of advanced materials, automated forging processes, and digital quality assurance. The use of high-performance alloys and composites is expanding to meet the dual requirements of strength and weight reduction. Automated forging lines, driven by robotics and AI, are improving throughput while maintaining component precision and consistency.

Looking ahead, the increasing complexity of automotive systems-especially in electric vehicles-will demand multi-functional forged parts with integrated features such as cooling channels or embedded sensors. Smart forging technologies that combine real-time data analytics, 3D forging simulation, and predictive maintenance are expected to become standard practice, driving a new era of efficiency, customization, and sustainability in automotive component manufacturing.

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