(I-BusinessNews.Com, October 11, 2019 ) Market Overview:
Increase in demand for commercial vehicles, government stringent emission norms, and growing vehicle production and trends towards light-weighting will further fuel growth in the market.
The rise in vehicle production across the globe and an increase in demand for commercial vehicles are likely to drive the market for automotive metal forming during the forecast period (2019-2026).
The Automotive Metal Forming market growth is driven mainly due to technological innovations, including improved forming processes has seen commercial usage over the recent past. Moreover, the capability of manufacturers and lean manufacturing methods to reduce wastage during processes is a crucial factor driving the growth of the global market.
Furthermore, the growing demand for electric vehicles (EVs) globally will further fuel growth in the market. As, EVs are meant to be lightweight; therefore, manufacturers focus on reducing the weight of the vehicle, which ultimately improves car fuel efficiency. According to International Energy Agency (IEA), in 2017, more than one million EVs were sold globally, with countries like Norway, China, and the US dominating the global EVs market in terms of market share. In the same year, globally, more than three million EVs were in stock.
By technique, the Automotive Metal Forming Market is segmented into Roll Forming, Stretch Forming, Stamping, and Hydroforming, and Others. Rolling is an important metal forming process. Majority of metal is manufactured by using the rolling process.
By Material, the Automotive Metal Forming Market is segmented into Steel, Aluminum, and others. In steel segment, manufacturers have been conducting extensive research for the development of grades which can reduce car weight equivalent to other metals and also provide cost-effectiveness.
However, Aluminum is the fastest-growing segment in the market. The lightweight of these products has led to an increase in their utilization in the manufacturing of car components, body structure, power train etc.
By geography, the Automotive Metal Forming Market is segmented into North America, Asia-Pacific (APAC), Europe, South America, and the Middle East and Africa (MEA).
In 2018, APAC accounted for the majority share in the global market and was expected to continue to dominate the market during the forecast period. The APAC demand for automobiles is primarily driven by strong private consumption and growing construction industry, which is expected to create greater demand for passenger and commercial vehicles.
Major players in the market are AES Automotive, Aisin Seiki, Benteler International AG, CIE Automotive, and Craemer Group. Other key players in the market are VNT Automotive, Hirotec Corporation, Kaizen Metal Forming, Kirchhoff Automotive, and LTC Roll.
Download free sample: https://www.datamintelligence.com/download-sample/automotive-metal-forming-market
DataM Intelligence was incorporated in the early weeks of 2017 as a Market Research and Consulting firm with just two people on board. Within a span of less than a year we have secured more than 100 unique customers from established organizations all over the world.
For more information:
Sales Manager at Data M Intelligence
Tel: +1 877 441 4866
+1 877 441 4866