The global Automotive Market is estimated to be valued at US$ 12.888 Mn in 2023 and is expected to exhibit a CAGR of 7.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Automotive hydroformed parts offer high strength,complex shapes,and lightweight designs. These parts help improve fuel efficiency and reduce vehicle weight. Hydroforming produces complex shapes that are difficult to achieve through other metal forming techniques like stamping.
Market key trends:
One of the major trends in the automotive hydroformed parts market is the growing demand for lightweight materials. Vehicle manufacturers are under increasing pressure to improve fuel economy and reduce emissions. This has driven the demand for lightweight materials like aluminum and high-strength steel which can be effectively hydroformed. Hydroforming allows the manufacture of complex structural components with intricate designs using these lightweight metals. This helps automakers reduce vehicle weight and meet stringent emission norms, thereby propelling the hydroformed automotive parts market growth.
The global automotive hydroformed parts market is segmented by material type, vehicle type, application, and region. Based on material type, the aluminum segment dominates the market due to its light weight and high strength nature. Aluminum provides higher tensile strength and dimensional stability as compared to other materials. It also offers benefits like corrosion resistance, recyclability and energy absorption.
The global Automotive Hydroformed Parts Market Growth is expected to witness high growth, exhibiting CAGR of 7.4% over the forecast period, due to increasing demand for light weight vehicles.
North America dominates the global market and holds around 40% market share due to high adoption of advanced technologies by major OEMs in the US and Canada. Asia Pacific exhibits the fastest growth due to large vehicle production in countries like China and India.
Key players operating in the automotive hydroformed parts market are Alf Engineering, F-TECH, Magna International, Metalsa, Nissin Kogyo, Sango Co., Ltd., Tata Precision Tubes, Tenneco, Thyssenkrupp AG, Vari-Form, and Yorozu. The global automotive hydroformed parts market is expected to reach US$ 12.888 Mn in 2023.