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Automotive Hydroformed Parts Market Will Grow At Highest Pace Owing To Increase In Vehicle Production

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Pratik
Automotive Hydroformed Parts Market Will Grow At Highest Pace Owing To Increase In Vehicle Production

The automotive hydroformed parts market comprises sheet metal forming process using high-pressure hydraulic water for shaping metal. Hydroformed components provide structural integrity, durability, and are lightweight compared to conventional stamped sheet metal parts. The process allows the production of complex shapes from a single piece of metal that are difficult to manufacture using other techniques. Growing vehicle production across the world is a key driver of demand for automotive hydroformed parts.

The Global Automotive Hydroformed Parts Market is estimated to be valued at US$ 14.85 Bn in 2024 and is expected to exhibit a CAGR of 7.7% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the Automotive Hydroformed Parts Market Trends are EVERLIGHT ELECTRONICS CO. LTD., First Edmund Optics Inc., Harting Technology, KYOTO SEMICONDUCTOR Co., Ltd., OSRAM International GmbH., ROHM CO., LTD., Sensors AG, Thorlabs, Inc., TT Electronics, and Vishay Intertechnology, Inc. Growing vehicle production across major economies is augmenting demand for automotive components including hydroformed parts. Technological advancements are helping produce complex geometric shapes using hydroforming technology.

The automotive industry is witnessing significant growth with annual vehicle sales increasing globally. Emerging economies are witnessing a boom in vehicle ownership which is propelling automotive component demand including hydroformed parts. Technological advancements are helping optimize the hydroforming process and produce complex geometric shapes that were not possible earlier. This is supporting applications of hydroforming technology in advanced automotive components.

Technological advancements in hydroforming technology allow producing complex geometrical shapes that were not possible earlier. Developments such as flexible mandrel hydroforming, hydromechanical deep drawing, and numerical simulation software are enabling greater part design flexibility and complex hydroformable components. This is supporting adoption across suspension, chassis, body in white and other Vehicle systems.

Market Trends

Increasing vehicle lightweighting efforts - Growing focus on fuel efficiency and emission reduction is propelling automotive lightweighting efforts. Hydroformed parts provide structurally efficient and lightweight solutions compared to other techniques.

Developments in aluminum and multi-material hydroforming - Hydroforming of advanced materials such as aluminum and multi-materials including aluminum/steel and aluminum/magnesium is gaining traction. This is expanding application possibilities.

Market Opportunities

Growing electric vehicle market - With increasing sales of electric vehicles, demand for lightweight components including hydroformed parts is expected to gain momentum.

Collaboration with tier players - Auto companies are collaborating with hydroforming technology providers and tier players to develop customized solutions and optimize the process. This is supporting adoption.

Impact of COVID-19 on Automotive Hydroformed Parts Market

The COVID-19 pandemic has severely impacted the growth of the automotive hydroformed parts market. As government worldwide imposed lockdowns to curb the spread of the virus, the demand and production of automobiles fell sharply. This drastically reduced the demand for automotive parts including hydroformed components. Major automakers like General Motors, Ford and Fiat Chrysler had to temporarily shut down their production facilities. Supply chain disruptions and workforce shortages also disrupted the supply of hydroformed parts to automakers.

However, with gradual easing of lockdowns and restarting of the automotive industry, the market is showing signs of recovery. The demand is picking up again as consumers are preferring personal vehicles over public transport for safety reasons. Automakers are ramping up production to meet the pent-up demand. They are also focusing on new vehicle launches and technologies like electric vehicles to drive future growth. This will support the demand for advanced lightweight hydroformed parts that help improve fuel efficiency as well as vehicle performance. Market players are expanding their production capacities and diversifying their product portfolio to cater to evolving automotive trends in the post-COVID era. While challenges remain, the long term outlook for the market remains positive driven by factors like stricter emission norms and rising vehicle content per car.

In terms of geographical concentration, North America accounts for the largest share of the automotive hydroformed parts market in terms of value. This is attributed to strong presence of domestic automakers and tier one suppliers in countries like the US and Canada. The Asia Pacific region is poised to be the fastest growing market during the forecast period. Countries like China, India and Japan are major auto manufacturing hubs and witnessing rising vehicle production which will propel the demand for hydroformed components in coming years.

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