April 22, 2024
Automotive Hydroformed Parts

Automotive Hydroformed Parts Market is Estimated to Witness High Growth Owing to Increasing Preference Towards Lightweight Vehicles

The automotive hydroformed parts market has gained significant prominence over the years owing to their advanced properties including high strength, lightweight, and customizable design. Automotive hydroformed parts are extensively used across various structural and non-structural automotive components such as pillars, bumper systems, front-end modules, and crash boxes. They provide improved styling and aerodynamic properties as well as enhanced fuel efficiency. The growing demand for fuel-efficient and lightweight vehicles has significantly propelled the adoption of hydroforming technology in the automotive industry.

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 from 2024 to 2030.

Key Takeaways

Key players operating in The Automotive Hydroformed parts 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. The increasing focus on lightweight vehicle technologies and stringent emission regulations present significant growth opportunities in the market. Additionally, the growing demand for fuel-efficient vehicles from developing nations will further drive the global expansion of the automotive hydroformed parts market during the forecast period.

Market drivers

The increasing preference towards lightweight vehicles owing to stringent emission norms is a major factor driving the growth of the automotive hydroformed parts market. Hydroforming technology helps in producing complex lightweight vehicle components with improved strength and design flexibility. This enhances fuel efficiency and reduces vehicular weight, thereby complying with emission standards. The growing demand for lightweight electric vehicles will further propel the adoption of hydroformed parts across the automotive industry over the coming years.

PEST Analysis

Political: Government regulations around vehicle safety and emissions standards have an impact on the adoption of lightweight auto parts like hydroformed components. Stricter mandates motivate manufacturers to utilize advanced forming technologies for structural rigidity and weight reduction.

Economic: Manufacturers aim to lower production costs and pass on savings to customers through affordable vehicle pricing. Hydroforming enables design of complex geometries with fewer joints and seams compared to stamping, helping minimize raw material waste and fabrication expenses in the supply chain.

Social: Consumers demand fuel-efficient and safer vehicles at competitive rates in the present economic environment. Hydroforming plays a role in addressing these needs through design and manufacturing of stronger, lighter car structures leading to better mileage and safety performance.

Technological: Computer-aided engineering tools facilitate virtual prototyping and testing of complex hydroformed parts designs before tooling, reducing physical prototyping iterations. Simulation capabilities help optimize forming processes for intricate shapes in a single stamp versus multiple welding steps traditionally. Development of advanced high-strength steel grades expands application scope.

Geographical regions where market in terms of value is concentrated:

The automotive hydroformed parts market is currently concentrated in North America and Europe due to the large automobile manufacturing bases in countries like the United States, Canada, Germany, France, and the United Kingdom. Stricter fuel economy and emissions rules have also accelerated adoption of lightweighting technologies across vehicle components in these regions.

The fastest growing region for the automotive hydroformed parts market:

Asia Pacific is projected to be the fastest growing region for the automotive hydroformed parts market between 2024-2030. This can be attributed to rising vehicle production and sales volumes led by China, India, and Southeast Asian nations to meet growing domestic demand. Along with increasing environmental and safety standards, cost-sensitivity further incentivizes local automakers to utilize advanced forming technologies like hydroforming.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it