Global Automotive Hydroformed Parts Market Is Expected To Exhibit a CAGR Of 7.4% During The Forecast Period (2023 - 2030), Owing to Rising Demand For Lightweight Vehicles.
Global Automotive Hydroformed Parts Market, By Type (Tube Hydroforming, Sheet Hydroforming), By Material Type (Aluminium, Brass, Copper, Stainless Steel, Others) By Vehicle Type (Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles) and By Region (North America, Europe, Asia Pacific, Latin America and Middle East & Africa)- Global Forecast to 2030, is expected to be valued at US$ million by 2030, exhibiting a CAGR of 7.4% during the forecast period (2023 - 2030), as highlighted in a report published by Coherent Market Insights.
Automotive hydroformed parts are those which are made with the help of the hydroforming process. In this process, sheet metal is placed over a die and then water pressure is applied to it to shape it as per the requirement. This method is quite advantageous as compared to other methods of manufacturing automotive parts. Some of the benefits offered by the hydroforming process are high strength, accuracy, consistency, and repeatability.
The rising demand for lightweight and fuel-efficient vehicles is expected to drive the growth of the global automotive hydroformed parts market. The increasing production of passenger cars and commercial vehicles is also expected to drive the growth of the market. The rising demand for electric vehicles is also expected to boost the growth of the market.
Global Automotive Hydroformed Parts Market– Drivers
Cost efficiency of hydroformed parts
While the initial setup costs for hydroforming may be higher than traditional stamping or welding processes, hydroformed parts can often reduce overall manufacturing costs. The elimination of multiple components, reduced tooling requirements, and improved production efficiency can result in cost savings during the manufacturing process. This cost advantage is driving the adoption of hydroformed parts in the automotive industry.
Stringent Government Regulations
Governments around the world are imposing stricter regulations on emissions and fuel efficiency, which is driving the demand for lightweight vehicles. Hydroformed parts can help manufacturers to meet these regulations by reducing the weight of vehicles. For Instance, the European Union (EU) has set a target of reducing the average fuel consumption of new cars by 37.5% by 2030. This is expected to drive the demand for hydroformed parts in the EU.
Global Automotive Hydroformed Parts Market– Opportunities
Supply Chain Optimization
Streamlining the supply chain and reducing lead times are critical factors in the automotive industry. Hydroforming can offer advantages in terms of production efficiency and cost-effectiveness. Manufacturers that can optimize their supply chain, minimize production lead times, and offer competitive pricing have the opportunity to attract automakers seeking reliable and efficient hydroformed parts suppliers.
International Regulations and Safety Standards
Governments worldwide are implementing stricter regulations and safety standards for vehicles. Hydroformed parts can play a role in meeting these requirements by offering improved structural integrity and crash worthiness. Manufacturers that can provide hydroformed parts that comply with international safety standards have an opportunity to capture market share and establish themselves as trusted suppliers.
Global Automotive Hydroformed Parts Market– Restraints
High Initial Investment
The setup costs for hydroforming equipment and tooling can be relatively high compared to traditional manufacturing processes. This can act as a barrier to entry for smaller manufacturers or those with limited capital. The high initial investment required for hydroforming equipment can limit its adoption, especially for companies with budget constraints.
Limited Material Options for High-Volume Production
While hydroforming is compatible with various materials, certain high-volume applications may require specific materials that are not well-suited for hydroforming. For example, some advanced composites or materials with poor formability characteristics may not be suitable for the hydroforming process. This limitation restricts the use of hydroformed parts in certain automotive applications.
Global Automotive Hydroformed Parts Market-Trends
Material advancements in hydroformed parts
The development of advanced high-strength materials, such as high-strength steels and aluminum alloys, has further contributed to the growth of the automotive hydroformed parts market. These materials offer improved strength-to-weight ratios and allow for the creation of lightweight, durable components. Hydroforming is well-suited to work with these materials, enabling the production of stronger and lighter automotive parts.
Increasing application range of automotive components
Initially, hydroformed parts were primarily used in structural components such as frame rails and engine cradles. However, their applications have expanded to include various automotive components like exhaust systems, suspension parts, seat frames, and more. The versatility of hydroforming has led to its integration into different areas of vehicle production.
Global Automotive Hydroformed Parts Market- Impact of Coronavirus (Covid-19) Pandemic
The pandemic has caused the automotive industry to shut down its factories, which has affected the need for hydroformed part The pandemic has also decreased consumer spending, which has had a negative impact on the market for automotive hydroformed parts. Additionally, curfews have been implemented since the outbreak in practically every country, allowing only a select group of people with permission to travel, which has led to a further fall in the sale of cars. Supply was also impacted by the shutdown since raw materials needed to produce hydroformed parts were unavailable. As a result, the COVID-19 pandemic had a detrimental impact on the market expansion for automobile hydroformed parts. It is primarily employed in the production of sophisticated automotive components and lightweight automobiles in the automotive sector. In comparison to alternative techniques, hydroformed parts are more affordable, more robust, need less time to manufacture, are automated, and produce less waste.
Global Automotive Hydroformed Parts Market: Competitive Landscape
Alf Engineering, F-TECH, Magna International, Metalsa, Nissin Kogyo, Sango Co., Ltd., Tata Precision Tubes, Tenneco, Thyssenkrupp AG, Vari-Form, and Yorozu.
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/automotive-hydroformed-parts-market-3255
Key Takeaways
Global automotive hydroformed parts market is estimated at US$ 12.00 Billion in 2023 and is estimated to reach US$ 21.19 Billion by 2030 exhibiting a CAGR of 7.4% between 2023 and 2030.
Global Automotive Hydroformed Parts Market- Recent Developments
In January 2023, BMW, German multinational manufacturer of luxury vehicles and motorcycles, announced that it would be using hydroformed parts in its new iX electric SUV. The hydroformed parts will be used in the vehicle's suspension system, which will help to improve its ride quality and handling.
In March 2023, Thyssenkrupp, (German industrial engineering and steel production multinational conglomerate) announced that it had won a contract to supply hydroformed parts for the new BMW iX electric SUV, The contract is worth an estimated 100 million and will see Thyssenkrupp supply hydroformed parts for the SUV’s chassis, suspension, and bodywork.
