by The automotive hydroformed parts market comprises components such as bumpers, rockers, and chassis that are manufactured through hydroforming technology. Hydroforming uses pressurized hydraulic fluids to shape sheet metal parts, resulting in complex 3D geometries with enhanced strength and stiffness. This technology helps auto manufacturers reduce vehicle weight and improve fuel efficiency by replacing traditional metal stamping processes. The growing demand for lightweight materials in the automotive industry to meet stringent emission norms is driving the need for hydroformed components.
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.
Advantages such as design flexibility, multi-material capability, complex part consolidation, and cost-effectiveness have made hydroforming a preferred option among OEMs for producing high-strength body and chassis applications.
Key Takeaways
Key players operating in the Automotive Hydroformed Parts market 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 environmental regulations regarding vehicular emissions have increased the demand for lightweight materials in the Automotive Hydroformed Parts Market Growth industry. Hydroforming helps achieve weight reduction targets set by regulatory bodies. The hydroforming technology market is expanding globally with growing automotive manufacturing clusters in developing regions of Asia Pacific, Latin America, and Middle East & Africa.
Market Key Trends
Use of advanced forming techniques and materials is a key trend in the automotive hydroformed parts market. OEMs are adopting superplastic forming (SPF) and diffusion bonding to manufacture complex multifunctional parts using aluminum and magnesium alloys. SPF leverages the superplastic properties of certain alloys in fine-grained microstructure to form complex shapes at lower temperatures and pressures compared to traditional hydroforming. Similarly, diffusion bonding aids consolidation of dissimilar materials to enable multi-material design flexibility. These advanced forming methods will further the adoption of hydroforming technology for meeting future vehicle lightweighting goals.
Porter’s Analysis
Threat of new entrants: High capital requirements coupled with well-established suppliers create barriers for new players to enter this market.
Bargaining power of buyers: Large automotive OEMs have strong influence on parts suppliers due to their buying power.
Bargaining power of suppliers: Parts suppliers have moderate dependency on large automotive OEMs for sales.
Threat of new substitutes: Limited substitutes available as hydroforming provides benefits over conventional techniques.
Competitive rivalry: Intense competition exists among established suppliers to attain more contracts from automotive OEMs.
Geographical Regions With High Market Concentration
North America holds the largest share of the global automotive hydroformed parts market, in terms of value. The region has a lengthy automotive industry history and remains home to major global automakers. Countries like the US and Canada have shown high demand from OEMs to produce lightweight vehicles with improved fuel efficiency and safety.
Fastest growing region
Asia Pacific is projected to grow at the fastest CAGR during the forecast period. Rapid economic development and rising disposable incomes in emerging nations such as China and India are increasing automobile sales. In addition, APAC has emerged as a major automotive manufacturing hub with global OEMs setting up local production plants to tap large domestic markets. This will significantly drive the demand for hydroformed parts from the region.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it.
