Vehicle Hydroformed Parts Market Size, Share, Growth, and Industry Analysis by Type (Aluminium Type, Brass Type, Carbon Type, Stainless Steel Type, and Others) By Application (Passenger Vehicle and Commercial Vehicle) Regional Forecast From 2023 To 2030

Updated On: 08 April 2024

VEHICLE HYDROFORMED PARTS MARKET REPORT OVERVIEW 

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The global Vehicle Hydroformed Parts market size was USD 4.052 billion in 2022. The global COVID-19 pandemic has been unprecedented and staggering, with digital notes experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. As per our research, the market is expected to reach USD 7.095 billion in 2028, exhibiting a CAGR of 9.79% during the forecast period. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

A component manufacturing technique called hydroforming uses fluid pressure to mold ductile materials including brass, aluminum, low alloy steel, and stainless steel into the appropriate component shapes. This procedure aids in producing intricate pieces with a high strength-to-weight ratio. With the aid of specialized dye molds, a unibody component structure is generated in this technique rather than the pieces being welded together. Vehicle fuel economy is significantly influenced by vehicle weight. Automakers are being forced to develop creative ways to lighten automobiles due to government rules relating to vehicle economy.

For instance, the Corporate Average Fuel Efficiency (CAFE) mandate states that the average light vehicle fuel economy in the United States should be 54.5 mpg by 2025. Additionally, OEMs and component producers throughout the world are concentrating on utilizing a variety of production techniques and cutting-edge technologies to reduce vehicle weight without compromising the structural integrity of the cars. Additionally, as hydroforming may be utilized with any metals and alloys, it offers versatility in component fabrication. For instance, the hydroforming method can be used to create pieces from components made of steel, copper, aluminum, brass, and alloys. Additionally, it improves the manufacturing process's accuracy and quality. Over the course of the forecast period, these factors are anticipated to fuel the growth of the global vehicle hydroformed parts market.

COVID-19 Impact: Halt on Manufacturing Operations to Slower Market Growth

The disease has spread to practically every country in the world since the COVID-19 viral outbreak in December 2019, and the World Health Organization has declared it a public health emergency. The coronavirus disease 2019 is already having an influence on the world, and in 2021, it will have a big impact on the Vehicle Hydroformed Parts market.  A decline in business confidence, rising public panic, and uncertainty about the future are just a few of the effects of the COVID-19 outbreak.

LATEST TRENDS

"Increased Demand for Lightweight Automobiles to Boost Market Growth"

Increased demand for lightweight automobiles, falling raw material costs, and rising customer awareness of energy efficiency will all contribute to the rise of vehicle hydroformed parts market share. Alloys of carbon steel, stainless steel, or aluminum are heated until liquid, then injected under strong pressure into a mold. Another name for the procedure is metal stamping. Due to the hydroforming machine's capability to adjust the pressure at every point of contact along the length of the tubing being formed, it is possible to achieve the same level of flexibility as metal stamping while achieving a more uniform shape. In many situations where lightweight strength is required, such as in the body panels of vehicles and motorbikes, this produces thin-walled tubes that can be used.

VEHICLE HYDROFORMED PARTS MARKET SEGMENTATION 

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• By Type Analysis

As per the type, the market is classified as follows: aluminum type, brass type, carbon type, stainless steel type, and others. The aluminum type is the dominant segment in the vehicle hydroformed parts market share.

• By Application Analysis

Based on application, the market is segmented as follows: passenger vehicles and commercial vehicles. Passenger vehicles lead the vehicle hydroformed parts market share.

DRIVING FACTORS

"Increased Adoption of Hydroforming method to Facilitate Market Development"

For the automotive industry, hydroforming is one of the most economical methods for producing asymmetrical parts. Additionally, because of differing NVH design specifications, the majority of the components utilized in automobiles have asymmetrical designs. The vehicle hydroformed parts are more efficient and less expensive than the conventional stamping approach for producing these parts. Furthermore, the vehicle hydroformed parts offer a stronger strength-to-weight ratio, improving the vehicle's structural integrity. Due to these characteristics, the use of hydroformed components in light commercial vehicles has recently expanded which aids the vehicle hydroformed parts market growth.

"Rising Demand for Passenger Car Segment to Promote Industry Progress"

The use of this vehicle hydroformed parts reduces weight while increasing structural support between the outside and inner box. The vehicle hydroformed parts market is expected to develop as a result of rising demand from the passenger car segment, ongoing product innovation, and the tendency toward outsourcing. The rising demand for lightweight cars and their safety features in passenger cars are the main factors driving this market's expansion. Along with it, the global vehicle hydroformed parts market is also being driven by developments like cutting-edge technology or new metals.

RESTRAINING FACTORS

"High Tool Prices to Hinder Market Growth"

High tool prices, however, are anticipated to slow down the adoption of vehicle hydroformed parts. This is due to the high expense of purchasing, maintaining, or upgrading the equipment used to carry out hydroforming operations. Additionally, some hydroforming processes have cycle periods that could be quite long. Over the anticipated period, these issues are anticipated to impede vehicle hydroformed parts market expansion.

VEHICLE HYDROFORMED PARTS MARKET REGIONAL INSIGHTS 

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"Increased Fuel Efficiency Standards to Propel Market Progress in Asia"

Over the course of the forecast period, the Asian vehicle hydroformed parts market is anticipated to display the highest CAGR. The primary growth drivers of the Asian vehicle hydroformed parts are India, China, and Japan. China and India are two of the automotive industry's fastest-growing markets. Additionally, these nations are implementing strict fuel efficiency standards, which are anticipated to stimulate the vehicle hydroformed parts market in the area. For instance, the Corporate Average Fuel Economy (CAFÉ) standards for its gasoline, diesel, LPG, and CNG passenger vehicles were established by the Indian government in 2017.

KEY MARKET PLAYERS

"Market Players Focus on New Product Launches to Strengthen Market Position"

Leading players in the market are adopting various strategies to expand their presence in the market. These include R&D investments and the launch of new, technologically-advanced products in the market. Some companies are also adopting strategies such as partnerships, mergers, and acquisitions to strengthen their market position.   

List of Market Players Profiled

• Showa Rasenk (Japan)
• Tata Precision Tubes (India)
• Vari-Form (Canada)
• KLT Auto (India)
• Electropneumatics (India)
• Salzgitter Hydroformin (Germany)
• Metalsa (Mexico)
• Right Way (U.S.)
• Magna International (Canada)
• Busyu Kogyo (Japan)
• SANGO (U.S.)
• Nissin Kogyo (Japan)
• Yorozu (Japan)
• Alf Engineering (U.S.)
• Tenneco (U.S.)
• Thyssenkrupp (Germany)
• Pliant Bellows (India)
• F-TECH (Japan)

REPORT COVERAGE

The report covers overall market aspects, including the market segmentation based on its type and application. The report depicts a diverse group of participants that includes the market and the potential market leaders. Major factors that are expected to drive major growth in the market. The factors anticipated to expand the market share are also included in the report to offer market insights. The estimated growth of the market in the forecast period is also included in the report. The regional analysis is completed to explain the region's dominance in the global market. The factors hindering the growth of the market are discussed in detail. The SWOT of the market is depicted in the report. It contains all-inclusive market details.