by The automotive hydroformed parts market features vehicle body components produced through the hydroforming manufacturing process which offers benefits like enhanced structural integrity, reduced part count, and optimized weight when compared to conventional methods. Hydroforming is being increasingly adopted to manufacture complex structural and semi-structural components like B-pillars, rails, knuckles, and crash boxes in quantities while lowering production costs. It allows the shaping of aluminum and high-strength steel sheets into intricate 3D forms under high hydraulic pressure without causing cracks or fractures. The application of hydroforming aids automakers in meeting stringent fuel efficiency and emissions regulations by reducing vehicle weight and improving performance through optimal part design.
The global automotive hydroformed parts market is estimated to be valued at US$ 14.85 billion 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 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.
The key opportunities in the market include expanding applications of hydroforming beyond strut towers and B-pillars into knuckles, rails, crash boxes, and other structural components. Original equipment manufacturers are also exploring the feasibility of hydroforming for light weighting electric vehicle batteries and drive units.
Advancements in multi-task hydroforming technology allows complex shapes to be formed in a single press without intermediate assembly steps. Developments are ongoing to integrate simulation software with real-time process monitoring to improve part quality and manufacturing efficiency.
Market Drivers
Stringent fuel efficiency and emissions regulations mandate automakers to reduce vehicle weight through material substitution and optimal part design. Hydroforming aids in reducing part count and envelope space while increasing structural performance of load-bearing vehicle components. It allows the use of advanced high-strength steel grades for lightweighting that can shave off over 50% of weight compared to conventional materials. The growing need for fuel-efficient and eco-friendly mobility solutions drives the demand for advanced manufacturing technologies like hydroforming in the automotive industry.
Current Challenges in Automotive Hydroformed Parts Market
The automotive hydroformed parts market is facing challenges due to rising raw material costs and supply chain disruptions. Steel and aluminum prices have increased significantly over the past year making it difficult for manufacturers to control production costs. Additionally, the ongoing semiconductor chip shortage is affecting vehicle production volumes globally. This is hampering the demand growth for automotive hydroformed parts. Manufacturers will need to focus on value engineering and effective supply chain management to overcome these challenges.
SWOT Analysis
Strength: Hydroforming provides complex parts with intricate geometries in a single stroke. This saves time and cost compared to multiple stamping processes.
Weakness: High setup and equipment costs involved make hydroforming suitable only for high production volumes. Small batch production is not economical.
Opportunity: Growing adoption of aluminum in vehicles due to stringent fuel efficiency and emission norms present growth opportunities. Hydroforming is well-suited for manufacturing aluminum components.
Threats: Stiff competition from established welding and stamping techniques limits scope for price increases. Economic slowdowns impact automobile sales and consequently demand for hydroformed parts.
Geographical Regions
North America currently dominates the global automotive hydroformed parts market in terms of value. This is attributed to strong automobile manufacturing presence and higher uptake of advanced forming technologies in the region. Europe and Asia Pacific also hold significant shares and ongoing automotive industry investments are stimulating market growth.
Fastest Growing Region
Asia Pacific region is poised to witness the fastest growth in the automotive hydroformed parts market during the forecast period. Surging automotive production led by China, India, Indonesia and Thailand will drive the demand for hydroformed components. Relocation of vehicle manufacturing facilities by global OEMs to Asia further enhances the growth prospects.
