Automotive Die Casting Market Outlook – 2027
Rise in income of middle-class families and improved standards of living in developing and developed countries have increased the sales of passenger cars. With increase in sales of the automotive sector, the automotive die casting market has proliferated. A die casting is a specialized tool used to cut shape using a press. Manufacturers are looking for flexible die casting solutions that suit the OEMs configuration set-ups and meet their quality and volume output requirements. With introduction of automated die casting manufacturing process, the time-consuming process in vehicle production has reduced significantly.
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COVID-19 scenario analysis:
- Dearth of functional capital and stoppage of production of the automotive sector is worsening the situation of automotive market and its component.
- Besides, consumers are being unable to visit car showrooms due to social distancing and government-enforced closures.
- In addition, the increasing contribution from shared mobility to automotive sector will reduce due to various norms imposed by governments.
- The automotive die casting manufacturing industry has faced a heavy challenge due to less revenue generating and decreased demand for OEMs.
- Additionally, disrupted supply chain would stop the exchange of goods, which in turn would affect the automotive Die Casting market.
Top impacting factors: market scenario analysis, trends, drivers and impact analysis
Rising disposable income in developing economies and increasing production of vehicles is the major driving factor of automotive die casting market. Automotive die casting plays a vital role in manufacturing of automotive industries. Additionally, die casting parts being effective in weight reduction, reduces the emission and increases the fuel-efficiency which in turn is anticipated to propel the growth of market. Moreover, die casting aids in more design freedom and flexibility to create complex parts. However, variation in raw material prices can hinder the market growth. Over the years, die casting manufacturers are in constant search for improvement in quality which is another driving factor in this market.
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The automotive die casting market trends are as follows:
Surge in demand for aluminum die casting
The demand for light-weighting of vehicle parts has increased significantly. With use of lightweight parts, the overall weight of vehicle is reduced. Along with it, the emission from vehicle is also reduced. Additionally, the rising adoption of fuel-efficient vehicles has increased the demand for lightweight parts. This has led to increasing adoption of aluminum die casting in vehicle manufacturing.
Increase in demand in Asia-Pacific
With increase in population in Asia-Pacific and emerging economies, the demand for automotive has boosted in recent years. Automakers are shifting their manufacturing units in Asia-Pacific as it avoids hefty import duties. Additionally, the labor and manufacturing cost in Asia-Pacific is comparatively low. Besides, manufacturers get an opportunity to dominate the region with their product range. Furthermore, due to under-developed infrastructure for EV in majority of Asia-Pacific countries, the market for gasoline vehicle and automotive die casting market will continue to proliferate.
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Key benefits of the report:
- This study presents the analytical depiction of the automotive die casting industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of market share.
- The current market is quantitatively analyzed from 2020 to 2027 to highlight the automotive die casting market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed market analysis based on competitive intensity and how the competition will take shape in coming years.
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