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Automotive Casting Market Trends

Report ID: GMI5052
Published Date: Aug 2024
Report Format: PDF

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Automotive Casting Market Trends

The automotive casting industry is being significantly reshaped by the surge of electric vehicles (EVs). With the escalating demand for EVs, manufacturers are homing in on crafting specialized cast components, tailored specifically for electric powertrains. These components, spanning from battery housings to motor casings and structural parts, are increasingly being fashioned from lightweight and efficient materials. The emphasis on materials like aluminum and magnesium is especially pronounced in EVs, given their direct impact on both battery efficiency and driving range through weight reduction.

Furthermore, the ascent of EVs is spurring casting technology innovations, notably in high-pressure die casting and precision sand casting. These advancements are enabling the production of intricate, high-performance components with heightened precision and reduced production costs. This drive for sustainability and eco-friendliness in vehicles dovetails with the broader casting industry's trend towards recyclable and energy-efficient materials and processes. With automakers channeling significant investments into EV production and infrastructure, the demand for cutting-edge casting solutions is poised to surge, underlining the pivotal role of EVs in shaping the future of the market.

Authors: Kiran Pulidindi, Kunal Ahuja

Frequently Asked Questions (FAQ) :

The market size of automotive casting reached USD 72.03 billion in 2023 and is set to register 5.8% CAGR between 2024 and 2032, due to population growth and urbanization, especially in developing countries.

The passenger cars segment is expected to reach USD 105.1 billion by 2032, owing to their high production volumes and strong consumer demand.

Asia Pacific market is expected to reach USD 119.16 billion by 2032, driven by rapid industrialization and urbanization in countries like China and India.

Passenger cars accounted for nearly 50% of the automotive casting market share in 2020 and will expand with the introduction of new technologies and increasing focus on reducing the vehicle weight.